Evening star., 1929-12-21

firm doing business
in the District OF
Columbia and not John w. Pole.
doing banking or
fiduciary business under the supervision
of the controller. In the event such
title shall be used by banking firm, 1t
shall be subject to the approval Of the
controller of the currency.
3. Forbid corporations with their
principal place of business outside of
the District of Columbia from estab-
fishing Offices in the District and doing
a flduciary business without the per-
mission of the controller of the cur
rency and without complying with the
general conditions of the corporation
laws of the District which have been
enacted for the protection of those who
do business with corporations with their
principal place of business in the Dis
trict.
Proposal to amend the McFadden act
to permit national banks to establish
branches within trade areas in which
such banks are situated is the most inn
portant general recommendation in the
report. Controller Pole says these areas
could be the same as the Federal Re-
serve district lines or of more limited
extent. The controller also wants bank
holding companies under much closer
supervision.
Building Association Law Urged.
While the building and loan associa-
tions in the District are examined and
supervised by the controller, he says
there Is no provision of law which pro-
hibits any such from organizing and
doing business in the District, regard
less Of its merits. He recommends a
law be passed which would prohibit any
building and loan association from do
ing business or maintaining an office
in the District without first securing
the approval of the controller. Any
violation would constitute a penal
offense and be punishable in the same
manner as now provided by the act of
April 26. 1922, regulating corporations
doing banking business in the District
The resources of the % building and
loan associations operating in the Dis
trict of Columbia under the supervision
of the controller June 80, 1929, totaled
SIS, 1854 900 and exceeded by 6,109, 900
the resources of like number of asso-
Citations on June 80 year ago. The
loans, which aggregated $63,566, 900,
showed an increase in the year of So
06l 900. Installment payments on
shares increased also from $53, 900
to $58,916,000.
Fifteen OF the associations operated
on the permanent plan, six on the
serial plan, and one on the terminating
plan. The total membership was H.
205, as compared to 66,219 members q
year ago. and of the total in the cur
rent year the numbers borrowing and
nonborrowing were 1923 and SLIT,
respectively.
The aggregate of all the banking re-
sources in the United States, the report
states, is about $72, ,000, 900, 900, held by
q little more than $4,000 banks (as of
June %, 1929, but $50 banks hold re-
sources to the aggregate amount Of
approximately ,40o,0o0,000.
Latest Local Dividends.
At the regular weekly meeting of the
board of directors of the National Cap
ital Bank held Thursday, December i9,
the usual semi-annual dividend Of 5
per cent and an extra dividend of /
per cent was declared payable December
81 to stockholders of record as Of De-
cember %, the president, H. H. Mckee,
reports.
The board Of directors of Liberty Ma
tional Bank yesterday declared divi-
dend OF $3.50 per share out of the earn
ings of the bank for the six months
ending December 81, 1929, payable De-
cember 81, 1929. to stockholders of
record December %. The books are not
to be closed.
The board Of directors of the Federal
Security d Mortgage Co. declared the
quarterly dividend of per cent on the
preferred stock of the company, payable
as of December 81, 1929.
$250,000 Sanitary Bonds Awarded.
The Baltimore Trust Co. has been
awarded the $250000 issue of WASH
ington (Maryland) Suburban Sanitary
District bonds which pay Az per cent,
to run from 80 to SO years. The offer
by the highest bidder was 100.935.
The bids were opened at the head
ONCE Of the Sanitary Commission in
the Tower Building in this city The
bonds are to be known as series "U''
and are to be sold in 81, ,0e0 denomina-
tions. The proceeds from the new bonds
will be put into extensions of the water
and sewer system in the suburban sani-
tary territory adjacent to the National
Capital.
The bonds carry all the exemptions
as to taxes of Maryland municipal
bonds and are guaranteed as to both
principal and interest by Montgomery
and Prince Georges Counties by in
dorSement on each bond. The area of
the suburban sanitary district is ap-
proximately 81 square miles and sur
rounds the District of Columbia on
three sides.
Woman Bankers in Yule Party.
The Christmas party of the Bank
Women's Club of Washington held at
the Huguenot was one of the largest
attended and most enthusiastic in the
history of the organization. There was
a Christmas tree and dinner was served
An exhibition of infant and childhood
portraits of members was an entertain
ment feature.
In the absence through illness oi
Miss Mary j. Winfrec, of the Contin-
entail Trust Co., president of the organ
ar@k AE@t t.1I l.
1ngton Loan & Trust Co., the vice
president. presided. Miss Louise Mitchell
was chairman of the committee and
was assisted by Miss Alice Whitten
First National Bank of Alexandria
Miss Hattie Potter, Second National
Bank; Mrs. Evelyn Hawkins, Anne 'icar
Security & Trust Co.; Mrs. Judith
Fishburn and Miss Eleanor Dankmyer
Security Savings & Commercial Bank
Financial District Notes.
Frank W. Stone, vice president oi
the National Savings & Trust Co, viii
leave Tuesday to spcnd Christmas witt
his mother, at Mount Vernon, N. Y
He will return in about a week.
The Arundel Corporation of Balti'
more, which has many stockholders ir
this city, has increased the dividend
rate from 81 to So a year.
The Federal Reserve Board an
nounces that the Kansas City rediS
count rate has been reduced to Az
per cent.
reduction of less than 10 per cen
in 1880 automobile production, as com
pared with the present years output, Il
predicted by Automotive Industries II
its annual estimates Of future produc
tion and sales conditions in the auto
motive manufacturing industry. Th'
actual figure set by the publication. !
QA5 000 units for n-Xt wear which