Evening star., 1939-09-16

w. Lee & co.
will cont nue.
business without Lewis A. Payne.
any change in name.
In forming his new company, Mr..
Payne announced that number of
his associates would accompany
him. These include David H. King,
Mrs. F. Evelyn Oliver, Miss Virginia
c. Busch, Miss Marie O'Connor,
Miss Dorothy Wickline and Mrs.
Mary M Mcconnell.
Mr.. Payne, born at Allen Fresh,
Charles County, Md, came to
Washington at the age of years.
Graduating from ST. Johns Col
lege in 1904, he took his first posi-
ton with John F. Donohoe & Sons
in real estate. After Is months, he
went to Tyler & Rutherford, Inc,
and in 1906 joined Ralph w, Lee in
the insurance business. Later he
was taken in as partner.
He is a graduate of Georgetown
University Law School, a member
of the University, Columbia Coun-
try, National Press, and Cosmopoli-
tan Clubs.
Baby Bonds in Lively Demand.
The Treasury Department reports
that s19 421.145 of savings bonds
was sold during the first II days of
September. compared with S14.206.-
040 during the same period of last
year.
Redemptions of these baby bonds
during the first 12 days of the month
amounted to S4,O66,S65, compared
with S2.632 264 during the CORE
spending period last year.
The Treasury pointed out the
redemptions early this month
amounted to 02 per cent of total
savings bonds outstanding on Au-
gust 81. which is on a level with
redemptions during the same period
of last year as compared with bonds
outstanding.
Bank Stock Listings Urged.
w. w. Mackall, jr., president OF
the Washington Stock Exchange,
has received a letter from George
P. Rea, president of the New York
Curb Exchange, pointing out the
advantages of listing on the big
exchanges bank and insurance COM
pany stocks. On both regional and
metropolitan exchanges there is a
maximum of protection under the
Securities Exchange Act, he says.
Mr.. Rea has sent letters to II
New York banks and As insurance
companies urging them to give the
listing question careful consider
alton. His efforts, of course, are to
increase the listings on the curb.
Many Washington bank stocks are
listed on the Washington exchange,
but none are at present listed IN
New York.
Sharp Drop in Foreclosures.
July real estate foreclosures on
other than farm properties declined
So per cent from June this year and
"a per cent from July last year
officials of the Federal Home Loan
Bank Board said today.
Delaware, Pennsylvania and West
Virginia, comprising the district OF
the Federal Home Loan Bank OF
Pittsburgh, reported an 1876 per cent
decrease from July. 1898, the largest
relative drop IN number of foreclos-
ures in the II Federal Home Loan
Bank districts. The Winston-Sa
bank area, including the seven
Southeastern States and the Dis
trict of Columbia, followed with a
1T per cent reduction.
Increases were recorded in five
districts, the largest, 2l.9 per cent
being in the Chicago district of
Illinois and Wisconsin.
Banks Purchase Governments.
The first statistics of banking
conditions during the initial stages
of the war crisis have been released
While portion of the data, says
Fitch's Weekly Review, was inf1a-
tionary in nature, there also was
evidence of support for the present
basic structure of easy money.
Most significant was the fact that
New York banks purchased S6OOO,-
600 of long-term Government secu-
rites at the outbreak of the war, anc
that banks in 100 other cities sole
the relatively small amount of Sl9,-
100000. This indicates that the
liquidation movement did not find
its origin in the banking system but
came from other sources to the
greater degree.
Apparently, banks have not
deemed it eXpedient to strengthen
their reserves at this time, the re-
view concludes.
Heard in Financial District.
Washington Gas Light common
stock came to light on the Wash
ington exchange again yesterday
when three 10-share sales were re-
corded at 2734. The market CLOSED
with 2794 bid and 2812 asked.
Carpet Corp. stock sold at % dur
ing the same session and a small
lot of Lanston Monotype moved al
46A. The exchange has recently
been slightly more active.
Holders have received word that
the General Tire & Rubber Co. has
declared the regular quarterly divl-
dend of $3.50 per share on the pre-
ferred stock, payable September 30.
Edward J. Noble, Undersecretary
of Commerce, will address the Sar
Francisco session of the American
Institute of Accountants next week
Several other Government officials
are also on the program.