Evening star., 1932-04-30
BANKERS OPPOSING
NEW SAVINGS BILL
Proposed Increase in Limit
on Postal Accounts RouSeS
Protest.
BY EDWARD C. STONE.

tneir vigorous opposition to the postal
savings bill now before Congress that
would increase the amount an indi-
vidual may deposit from $4,000 to
$4,000, according to reports from the
meeting of the savings division of the
American Bankers Association, just
held at White Sulphur Springs.
Another bill before Congress would
increase the permissible deposits to
$4,000, but bankers are not worrying
about this proposal and the bill seems
to have been lost in committee, or
some other place. However, they con-
slider the $4,000 deposit proposal as
most important, as it would furnish
increased competition with the savings
banks
During the present session of Con-
gresS, a bill was also introduced to
allow checking on postal savings ac-
counts. This proposal has been de
layed in transmission" or something
else has happened to it, so the bankers
at White Sulphur gave it no attention.
Opposition to the Home Loan Dis
count bill was also voiced at the Spring
Council meeting. The report Of the
chairman of the savings bank division
touched on all these matters and proved
intensely interesting. Information re-
garding the present status in Congress
OF all bills affecting savings banks and
banks with savings departments, was
supplied by Howard Moran. vice presi-
dent of the American Security & Trust
Co. of this city. who is a member of
the Savings Division Council and chair
man of the councils Legislative Com
mittee.
Mr.. Moran reports that the Spring
sessions were among the best held in
many years. The reports of practically
all the sections centered around legis-
1ation. The problem of mounting taxes
was presented in a most vivid manner,
the astonishing increases of the past
90 years furnishing much food for
thought
ID. c. Bank CIearings OFF,
Washington bank clearings showed a
decline for the week ended April 27, be-
ing no exception to most of the other
large cities of the country. Clearings in
this city totaled S17,244.0 900 compared
with $21,870000 for the week ended
April 20, and % per cent under the
total for the like week year ago.
Clearings for the country as a whole,
reported to Bradstreet's Magazine, were
off over 10 per cent from the previous
week and 48 per cent from the CORE
spending week a year ago.
Baltimore clearingS tOtaled S50771 =
900 against $50, 1856, 900 in the previous
week, and of 81 per cent from last year.
Richmond clearings amounted to S25,-
10000 against $27,084 900 in the pre-
vious week, and 25 per cent below the
like period in 1881 Norfolk showed a
drop over the previous week and year
ago, as did Atlanta
Tho dacIir1ac ho rflv
for by the fact that in the previous
week totals were inflated by mid
monthly pay rolls the drop not clearly
indicating any important slump in trade
alone.
The decline seemed to be widespread
Including both rural and urban districts.
The South Central district was the only
Cne in which clearings increased over
the previous week, and this gain was
very slight. The New England district
showed the smallest decline from last
week, while the South Atlantic group
showed the greatest falling off. All
regions were lar below the same week
last year.
Junior Bankers View Industry.
Members of Washington Chapter
American Institute of Banking, recently
took tour through the bakery of the
Sanitary Grocery Co. at lexington place
and r street northeast under the aus
piceS of the Public Affairs and Public
Education Committee headed by James
A. Soper, vice president and cashier Of
the Lincoln National Bank. These in
spections of local plants are in line with
the committees policy of acquainting
bank people with the industrial life OF
the city. About rs members were in
the group.
Omcers and governors of Washington
Chapter neld their monthly meeting at
the home of President Aubrey. o
Dooley, last evening. The chapter Will
be host this evening to the Security
Club Players at the Shoreham Hotel,
in recognition of the excellent show
that the club presented at the chapters
recent open meeting.
Called Fastest Growing Industry.
Quick freezing is Americas fastest
growing industry, Clarence Birdseye
and Gerald A. Fitzgerald of Gloucester,
Mass, declare in a paper prepared for
Washington headquarters, the Agri-
cultural and Food Division of the
American Chemical Society. The prog
resG Of the industry is pictured as a
fcrerunner of prosperity, the scientists
saying:
This new business seems destined
before long to rival in size such indus
trial giants as the electrical and trans
portation industries. It renders perish
able foods imperishable and eliminates
time and distance, except as financial
factors In short, it makes possible the
distribution of three-quarters Of the
worlds food supply in a better, more
efficient and less expensive manner"
Weekly Business Index Rises.
The weekly index of the United
Business Thermometer is now moving
in an upward direction for the first
time in 1882 This index, which meas
ures the volume Of business in relation
to normal" is adjusted for seasonal
variation and long-term trend. With
the full point rise in the last two weeks,
business is now recorded at 42.6 per
cent below normal Commenting on
this in its current report, the Boston
service states: Late Spring increases
il basic industrial activity are expected,
which should cause further rise in
aggregate business volume during May"
Bond Outlook Held Brighter.
In the larger centers, particularly in
New York, there are indications that
institutional investors are inclined to
adopt a more liberal attitude toward
bond purchases. because of the rapid
accumulation of surplus funds, which
must be employed. says the Standard
Statistics Co. in a current survey which
continues in part:
Enlarged buying of Government OBJ
legations by the Federal Reserve banks
is the dominant factor in the outlook
and If persiStently carried out, could
go far toward ofsetting the bank
liquidation and other factors which re-
Gently have depressed prices. Given
reasonably favorable Developments in
other directions, definite price stimula-
ton in the higher-grade divisions of the
bond list should enSue.
Time is the essence Of the new Fed
eraI Reserve buying policy in the bond
market It is a fact worth noting that.
The program of larger purchases Of