Evening star., 1938-09-09
Banks Win Support.

The idea that banks are derelict
IN the matter of extending necessary
credit to business and industry has
not been successfully sold by the
Washington administration to the
editors of newspapers published in this
country, and If banks proceed to take
the advice Of Jesse Jones, chairman OF
the Reconstruction Finance Corp, to
proceed more literally in their credit
and investment operations, they will
be without the approval of such public
sentiment as is guided by local edi-
torial opinion.
Such is the consensus of survey
conducted by the American Banker Of
the published editorial views of news
papers on the subject Of Chairman
Jones recent structures on the banks
that they must increase their loans,
"or else"-
That the New Deal itself is to
blame for business credit inactivity
Is an idea which has much support,
the magazine declares.
TT is the safety Of deposits with
which the local editors appear most
concerned. The newspaper editorials
reveal generally also that they be-
lieve that the local banks are making
all the loans which can be safely
made locally with bank credit. Fur
thermore, they evidence an Under
standing Of the difference between
commercial credit and capital loans,
and . desire that the local bank
ers avoid the latter type of commit
ments"
Trading on d. c. Exchange.
A single-share sale and two 1O-share
transactions were recorded in Wash
ington Railway 65 Electric preferred
on the Washington Stock Exchange to-
day at ll1l7, of one point from the
last previous sale.
A $500 transaction in Washington
Gas Light SIS of 1860 was closed at
III, down 2l2 points from the previous
sale.
Three 81 900 lots of Anacostia & Po-
tomac Railroad SIS were reported at 80,
unchanged from the last sale and equal
to the years high. Riggs Natio-. i.
Bank common moved at 264, down a
point from the previous sale, on a
turnover Of three shares.
Slated for Market Post.
With the indication that Robert
Vose White, partner of jackson &
Curtis and chairman of the New York
Stock Exchange Committee on Stock
List may relinquish his Stock Ex-
change afiiliations to become president
Of Lehigh Coal & Navigation Co., John
M. Hancock Of Lehman Bros. and
vice chairman of the committee IS
slated for the post Of chairman of the
committee, the Wall Street journal
says.
The Committee on Stock List will
meet Monday and elect Mr.. Hancock
chairman, according to present indi-
cations. If Mr.. White resigns to take
the post with the coal unit.
Secretary Of Treasury Morgenthau
has announced that tenders are in
Nted for $lo0o00,oOO of 91-day Treas
ury bills. The bills will be dated Sep
tember IA and will be sold on a dis
count basis to the highest bidders
Tenders will be received at Federal
Reserve banks up to pm. (E. S. T.)
September IL.
Reserve Reports Issued.
According to the monthly review of
the Federal Reserve Bank of Atlanta
the July decline in retail trade in the
sixth district was considerably less
than seasonal and, contrary to sea-
sonal tendency, the daily rate of cot
ton consumption increased in July.
Total construction contracts increased
in July, but residential awards and
building permits declined. Business
failures increased in July.
The Federal Reserve Bank of Cleve-
land reports that in iron and steel and
some of the smaller industries of the
fourth district, a noticeable pickup
occurred in July and the first three
weeks Of August. but in other lines
only slight changes from recent levels
we're evident. Sentiment has improved
materially, and in August, there were
reports Of some resumption of, or in
creased operations at parts plants, and
tool and die factories.
A booklet entitled Earnings and Ex-
penses Of all Insured Commercial
Banks-l937" has just been issued by
the American Bankers Association.
The booklet was prepared by the A.
3. AS Bank Management Commission
and published by its Research Council.
The hn0k1et roy siStS 1oroe1v ~ "a hii1 q r