Evening star., 1941-05-12

caslons.
Sin the afternoon the financiers
Will compete for the Robert V,
Fleming Golf Trophy. who will per-
sonally present the cup in the eve
Hing. A. M. McLachlen, president
OF the association, will introduce a
Iarge number of distinguished guests
curing the dinner.
Connely to Quit Presidency.
Emmett F. Connely, president OF
tne Investment Bankers ASsocia-
ton and chairman of the Commit
Zee on Public Relations, will re-
aagn both positions in December
II was announced at White Sulphur
Springs today, where the Board OF
Governors is holding the spring
meeting.
ASJ. Clifford Folger and James
Parker Nolan of Folger, Nolan & Co.
are attending the session from
Washington. On arrival of these
delegates, the most interesting news
that had developed related to the
Connely announcement Mr.. Con-
Enely has been on leave from his De-
EToit position to devote all his time
TO the association. He is the only
man who has been president of the
organization two years in succession.
sE Possible changes in the Securities
Acts, compulsory competitive bid
ding and national defense are high
lights on the program.
w Real Estate Bonds Jump.
.* Mayflower Hotel first SIS gained 5k
points during April, only two other
bonds among 200 issues in the
lAmott- Baker price averages making
"a better showing. Washington
Properties rs moved up full points,
the same review states.
The Mayfiower bonds are now
selling around par and Washing
ton Properties, Inc, at 6512. Ma
Itional Press Building 1st 3-5s, 1850,
now selling around 8514 lost half
a point during the month, while
National Press adjustment 41as were
of l y points, the survey says.
Cambridge Court, N. Y, first IS,
made the best showing in the list,
jumping II points in April.
Home Financing Up Sharply.
Urban home financing throughout
the Nation in March was 16 per
cent in volume ahead of March,
1e40, 1t was announced today by the
Federal Home Loan Bank Board.
There were 124,194 home mort
cages amounting to $348, 8,880,0 900 re-
corded in all non-farm areas by all
types of mortgage lenders in March
as compared with 111,789 mort
cages amounting to $500, 100000 in
March, 1910.
In the first three months of this
year, 34l l,021 urban home mort
cages were recorded, amounting to
$685., 1888 900, as compared with 302,-
l304 mortgages with a value of
$685. 900 in the first quarter of
;1940
| More than 100000 distressed home
Owners who appealed to the Federal
Movement for aid to save their
properties during the depression
.thave repaid their loans in full, the
Home Owners Loan Corp. an
Gnounced.
Winner Goes To Convention.
AS a reward for winning the Dis
itrict Bankers Associations an
lnual essay contest, James F..
Bridges will have trip to the Hot
Springs convention at the expense
Of the Riggs National Bank.
The second prize, won by Frank
lin A. Gibbons, jr., of the same
bank, Is $75 in cash, and third prize,
taken by H. c. Lightfoot of the
American Security & Trust Co., is
$50 in cash, each award being paid
oy the contestants bank. There
were only seven contestants this
year against 20 year ago.
The committee from Washington
Chapter, which helped arrange the
contest, included Ralph Endicott
chairman; G. Elmer Flather, Robert
H. Lacey and Frank M. Perley.
Financial District Comment.
There was a furry in Washington
Railway & Electric participating
units around the week end on an
uncon1rmed rumor in Wall Street
that the North American Co. might
discontinue paying dividends on
North American stock in Washing
ton Railway & Electric common
stock units. The bid jumped from
Is to 15A In very short time, while
the asked price moved up to 174.
T. Hammond Welsh, president
Preston A. Blundon, secretary, and
James A. Thompson, treasurer o1
the Hyattsville Building Association
have been appointed to the Mary
land Committee for the 18th annua
conference of the Southeastern
Group Conference of the United
States Savings and Loan League tc
be held May Is and Is at the Lore
Baltimore Hotel in Baltimore.
Secretary F. S. Dixon of the Wash
tngton Association of Credit Mer
expects an extra large attendance
at the monthly meeting tomorrow
at woodward & Lothrop's, when Roy
A. Foulke will be the guest speaker
Paul j. Seltzer, manager of the
Southwest Branch of the American
Security & Trust Co., has been TAX
ing a short vacation in Florida.
j. Frank White, president of the
National Bank of Washington, has
returned to the Capital from Cliff.
ton Springs, N. Y, and will be back
at the bank in few days. He is
recovering from an operation fol
appendicitis.
Robert c. Jones was back at his
Office today after a short visit ir
New York.
Today's Trading on Exchange.
Mergenthaler Linotype appeared
on the Washington Stock Exchange
board again today when 20 shares
sold at 18%, unchanged from last
= weeks transfer.
Capital Traction SIS opened the
week with a $1,000 bond moving al
1o4E2, unchanged from many othel
recent sales.