Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-11
M'FADDEN APPEALS
TONAT|ONAL BANKS
Urges Bankers to Give Views
to Congressional Stocks
Strong-0ther Notes.
BY EDWARD c. STONE.

McFadden banking bill, Chairman Nc.
| Fadden Of the House committee on
currency and banking and author Of
the original measure, having sent out
letters to national banks urging bank.
ers all over the country to decide on a.
policy toward the Hull amendments
and express their wishes in unmistak-
able language to their Senators and
Representatives.
''It is suggested that you give
| thoughtful attention to this situation"
Mr.. McFadden's letter reads. and de-
eide whether you are willing to have
the entire legislation lost because OF n
dispute over n question that is TO g.
great extent academic. The proposed
legislation is in the interest not only
of the national banks but it is q mat
ter Of serious concern to the business
interests of the United States, because.
if this bill does not become law. the
surest foundation of the Federal re-
serve system will be weakened by the
conversion of many national banks
into state banks.
Issue Put Up to Bankers.
IF you feel that city branch bank
ing should be confined 70 the % states
that now permit branch banking. You
are earnestly requested to make your
wishes known. If you believe thai
national banks located in the other
26 States that do not authorize branch
banking now, should be permitted To
engage in city branch banking auto
matically In the event the laws of
those States are changed to favor
branch banking, you should tell your
Senators and Representatives thai
YOU believe the Hull amendment
should not be included in the bill:
The main purpose of the McFad-
den-Pepper bill is to enable national
banks to compete fairly with State
banks and to establish a national pol
icy with respect to branch banking.
1.-THE House," Mr.. McFadden says
"in restricting the privilege Of city
branch banking to national banks in
those States that authorize branch
bankings at this time. believed 1t was
CARRYING out the wishes of the bank
ing fraternity as expressed by the
resolution of the American Bankers
Association, adopted at the Chicago
convention, which approved the pro
posed legislation.
Local Stocks Are Strong.
Potomac Electric Power preferred
sold at 1O8 on the Washington Stock
Exchange today and the interim Ger
tificates at 1861. Washington Rail-
way & Electric preferred opened at
9O% and closed at 81. Mergenthaler
opened at 1861 for l share and
closed at 107 for 20 shares. National
Mortgage & Investment preferred
was another stock to advance during
the session, opening at SIS and go
ing up after call to S1a.
Many moro bank stocks than
usual appeared on the board, trad.
ing starting with eight shares OF
| Federal American selling at 30.
Fifteen shares of National Bank OF
| Washington went at 285 and seven
shares of American Security & Trust
at 375. The most active bank stock
trading was in Continels Trust
shares, the issue opening at 9lE3 for
| 20 shares, advancing to 915s for
| 1O-share lot and closing at 91% on
q 20-share transaction.
The only sales in the bond division
were two $1,000 Capital Traction
5s at 1917.
Mai. III. p. Erwin Takes Charge.
| Business is going on as usual in
the office of John l.. Edwards & Co,
1416 II street northwest. Maj. Henry
p. Erwin, the active partner, who has
been associated with MIR. Edwards
since 1920, is taking full charge ofsthe
business, d. p. Gaillard remaining as
special partner. The excellent office
organization built by Mr.. Edwards
and Mai. Erwin is continuing under
the management of J. William Har-
rington, assisted by Robert Z. Jones
and Charles Carroll Morgan, who is
manager of the bond department, and
John e. Parker, Mr.. Edwards son-in-
law, who received his early business
training under the instruction of the
| New York office of the brokerage firm
| of Hornblower & Weeks; Alfred e.
Father and Josephus n. Thompson.
Undoubtedly, there will be no
change in the business policies
established by Mr.. Edwards and his
partners.
Assistant Cashier Elected.
At meeting today of the board Of
directors of the Potomac Savings
Bank Elmore T. Burdette was elected
assistant cashier. The new official
was with the Riggs National Bank for
nine years and has been with Po-
tomac Savings since 1919. He was
born and reared in Georgetown. re-
ceiving much Of his education In the
public schools In that section of the
city. He will be one Of the younger
bank cashiers in the Capital, as he is
only "a years old.
Made U. S. Bank Examiner.
w. T. Van Doren. former receiving
teller in the Commercial National
Bank, has been appointed one of the
assistant national bank examiners in
the fifth district. The new examiner
joined the Commercial National staff
about six years ago and had adj
vanced rapidly until he received his
present appointment. He is a grad
uate of the local chapter. American
Institute of Banking.
Committee Meeting Today.
The board of governors of the in
stitute will hold a meeting late this
afternoon to discuss the budget for
the coming year. The ways and
means committee, of which X. Jesse
CLANCY Is chairman, met yesterday
and prepared a report to be presented
at the session. The educational COM
mittee, /. j. Roberts, chairman, also
met yesterday and will outline plans
at today's gathering, the matter OF
arranging for next years teaching
force being the most important mat.
ter now before this body.
The American Telephone and Tele-
graph Co., while it gained in gross for
June and the first six months, showed
loss in operating income for the
same periods. June gross amounted 10
$7,493,214, compared with $7,010. 23S
in June, 1925. Operating income for
the past June was $2,933,175, against
$3,052.354 In the preceding June Six
months gross was $45,226, 1913, against
SAL SOC 1855 for the same period last
year. while operating income for six
months came to SIS OPS. as com.
pared with $18.657 ,406 for like period
in 1925.
Other Financial JOttings.
Frank Owings, assistant cashier ~
the Bank of Comerce and Savings,