Evening star., 1936-05-08

require national
banks to transfer
earnings to surplus every six months
whether or not any dividends are de-
clared, until surplus equals 1907 Of
common capital.
A third would allow the controller
of the currency to treat capital notes
and debentures of State banks as pre-
ferred and common stocks not subject
to double liability in cases in which
the State bank is converted into
national one provided an exchange
is effected after conversion is COM
pleted.
A bill which might induce State
banks to enter the national system
Is one allowing converting State banks
to be treated as newly chartered in
stitutions, with their stock not sub
ject to the double liability.
The final proposal would give prefer
ential treatment to shareholders IN
closed national banks who have paid
stock assessments levied by the con-
troller in cases where liabilities ex-
ceeded assets.
Passage of the six bills at this
session seems very uncertain. Senator
Glass says he doubts if any banking
bills are passed. Senator Fletcher OF
the Banking and Currency Committe
has also expressed similar doubt.
Pease Joins Ferris Staff.
Harold Pease. who has been a resi-
dent of the Capital since 1921, has be-
come associated with the investment
firm of George M. Ferris g. Co. in the
Washington Building, it was an
nounced today He was for some time
connected with Hearst Publications
Consolidated Originally from Boston.
he came here after service in the World
War and has been engaged in finance
since that time. The office with which
he is now connected has been expand
ing steadily ever since it was founded
some years ago by George M. Ferris.
Peoples Drug Sales Climb.
Sales of Peoples Drug Stores in April
made a much better gain over the like
period last year than they did in
March. Sales in March showed an in
crease of only 18 per cent over March,
1895. Sales in April totaled S1,646, TIT,
an increase of S106, ,997. or II per cent
over the same month year ago. Sales
for the first four months of 1886
totaled S6,510,498 in comparison with
s5,980,556 for the like period in 1885,
increase of S529,942 or 8.8 per cent.
The Peoples report compares very
favorably with the returns from other
big drug chains so far this year.
Program Plans Completed.
Francis G. Addison, jr, president
of the Security Savings & Commercial
Bank, who is chairman of the Pro-
gram Committee for the coming an
nual convention of the District Bank
ers' Association at White Sulphur
Springs, w. Va, has practically COM
pleted the program. The speakers
will be announced shortly, as soon as
one or two more definite acceptances
have been received.
Chairman Addison believes the pro-
gram will be of unusual interest and
value. 1t will be one of the best
balanced programs the association has
enioyed for years and will cover the
latest developments in banking and
business. 1t will present the views of
bankers and of Government officials.
Chairman A. Scott Offutt of the
Transportation Committee, who Is a
vice president of the City Bank, states
that reservations for the convention
are coming in rapidly.
Sheehan to Join Kennedy.
Joseph r. Sheehan, administrative
co-ordinator of the Securities and Ex-
change Commission, has resigned
from Government service and will
take up new duties under Joseph P.
Kennedy, who recently was appointed
special adviser to Paramount Pictures.
william c. Hickey, a member of the
s. E. c. utilities division, also has
resigned to go with Mr.. Kennedy.
The House Interstate and Foreign
Commerce Committee has approved
and ordered reported the bill to con-
tinue present unlisted trading privi-
1eges on exchanges. The committee
has revised it to meet objections of
municipal bond dealers and bankers.
Appearing in the interest of this
bill the other day, Chairman James
M. Lands stated that it would take a
long time to do away with unlisted
trading on the exchanges. He de-
clared that drastic action at this
time would be too severe a blow to
the brokerage business.
Today's Trading on Exchange.
Capital Transit stock figured in sew
eral sales at 13 on the Washington
Stock Exchange again today. Riggs
National Bank common moved at 272
and 269 on small transfers. Mergen-
thaler Linotype was quite active, OPEN
ing at 40 and closing at 391a. Wash
ington Loan g. Trust stock sold at 225.
The days only bond sale was a
S2,500 transfer In Capital Traction SIS
at s91z. OH half point from the last
sale.
Heard In Financial District.
Ronald Ransom, Federal Reserve
Board governor, who was unable to at
tend the bankers dinner at the Co.
lunbia Country Club on account of
illness. is reported to be gaining
steadily.
The Public Service Commission Of
Maryland has announced a reduction
Ia the electric rates of the Conowingo
Power Co. amounting to $4,000 a
year, effective June l.
The Washington Office of United Air
Lines reports a gain Of II per cent
In revenue passenger miles. 81 per
cent In express and 10 per cent in
airmail in the first quarter of the like
1885 period.
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