Evening star., 1935-03-02
BANKERS TO HEAR
SAVINGS EXPERTS
WeII.KnoWn Speakers List
ed for A. B. A. Sessions
in New York.
BY EDWARD C. STONE.


gather in New York next Thursday
and Friday for the annual Eastern
Regional Savings Conference, spon-
sored by the American Bankers Asso-
ciation. Bank investments real estate
mortgages and public utility secur-
titles will be features on the program.
Among the speakers will be Inter-
state Commerce Commissioner Walter
M. w. Splawn, Henry F. Long, Massa-
chuSetts commissioner Of corporations;
Philip A. Benson, president Dime Saw
ings Bank, Brooklyn; William w. Mil
Ter, president New Jersey Savings Bank
Association; Henry r. Kinsey, pres
ident Savings Bank Association OF
New York, and Noah Lucas, president
Connecticut Savings Bank Association.
Other speakers will include Robert
L. Hoguet. New York banker: James
K. Steuart. Savings Bank of Balti-
more, and Roderlck Olzendam, social
insurance research director OF the
Metropolitan Life. T. ]. Caldwell,
president of the Savings Division of
the A. B. A., who was elected to the
office at the convention here last Fall,
will preside at most of the sessions,
and will speak on Management OF
Real Estate Acquired Through Fore
closure by Banks" David Friday,
Washington economist, is also on the
program. as are several others from
Philadelphia, New York and Massa-
chusetts.
The mutual mortgage insurance plan
Of the Federal Housing Administration
provides the financial institutions of
the country with an opportunity to
improve the condition of their mort
gage assets, in the opinion Of Federal
Housing Administrator James A. Moi
fett.
MANY financial institutions are
gorged with mortgages which are past
due or otherwise in effect frozen" Mr..
Moffett says. "They should get to-
gether at once with their borrowers
and rewrite the mortgages, where pos
Sible, in form eligible for insurance.
Thus the present Generalization in
the residential mortgage market can
be cured, or at least greatly anchor
ated. Then new construction can
start, on a scale large enough to meet
the growing need for new housing.
Many financial institutions also
are stuffed with money to lend. Let
them embark on the insured mortgage
program with perfect confidence,
both as to the safety of their loans
and as to the liquidity, in case of need
Of their mortgages"
The insured mortgage plan is the
central feature of the long-range pro-
gram of the Federal Housing Admins
tration. It should not be confused
with the modernization credit plan,
in which more than 10000 financial
institutions already are cooperating.
Roper Would Protect Bonds.
The Governments action on the
future of holding companies must in
clude protection of investments in
bonds. Secretary of Commerce Roper
declared in talking to the New York
Bond Club.
I'm working out the future of hold
ing companies" he said, 1--WE must
make every effort not to disturb bona
fide investments in bonds represent
ing actual cash outlay. To put it an
other way. while we are banishing
methods that have proved to be in
equitable, we must avoid creating
other injustices equally undesirable
for the future"
In discussing the proposed holding
company legislation before a House
committee, Robert E. Healy, member
Of the Securities and Exchange Com
mission, said that it might be possible,
through regulation, largely to elimi-
nate evil features of holding COM
panies without completely destroying
the companies, as proposed in the
Rayburn bill. He led the committee
to believe, however, that he favors
prohibiting holding companies by law.
The holding company situation re-
mains one of the most important
topics of conversation in brokerage
houses here. Holders of some of the
common stocks say they would like
to hear something about protection
for them, as we'll as for the bond
holders.
Spangler g. Berry, who recently
opened advertising agency Offices in
the affliation of James j. McNally
with the concern. He has been in
advertising agency work locally since
1880. and for four years previous to
that time wrote advertising for the
Potomac Electric Power and Washing
ton Railway & Electric Cos.
Ralph Spangler, one of the partners,
was connected with various Southern
newspapers for Is years. Howard
Berry, another partner, was advertis-
ing director for Lansburgh and Bro.
fny. four o1Sn Y1rocilnrof
Of the washington Advertising Club
for two terms.
. The new associate, Mr.. McNally,
also has been active in the same club,
serving a three-year term on the
Board of Directors.
Capital Transit Net Lower.
Net income of the Capital Transit
Co. in January totaled S35 5,32395 in
comparison with $l06924.26 in jan
uary, 1884. according to the financial
statement filed with the Public Utili-
ties Commission today. Very much
higher operating expenses were the
chief reason for the marked differ
ence in net results.
) Traffic was better than a year ago,
the company's street cars and buses
carrying a total of 16,609,170 pas
sengers in January this year, against
l3,587,136 in January, 1884, an in
crease of 3,027,O34.
Riggs Named in Thorn Will.
The will of the late Alfred P.
Thorn, prominent Washington resi-
dent, has just been filed, although not
yet offered for probate. The docu-
nnent names his widow, his son, Alfred
P. Thorn, jr., and the Riggs National
Bank as executors. The Riggs Ma
tional is also appointed trustee.
John w. Hanes, member of c.
D. Barney & Co., has been appointed
to fill a vacancy on the Committee
on Quotations and Commissions of
the New York Stock Exchange. Mr..
Hanes, who acquired his membership
January II, was recently elected to
the Governing Committee of the
exchange.
The Federal Reserve Bank of Rich
mond has sent member banks notices
Of the offering Of 100000, 900 Treas