Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-22
BANKS TO REPORT
ON CREDIT QUOTAS
District Institutions to Begin
Actual Operation of
I Hoover Plan.
BY EDWARD C. STONE.

BY EDWARD {. STONE.
Actual setting up Of the machinery
for operation of the Washington unit
Of the National Credit Corporation,
which is aimed to give added strength
to the banking situation everywhere,
will take place tomorrow afternoon at
o'clock. in the Willard Hotel.
Organization will be completed at a
special joint meeting Of the Washing
ton Clearing House Association and the
opening Of the meeting. the local or
ganizer, Robert " Fleming, will explain
any of the details of the Nationwide
plan which may not be understood by
individual bankers
The first step in organization will be
reception Of reports from the banks
making subscriptions to the fund being
raised by the National Credit Corpora
ton. 1t is presumed that local banks
will subscribe 100 per cent to the fund,
If they have not already done so. AS
soon as the banks have reported their
subscriptions, they will be entitled to
vote for members Of the Loan Com
mittee
1t was decided at national headquar-
tiers that 1t would be simplest and most
advantageous for the local units to have
no officers but the loan committees.
These loan committees will form the
board of directors. arrange for the pay
ment of money to the national corpora
ton and pass on all requests for loans
in their own territory. Loans will be
granted only to banks which have sound
collateral but are in temporary need of
more liquid funds.
Such loans are certain to be OF in
estimable value to the banks and at
the same time prove of great service to
the general public.
More Banks Vote Subscriptions.
Washington banks are still voting
their full quotas to the fund, several
boards being due to meet late today
The list has grown rapidly since yes
terday, banks not already reported. in
Guiding the Woodridge-Langdon Saw
1ngs Bank, Chevy Chase Savings Bank,
Prudential Bank, Seventh Street Saw
ingS. North Capitol Savings, Potomac
Savings. Mount Vernon Savings and
Bank of Commerce and Savings.
Up to noon today % local banks had
voted the full amounts they are per-
mitted to subscribe. Following forma-
ton of the local unit, the legal loan
papers must be submitted to each bank
board for approval. This means there
will be large number of special or
days.
Maryland and Virginia have already
perfected their organizations. West
Virginia, North and South Carolina
have also practically completed their
units, so that all the fifth Federal Re-
serve district units will be functioning
in few days.
American Stores Votes Extra.
The American Stores Co. has de-
clared an extra dividend of so cents
on the common stock, payable Deem
Der to stock of record November IS,
in addition to the regular quarterly
uary l to stock of record December IL.
Similar extras were declared in the
three previous years in December.
District Fifth in Building.
OF the 562 cities and towns of the
United States reporting building per-
mits during the month of September
to S. w. Straus & Co.. Washington is
sixth with total of S2,275065, which
compares with the August. 1881, figure
of S3z75, $50. 1t compares favorably
with the September, 1880, total of
S1.077,810. but not with the September,
1929, figure of $3,232,900. OF the cities
reporting, New York is first, Boston
second, New Haven third Los Angeles
fourth and Worcester, Mass, fifth.
Total September building permits for
the 562 cities and towns reporting
amounted to $96,258,098, a decline of
422 per cent compared with Septem-
Der last year. and 1877 per cent less
than August this year. The decrease
between August and September this
year is not as marked as the percentage
appears to indicate, according to Straus
as the usual expected decline in build
ing permits between August and Sep
TENDER, due entirely to seasonal factors,
Is 9.8 per cent.
Lansten Monotype Advances.
Lanston Monotype was in good de-
mand on the Washington Stock Elk
change today, 48 shares selling at IS.
substantial gain over the sales recorded
about two weeks ago.
The opening stock sale today was A
small lot of Potomac Electric Power 6
per cent preferred stock at 109. Later
the corporations 512 per cent preferred
came out at 106 Three small sales Of
Mergenthaler Linotype were boted, all
made at IS.
In the bond division 81 900 Potomac
Electric Consolidated SIS changed hands
at 102 and small Washington Gas g.,
series A, sold at 100.
National Savings & Trust Co. stock
Is now being quoted ex dividend.
washington Clearing House figures
for today: S3,44S,94287.
Financial District Notes.
The District, Lawyers & Washington
Title Insurance Cos. have declared an
extra dividend of 10 per cent on the
capital stock to be paid out of the COM
panies' current earnings, according to
announcement yesterday.
An open meeting of the Bank Wom-
ems Club of Washington will be held
Monday evening at the Huguenot. Mrs.
Anne Tillery Renshaw will be the
speaker.
Among distinguished guests at yes
terdayS luncheon meeting of the Dis
trict of Columbia Bankers Association
we're Rome C. Stephenson, South Bend,
Ind, past president of the American
Bankers Association; o. Howard Wolfe.
prominent Philadelphia banker, and
President W. F. Augustine, Shawmut
National Bank of Boston.
FOREIGN EYCuANEE