Evening star., 1936-03-13
LEACH MENTIONED
FOR SEAY VACANCY
Richmond Reserve Directors
Silent on Plans to Name
Governor.
BY EDWARD C. STONE.

Hugh Leach. first vice president OF
the Federal Reserve Bank of Rich
mond, Is being prominently men
toned as the probable successor to
Gov George j. Seay, who retired
from the Richmond bank last week,
according to an Associated Press dis
patch from the Virginia capital.
Directors of the Federal Reserve
Bank declined to make any comment
after their meeting in Richmond yes
terday to elect the new president, the
title which the head of the bank will
have In the future.
Any announcement, directors said.
would have to come after the gover-
nors Of the Federal Reserve System
in Washington had given the matter
full consideration. Under the new
regulations any action taken by the
directors of the Reserve banks must
- given final approval in Washing
ton. Frederic A. Delano, deputy
chairman of the board, presided at
yesterdays meeting.
Hugh Leach, mentioned as the
leading candidate for the presidency,
was appointed first vice president OF
the Richmond Reserve Bank only a
few days ago for a period Of flve
years. He was transferred from the
Baltimore branch of the fifth dis
trict bank, where he had been man.
aging director of the Office. He Is
said to have a very fine banking rec
ord.
The fifth Reserve district includes
Washington, Maryland, Virginia, West
Virginia and North and South Caro-
lima. The position pays $4,000 a
year. Unusual interest is being man
ifested in the choice Of a successor
to Gov. Seay, who had been con-
nected with the Federal Reserve
System for % years and was most
successful in his long service at Rich
mond. The Reserve governors in
Washington did not confirm his re-
election because he had reached 70,
the retirement age.
Foreclosures Of 20 Per Cent.
Real estate foreclosures in January
we're 293 per cent less than in jan
uary, 1895, according to a compila-
ton by the Federal Home Loan Bank
Board of reports from 894 identical
communities embracing abo''' half the
population of the United States and
covering farm and non-farm homes
and commercial property. In the ur-
ban communities included in this sur
vey the decline was 80 per cent.
The 12,340 foreclosures reported for
January in this croSs-section Of the
country constitute the smallest number
In any month since January, 1882,
which is the earliest NOM from
which continuing figures are avail
able The decline of 5 per cent in
number of foreclosures from Decem-
ber, 1885, to January, 1886, was great
er than the usual seasonal recession.
January thus emphasizes the steady
drop in foreclosures which became
pronounced in the last quarter of 1885.
All IL Federal Home Loan Bank dis
tricts except the Cincinnati region,
which includes Ohio, Kentucky and
Tennessee, reported fewer foreclosures
this January than in January, 1885.
Tax Experts in Great Demand.
Internal revenue experts in Wash
ington banks are being swamped with
work as bank patrons crowd the lob
hies seeking information On filling out
their tax returns, which must be COM
pleted and turned in before midnight
next Monday.
In many banks today the specially
assigned tax men could not keep up
with the demand for their assistance.
Bank patrons stood in line awaiting
an opportunity to ply the revenue
agents with an almost endless number
of questions on the fine points in their
tax returns. Bank officials were also
rendering valued assistance to their
regular customers.
Today was the busiest day yet, and
there will be no regret when the in
come tax filing period is over.
Underwriters Meet Tomorrow.
Carroll c. Day from Oklahoma City
will address the March luncheon at
the Willard Hotel tomorrow noon.
Reservations indicate that the meet
ing will be the largest luncheon gath
ering of the year. During the past
two years the guest speaker has ad-
dressed more than 10000 insurance
underwriters and policyholders. The
luncheon will start at 1915, with j.
. e. McCombs presiding.
Gross sales of the Crown Drug Co.
In the first two months of the present
year totaled s1,313.153. an increase of
is per cent over the like period year
ago. Sales for the month of February
amounted to $656,362, an increase of
10 per cent over February, 1885, the
report says. Crown Drug stock was
extensively sold in this city recently
and it is said that about 10000 shares
are now held here. 1t is listed on the
New York Curb.
The Capital Transit Co. has applied
to the Interstate Commerce Commits
sion for authority to acquire the WASH
ington Rapid Transit Co. Both are
subsidiaries of North American Co.
The acquisition would be brought about
by payment of $2l2,370 in cash for
the 81 ,235 shares of Washington Rapid
Transit stock and the assumption of
6 per cent promissory note for
s327,253 held by the North American
Co.
Bonds Lead Local Exchange.
Bonds were in the best demand on
the Washington Stock Exchange to-
day, the market opening with City &
Suburban SIS recording three $1,000
sales at SO. Capital Traction IS again
moved at 9015 and Georgetown Gas
Light IS sold at ia. Washington Gas
IS, 1860, came out at 117A and closed
at l16h. The only stock sale of the
day was in Mergenthaler Linotype, 10
shares changing ownership at Al.
Louis Rothschild, who recently re-
signed as director of the Washington
Better Business Bureau after making
very fine record over period of sew
eral years, has opened law Offices in
the Munsey Building.
rTf,a Goxyaryaia0 Coy,araiffaa ~ a.