Evening star., 1936-07-16

a member. Election OF Sidney Thomas
is the seventh new member to be
accented by the Board of Governors
during the present year. This Is SAID
to be an all-time high record for
seats bought in six-months' perloo.
The phenomenal growth OF the eX-
change has been an important 1actor
in the increase in business on the
local board over transactions IN 1888.
Home Loans Rise Sharply.
Strongly increased participation by
the Federal Home Loan Bank Sys-
tenn in the present upsurge in resi-
dental building is reflects. in cur
rent reports from the IL district banks
of the system.
AS of June 80, outstanding advances
by the banks to home-flnancing in
stitutions throughout the country had
risen to S118,586,838, the record figure
since the system was established late
in 1882 During June total OF
,56O.381 in new credits flowed to
the member institutions. For the week
ending June 27 alone, S2,806,268 was
advanced to members, the largest
amount for any week in the past two
years
From 1882 to the end of June the
banks had advanced total OF $780,
845,105 to their member associations
and received S112,258,267 in repay.
ments. The Chicago, Cincinnati and
Indianapolis district banks led in &C
tivitv during the month,
Broad Business Gains Seen.
Slauson, White e. Rowe, security
dealers, are sending to clients review
prepared by Independence Fund of
North America, which has this to say
about the business outlook for the last
half year:
In view of the fact that business
exhibited strong upward trend dur
ing the closing half of 1885, 1t is too
much to hope that the balance of the
current year will continue to register
such broad gains as characterized the
initial six months, even though further
upward progress seems assured. Fur
thermore, during the immediate future
some irregularity will probably develop
because of election, labor and other
uncertainties as we'll as the increas-
1ngly severe drought.
Whatever slackening does appear is
not expected to be either serious or
prolonged because of the seeming
soundness of the 1886 recovery move
inent and the fact that the tremendous
accumulated needs of the depression
are still far from satisfied. Apparently
about the only way that the unsettled
foreign situation could seriously inter-
rupt this movement would be by de-
veloping into a major war, which cur
rently seems unlikely"
Rural Retail Sales Soar.
Daily average sales of general mer-
chandise in small towns and rural
areas for June were about 1914 per
cent higher in dollar volume than for
June, 1885, and were SIS per cent above
those for the same month of 1884, the
Bureau of Foreign and Domestic Com
merce reports.
Sales for the first six months of the
year were II per cent above those for
the corresponding period of 1885 and
were SO per cent more than for the
six-month period of 1884.
An offering of 100000 shares of
American Cities Power g. Light Corp.
class A stock, optional dividend series
of 1885, was made today through an
underwriting group including Hemp
hill, Noyes & Co. and E. H. Rollins
g. Sons, Inc.
Capital Transit at New Top.
Capital Transit stock made a new
high mark for the year on the Wash
ington Stock Exchange today when
it sold at II. The opening sale was
SO shares, the next 10 shares and the
final transfer a 50-share block. All
were at II, against last previous sales
at 1872.
Capital Traction SIS were also active,
three 81 900 sales and two $500 trans
fers being noted at the firm price OF
92K. This was unchanged from other
recent sales.
Riggs National Bank common stock
appeared on the board again today,
Ave shares changing ownership at 27o.
The market closed with 266 bid and
2s0 asked. ..-- -..