Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-08

Oucntly as lcCCS~
sary and to look ~
into the affairs of Louis T. MeFadden
these concerns.
Upon joint applications by 10 mem.
Der banks the Controller would be re-
quired to examine the condition of any
Federal Reserve bank. An affiliated
corporation, according to the definition
given, is one which controls IS per cent
of the stock Of bank exclusive Of non
voting stock.
This bill would also transfer from the
Federal Reserve Board to the Controller
all power. relating to the granting OF
permits to national banks to engage in
a fiduciary business.
Regarding this bill. Mr. McFadden
said 1t related only to the adminiStra-
ton of the Federal Reserve banks
transferring all examining functions to
the Controller of the Currency, He
denied that it was revolutionary. The
present administrative provisions, he
added, are complicated His bill placed
them under the control of the Controller
he said.
A. Brilliant 1889 Forecast.
One of the best 1880 forecasts which
has yet appeared, at least the one that
seems the most reasonable, is presented
by the Cleveland Trust Co. 1t says:
THE year 1880 promises to be a year
in which business will start poorly. ano
finish well, year Of more bond flota-
tions, and fewer bank mergers; year
Of more trust in investments, and fewer
investment trusts; year Of renewed
speculation with decreased tribulation
a year of reduced profit margins and
fewer margin calls; year without SC
many shocks to the nervous system, and
without so many warnings by the Re-
serve System"
Washington bankers, who have seer
the above predictions. declare that nc
better forecast for this year could be
penned. Columns and columns have
been written which did not say half as
much as these few words.
In a more detailed outlook. the Cleve-
land bank says that the value Of build
ing construction in 1890 will probably
not differ from that of 1929 by more
than S per cent; stock prices at the
close of 1880 will probably be well above
the closing months Of 1929. but still be-
low the recent high levels; while 1t
change very little during the year:
Wages are unlikely to vary more than
3 per cent from 1929.
Bank Practices Being Studied.
At a meeting of the newly created
Commission on Banking Practices and
Clearing House Functions of the Ameri-
can Bankers Association, Hal Y. Lemon,
vice president of Commerce Trust Co.,
Kansas City. was selected chairman,
and Fred w. Ellsworth, vice president
Hibernia Bank 81 Trust Co.. New Or
leans. vice chairman.
THE purpose of the Commission on
Banking Practices and Clearing House
Functions" said Chairman Lemon, lis
to serve as an integrally organized de-
partment of the association, charged
with the responsibility of studying and
finding solutions to practical, every day
banking problems and disseminating
this information to the entire member
ship. Hence it represents no particular
division. section or group but addresses
ment problems"
Bank Conference Planned.
Washington bankers have been invited
to attend a two-day regional confer
ence on bank management to be held
in Philadelphia on March IA and IS
Similar conferences have been held in
other sections Of the country and have
proved highly successful and practical
The States included In the local area
are Delaware. Maryland, New Jersey
New York, Pennsylvania, Virginia, West
Virginia and the District Of Columbia
Wilmer j. Waller. as president of the
District Bankers Association, will be
member of the general conference
committee, and Secretary c. H. Pope
of the local association has been asked
to serve on the publicity committee.
So much interest has been manifested
In better bank management during the
past year that it is considered quite
likely that every bank in the city will
send one or more representatives Il
the conference The invitation me-
with an enthusiastic response at to-
days bankers luncheon at the willard
Bankers 10 Visit Baltimore.
Chairman H. r. Kimball Of Wash
ington Chapters athletic COMMITTEES
announces that the following loca
bowlers will compete with Baltimore
for A. 1. B. honors next Saturday
night:
Thomas p. Howard, william Crime
and william p. Restorff, American Sc
curity e. Trust Co.. Julian o. Cardin
Northeast Savings; Arthur Doying
Washington Loan & Trust; Richmont
Reeley. Prince Georges Bank, Hyatts
vile; e. H. wetcel, Lincoln National
Thomas e. Meyer, Franklin National
Kenneth r. Brooks and Bernart
d. Yerkes, Federal-American National
Several officers of the local chapte
and their wives are to accompany tn
team, and a dinner will precede tn
contest.
Capital Traction Holds Gain.
Capital Traction stock held the 2
point gain which was made yesterda
on the Washington Stock Exchange
In a turnover OF only 20 shares tn
stock again sold at n.
Potomac Electric Power per cen
preferred sold at 11034, while the 81
per cent issue came out at 106. Twenty
five shares Of Continental Trust CT
stock moved at 1873.
Mergenthaler opened at LOG and ad
vanced to 1867 in a 2S-shcre turnover
Commercial National Co. preferre
registered 9912. and 1870 shares of Res
Estate Mortgage & Guaranty preferre
sold at T.. #..
Bond trading was confined to Wash
ington Gas and Potomac Power issue
and Anacostia g. Potomac r. r. guar
anteed S. Demand was moderate 9
recent price levels.
American Security a. Trust, Unto
Trust Federal Storage, Security Storae
and American Telephone are the onl
stocks now being quoted ex-dividen
on the exchange.
Heard In Financial District.
The Riggs National Bank has MALE
a statement to depositors since the De
cember 81 call showing resources I
&5T,056,40i. The bank has $4,000 ,0(
capital and $4,000 900 surplus.
The Childs Restaurant Co. reports q
increase of l,6 per cent in sales in D
cember, compared with the same mont
last year and a gain Of a. per ceI
for the full year Many employees
the company are buying the stock 4
$50 a share on a time basis mar
Christmas bonuses having been u.s.
fer tia Filrnnse