Evening star., 1934-08-13
BANKERS PREPARE
FOR HOUSING AID.
D. c. Association to Weigh
Situation at Special
Meeting Today.
BY EDWARD c. STONE.

today to take important preliminary
kteps in connection with loans to the
public for alterations, repairs and i'm
provementS on real estate in the
Capital.
The Federal Housing Administra-
tons preliminary instructions were to
be given full consideration at a special
meeting of the District Bankers Asso-
citation, set for 1870 this afternoon in
the American Security & Trust Build
ing. with President F. P H. Slddons
presiding.
The most important feature of the
program was to be a report by
Francis c. Addison, jr., president OF
the Security Savings & Commercial
Bank, and chairman of the aSsocia-
tion's special Committee on Housing.
The committee chairman expected to
present detailed analysis of the Fed
eral Housing Administration latest
rules and regulations.
1t Is probable that the banks in
Washington will adopt a similar form
for all applications for loans. Accord
ing to information obtained today, the
banks in the Capital will be ready to
make loans in a few days. Compile
tion of the many details and actual
loaning of the money will give the
housing program here distinct push.
Bankers in other cities are giving
the same matter much attention. The
Morris Plan Bank of New York was
one of the first in the country to state
that it was prepared to meet requests
for loans for housing improvements
and alterations.
Investment Study Still Vital.
The passage of the securities act in
nowise reduces the necessity for care
full analysis of investments, but rather
extends the field of such analysis by
reason of the much larger amount of
data available for study, according
to Benjamin Graham and David l..
Dodd, whose book, Security Analysis, I"
has just been published by Whittlesey
House.
The authors hail the new amend
fnents to the bankruptcy act as an aid
to bondholders, whose legal powers
previously served more to injure the
corporations than to help themselves.
On this point they add that "the new
legislation deals neutrality-suspicious.
somewhat too effectively-with the
vexing problem of the non-asSenting
minority bondholder. which has been
the chief obstacle in the way of
voluntary readjustments.
Underlying the authors conclusions
with regard to the purchase of securi-
ties is their belief that for investment
purposes securities must be bought,
even in good years, on a depression
basis.
Would Curb Branch Banking.
Representative Henry B. Steagall
said yesterday that an amendment
designed to curb branch banking
would be introduced by him in the
next Congress, intended to change the
GlaSs-Steagall act somewhat. He told
a group of bankers in st. Paul that
he proposed to eliminate the branch
banking provisions and also the pro-
vision requiring membership in the
Federal Reserve System after July /,
1887, one of the requisites of con-
tinued membership in the Federal De-
posit Insurance Corp.
There was another large attend
ance in the brokerage houses here to-
day when trading on the New York
Exchange opened for the week. All
the markets rarely have been watched
more closely than right now. While
the grain and cotton markets are
drawing more attention than usual,
the other markets are not being neg
lected. Imitation is the most dis
cussed topic at present. Comments
differ widely.
Imitation is less imminent now than
at any time since President Roosevelt
was lnaugurated, decalres Raymond
Moley, former member of the brain
trust" and now editor of Today. In
so far as there is current talk of in
hation, he adds, it comes largely from
speculative interests.
Trade Outlook Held Good.
Latest reports from the Federal Re-
serve Bank of Richmond indicate sat-
isfactory retail and wholesale trade
In the fifth district during the Fall
August reports to date are used as
the basis for the forecast of Substan-
tial Fall gains. Wholesale orders in
recent weeks are said to have been
particularly pleasing.
Last week saw improvement in agri-
cultural conditions due to good rains
in most sections of the fifth district.
These rains offset the effects of ex-
treme heat. The tobacco season got
away to a good start in sales. The
price OF cotton continues to be q
bright spot in the southern part of
the district.
In speaking of conditions in all of
the II Federal Reserve districts, the
New York Times says that business
activity throughout the country last
week was virtually unchanged from
the preceding period, some stimula-
tion Of retail trade resulting from the
beginning of special sales, and there
were no features in an apparently
steady and secure volume of retail
and wholesale business.
Today's Trading on Exchange.
Business was quiet on the Wash
1ngton Stock Exchange when the
weeks trading opened today. Capital
Traction SIS opened the market, two
Later in the session Washington
Gas Light 6s, series B, figured in a
$1,000 transfer at 1925, practically
the same price at which other recent
sales have been made
The only stock appearing on the
board today was Potomac Electric
Power per cent preferred. But two
shares were sold. They brought the
strong price of 1874.
BIDS on other issues were practi-
cally the same as last week. The bid
on Capital Traction now stands at
% with 2312 asked, a small spread
On Washington Gas stock the bid is
62 and the asked price &c. Nobody is
willing to part with Peoples Drug
preferred for less than 1O912.
Dali Transfers Grain Seat.
The Chicago Board of Trade mem.
berShip of Curtis B. Dali, former son.
in-law of President Roosevelt, ha.
been posted for transfer to Arthur
j. Goldsmith of New York, Chicago