Evening star., 1934-08-14
BANKERS SET DATE
FOR LOANS PLAN
Applications to Be Received
Thursday at Start of
Housing Program.
BY EDWARD C. STONE.

Officials of the District Bankers
Association said today that the most
important action taken at the special
meeting of the association late yes
terday was the setting of the exact
date, Thursday of this week, on
which applications will be receiv ed
by Washington banks for loans for
housing modernization under the Ma
tional Housing Administration Ma
tion-wide program.
AS noted elsewhere in today's Star
details were perfected for receiving
such applications by all members of
the association eligible to participate
in rendering bank credit in support
Of the moderniZation drive. The
banks unanimous approval of the
housing plan means that thousands
of dollars will be made available here.
The exact amount ready to be loaned
cannot be estimated, but ample funds
are on hand. it is stated.
Each bank must act on its own
applications. While the banks are
anxious to help the drive to the
greatest extent possible, yet the usual
rules of safety in making loans must,
Of course, be applied.
Every Bank Represented.
Every bank in the city was repre-
sented at yesterdays special meeting
which opened at 4:30 pm. in the
board room of the American Security
e. Trust Co. 1t was the first general
meeting of bankers here since the
annual convention at White Sulphur
Springs last Spring.
F. P. H. Siddons, president of the
association, presided. The speakers
included Roger Stefan, director of
the housing administrators mod
ernization credit division; Ernest T.
Manquin, his assistant, and Francis
@. Addison, jr., chairman of the local
associations special Committee on
Housing Modernization Loans. Mr..
Addison made a report on the details
involved in making such loans and
answered many questions pertaining
to the subject.
Robert v. Fleming, second vice
president of the American Bankers
Association, told the local bankers
that President Laws administration
was backing the modernization plan
and he knew all the State associa-
tions would render hearty co-opera-
tion.
Ward M Canaday, directof of pub
tic relations of the Federal Housing
Administration, gave a brief resume
of the plans of the Housing Admin
tstration in the development of the
entire plan as relates to the United
States.
At the conclusion of the meeting
President Siddons said that the loans
would be made under Title l of the
national housing act and expressed
pleasure that all the banks in the
city were anxious to cooperate to the
fullest extent in considering loan ap-
plications.
1t was understood in the financial
district today that many of the banks
have already received requests for
modernization loans. This shows the
public is interested and yesterdays
meeting shows the banks are ready
to do their part.
Credit Conditions Improve
Marked improvement during the
second quarter of 1884 in both credit
and collection conditions in Latin
American markets is revealed in the
regular quarterly survey published
today by the Foreign Credit Inter
change Bureau of the National Asso-
citation of Credit Men and received
in the Washington Office
A pronounced improvement in
credit conditions in most of the 29
nations included in the survey is
noted, but although there has been
some improvement in collections from
those countries, w. S. Swingle, head
of the associations bureau, explained
that exchange restrictions which
hamper the movement of funds out
of many of the countries are reSpon-
sible for delays in collections.
Mexico Is the only nation rated
as good" in the credit conditions
index and heads the list of countries
classed as prompt" in the collection
summary, thus coming through with
the greatest relative gains in both
credits and collections.
O'Connor Is A. 1. b. Speaker.
Over 200 chapters of the American
Institute of Banking Section of the
American Bankers Association in
towns and cities throughout the
United States will hold their annual
commencement exercises at. the same
hour and linked together by radio the
evening of September 4, Charles F.
Ellery, president of the institute, an
nounced today.
The exercises will be featured in
each locality by the delivery of
diplomas to this years institute
graduates numbering 1890 in all, and
by reception of a Nationwide broad
cast of an address of wide public in
tereSt in rSpect to banking problems
by J. F. T. O'Connor, controller of
the currency, delivered from Wash
ington and carried over 10 stations
in the United States and Canada.
Washington Chapter has already
planned to take part in the program
and award diplomas on the evening
already mentioned.
Grain Trading Extra Heavy.
The volume of trading in grains or
the Chicago Board of Trade during
July continued to run far ahead o.
stock transactions on the New Yorl
Stock Exchange, based on dollar val
uations. according to a compilation
by Fenner & Beane, and reported BY
r. P. Davis, manager of the Wash
1ngton office today. The report says
The dollar volume of dealings il
the five leading commodities on tht
Chicago Board of Trade-wheat, corn
oats, rye and barley-totaled Sl,206,
016,385 for July, compared with
$1,l6o,o32,l58 in June. The volume
of stock transactions on the New Yorl
Stock Exchange for the month o
July aggregated SASS. .153.74e, com
pared with s433 443, ,999 in the pre-
ceding month.
Wheat accounted for by far The
largest portion of trading in grains
the July turnover exceeding 1894,
600 900.
Today's Trading on Exchange.
Washington Gas Light 6s. series q