Evening star., 1935-05-05
A. B. A. CHIEFS MAP
FIGHT IN CONGRESS
TO BLOCK TITLE Il
Turn Efforts to Capitol Hill
After Conference at
White House.
OTHER PARTS OF BILL
WILL BE UN0PP0SED
Views Expected to Receive Great
Weight After Close Study Of
Bank Proposals.
BY EDWARD C. STONE.


officers of the American Bankers
Association plan to carry the fight
against provisions in Title II of the
banking art of 1885 to Congress fol-
lowing ar aouncement after call at
the Whit House. Rudolf S. Hecht,
president of the association: Robert V.
Fleming. first vice president and Tom
K. Smith, second vice president, urged
on President Roosevelt the advisibility
of making the Federal Reserve Board
independent of political control and
giving Reserve bank governors greater
control over open-market operations.
On leaving the White House the
three officials said that the President
understood their point of view. They
are now bending their efforts to con-
vince Congress that they have the
right ideas in their suggested amend
ments. The A. B. c. officials have made
q most exhaustive study of the proposed
banking act, and while having no
particular opposition to Title I and
Title III, at the same time declare
that the passage of Title II, as origi-
nally written, would mean far too
drastic changes in the Federal Reserve
System.
In their special report at the Spring
council meeting at Augusta, Ga, they
were given the full backing of the
association through the councils ac-
tion. While not trying to block the
passage of the bill, they will fight to the
last ditch for certain changes. The
leaders of the bankers association
have spent vast amount of time in
going over the bill with Gov. Eccles
of the Federal Reserve Board, who
is accredited with having written the
most important parts of Title II.
No longer rated in washington ad-
ministration circles as obstruction
ists," the views of the Nations bank
ing chiefs are certain to receive great
weight as the controversial measure
receives further attention on the hill.
D. C. Securities Strong.
Securities on the Washington Stock
Exchange remained firm during the
weeks final trading yesterday. George
town Gas Light IS recorded a $1,000
transfer at 111%, an advance from
Ill to the highest price Of the pres
ent year.
Washington Railway & Electric pre-
ferred figured in three sales at 105,
also the peak price for 1885 reached
recently. The only other business in
yesterdays market was in Potomac
Electric Power 5h per cent preferred
stock, which changed hands at 114H.
During the week Anacostia & Poto-
mac r. r. first SIS reached new top
when they moved at 881z. Capital
Traction SIS, which have been so active
all the year, sold last at SO, of slightly
from other recent sales.
The annual report of the Lanston
Monotype Co., and the quarterly re-
port on Peoples Drug Stores, Inc,
made during the week, were of spe-
cial interest to the exchange. The last
sale in Lanston stock was made at 81.
making the yield 7.s4 per cent. The
last sale in Peoples Drug Store pre-
ferred registered 11212. Both reports
received favorable comment.
President James Parker Nolan an
nounced yesterday that the annual
outing of the Washington Bond Club
will take place on Friday. May "a, at
the Burning Tree Club.
The usual sports for the annual
frolic have been arranged, including
golf, which starts at 1890 noon; put
ting, horseshoe pitching, otherwise
known as barnyard golf; while spir-
tied mock session of the Washington
Stock Exchange will also be a feature |
Of the days program. To many the
annual dinner will be the highlight.
Prizes will be awarded in all the big
events.
The annual election of officers is
the only serious business on the pro-
gram T. Baker Robinson is chair |
man Of the Nominating Committee, |
and it is understood that the follow
ing ticket will be presented: James
H. Lemon, president; Carl r. Kurtz,
vice president; T. c. Montgomery,
secretary-treasurer; L. Clarke Brown |
and Chauncey g. Parker, jr., governors. |
Institute Membership 6O2.
Paul ]. Settler, chairman of the
Membership Committee of Washing
ton Chapter, American Institute of |
Banking, announces present men,
bership Of 602, Of whom 498 are active
and 104 sustaining members, and a
gain over last year Of las.
The increase is the result of a
years intensive campaign, cash prizes
being donated to members who at
tanned the best results. An American
Security g. Trust Co. group received
q cash prize for the greatest number
Of ofncers and director memberships,
the Security Savings & Commercial
Bank receiving a like honor.
The Second National Bank con-
tinued its usual interest in chapter
activities with 100 per cent member
ship among its officers. The member
ship gives great credit to the board
of consuls for the brilliant results
Of the drive.