Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-16

much money 10
the credit fund as is
permitted by law.
This action was
taken prior to the John W. Pole,
unanimous support
given the movement by the Riggs
National Bank yesterday. in fact, before
any steps had been taken toward the
organization of the Washington unit.
Copies of the plan of organization
and operation of the National Credit
CORPORATION, which is to handle the
huge banking fund. were received here
TODAY from New York by Robert V.
Fleming. regional chairman for WASH
ington, who is now making splendid
progress in I ganiZing the local unit.
This plan will be forwarded to the
local banks at once and furnish officials
with very direct information for each
board of directors when the matter Is
brought up for approval.
The New York organization has an
important meeting tomorrow, which
will be attended by the director from
each of the II Federal Reserve districts.
John NJ. Miller. jr., president First q
Merchants National Bank CT Rich
mond, is the fifth district represent
ative. The National Credit Corporation
has been incorporated, but the local
associations, such as the one to be
formed in Washington, will not be in
corporated. Chairman Fleming said
today. All the legal details will be
available for the banks shortly after
tomorrows meeting in New York, he
added.
Pole Enthusiastic Over Plan.
Controller Pole has Endorsed partici-
patton of the national banks in the
pool, his attitude having caused wide
interest all over the country. The full
text CT the Controllers statement sup
porting the National Credit Corporation
follows:
Numerous inquiries of a technical
nature from national banks and clear
ing house committees have been directed
to this Office concerning their par
ticipation in the national corporation
which has been proposed by the Presl-
dent. and has been so favorably re-
ceived by both the bankers and the
public.
This Office Endorses the proposal as
a highly constructive measure. Partici-
patton by national banks i'll the pool
is in every way proper and desirable.
National banks may lawfully invest
in the corporation to the extent OF 2
per cent of their net deposits, provided
that such per cent shall not exceed
in amount the limitation placed upon
them by statute. which is 10 per cent
of their unimpaired capital and sur
plus
The plan is meritorious and should
receive the support OF all national
banks " -
With two local banks already in line
the others will be given an opportunity
to vote on the credit proposition within
the next few days. They will be asked
to make their subscriptions at regular
or special meetings. whichever they pre-
fer as soon as all the New York in
formation is ready for the directors.
Light Trading on Exchange.
Woodward & Lothrop common was
the first stock that appeared on the
Washington Stock Exchange board to-
day. 20 shares selling at 30, the same
as yesterdays closing price.
Potomac Electric Power & per cent
preferred opened at 100 and closed at
1902 on a light turnover. Capital
Traction registered a tiny sale at %.
The only bond sale wa5 in Potomac
Electric consolidated IS, $1,000 selling
at 1925.
Members of the exchange made no
transactions in local bank stocks today,
but they expressed much interest IN
the strength displayed in New York
bank stocks following the advance in
the rediscount rate in the New York
Federal Reserve district,
L
Washington Clearing House Association
will soon advance the interest rate from
y to l per cent on deposits made by
one bank with another. Such action
has just been taken in New York. 1t
has nothing to do with savings accounts.
American Store Sales.
American Stores Co. reports sales for
the period of five weeks ending october
3. of sl2.428,2O1. as compared with sales
for the five weeks ending october of
$l3,087,2 This is a decrease of $685.
008, or 5 03 per cent.
Sales for the nine months ending
October 3 were SOB 267, 584, as COM
pared with SLOT 4S7 6S3 for the nine
months in 1880 This is a decrease of
S4.220,099. or 1872 per cent.
Washington Clearing House figures
for today: $4,000 30876.
Heard in Fina nciaI District.
Edward j. McQuade, president of the
District Bankers Association. has been
made a member of the Business Cam
paign Committee Of the District of Co.
1umbia Chapter. American Red Cross.
Mr.. McQuade has asked Frederick p.
H. Siddons, secretary Of the association,
to act as chairman of the Roll Call
Committee which will handle the en-
rollment of personnel in the local
banks
Joshua Evans. jr. president of the
District National Bank, is in George
Washington Hospital recovering from
an operation He is making excellent
progress and is expected back at the
bank before long. Flowers were sent
him by the luncheon group Of the Dis
trict Bankers Association following
Wednesdays meeting.
w. H. Dallas. assistant vice president,
" piny odX o-fi
ager, CT the Aetna Life Insurance Co.
home Office in Hartford, were recent
guests of General Agent P. D. Sleeper
at luncheon at the Army and Navy
Club. Other guests were the agents
associated with Mr.. Sleeper. In the
evening the same party, including their
wives, were entertained by Mr.. Sleeper
at the Congressional Club where pic
lures of the recent convention of the
Aetna agents in New London, Conn.,,
were shown.