Evening star., 1933-10-18

lTuSlSSS Va oSPoS- 66328sS3$$$$88$t &3&
tors funds they &
can adopt no other I8s&Ess&
policy, the Wash
ington banker de- Robert V. Fleming.
clared. ,
Mr. Fleming discussed the history
of negotiations in connection WIN
president Roosevelts Unemployment
agreement. as applied to banks: recon-
mendations made by the Bank Cooe
Committee of the American BANKERS
Association: the public hearing on me
code and IT'S adoption resulting IN the
best fair practice regulations oe'"eei
banks that could be drafted.
The local financier also took up
nroposed revisions to be sought in the
banking laws during the next Con-
gress and the question OF issuance OF
nreferred stocks by banks which Is now
being urged by the r. F. e.
In conclusion. he urged all banks TO
make as many loans as consistent WIN
sound banking practice and suggested
that banks get in touch with former
borrowers. his point being that some
of the customers might hesitate 10 ask
for money because OF the mistaken
idea that banks are not making any
loans under present conditions
Fitchett Elected President.
Thomas H. Fitchett. vice president
of the Eouitable Trust Co. of Baltimore,
was elected president of the assocla-
tion. succeeding j. A. Walton, presl-
dent of the Annapolis Banking
Trust Co.
William B. Spiva, president, BANK OF
Somerset. Princess Anne, was re-electeo
vice president of the association. Inc
holder of the post of vice president Or
dinarilv succeeds to the presidency, put
Mr.. Spiva requested that his nomma-
ton be withdrawn, due to the pressure
of other duties.
James W. McElroy, vice president
First National Bank. Baltimore. was Re-
elected secretary and Wllllam MaT,lo,l'
vice president Western National Bank
baltimore, named treasurer for an
other year.
Stevenson Reviews Home Loans.
One of the speakers was William r
Stevenson, chairman of the board OF
the Federal Home Loan Bank system
Mr.. Stevenson told the bankers that
loans are being made by that organlza-
tion at the rate of from S1,00O,OOO to
S2.O00,O00 day.
.The Home Loan Bank system" he
said, lis doing splendid work. II mas
authorized 100000 of loans to It's
member building and loan institutions,
of which s7o,ooo,ooo has actually been
advanced.
..These banks are paying their own
expenses." Mr.. Stevenson asserted, and
the system is not costing the Govern
ment anything They are driving TO
build up a great reserve OF credit, con-
fined to a longtime financing OF home
loans, which financing will be perma-
nent and is rendered necessary by the
temporary retirement of some insurance
companies and other great financial IN
stitutions from the field
DR.. Harold Stonier, educational dl-
rector of the American Institute OF
RANKING said greater cooperation be-
tween national and State authorities
in the chartering of new banks would
improve our banking system.
Too often in the past" he SAID,
"local and national banking authorl-
tics have been in opposition in the
matter of granting charters with dis
astrous results to the banking system
as whole.
Deposit Guarantee Limit Urged.
In dealing with guaranteed bank de-
positS, Guy Emerson, vice president,
Bankers Trust Co., New York, said. in
his Judgment, the trainers of this law
in attempting to do a good thing
namely to restore confidence in the
banks-had gone too far.
In providing in the law for unlimited
assessments on the sound banks to pay
for all the losses which may occur. it
has been made difficult for bankers to
plan a sound operation. he said. He
urged that this feature be changed
Mr. Emerson advocated cortinu-
ance, for a definitely limited period, of
the present temporary plan, which
takes effect January l. 1884. Under
this plan all deposits up to $4,000 are
guaranteed in full Mr.. Emerson said
this will completely protect 81 per cent
of all the depositors in the United
States He stated there was no reason
for giving protection to the large de-
positors of the big corporation. as Is
done under the so-called permanent
on July l. 1884.
Trading on Washington Exchange.
Bonds were unusually active on the
Washington Stock Exchange today, the
market opening with ST 900 City and
Suburban SIS selling at 49,
Washington Gas Light SIS, 1858,
figured in the liveliest trading in sew
eral weeks. Eight consecutive $1,000
sales were registered. all mace at oo12.
Washington Railway & Electric As
were also in demand. five $1,000 sales
being recorded in this issue. all trans
fers made at 49, No stocks appeared
on the board during today's session.
1t was reported here today that the
Chesapeake g. Ohio Railway earned
S266 per share on the common stock
during the first nine months of 1888
against s201 share in the like period
in 1882.
Dividends Declared Yesterday.
General Foods Corporation declared
the regular quarterly dividend of As
cents share on its stock, PAYABLE No
vember Is to stock of record Novem-
ber l.
West Virginia Pulp g. Paper Co. has
declared the regular quarterly dividend
of $3.50 on the preferred stock, pay
able November Is to stock Of record
November /.
Speakers at the annual dinner of the
Railway Business Association in Chi
cago on November 9 will be Joseph B.
Eastman, Federal co-ordinator of trans
portation, and Carl r. Gray, president
Of Union Pacific.