Evening star., 1936-04-04


act. Acreages
which the farm w ys.
ers in this terri
tory are expecting to plant are said
to be about what would ordinarily be
looked for as the result Of present
tupply, price conditions and require
nents for feeding live stock.
In the fifth Federal Reserve district
fe Department of Agriculture gives
lie following acreage figures each fig
are showing the percentage of the
1885 harvested acreage which farmers
now intend to plant in 1886: Mary
land-Tobacco, 104; corn. 101; sweet
potatoes, 100; hay, SO; oats, 95; white
potatoes, SO. Virginia-Tobacco, lis;
oats. ITO; sweet potatoes, 103: corn,
1o2; hay, 100; peanuts, 100; white po-
tatoes, 81. West Virginia-Tobacco
l2O; oats, ITO; corn, l03; hay, 102;
white potatoes, 81. North Carolina
tobacco, 1O7: corn. 1902: peanuts. 102:
hay, 101; oats, 100; white potatoes. 90;
sweet potatoes, Sc. South Carolina
Tobacco, no; white potatoes l06; pea
nuts, 1O5; oats, 100; hay, 100; sweet
potatoes, 100; corn, SO. Federal law
forbids an estimate of proposed cotton
acreage until later in the season.
The Bank of Richmond reports
that farm work has been delayed by
wet weather, but adds that the mois-
ture in the ground will mean very
rapid termination of seed when warm
weather really arrives. The abun-
dance of moisture is held to be more
important than the delays to date in
planting. The season is still very
young.
Vandoren Assumes New Duties.
William T. vandoren, bank exam
liner connected with the Office of the
controller of the currency for 10
years, has assumed his new duties as
vice president and cashier of the Lib
erty National Bank He was elected
to the dual position early this week.
AS bank examiner he worked in
the fifth Feoeral Reserve district, Wis
tied a good many banks outside of
Washington and was often assigned
to special service in trust depart
ments. Born in Hyattsville, Md, he
was educated in the Washington
schools and is graduate OF the
American Institute of Banking.
He is the second banker to be-
elected vice president BY the Liberty
Bank directors this year, j. B. Skin
ner being advanced to a similar posi-
ton shortly after M F. Calnan was
elected president. The other officers
are William v. Simmons, trust officer;
Norman B Frost, general counsel,
and John M. O'Brien assistant cashier.
Harrison Startles Bankers.
Several Warrington bankers ex-
pressed surprise over suggestions made
by George L. Harrison, president of
the Federal Reserve Bank of New
York. when he urged changes in the
banking structure which would give
the Federal Reserve governors still
more power. To develop more uni
fed system. he favors greater con-
centration of both authority and re-
sponsibility. His chief recommended
tionS are:
Greater uniformity of banking laws.
Stronger concentration Of authority
for banking supervision now divided
among too many agencies.
Provision for sharper separation of
the commercial banking function
from the savings banking function.
Ultimately, bringing all commercial
banks of the Nation into the Federal
Reserve System.
The New York bankers views will
not be shared by host of financiers
who consider that passage of the
banking act of 1885 ended all need
for any further banking legislation
for several years.
Loose Wealth Talk Scored.
Perry Shorts, president, Second Ma
tion Bank & Trust Co. of Saginaw.
Mich, stated in a recent talk to the
Chicago Chapter of the A. I. B. that
one hears many loose statements to
the effect that 80 per cent to 80 per
cent of the wealth is owned by 2 per
cent of the people. He refutes those
figures and gives the following as
substantiation:
"w. j. Cameron's statistics show
conclusively that about 72 per cent
of all the wealth of our country is
owned by average people-and no
matter how you divide it up, there
Just isn't enough to go around and
provide every family with economic
Independence. And don't forget that
k1ese figures also tell the truth about
taxes-that If T2 per cent of our
wealth is owned by the common peo-
pie, then 70 per cent of our taxes
are also paid by them. Why don't
they put this in the headlines?"
Financial District Notes.
William ]. Harrahan, president OF
the Chesapeake &, Ohio Railroad, has
been authorized by the Interstate
Commerce Commission to serve as
director of the Peoria & Pekin Union
Railroad Co.
John M. Miller president of the
First & Merchants National Bank
of Richmond, will have been in the
banking business So years next July.
according to Richmond reports. He
has been with the same bank "a years.
The National City Banks latest re-
view predicts the best Spring season
in six years. The latest Dun &
Bradstreet review appears to give the
bank plenty of support for this claim.
Capital Securities Strong.
Both stocks and bonds were strong
on the Washington Stock Exchange
today in one of the busiest sessions
of the week. Riggs National Bank
common stock reached $50, a new
high mark on the present move.
Lanston Monotype changed hands
at 80, which is the 1896 top price, and
Mergenthaler Linotype came out at
431s, up half a point from the last
previous sale.
The first sale in many weeks took
place in Washington Railway g. Elec-
tric preferred stock, 100 shares
changing hands at Ill, closing with