Evening star., 1934-11-10
BANKS CONSULT
BOARDS ON DATA
Directors in Close Touch
With Reports Desired
by Government.
BY EDWARD C. STONE.

receiving an unusually large amount
of mail these days from the banks
which they serve. Uncle Sam wants
a lot of information that has never
been requested before and it is all
very personal. The banks are keep
ing their board members in touch
with the statements the Government
requires and that explains why off,
cials and directors are carrying on
such lively correspondence.
The reports asked come under two
very important Government measures
the banking act of 1888 and the
Securities Exchange act of 1884.
Under the banking act officials have
been requested by the Government to
find out from the directors if they are
also directors in other corporations
if they are the principal shareholders
and other facts. This information
comes under that section of the bank
ing law which relates to bank
affiliateS.
Under the securities exchange act
the letters sent out by bank officials
relate to reports by directors on
ownership of shares of stock in the
institutions with which they are con-
nected. Under the regulations affect
ing bank stocks registered on ma
tional exchanges the directors must
report transactions made during the
month to the Securities Exchange
Commission and to the Washington
Stock Exchange
Purchases and sales during the
month must be reported even though
the owner has the same number of
shares at the end of the month as he
held at the beginning. If no stock
has been bought or sold, the reports
are not required. The banks inclose
the Securities and Exchange Commits
sion's Form 4, on which the reports
are to be made, and copies of the
securities act for reference.
1t is indicated in the financial dis
trict that only comparatively few di-
rectors will make reports this month.
Bank stock transactions have been
rather quiet, although there is a re-
yival going on in their activity.
Experts to Study Recovery.
Business executives of many of the
Souths important industries, and
delegates representing commercial Or
ganiZations in 13 Southern and
Southeastern States and the District
of Columbia have indicated their
purpose of attending the Southeastern
divisional meeting of the Chamber
of Commerce of the United States,
which will open for two-days' seS
sion at Birmingham on November 49,
Attention will be focused in general
upon problems of recovery as seen
from the viewpoint of the South, es-
pecially the effect of Government
policies upon agriculture, Govern
ment competition with private in
dustry and the revival of the building
industry. Officers of the national
chamber are hopeful that out of the
meeting will come series of recon-
mendations indicating the business
opinion of this section of the country
regarding national recovery measures
and practical suggestions for their i'm
provement or modification. These will
serve as a guide for the officers of the
national organization in formulating
national business policies.
The meeting is regarded by the
national chamber as of particular i'm
portance at this time, in view of the
approaching session of Congress and
the prospective enactment of perma-
nent legislation to take the place of
emergency measures which will soon
expire An effort will also be made to
secure a definite expression of opinion
regarding contemplated legislation,
such as unemployment insurance and
old-age pensions and banking meas
ureS. Taxes and public expenditures,
foreign trade, Government competi-
ton, industrial transportation prob
lens and similar questions will also
receive careful attention.
Yule Club Savings Ready.
Christmas shoppers owning ac-
counts in the Christmas clubs Of
mutual savings banks all over the
country will have about S2,250,000
more to spend this year than they did
a year ago. The total in Is States
where mutual banks operate such
clubs. will be 3,426,919, against
31,220,409 in 1888. Not only the
of Christmas savers has increased
from 772,079 to 820,897, gain of
almost $4,000. The average account
available for Santa Clause will be
s4O72. the National Association of
Mutual Savings Banks reported today.
New York easily led the country in
point of deposits and depositors. A
total of 1,433 holiday savers have
to their credit $14,999, ,695. This sum
represents a gain of $2,023,575 above
last Christmas.
Massachusetts took second place
with $8,000,000 deposits belonging to
2O0,0 900 depositors. Connecticut mu-
tuals are to pay out s2,606,449, the
holiday savings of 74,918 persons.
PENNSYLVANIA mutuals hold $2,265, ,941
of Christmas funds for 47,886 de-
positors.
Among other States were New Jer-
sey, s1,571,728 and 39140 depositors,
and Maryland, 81, ,443 400 and 42,492
depositors.
Sales Here Up 20 Per Cent.
The Federal Reserve Bank of Rich
mond reported this noon that trade
October was 287 per cent ahead of
the same month last year in dollar
volume and that cumulative sales in
the stores here during the first 10
months of the present year were 1913
per cent ahead of the same period
a year ago.
The report is one of the best of the
years monthly statements and is the
most favorable of any city in the fifth
Reserve district, with the exception Of
Charleston, w. Va, where business
was up 29.5 per cent over October,
1898.
The October average for the fifth
district was 20 per cent ahead of last
year and 18 per cent for the 10 months.
The Richmond district and the San
Francisco district made the best rec
ords in the United States.
Bank Suit Involves r. F. c.
An accounting of the financial