Evening star., 1926-10-07

the national bank division, which rec
commended the enactment of the Nc
Fadden bill with the following restric-
tions placed upon branch banking:
Restrictions Urged by Mckee.
O That no national bank be per-
mitted in any State to establish a
branch beyond the corporate limits of
the municipality in which the bank is
situated.
(2) That no national bank be per-
mitted to establish a home-city branch
IN any State which does not at the
time of such establishment permit the
State banks to establish branches.
90 That no State bank be permitted
to enter. or to retain membership in
the Federal Reserve system if it has
In operation any branch which may
have been established after the enact
ment OF II. r. 2, beyond the corporate
limits of the municipality in which
the bank is situated
(4 That no branches. which may
have been established after the enact
ment Of III. r. 2, beyond the corporate
limits of the municipality in which
the parent bank is situated, be per-
mitted to be retained when a State
bank converts into or consolidates with
national bank, or when two or more
national banks consolidate.
"It has been stated" said Mr.. Nc
kee that the proposition to give ma
tional banks a, limited branch banking
privilege in cities is going to start
Statewide branch banking. The propo.
sition embodied in the McFadden bill
Is to give national banks located in
cities with a population of 25 900 to
$4,000 one branch only; in cities with
a population of $4,000 to 100000 two
branches, and in cities with popula
tion of more than 100000 an unlimited
number of branches subject. however,
to the approval of the controller of
the currency, who will have authority
to examine into banking conditions
there and find out whether the pro.
posed branches are needed and whether
they can run prOftably and service.
ably for the people
Mr.. Mckee in the debate said that
the objection Of the Senate to the Hull
amendments was based on the theory
that all laws passed by Congress must
bear with equal weight upon all whom
they may affect. and furthermore that
every citizen, no matter what his posi-
ton, is entitled to equal protection of
the law. The Hull amendments are
viewed as discriminatory in that they
6A'C oil advantage W IldllOIidl DdukS
in one locality and under certain con-
ditions and refuse to give a similar ad-
vantage to other national banks in
another locality under the same condi
tions. He said that Senator Glass
was opposed to the Hull amendments
and had asked every banker who ap-
peared at the hearing in Washington
whether he believed the Hull amend.
! ments offered a fair proposition.
1t was asserted that every banker
answered the question in the negative
except two.
r. N. Baty replied to Mr.. Mckee
setting forth the necessity, as he
viewed them, of the Hull amendments
Representative Hull attended the meet.
ing. but he was denied the privilege of
addressing the gathering. However,
his views as to what the Hull amend
mentS meant We're read into the rec
ord.
Washington Stocks Quiet.
Prices were little changed today on
the Washington Stock Exchange.
trading being rather light.
The market opened with two 10
share sales i'm Washington Gas Light
stock at 7012. Ten shares of Wash
ington Railway and Electric common
came out at 1870 and five shares of
Merchants Transfer and Storage pre-
ferred changed hands at 100A. Mer-
genthaler was out again today, three
shares selling at 1O6. Stock sales
closed with the transfer Of 100 more
shares of National Mortgage and In.
vestment preferred at 8A, the same
price which prevailed yesterday.
In the bond department but two
sales took place-Washington Gas 6s
bringing 103 for $500 transfer and
Washington Railway and Electric As
going at 82s4 in a $500 transaction.
Four Washington bank stocks are still
selling eX-dividend - National Metro
politan. Riggs, American Security and
Union Trust.
Exchange Council to Meet.
w. W. Spaid Of w. B. Hibbs & Co..
who is chairman of the executive
council of an organization formed
months ago to look after the inter
ests of New York Stock Exchange
houses located outside of New York,
will attend meeting to be held in
Chicago on October %. The aim Of the
members is to take UP problems OF
special importance to these outside
; brokerage houses. including any criti
cisms or suggested improvements ir
| present methods.
AS Mr.. Spaid initiated the move tc
obtain better representation for The
broker Offices away from Wall Street
he was naturally made head Of the
committee and has put in much or
| ganization work. The country has
been divided into seven sections. The
/ Chicago section takes in St. Louis
Kansas City and Minneapolis. At the
| coming sectional meeting there viii
/ be business session in the afternoon
limited to members only and a dinner
| in the evening to which other finap.
! ciers will be invited
| 1t is the purpose of the council tC
get together all constructive sugges
! tions or complaints and later presen,
| to the Exchange governors in New
York. improvements in routine
methods, rather than any radica
changes, are anticipated. 1t is the
| opinion here that in the dealings be
tween Main Street and Wall Stree,
| the outside brokers and their Gus
toners could have no better represent
ative than Mr.. Spaid, since, by long
experience and study, he knows the
! business from alpha to omega
| Sales Of Peoples Drug Stores, Inc.
| for September amounted to $51O,197
compared with $407,95S for September
| 1925, an increase of $1O2,239, or q
per cent. Sales for the first nine
months of the year amounted to 81.
3S4, ,793. compared with $3.SlS0S4 dur
ing the corresponding period of last
year, an increase Of $56,709, or 14.S+
per cent.
September sales of S. S. kresge Co
moved up to s9.439 1886 from SS.221.
566 in September last year. and fol
1 thp nine months of 1906 RI G-6 ST5 a.
from Sos, ,564, $50 lin fhe corresponding
1Dsriod of 1884