Evening star., 1931-12-22

laws of the District of Columbia, par
of which have already been embodied
In bill presented in Congress last
week. The recommendations, which he
renewS, are as follows
Would Expand Regulations.
/. Authorization to the controller oi
the currency to make regulations gov
erning savings banks and trust COM
panies doing banking business in the
District OF Columbia, and the imposi-
ton of penalty for the enforcement
thereof, such regulations to be limited
so that they shall not in any case
place restrictions upon such banks
which are not placed by law or regula-
tion upon national banks.
2. Prohibition of the use of the WorC
bank" or the words trust company
by any firm, copartnership. company
or corporation doing business in the
District of Columbia and not doing g
banking or fiduciary business under the
supervision of the controller of the cur
rency, and the prohibition OF the use
Of such words in the title hereafter
granted to, or sought to be utilized by
any firm, copartnership, company or
corporation doing or proposing to do q
banking or flduciary business in the
District of Columbia, except with the
approval of the controller of the cur
rency.
3. Prohibition of any building and
loan association from doing business
IN the District of Columbia or main
tanning an Office in the District of Co
lumbia without first securing the ap-
proval of the controller of the currency
and provision that any violation of such
law shall constitute a penal offense
and be punishable in the same manner
AS now provided by the act of April
26, 1922. entitled An act regulating
corporations doing a banking business
in the District of Columbia
4 That hereafter no corporation be
allowed to do a banking business in
the District of Columbia unless or
ganized in accordance with the pro-
visions of the act of March 3, 1901, as
amended, or organized under the ma
tional banking act.
Other Vital Recommendations.
5 That any solvent financial institu-
ton in the District of Columbia under
the supervision of the controller Of the
currency be permitted to go into volun-
tary liquidation and be closed by vote
OF its shareholders owning tWo-thirds
of its stock. in a similar manner to the
method now prescribed for the volun-
tary liquidation of national banks. The
present law as to District of Co.
lumbla banking corporations is very
cumbersome in that it requires a re-
celver to be appointed by court and
leads to reluctance. by bankers in dis
solving institutions in this manner. due
to the fear Of public misunderstanding
Thus there are in existence in the Dis
trlct number of institutions whose
business has been absorbed by others,
but which have not been completely
terminated as to corporate existence.
6. That foreign corporations and
corporations organized under the code
of the District of Columbia doing a
banking business in said District, be
required within a reasonable time, to
be fixed by the controller of the cur
rency. to provide for double liability on
the shares Of stock of such corporations
in the manner required by law for ma
tional banks.
7. That it be made a penal offense
for any person maliciously to make or
repeat to any other person any false
statement imputing insolvency or un-
sound financial condition of any bank
trust company, or building and loan
association in the District of Columbia
or tending to cause a general with
draWal of deposits from any such in
stitution.
8. That the penal provisions with re-
spect to banking in the District of Co.
lumbla be strengthened by providing
that the general provisions of section
5208 and section 5209 of the United
States Revised Statutes as amended,
and section % of the Federal Reserve
act as amended, be made applicable to
the banks in the District of Columbia
which are not members of the Federal
Reserve System.
Peoples Drug Sales Higher.
Sales of Peoples Drug Stores. Inc,
Tor November totaled $1407 ,496
against $l,403,020 in November 1890,
an increase of S4,476, or O3 per cent.
For the first eleven months of 1881
sales totaled SIS .695.277 compared
with Sl5,070.663, an increase of S624.-
6l4 or Al per cent. The report is made
without consideration OF changes in
the number of stores during the year
c. & o. Earns SS.11 On Common.
The report of Chesapeake & Ohio
Railway Co., for II months ended No
Vemoer 30, 1881, shows net income of
SO, 1929 after taxes, charges and
: sinking fund appropriations, equiva-
: lent after II months dividend require
/ ments on 6i2'c preferred stock, to
p S34l a share (par s25) on 7.540.134
: Shares of common stock This COM
: pareS with S31 .707.6 $40, or S4l4 a share
: on 7,655,048 common shares in first IL
. months of 1880.
November net income was S1.481 .935.
, alter taxes and charges. etc, against
S2,256,oo6 in November, last year
Title Concern Names Trustees
, All trustees of the Columbia Title
Insurance Co. were reelected at the
annual meeting of stockholders yester-
. day. They are H. Glenn Phelps. Allen
G. Clark, James j. Becker, Spencer
Armstrong, Edgar M Mayne, George w.
White, Edward J. Stellwagen, F. L.
, Sandoz, William J. Flather, jr.: James
B Nicholson, Randall H. Hagner. John
Edmund Cammack. William B. Willard,
. Ersklne Gordon and Woodbury. Blair.
: Financial District Notes.
Howard Bruce. chairman of the Balti-
more Trust Co., has been elected
member of the Federal Advisory Coun-
Gil of the Federal Reserve Board of the
. fifth Federal Reserve district
. The annual Christmas dinner and
! dance given for the officers and en-
ployes of the Federal-American Ma
tional Bank g. Trust Co. will be held at
the Columbia Country Club tomorrow
Aevening. Leon Tobriner, one of the di-
rectors, will provide the music, and
play will be given by the employees.
The regular semi annual dividend of
$3.50 share was declared by directors
of Compania Swift International yester-
! day. The dividend is payable February
Is, 1882, to shareholders of record jan
uary is, 1892.