Evening star., 1933-09-23

asked to be renewed from service on
the committee on account of pressure
OF other work for the organization.
The bankers code comes up for a
hearing in this city on September %.
Victor B. Deyber. president of the
Second National Bank, who was made
a member of the Executive Committee
of the National Bank Division of the
A. B. A. at the Chicago convention, now
has been appointed by the chairman OF
that section as member of the
Committee on Relations with the Fed
eral Reserve System. He is to repre-
sent the fifth district. which includes
Washington. Maryland, Virginia. West
Virginia and the Carolinas. He also
has been appointed a member of the
National Bank Divisions Committee
on Federal Legislation.
Howard Moran. vice president OF the
American Security & Trust Co., also
has been accorded more honorS than
were first announced from Chicago.
Besides being made member of the
Savings Bank Divisions Committee on
Bank Management, he was elected vice
president of that division of the +,
B. A. Having just completed three
year term on the Executive Committee
of the Savings Bank Section, he was
rewarded for his service with the vice
presidency.
Many Loan Inquiries Received.
The Reconstruction Finance Cor
poration has received lots of iE-
ouiries" relative to its leans to banks
for the expansion OF credlt, Chalrmai.
Jesse Jones reports.
officials anticipate that not all OF
the banks will be eligible to receive
such advances. due to their inability
to furnish satisfactory collateral. TO
date no such loans have been made.
the chairman explained.
The loans would bear 3 per cent in
terest and extend for not more than
six months, with the understanding
that the money so furnished would b"
re-lent to business and industry at no.
more than 5 per cent.
So far as learned in the local flnah-
eial district the banks here have net
applied for any of these loans.
Stockholders Here Surprised.
Holders OF Paramount -Publix Cor
poration stock in this city, who nave
been carrying the stock over a long
period expressed great surprise when
they read the Associated Press dlspatch
which stated that Adolph Zukor, head
of the company, had received a salary
in 1929 of s120,0G0 and cash bonus
of s757 500 and that Jesse Lasky had
received a like salary and bonus. II
was also brought out in court tllat otner
officers had also received similar nlgn
salaries and bonuses.
CAPITAL brokers recalled today that
Paramount stock traders here pald as
high as 70 and IS for the stock shortly
before the Wall Street tumble in 1929
The high for that year was 7612. Inc
stock now is selling around / 12 on the
n NpW Work Wnen
the firm went bankrupt, the stock was
taken off the big board.
A group of creditors in New YORK are
bringing legal action against the ON
cials, and the salaries paid were brought
to public attention during the hearing
before the referee.
Speedier Farm Loans Urged.
Federal land banks and all agencies
of the Farm Credit Administration en-
gagged in refnancing farm mortgages
have been called on by Henry Nor
genthau. jr, chief of the Farm Credit
Administration, to speed activities.
Both the land banks and the ma
tional farm loan associations are re-
uuired to make sound loans, but tney
need not exact excessive security, ne
stated He urged that all appllcatlons
for loans be considered sympathetlcally
and everything possible be done to re-
move a part of the burdens now carried
by farmers.
The S15o,OO0, 900 granted to the Farm
Credit Administration by the Recon-
struction Finance Corporation recently
will be distributed to the Federal land
banks as they need funds, Mr.. Morgen-
thau stated He said the funds would
not be allocated to the various banks,
but would be put out wherever neeoed.
More Normal Times Predicted.
Bankers and business men in this city
are predicting more normal times dur
ing the remainder of the year. the fore
cast being based on the opening OF the
Hamilton National Bank Monday morn
ing.
The new institution, a consolidation
of seven restricted washington banks,
will free some s7,500.000 which has been
tied up since the Nationwide mora
torium last March. The liberation OF
so per cent of the funds in these va
rious banks will be felt in every line
of business in the city, IN the oplnlon
of leading financiers.
The money will be available for use
in wholesale or retail trade, the pay
ment of debts, interest. loans and
countless number of other ways. De-
positors can leave it all in the new bank
il they wish and go on building up ac-
counts from where they left off last
Spring. Funds can be switched from
checking to savings accounts II deposl-
tors desire, as checking accounts no
longer are permitted to pay interest IN
anv bank.
The Washington Clearing House fig
ures will reflect the new banks opening,
as clearings are certain to increase in
monthly totals during the rest OF the
year. To date local clearings are con-
siderably behind the figures during the
similar period in 1882.
Heard in Financial District.
AS noted in late editions yesterday,
the directors of the National Metropol-
itan Bank have declared the regular
senai-annual dividend of per cent on
the capital stock, payable October l6.
Transfer books will be closed from Oc-
tober to Is, inclusive.
PAYMENT of more than S1.000000 to
depositors of the Commercial National
Bank. now in receivership, will be made
next Tuesday This is the day after the
opening of the Hamilton National
Commercial National depoSitors have
waited ever since last February for the
first payment and are naturally greatly
pleased that it is coming so soon.
The Washington Rapid Transit Co.
reports to the Public Utilities Commis-
sion that in August net income showed
a deficit of S8,363 compared with the
higher figure in, August last year of
$9874 This is an improvement of over
81 500 in the months business over Au-
gust, 1882.
Bradstreet's report of much better
retail trade during the last week and
steady expansion in purchasing power
was greeted here with unusual interest.
New Traffic Lights.
New traffic signals at Trafalgar