Evening star., 1936-05-04

'onn T. fArker' missioner Of New
Jersey. THE Federal Old Age Secur-
ity Program and Some of Its Corse-
ouences" will be discussed by M. A.
Linton, president, Provident Mutual
Life Insurance Co. Philadelphia.
Wilson G. Wing, head Of the Prov
idence Institution for Savings, Prov
idence, r. l., is to weigh the results
OF Federal legislation.
The afternoor session OF the same
dav will be devoted primarily to
MORTGAGES, speakers including Charles
A. Miller, president of the Savings
Bank Trust Co., New York; A. George
Gilman, president Maiden Savings
Bank. Maiden, Mass; r. LaMotte
Russell, treasurer, Savings Bank OF
Manchester, Conn; Harold j. Staples,
treasurer. York County Savings Bank,
Biddeford, Me, and Peter Grimm.
New York real estate authority and
former assistant to the Secretary OF
the Treasury as adviser on real estate
mortgage affairs and co-ordlnator OF
housing activities, who will address
the conference on the prospects of
improvement In the realty market.
Other equally good speakers are
on the program. AT the banquet,
MAY "A. Charles r. Gay, president
of the New York Stock Exchange,
is to aralyze the immediate future
Of capital. While Washington has
no mutual savings banks, savings
bank men here will watch the con-
clusions reached at the Atlantic City
meeting with deep interest. They
have many problems in common with
the ''mutuals."
Parker New Vice President.
John E. Parker, who was recently
elected vice president of the Ticker
Club of Washington, was moved up
from the position of secretary-treas-
urer which has now been assumed by
Gen Richmond P. Davis, manager
of the Washington Office of Fenner
g. Beane.
Mr.. Parker has been active in the
finarcial district for several years
End is now one the managers of
the Office in this city OF G. Mp.
Murphy q Co. After graduation from
the Naval Academy, he started his
financial career in Wall Street where
he was connected with the widely
known brokerage firm Of Hornblower
65 Weeks.
Coming to Washington, he was first
with the firm of John H. Edwards
& Co. On the death of Mr.. Edwards,
the firm was sold to c. Mp. Murphy
IL Co. along with Charles Carroll
Morgan and A Chester Flather, he
remained with the staff. He has a
fine naval record and is prominent
In the Masonic Fraternity.
Home Loans Smash Records.
Mortgage loans for rev homes and
home financing made by 896 reporting
Federal savings and loan associations
in March totalled S11, 1,705,112, COM
pared with $8,888,337 in February,
.he sharpest monthly upturn since
AIarc!, yea aoc, T-,i.e r-s!no
proportion O. loans Is being maoe
o. tns bLiioina or purchase OF ncncs
xs contraSteo Win Ee-.n1aci-Is eXlS.-
l4s mortgages.
Loans by the sS5 reporting Federal
savings and loan associations were
distributed: 31.3 per cent for new
construction; 24.2 per cent for home
purchase; reconditioning 7 per cent;
refinancing 37.5 per cent.
BY comparison, the Review pointed
nut, loans made by reporting Federal
savings and loan associations in
March of last year showed only is
per cent going for new home con-.
struction, and 81 per cent for ref
nancing.
Bank Deposits Go Higher.
The Federal Reserve Bank of Rich
mond reported today that time de-
posts in Al reporting member banks
in the fifth district and aggregate
deposits in II mutual savings banks
totaled 5000, ,697 ,903 at the end of
March, 1896, higher figure than
either. 1898, ,170,933, reported at the
end of February this year or 1884,
451,072 at the end of March, last year.
Both the reporting member banks and
the savings banks gained in deposits
during the month, and the mutual
savings banks increased during the
past year. but the reporting member
banks showed small decline between
the end of March, last year, and this.
The Richmond Bank adds that en-
ployment conditions appear to have
improved more in the past six weeks
than in any similar period since the
depression began, and in some locali-
ties actual shortage of labor for farm
work and road construction is threat
ened.
Today's Trading on Exchange.
City & Suburban IS opened the
weeks trading on the Washington
Stock Exchange with $1,000 transfer
ut "a and another 81 900 at 831a. Cap
ital Traction SIS again came out at
90i2 for a $500 bond
Potomac Electric Power 51a per cent
preferred stock recorded two trans
fers at 11112. the same price at which
most other recent sales have taken
place. A sale of Capital Transit took
place at 1874. The market closed
with three small lot transactions in
Mergenthaler Linotype at 40A.
This is a better price than prevailed
in Boston Saturday for Mergenthaler,
when the stock sold at 40 and closed
ct 39%. Brokers here have been
rather surprised in the action of the
stock since the 50-cent dividend was
declared. The lower quotations may
be partly due to the weakness in
the New York stock market, which
affects issues on other exchanges to
some extent.
J. Frank White, vice president and
cashier of the National Bank of WASH
ington, who has been ill for several
weeks, was back at his desk today,