Evening star., 1934-02-23
BANKS RETURNING
TO NORMAL LOANS
A. B. A. Chief Cites Great
Progress in Report
to Roosevelt.
BY EDWARD C. STONE.

BY EDWARD G. STONE.
President Francis M. Law of the
American Bankers Association has re-
ported to President Roosevelt that the
banks are returning to more normal
lending policy, recovery having
reached such a stage that it is no
longer necessary that these financial
institutions keep super-iquid.
Mr. Law presented the same opti-
mistic picture of business and eco
nomic progress that he gave to the
bankers at the recent Midwinter Trust
Conference. There is very definite
and very real improvement" he told
the President, basing his statement
on recent reports received from all
over the United States.
He declared that the banking struc-
ture of the country is very sound.
which in itself has done more than
any other single factor to restore con-
fidence Business men have regalned
their faith in the future and are look
ing forward to profits, he added.
With reference to the proposed SET
ting up by the Government of some
kind of intermediate credit banks to
make loans to industry, Mr.. Law stat
ed that there may be some forms OF
credit that are not available at the
banks, such as loans for capital ahd
long-term financing. Credit OF that
sort, he affirmed, does not properly
come from commercial bank.
During the White House visit, which
took place this week, President Roose-
velt said he expected to address the
national convention OF the American
Bankers Association to be held here
next October. Mr.. Law was accom-
panied during his call on the Chief
Executive by R. H. Hecht flrst vice
president OF the association.
Bank Women Plan Convention.
Miss Agnes M Kenny, president OF
the National Association of Bank
Women, has been in Washington this
week making first arrangements for
the next annual convention of the
association,
This convention is always held con-
currently with the meeting OF the
American Bankers Association, which
means that Washington will be the
convention city this year.
About $50 or 800 of the leading
women bankers Of the country will be
here. Leaders at the A. B. A. con-
vention are always on the program
and will be again this year.
The Washington Bank Women's
Club will cooperate so far as possible
in the meeting here. Miss Judith M.
Fishburn is president of the club and
Miss Winifred NJ. Burwell, assistant
trust officer of the National Metro
politan Bank, will handle the news in
connection with the advance plans.
Brokers Attend Hearing.
Many Washington brokers attended
the hearing before the House Inter-
state Commerce Committee yesterday
to hear the testimony of Richard
Whitney, head of the New York Stock
Exchange. With all the brokerage
closed for the holiday, leading brokers
had a fine opportunity to listen In on
the control discussions. 1t was at this
hearing that the president of the ex-
change offered his control plan as a
substitute for the one before Congress,
which he declares is too drastic.
Hundreds of holders of American
Telephone stock in this city were
pleased with the declaration of the
regular quarterly dividend of S2.25
a share, which is payable on April
Is. This action was not unexpected,
as the last of 1888 saw telephone busi-
i7oir,
dividend was not earned at the 8 per
cent rate.
The payment for the first quarter
carries the company into 1884 with
an unbroken record of dividend pay
ments at the 9 per cent rate since
1921. An enviable record!
Druggist on Advisory Board.
DR.. Ralph A. Judd, pharmacist, who
operates the drug store established by
his father. T. A. T. Judd, at 524
street southwest, has been elected to
the advisory board of branches of the
American Security g. Trust Co., of
which Corcoran Thorn is president.
Other business and civic connections
of DR.. Judd include a dictatorship in
the Enterprise Serial Building Asso-
citation and membership in the South
west Business Mems Association
Election of John c. Legg, jr., to the
Washington Stock Exchange makes
the sixth new member added to the
roster within less than three months.
Mr. Legg is a partner in Mackubin,
Legg & Co., with Offices in the South
ern Building and in Baltimore.
The Chesapeake Corporation has
declared the regular quarterly divi-
dend of 81 cents on the common
stock, payable April to stockholders
of record on March 8.
Traction Stock at New High.
Capital Traction stock scored new
high mark on the Washington Stock
Exchange today on the lightest pos
sible trading. A single share came
out at 25, while another single share
changed hands at ass.
The remarkable gain In earnings
Of the Capital Transit Co. Is one of
the leading topics of conversation in
the Street." but so far the improve
ment has created little stir on the
exchange.
During today's session 38 shares of
Mergenthaler Linotype changed hands
at 81. and so shares of Lanston
Monotype appeared on the board at 48.
In the bond division $1,000 Washing
ton Railway & Electric As sold at 88
and 500 Washington Gas 6, series B,
at 1013s
The exchange resumes Saturday
sessions tomorrow, opening at 1890
instead of 11:15.
1t is reported that Frank B. Kellogg.
former Secretary of State. has been
elected a director in the Chicago,
Burlington g. Quincy R. R.
R. D. Stuart, vice president Of the
Quaker Oats Co., has also been given
q similar election.
Banks See Changes Needed.
One cannot with accuracy accuse
fhe nrincipal New York banks. ac-