Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-06-20

with Underwriters
Is modified to permit such employ
ment If the concerns are handling
exclusively Government guaranteed
securities.
2. Holding companies having bank
stock with individual liability are
prohibited from paying dividends on
common stock until or unless there
Is a surplus equal to 20 per cent of
capital.
8. Extension of the waiver on loans
Of 10 per cent so as to cover guar
anteed Government obligations.
4. All private banking institutions
receiving deposits and doing a check
ing business are required to submit
to periodic State banking examina-
ton, with publication.
Uncertainty still prevailed today as
TO when the banking bill may be
passed and whether titles I and III
will be put through separately so that
title II can be given further con-
sideration. 1t was understood today
that the Senate and House will pass
a resolution extending the temporary
provision Of the Federal Deposit In
surance Corp. until the permanent
provisions of title become law. This
will avoid heavier assessments which
the banks consider unfair.
Pierce Opens Bank Sessions.
Carroll Pierce, president and trust
officer of the Citizens National Bank
of Alexandria, opened the annual con-
Vention of the Virginia Bankers As
ISOLATION today at Hot Springs. He
has been president of the association
during the past year and very active
in its affairs for several years.
Dispatches from Hot Springs stated
that there was a large attendance as
the Old Dominion financiers started
deliberations. President Pierce re-
viewed the work of the year and sew
eral committee reports were presented
at the morning session. 1t was an
nounced that Robert V. Fleming would
address the convention later in the
week as he was unavoidably detained
in Washington by conferences with
other A. B. A. officials.
Much of today's program was de-
voted to general discussions on trust
matters, with Henry E. Sargent, secre-
tary of the A. B. A. rust division, max
ing an address on Opportunities for
Activity in the Trust Field" Richard
c. Stockton, vice president, Wachovia
Bank & Trust Co., WinSton-Salem N.
O., was to speak later in the day.
But Few Brokers on Relief.
The Wall Street journal has figured
out that under existing conditions a
child who grows up to work in the
building industry stands just 1914
times more chance of landing on re-
Lief rolls than one who enters bank
ing or brokerage house, a survey by the
Federal Emergency Relief Administra-
ton reveals.
F. E. R. A. has found that Is per
cent of all workers who are usually
employed in the building industries,
in cities or towns, are on relief.
Workers in the building industry con-
stitute more than one-eighth of the
total workers of from Is to "a years
of age on urban relief rolls, contribut-
ing more persons to the Federally
aided group than any other industry.
On the other hand, only per cent
of banking and brokerage workers
have been forced onto relief.
Bond Sale is Gratifying.
: Bankers in this city today were
commenting favorably on the sale by
the Montgomery County Commission
ers of $531,000 refunding bonds to
John Nuveen & Co. of Chicago. The
bonds were sold on the most favor
able terms in the history of the
county, it was said today.
They are to refund maturities COM
ing due this year and will mature
$4,000 each year from July l, 1899,
to 1852, and Sal, 900 in 1858. The
purchasing company is to bear all
expenses of preparing and printing
the bonds, expected to yield 334 per
cent.
Several Washington financiers were
wondering today why the banks In
this city could not get together and
take care of the money needs of a
County. The banks have ample
funds which they are most anxious
to employ to the best advantage. One
banker asked why Washington could
not take care of such business just
as well as Chicago, Baltimore, New
York or any other city.
Housing Loans Mount Here.
Henry H. bearing, director of the
local branch of the Federal Housing
Bureau, announces that home repairs
as a result of the housing drive during
1885 have passed the 100000 mark.
The total outlay to date is figured at
$l,o85, 900. There are 1903 men in
his Office at present who are can
vassing the city in the interest of
still more renovizing loans. There
Is also broad activity in the reflnancing
Of mortgages, Mr.. bearing says.
Capital Transit stock sold lower on
the Washington Stock Exchange to-
day, IS shares changing hands at 1914
The market closed with Is bid and 10
asked. Potomac Electric Power per
cent preferred moved at 11OA and
seven shares Of Washington Loan &
Trust Co. stock changed hands at 200.
In the bond division three $1,000
sales of City & Suburban SIS were
recorded at 81, while $1,000 Capital
Traction SIS appeared on the board at
e6N, OF Il from the last previous sale.
Prices on other issues were unchanged.
Heard in Financial District.
The county commissioners of Anne
Arundel County, Md, will receive bids
mt Annapolis until noon, June Is on
S25 900 S per cent Arundel-on-the-
Raw district bonds, dated July /. 1895,
and due serially 1895 to 1850.
Commissioner James M. Lands OF
the Securities & Exchange Commission
addressed the New York Stock Elk
change institute graduates last night
Mt their graduation exercises. w. w.