Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-07-19
new BODY FAV0Rs
M'FiA|ID|DEN BILL
Mid July Business Here Is
Ahead Of Last Year.
Local Stocks Firm.
By EDWARD G. STONE.

According to present plans the IA
nous MeFadden banking bill win be
brought up again at the next session
OF Congress and further efforts be
made to secure its passage. A reso-
luton urging passage OF the bill, to-
gether with the Hull amendments re-
lating to branch banking, was adopted
BY the council OF administration OF
the Pennsylvania State Rankers' AZ
ISOLATION Saturday after Representa-
tive McFadden, chairman Of the
House committee on banking and cur
rency, had outlined the present status
OF the bill and again stressed It's
Importance.
Mr.. McFadden is a member of the
Pennsylvania Bankers Association.
He said that unfortunately re-
neWal OF the charters for the Federal
Reserve Banks had been linked with
the branch-banking question This
makes 1t necessary for business men
and bankers to know where they
stand with regard to the continue
ton OF the Federal Reserve system.
He added that the remedial legislation
embraced in the. McFadden bill Il
necessary to prevent national banks
Withdrawing from the Government
system and taking up State charters.
Business Ahead Of Last Year.
Mid-July business in washington In
slightly ahead Of the same period last
year. according to the weekly figures
OF the Washington Clearing House As
ISOLATION. The figures. kept by Charles
z. Fright, manager OF the association.
show total banking clearings for the
week ending on July IL were e29, $780,
1929, while for the corresponding
4 q 49, al al~.A-~ snSsN
ed TO e2o, .737.24. This means a
gain Of nearly $4,000. which. though
small. indicates an upward trend. And
It win be recalled that local bank
elearings for the month Of June reach
ed q new high point for all time.
Local Securities Are Firm.
The weeks trading on the local ex-
change today opened with prices nrm,
Washington Railway and Electric pre-
! ferred leading rather light business.
with IS shares selling at SS1S. Two
shares OF Potomac Electric Power pre-
ferred sold at 1Os: Washington Gas
Light. exdiyidend, brought SIN. while
Capital Traction opened At 100 ano
closed at 1884. There was an ex-
change Of As shares Of National Mort
gage and Investment preferred ak 81
Ten shares Of stock of the Second Ma
tionaI Bank sold at go. Washington
Gas IS and SIS were the only bond
| to move.
Morris Bank Convention.
Theodore r. Green, president OF the
Morris Plan Bankers Association.
| announces that Asheyille, N. c.. has
been chosen for the seventh annuai
| convention. The convention win last
| three days, October Is, 10 and 20
BeTtram Chesterman, manager OF the
local Morris Plan Bank, will attenG
] the session. 1t - expected there viii.
4 be delegates from III cities. Sevega
bankers not connected with the system
have been invited TO hear the discus
| sions. President Green says thu:
since the first bank was started 'in
| Norfolk in 1910. these banks All !.
over $500 900 900, The loans excee /
| loan.
Bank Debts Increase.
Debts to individual accounts, ns
reported to the Federal Reserve
Board by banks in leading cities foi.
the week ending July II, aggregated
Sl2, 23s, 900 900, or / per cent below
the total Of S12.365. 100000 reported
for the preceding week.
Debts for the week under review
are $4,000, 900, or IL per cent, above
those for the week ending July Il,
1925.
New Bond Issues Announced.
| j. A. w. Iglehart q Co. viii Offer
tomorrow a new issue OF $3.50, 900
Security Bond & Mortgage Co. FIRST
4 mortgage s per cent collateral trusl
4 gold bonds, series d, secured by real
estate first mortgages guaranteed un
Iconditionally by the Maryland Casual
~ Co. The Maryland Trust Co.
Baltimore. is trustee Of the issue.
I c.. r. Childs & Co. viii offer this
week q new issue Of 81 ,0O0. 900 Unior
Joint Stock Land Bank Of Detroit
4 AZ per cent 30.year farm loan bonds
due July /, 1856. priced 1t iei& and
accrued interest, to yield AIS PEI
cent TO redeemable date (ie36) and
4.5O per cent thereafter.
IL