Evening star., 1938-07-14
VIRGINIA LEADER
IN |NbANK|NCLAWS
Bristow Calls State Years
Ahead of U. S.. Agencies
In LiberaIizing Rules.
BY EDWARD C. STONE.

N llDerdIlZIng huleS.
BY EDWARD C. STONE.
Virginia was 10 or IS years ahead
Of the Federal Government in liber-
alizing banking regulations, State
Banking Commissioner M E. Bristow
said today at Richmond. according to
an Associated Press dispatch.
He referred to the agreement OF
Federal banking agencies on revised
examination procedure. which Presi-
dent Roosevelt ratified and ordered
into effect on June Is.
As long ago as 1885, the Virginia
commissioner said. he went to WASH
ington and urged Federal banking au-
thorities to liberalize and standardize
bank examining methods along the
lines Of those in effect in Virginia.
Mr. Bristow said he had not re-
eeived oficial notice from Federal ON
clals as to the new procedure and did
not know whether it would be neces-
sary for Virginia to take any action,
as the State regulations largely paral-
leled the new Federal rules.
The Virginia commissioner said he
would do anything possible to assist
In trying to achieve uniformity and
system in bank examining practices.
Principal points of the Federal
agreement promulgated by the Presi-
dent were that bankers may make
long-term lover nine months) loans
without criticism of examiners as long
as the loans otherwise are sound and
that bankers may invest in bonds of
small local corporations even though
the securities are not quoted on stock
exchanges, provided the bank can
demonstrate the worth of bonds.
Dougherty Heads Division.
George Livingston, executive vice
president Of the Millers' National
Federation. the national association of
the hour milling industry, announced
today creation Of Public Relations
Division of the federation, with
Emmet Dougherty in charge.
Mr. Dougherty was a member of the
Washington corps of correspondents
for IS years. 10 years of which he
served as a staff member of the
Washington bureau Of the New York
Herald-Tribune. He left active news
paper work in 1928 to engage in public
relations work
Mr.. Dougherty will maintain Offices
at Federation headquarters in Chi
cago, as we'll as in the National Press
Building here. His work will supple
ment that now being down by the Di-
vision of Editorial News and Education
Of the Wheat Flour Institute, branch
Of the Millers' National Federation.
Barker on Program Committee.
Willard G. Barker. president Of the
Morris Plan Bank Of Washington, has
been appointed a member of the Pro-
gram Committee arranging for the
nineteenth annual convention of the
Morris Plan Bankers Association.
which Is booked for White Sulphur
Springs. W. Va, October 10, II and IL.
1t was announced today. Thomas c.
Boushall, Richmond, is chairman.
Robert O. Bonnell, Baltimore, IS q
member Of the Nominating Commit
tee. Harry Z. Small, Cleveland, will
be general chairman of the conclave,
according to Ralph w. Pitmar. presi-
dent of the association. The commit
tee appointments, now completed. we're
drawn from 130 American cities.
Baltz Loan League Speaker.
Edward c. Baltz. president of the
United States Building &c Loan League
and secretary to the Perpetual Build
ing Association. left Washington last
night for Myrtle Beach, S. c., where
he will address the annual meeting Of
the South Carolina Building b Loan
League. It Is underStc cod that several
members of the Home Owners Loan
Corp. oficial staff will attend the ses-
sions with q registration Of over 200
delegates expected. Mr.. Baltz has
several other speaking engagements
in nearby States following his South
Carolina address.
Semi Annual Dividend Voted.
A semi-annual dividend has been
declared by the Enterprise Building
Association payable as of July /. The
distribution at the rate of 5 per cent
per annum will be credited to the &C
counts Of savings shareholders while
checks will be mailed to holders of
paid-up shares. Martin A. Cook, Sec
retary, stated that unusually good
conditions prevailed during the past
six months Total resources are now
in excess of $3.50, 900, which -epre-
sents q high-water mark for all time.
Coast Line Reports Earnings.
Atlantic Coast Line Railroad re-
ports for five months ended May 81,
1898. net income of $l,15S,76l after
taxes and charges. equal. after diN-
dends on per cent preferred stock.
to $l.40 a share on S23,427 shares Of
common stock. This compares with
$2,650.193. or 1921 a common share, in
first five months of 1897
Brokers in the financial district are
holding to their predictions Of better
business conditions in the fall. While
the sensational advance on tf~ New
York Stock Exchange may RESULT In
some setbacks, the majority of brokers
are decidedly optimistic on the long
term outlook. There has been an Al
most complete change in sentiment
in the past three weeks.
Washington bankers are also much
more cheerful on the outlook. although
they are more conservative than the
brokers. They admit that many i'm
portant business indices have turned
upward recently. but say that much of
the recent rise in the suecrities mar
kets has been based largely on ex-
pectations. They add, however, that
it looks now as if many of these ex-
pectations would be realized either
this fall or in 1899.
Variety Sales Holding Up.
Daily average sales of variety stores
for June were 9i2 per cent below