Evening star., 1935-04-23
CAMPAIGN SPURS
RENOv|z|NGL0ANS
Large Gain in Demand Re-
ported After Drive of
Capital Banks.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Washington banks today reported
. notable increase In the demand for
loans for home Improvements, as a
result Of the recent advertising cam
paign in the newspapers conducted
by the District Bankers Association.
The District banks announced both
q substantial pickup in applications
for loans and also in the number Of
loans granted after investigation Of
the various requests. The bank drive,
which started on March "a, has just
ended, the exact number Of new loans
to be known in few days.
Since the campaign opened several
months ago under title Of the Fed
eral housing act, more than 1,060
loans, involving q total OF $637 600.
have been negotiated through the
local banks, according to the latest
report.
Bankers consider the fact that near
ly $3.50 900 has been loaned for reno
vizing activities here is of very great
importance to the recovery program.
The advertising drive Is given credit
for starting q lot of this work, which
is expected to increase further as hot
weather arrives.
Building and loan associations also
are filling an extra large number OF
requests for building and repair funds.
Oficials in these institutions also pre-
dict a steady advance when the most
favorable season of the year for such
work gets here. Repair permits should
mount steadily from now until the last
of October, ample funds being avail
able to every one with reasonably safe
credit. At least, that was the belief
expressed today in financial circles.
Convention Notices Sent Out.
Notices regarding the seventeenth
annual convention OF the District
Bankers Association were sent out to
day to all members of the association,
the dates being May 80, 81, June l
and 2. and the place, the Homestead
at Hot Springs, Va. The return to
Hot Springs, where so many bankers
have enjoyed past conventions, is ex-
pected to mean a large attendance OF
active bank officials, directors and
special guests, again this year.
The announcement states that the
many banking problems and topics to
be presented require the attendance OF
as large q representation Of bankers
as possible, in order that every mem
ber bank may derive the fullest benefit
from the various sessions. Speakers
will be specially qualified to discuss
the topics assigned them.
The party will leave Washington by
special train on Wednesday, May 20
at $50 pm. The special will return
on the following Sunday night, arrive
here early Monday morning. Because
on Memorial day and a Sunday, bank
erS will actually lose but two business
days away from home:
Sports of all kinds are being planned
to take up every minute between con-
vention sessions and the family dinner
will again be a feature of the program.
Hilleary G. Hoskinson is the general
convention chairman this year, but
reservation requests should be for
warded to Robert H. Lacey, chairman
of the Transportation Committee, at
the Columbia National Bank.
Bond Transfers Explained.
The Federal Reserve Bank of Rich
mond has sent out special notices to
all member banks regarding the
transfer of the called First Liberty
loan bonds Because of the many
issues Of First Liberty loan bonds to
be submitted to the Richmond Bank
for exchange for the 2A per cent
Treasury bonds If 1955-60 and the
15s per cent Treasury notes, series
A-1940, great care must be used to
avoid confusion and simplify the
work, the Reserve Bank says.
There are four a. issues of First
Liberty loan bonds as follows:
First Liberty loan 31a per cent
bonds (First 31as), First Liberty loan
converted 4 per cent bonds CFirst 4s),
First Liberty loan converted ~ per
cent bonds (First 4Ks), First Liberty
loan second converted ~ per cent
bonds (First- 4As).
Only one issue should be listed on
one application and coupon bonds
and registered bonds should not be
listed on the same application, the
bank says.
Assignment of bonds to be sub
mitted, which have to be supported
by court papers or resolutions should
be accompanied by the necessary
papers, otherwise, the securities re-
ceived have to be held in suspense
until the proper papers are secured.
This necessarily causes delay and a
considerable amount of correspond
ence.
Holders of First Liberty loan bonds,
called for redemption on June Is,
1885, are offered the privilege, for a
limited period beginning April %,
1885, of exchanging all or any part
OF their called bonds, either Cd for
2A per cent Treasury bonds of
1955-60, or (2) for 5-year 15s per
cent Treasury notes Of series A-1940,
both bonds and notes being dated and
bearing interest from March IS, 1885.
Local Bonds Remain Strong.
Capital Traction IS were strong on
the Washington exchange again today,
two $500 sales taking place at 80. The
close was 981a bid with 80 asked.
Small denomination bonds in WASH
ulSVOA S0o Ooy ScIACS D, were III SOOQ
demand at 103R. Five consecutive
sales took place at that figure, the
market winding up with a $500 bond
Of this issue moving at 1885.
Stocks were wholly neglected today.
Capital Traction closed with 18 bid
and 10 asked. Other bid and asked
prices were practically unchanged.
The eighth anniversary of the Bank
Women's Club Of washington will be
observed at the Highlands Thursday
evening, starting at 6 o'clock. Miss
Alice H. whitton will preside, Mrs.
Judith M. Firhburn being in charge
OF the program.
Bank clearings in Washington last
week were up 19 per cent over the
same week last year, the gain being
in contrast to the decline in the clear
ings total for the whole United States.
The National Limited of the Balti-
more q Ohio Railroad will be 10
years old April 26. It was inaugurated
in 1925 as an all-Pullman train be-
tween Washington, Cincinnati and st.
Louis, The National Limited has an