Evening star., 1934-05-16

III Jne UNIFORM
small loan law w b. Hibbs.
W. B. Hibbs.
which would give the commissioner
authority to investigate the character,
responsibility and general fitness Of
applicants for licenses to conduct
small loan businesses.
Other principal recommendations
were that the maximum amount
which State banks or trust companies
may invest in building and furniture
and fixtures be limited to one-half
their respective capital and surplus;
that legal requirements for directors
holdings of stocks in trust companies
be changed to agree with those now
required by State banks, and that
mutual savings banks be given specific
authority to establish and maintain
branches when guarantee fund equals
minimum capital requirements of
State banks in the same locality, with
approval of the commissioner.
w. b. HibbS Home From West.
w. B. Hibbs, senior partner in the
brokerage firm bearing his name,
reached Washington today after
spending the Winter in California.
He was cordially greeted by a host
of friends and appears to be in the
best of health. Mr.. Hibbs is known
as the dean of Washington brokers,
having been connected with the busi-
ness longer than any other broker
now in the financial district. He
founded his own business many years
ago, but more recently has shifted
many of the responsibilities to the
shoulders of his partners.
In his latest letter to stockholders,
President j. F. Fogarty of the North
American Co. announces that the Po-
tomac Electric system will furnish the
power for air-conditioning equipment
to be installed in a number of Federal
Government buildings as the result of
an allotment of Sl.OOOOOO by the
Public Works Administration. The
program includes buildings of the
Labor, Post Office, Justice, Treasury
and Interior Departments and the
Interstate Commerce Commission and
Land Office. Air conditioning of COM
mercial establishments has been con-
tinuing. recent installations including
portions of four hotels.
In April the Electric Institute of
Washington was organized to CO.
ordinate merchandising efforts through
the cooperation of electrical dealers,
department stores, jobberS, manufac-
turers and Potomac Electric Power
Co., Mr.. Fogarty says.
hoc
ing construction in the District of
Columbia, particularly of homes, and
in many Of the latter electric kitchens
have been installed. Since the first
OF this year electric kitchen installa-
tlons have increased approximately
rs per cent, compared with the cor
responding period of 1888.
In recent months there has been an
increase in installations of electrical
equipment, including water pumps. oil
burners, chicken brooders ranges and
refrlgeratorS in the suburban and
semi-rural sections of Maryland served
by the Potomac Electric system, the
company official writes.
Fleming on Bank Program.
Keen interest was aroused in local
banking circles by the announcement
today by Wilmer ]. Waller, vice presi-
dent of Hamilton National Bank,
chairman of the Program Committee,
that the first subject to be discussed
at the coming convention of the Dis
trict of Columbia Bankers Association
will be Banking Legislation" 1t will
be presented at the Monday morning
session by Robert v. Fleming, presi-
dent of the Riggs National Bank, who
is also vice president of the Ameri-
can Bankers Association. AS a mem
Der Of the Executive Council. Mr..
Fleming has kept in close touch with
the changes made in financial mat
ters by recent acts of Congress.
The last call for attendance at the
convention was placed in the mails
today and Barnum L. Cotton, chair
man of the Transportation Committee.
reports that the registrations received
already indicate a large attendance.
Today's Trading on Exchange.
Bonds were in the best demand on
the Washington Stock Exchange.
Potomac Electric Power Consolidated
5s opened tracing, selling at 1851
while Washington Railway & Electric
Is changed hands at 947s. In the
stock division Mergenthaler Linotype
again sold at IS. Potomac Power
6l2 per cent preferred moved at 11O
while the same corporations per
cent preferred came out at 1101a.
Norman E. Towson, assistant treas
urer of the Washington Loan g. Trust
Co., has been elected one of the four
new directors in the Washington
Home for Foundlings and in the
Warwick Memorial Cancer Clinic at
Garfield Hospital
The Federal Advisory Council! of
the Federal Reserve Board has just
concluded the regular Spring meet
ing here. The board includes a rep
resentative from each of the IL re-
serve districts, a Baltimore banker
representing the fifth reserve area.
No statement was made public re-
garding matters discussed.
Word has been received here that
new life insurance written in April
over the country at large was 26.4
per cent greater than in April 1888
and for the first four months of the
year was up 16.1 per cent over the
like period year ago. The report
was made by the Association of Life
Insurance Presidents.
Temporary Insurance Urged.
Controller of the Currency j. F. T
O'Connor appeared before the House
Banking and Currency Committee to
present an administration plea for
speedy action on the bill extending
for one year the temporary deposit in
surance plan.
Mr.. O'Connor backed his argument
for the temporary insurance extern
sion with statistics which showed that
the present $2,500 limit on insurance
covers 81 per cent Of bank depositorS.
In addition, the controller pointed
out that roughly SIG ZOO, 100000 in de-
posits are fully insured and that 55,-
100000 accounts are protected, at least
in part, by the Federal Deposit In
surance Corporation.