Evening star., 1936-09-15


than 40 times the o,c.,
increase in value
of all farm products, according to
data compiled by the Mortgage Bank
ers' Association of America, just re-
ceived here.
The increase in value of all build
ing in the first six months this year
was rs per cent, while industrial pro-
duction gained roughly about 20 per
cent, based upon the generally &C
cepted index of 100 in 1926; national
income gained 146 per cent and value
OF farm products gained IL per cent.
On this basis it would appear that
new building is the brightest spot in
the business picture. Such Is not the
case. however, because the gains being
shown today, while substantial and
most promising, will have to become
increasingly larger to make up for the
almost total lack of new construc-
ton during the depression period and
fer some time Immediately prior to
that.
For example, value of new residen-
tial construction during the first six
months of 1886 gained 121 per cent
and on-residential construction al
most 10 per cent; yet it must be re-
Membered that stagnant conditions
prevailing in the building industry
within recent years have created
situation whereby two or three years
normal residential building is neces-
sary to make up for the shortage ere
ated," L. A. Mclean, president OF the
association, said.
Such figures as are available show
that the various branches of the
country's economic activity are grad
ually being brought more and more
into line with each other. A half mil
lion new homes built where needed
each year for the next three years
would undoubtedly be one of the most
constructive moves toward bringing
the so-called heavy industries more
into line with farm prices and indus
try in general" he said.
Leaders OFF to Convention.
Three Government banking agencies
will be well represented at the annual
convention of the American Bankers
Association in San Francisco. Con-
troller of the Currency j. F. T. O'Con-
nor will 60 to the convention from
the Texas Centennial Exposition, where
he Is now. He will be accompanied
by Marshall Diggs, executive assistant
IN the Federal Deposit Insurance Corp
Leo T. Crowley, chairman Of the
Federal Deposit Insurance Corp, ano
Z. e. Birdzell, general counsel, expect
TO be present. 1t is now stated that
Mariner S. Eccles, chairman of the
Federal Reserve Board. who is in
Utah on a vacation, will attend the
sessions, in addition to two other gov
ernors, John K. Mckee and Ronald
Ransom.
The last delegates from the Wash
angton banks are leaving the city to-
day by various routes. Robert v.
Fleming and the others will go out OF
Chicago on special trains, on which
will be several hundred other Eastern
bankers. After the sessions Mr.. Flem-
ing will take vacation, remaining
on the Pacific Coast and returning
to Washington about October Is. On
retiring from Office he will continue
to serve the association, as he auto
natically becomes a member for three
years of the Administrative Commit
tee Of the Executive Council. often
called the cabinet" of the A. B. A.
d. C. Bankers Reach Home.
Corcoran Thorn, president of the
American Security & Trust Co., reach
ed his office this morning after a two
months tour of the Far West, &C.
companied by his son. He had a de-
lightful trip, met A. P. Giannini and
many other California bankers, and
visited lot Of industrial plants. How
ever, he admits that he was much
more interested in scenery than in
banking while he was away.
Harry G. Meem. president Of the
Washington Loan & Trust Co., has
returned to the bank after months
vacation, which included an extended
tour through New England.
Victor B. Deyber. chairman Of the
board Of the Second National Bank, Is
back from a months vacation, divid-
ing most Of his time between Atlantic
City and Asbury Park, N. j.
Laurence H. Riggles, president OF
the District Of Columbia Life Under
writers Association, attended the
Phoenix Mutual Life Insurance con
vention at Hot Springs, Va.
Banks Hold More Securities.
Security holdings, loans and dis
counts and deposits were increased b.
i4,055 commercial banks having Fed
eral deposit insurance during the yea
ending June 30, it was reported today
These banks are said to hold 81 pc
cent Of total deposits in all commercia
banks.
Assets Of the institutions were liste
at SIS, SOC, ,000, 900 on last June 80, a,
increase of 13 per cent in IL month!
Bank. loans and discounts rose 4 pc
cent to $4,000, ,000, 900 and holdings {
other than Government securitie
were fixed at $500, 600, 900, a rise {
IL per cent.
Government obligations, both diret
and fully guaranteed, totaled S14
SOC, 900, 900, an increase Of 20 per Ger
during the year.
Financial District Gossip.
The limited number Of WaShingto
holders of Western Maryland Rail
way preferred have been surprised b
q Jump of % points in the stock i
the past few days, and resulting in re
newed talk of possibilities. The stoc
Jumped on the New York Grub fror
81 to los. The stock has never pal
dividends but has an accumulate
against it of about s26 share. tn
feeling prevails in Baltimore that tn
road may be considering paying o.
part of these dividend arrears.
The Women Committee of Wash
ington Chapter, American Institute q
Banking, held its annual educatioas
dinner last evening at the Mayhowe
Hotel. The chairman, Miss RATHER
ine w. McCalmont, presided, and sev
eral very interesting talks were hear
by an attendance Of nearly 100.