Evening star., 1933-06-10

Americas Biggest Banker.
Americas biggest banker today is the
Federal Government and the United
States is now operating So financing
institutions, says an article IN the
American Bankers Association Journal
by John Hanna, professor OF law az
Columbia University.
"Forty of these are owned entirely
by the Government" the article says.
"In IL more the Government has al
ready a two-thirds interest. Thirty
seven are intended to be permanent.
Twenty-Five of the permanent ones and
fourteen of the temporary ones ale
agricultural.
'The capital stock held by the United
States in these banks has par value
of $3.50, ,000, 900. The Government
total investment is nearly $4,000, ,oOo,OOc:
Resources of these institutions exceed
$4,000 ,000, 900. In addition the Gov
ernment has detailed supervision over
81 mortgage banks, operating under
Federal charter.
"The Government also supervises
A.60O local agricultural loan associa-
tions with Federal charters. All this
takes no account of the relations OF
the Government to the II Federal Re
serve Banks, nor of the authority re-
Gently given to the Reconstruction
Finance Corporation to buy preferred
stock in National and State commercial
banks"
Securities Act Analysis Made.
Members of the Washington Bond
Club listened to a most interesting m
terp-etation of the new Federal securl-
ties act by Attorney Paul V. Keyser, at
q special meeting held yesterday after
noon in the American Security Build
ing.
1t was the first meeting since Frank
p. Morse assembled to the presidency.
There was a large attendance despite
the heat, as there is great interest IN
the new law which is to be administered
by the Federal Trade Commission.
Attorney Keyser is q Washington
lawyer, who for several years has been
counsel for the Investment Bankers
Association of America. He gave the
local bond men the benefit Of much
special study of the law which he made
for the bankers association.
New Bond Financing Improves.
New financing approved by the tax
payers of II communities in IL States
during May totaled So 1929, 300, the larg-
est monthly total recorded 50 far this
wear. according to the Daily Bond Buyer
of New York One item. however. the
$4,000 900 State of Rhode Island fiota-
ton, accounted for most Of this. May
totals for previous years were s10,468.-
500 in 1882, S68 8l8,l72 in 1881 and
S56. .823,6 ,676 in 1880
During May the taxpayers OF nine
municipalities in eight States rejected
proposals to issue bonds aggregating
S4.l92,600. The largest of these was
a proposed issue of S3000000 by the
City of ST Louis. May totals for previ-
Gus years were 81 1852 600 in 1882. S4,-
328,914 in 1881 and s2l ,205 500 in 1880.
Comment in Financial District.
The Federal Reserve Bank of St
Louis has reduced its rediscount rate
to 3 per cent, according to an announce
ment made at the Federal Reserve
Board here.
Merchants g. Miners Transportation
of Baltimore has declared the regular
quarterly dividend of 37l2 cents, pay
able June 80 to stock of record June Is
Bonds and notes of railroad, public
utility and industrial corporations fall
ing due this month aggregate S93.225,.
$40, against S128, 8,456,89 in May ano
SGT ,240 ,090 in June, 1892.
Chase National Bank has declared
O quarterly dividend of 35 cents, pay.
able July / to stock of record June l6
Previously SO cents quarterly was paid