Evening star., 1935-03-10
BANKS To RESUME
D. c. LOAN DRIVE,
S|DDONS REVEALS
Modernization and Other
Needs to Be Stressed
in Advertising.
MORE THAN $4,000
GRANTED UNDER ACT
Campaign in Capital Newspapers
Will Be Started in Middle
of This Month.
BY EDWARD c. STONE.

Member banks of the District of
Columbia Bankers Association are to
resume their joint advertising cam
paign for modernization loans under
title of the national housing act for
other types of loans, Frederick P. H.
Siddons, president of the association
and secretary of the American Secur-
ity g. Trust Co., announced yesterday.
The renewed drive will start the mid
die of this month.
Advertisements will appear in all
the Washington papers and will run
from four to six weeks, President Sid
dons stated. The association will also
use the radio, cooperating with the
Federal housing administration in its
better housing program.
The banks here have already eX-
tended credit to more than $50 bor-
rowers, amounting to over S516,000,
under title l, resulting in a large
amount of repair and alteration work
and other substantial improvements
that might otherwise never have been
undertaken President SiddonS pre-
diets an increasing demand for this
type of credit this Spring and says
the banks are solidly behind the bet
ter housing program. anxious to as
sist in every way possible.
Charges are frequently heard that
the Washington banks are unwilling
to make loans. The fact they ad-
vertise for them would seem to refute
all such claims AS a matter of fact
the banks live by loans, have great
deal of money on hand which they
are anxious to put out and are con-
stantly hunting for new loaning op-
portunities. They do, however, refuse
to grant loans unless they are sure
the money can and will be paid back.
Auditors Plan Spring Meeting.
r. Earle Haycock, chairman of the
auditors section of the District Bank
ers' Association, received word yes
terday that the third annual Eastern
Regional Conference of Bank Audi
tors and Controllers, sponsored by the
national association, will be held in
New York City on April 27 and %
at the Hotel Montc1air. On Friday
CCoDlOAlO hAAA bO A4S4Nk AAA JAlO
afternoon and evening, while the clos
ing session will take place on Saturday
morning
Chairman Haycock states that the
program, in process of preparation,
promises to be of timely interest to
those engaged in audit and control
activities and will include various
prominent speakers and round-table
discussions.
section of the District Bankers Asso-
citation, which also is affiliated with
the National Association of Bank Au.
ditors and Controllers, sponsored the
first regional conference in Washing
ton at the Willard Hotel two years ago.
Last year a second conference was
held in Philadelphia, with approx
imately 200 auditors and controllers
present
The New York conference is ex-
tending every effort to meet the high
standards set in the regional reetingS
held in this city and Philadelphia
and is urging the attendance of Wash
ington bankers. It is expected that
many of the members of the Wash
ington auditors group will arrange to
attend the meetings.
High Marks Set on Exchange.
Nearly all the bonds listed on the
Washington Stock Exchange are now
selling at high marks for 1885. In
light trading yesterday Washington
Gas 5h. 1858, recorded two $1,000
transactions at 10434. Stocks were
neglected.
The end of the week found such
issues as Anacostia g. Potomac r. r.
first SIS, Anacostia g. Potomac r. R.
first guaranteed IS, 1949; Capital
Traction SIS. Potomac Electric Power
Consolidated IS and Potomac Power
Refunding SIS, Washington Gas and
Washington Railway & Electric bonds
quoted at peak prices Some of these
issues are not only the highest they
have been this year, but for several
years.
Washington Gas Light SIS, 1867. fur
nished the surprise of the week WHEN
they changed hands at 115i2. In
spite of some of the best prices
on record being bid for local bonds.
there are comparatively few offered
for sale. Brokers say they nave lot
Of orders on their books that they
can't fill. The same is true of the
leading stocks on the board.
Financial District Notes.
Robert N. Harper, president of the
Washington Auditorium Corp, has
received many congratulations on the
payment of coupon No. on the first
trust bonds. There are 100000 of
these bonds outstanding and they had
been in default since 1927. If the
Auditorium had been freed from
taxes, as its greatest competitor, Con-
stitution Hall, has been, from $1,000
to $4,000 a year could have been
paid holders of Auditorium securities,
Col. Harper says.
The Munsey Trust Co. directors
have voted the regular quarterly divi-
dend of 81 per share on the out
standing stock, payable April l to
stock of record March % and an
extra disbursement of Is cents per
share payable at the same time.
Hilleary G. Hoskinson, generaI
chairman of the annual convention OF
the District Bankers Association, to
be held at Hot Springs in June, has
practically completed his special COM
mittees to arrange for the meeting.
Chairmen and other members will be