Evening star., 1934-10-11

chairman OF the
committee, appointed some time ago,
which consists of two members from
each Federal Reserve district, together
with five others appointed from the
country at large The situation is now
being closely studied by a smaller sub
committee.
THE special committee recently
held meeting in New York City at
which it requested the president of
the association to designate from
among its membership a small work.
ing committee, Mr.. Law said in max
ing the announcement. Pursuant to
this request have named the follow
ing: Tom K. Smith, president Boat
mems National Bank, st. Louis, chair
man; John H. Puelicher, president
Marshall and Ilsley Bank, Milwaukee;
John K. Ottley, president First Ma
tional Bank, Atlanta; w. w. Aldrich,
chairman Chase National Bank, New
York City; A. P Giannini, chairman
Bank Of America, San Francisco;
Evans Woollen, president Fletcher
Trust Co., Indianapolis; L. A Andrew,
vice president First State Bank, Ma
pleton, Iowa; Thomas F. Wallace,
president Farms and Mechanics Saw
tngs Bank, Minneapolis
This new committee held its first
meeting in st. Louis, Mo, October 6,
with all members present. Its duties
are to prepare banking studies with
the hope that material may be de-
veloped to aid in adapting the Nations
banking system in keeping with chang
Ing national and business requirements
so as to serve agriculture, industry
and commerce most effectively and
contribute most fully to the best in
terests Of the entire country"
Editors Views on Finance.
To Washington Office clients, Mack
ubin, Legg & Co. have mailed the re-
suits of the National Industrial Con-
ference Boards QUESTIONABLE to over
$4,000 editors of newspapers and farm
journals, seeking the public's attitude
on current economic problems. Some
Of the most interesting answers follow:
On percentage basis, 58.2 per cent
Of the editors believe that their COM
munlties are opposed to a compulsory
Government system of unemployment
insurance but 64.6 per cent believe that
public opinion favors a compulsory
Government system of old-age pen
s1ons, 89.l per cent find sentiment op-
posed to a further increase in national
debt, 87.3 per cent believe their con-
stltuentS favor reducing the number
OF employees on the Government pay
roll, 1876 per cent find the public op-
posed to Government fixing of prices
Of farm products, 1916 per cent opposed
to Government restricting farmers as
to what crops they shall plant and
what acreage for each crop.
Public opinion, if the editors are
right is 87.4 per cent opposed to the
Federal Government going into busi-
ness in competition with transporta-
tion companies and 71.8 per cent op-
posed to the Federal Government going
into competition with power COM
panies. Only 3.6 per cent believe that
the Federal Government should go into
competition with any other industry
Answering the question Would public
opinion in your community favor the
Government taking over the banking
syStem?" 35.6 per cent of the editors
answer Eyes," 59.7 per cent no" and
4.8 per cent are doubtful.
Garrett Addresses Bankers.
John T. Garrett, official in charge
of the Bank Relations Department of
the Federal Reserve Bank of Rich
mond, gave a most interesting talk
yesterday before District bankers at
the weekly luncheon at the Willard
Hotel on the direct loans to industry
now being made by the Federal Re
serve Banks.
M. S. Szymczak, a member of the
Federal Reserve Board, also spoke
briefly L. P. Bethea, assistant secre-
tary of the board, and I. I. Chorpen-
ing, chief national bank examiner in
this district, were also present as
guests.
The luncheon was we'll attended.
The banks in the fifth district have
been cooperating so far as possible
with the Richmond bank in the mat
ter of industrial loans. The Rich
mond bank has sent out a great many
instructions and blanks bearing on
the subject and has already reported
to the Federal Reserve system here
quite a good many loans.
AS Washington is not an industrial
city, the demand for such assistance
naturally is much larger in other sec
tions of the fifth Reserve district.
Lively Trading on Exchange.
Trading was lively on the Washing
ton Stock Exchange today, with Po-
tomac Electric Power per cent pre-
ferred stock selling at Ill in the OPEN
ing transaction.
Washington Railway & Electric pre-
ferred was also strong, recording a
sale at 10014 at the opening and an
other later at the same price.
Potomac Electric Power y per cent
preferred was very strong today, 10
shares changing hands at ia.
In the bond division Washington
Gas SIS. 1860, came out in two $500
transactions at 90, price unchanged.
Capital Traction SIS appeared on the
board for the first time in several days,
$1,000 changing hands at 50h.
1t was officially announced by the
board of governors that the Exchange
will be closed tomorrow, Columbus day.
Will Attend League Meeting.
Ofhcial delegates from the District
of Columbia to the forty-second an
nual convention of the United States
Building ana Loan League in New Or
leans, October "a. 25 and 26, include
Carl j. Bergmann of the Washington
Permanent Building Association; VIII
liam S. Quinter, District Building and
Loan Association; Edward c. Baltz,
Perpetual Building Association, and
C. Clinton James, Columbia Perna-
nent Building Association.
John H. Clipper of the washington
Permanent Building Association and
Arthur C. Bishop of the Perpetual
Building Association also will attend,
as will several Government officials.
How to boost the home renovizing
drive will be one of the important