Evening star., 1939-06-17


ed, the figure Harry R. Smith.
reaching $2657l 900.
Maryland made fine showing
the total of $7,734,0OO putting May
business 7 per cent ahead of last
year. The flve-month gain was also
per cent on a total volume of SAL =
$4,000.
Virginia also stood out with total
OF S7,255, 900, or gain of per cent,
while the longer period gain was 9
per cent over last year, new business
amounting to $37 ,633, 900. West Vir-
ginia reported l per cent gain in
May; 2 per cent in the five months.
May business was up 3 per cent
In the South Atlanta territory and
8 per cent in the five months. The
national total revealed 9 and IA per
cent gains, respectively. May sales
totaled $532,089,0O0; five months
1886, TAO, 900.
Smith Heads Bank Institute.
Harry r. Smith, recently elected
president of the American Institute
of Banking, is personal friend of
ton Chapter. Although he was born
in Philadelphia, he now halls from
San Francisco. where he is assist
ant vice president of the Bank of
America, N T. 6 S. A.
His first banking experience came
IN 1918 as messenger in a New
York bank. He soon went to Denver,
to Los Angeles and then to San
Francisco. He holds standard GER
tiflcate from the American Institute
OF Banking, is past president of
San Francisco Chapter.
At the Institutes national con-
vention in Washington in 1884 he
was elected member of the eXecu-
tive council, and was made vice
president at the Louisville conven-
ton last year. In 1887 he got a
diploma from the Graduate School
OF Banking at Rutgers University.
His latest honors come at the Grand
Rapids convention.
Loan Bill Goes to President.
The bill which would extend until
1912 the time within which officers
and executives of Federal Reserve
System member banks may renew or
extend their loans from their own
banks, has been sent to President
Roosevelt for signature. The Senate
adopted the conference report. which
had already been accepted by the
House.
The bill included an amendment
attached by chairman of the House
Banking and Currency Committee.
Henry B. Steagall, which eliminates
the provision in the Banking Act of
1885 which would force" banks hav-
ing deposits of s1,OOO,OOO or more to
Join the Federal Reserve System or
lose deposit insurance.
Vote of Members Asked.
The investment Bankers Confer
ence, Inc, notified members of adop-
ton of amendments to its certificate
OF incorporation, bylaws. rules Of
fair practice and complaint pro-
cedure and asked for a vote on them
by July Is.
The changes in the conference
were worked out so it could qualify
FOR registration as national security
association under the Maloney Act,
the I. B. c. stated. The name of
the new organization is National
Association of Security Dealers, Inc.
After approval by the members,
1t is the intension to register the
corporation with the Securities and
Exchange Commission as national
securities corporation, the Washing
ton office announces.
Group Banking on Decline.
Group banking in this country
continued to decline in the year
ended December 81, 1888, the total
number being listed as 43 systems
as compared with At on the same
date year earlier and So on De-
cember 81, 1896. according to figures
released by the Federal Reserve
Board.
The present total of 43 groups,
comprising three or more banks,
represents decline of 54 groups
as compared with 81 on December
81, 1881, the figures show.
A group system comprises sepa-
rately incorporated banks, with or
without branches, which are owned
or controlled directly or indirectly,
by corporation, business trust as
sociation or other similar organiza-
ton, it is explained.
Peoples Drug Stock Strong.
Peoples Drug Stores common stock
has been selling in New York this
week around 1912, less than point
under the high for the year, which
Is 34as. This has given rise to a
good deal of comment in the finan-
cial district here because so many
other stocks are nowhere near their
years high marks
Recent quotations show that Peo-
Piles Drug Stores common stock is
being highly rated AS already noted,
Peoples Drug preferred stock is to be
redeemed at ITO and the $1.621a
dividend due before long
Calling of the preferred will nat
urally be helpful to the common
With the preferred paid off, all earn
ings will be applied to the common
No doubt that is an important rea-
son for the recent interest and
strength in the common.
Heard in Financial District.
The Commercial National Bank
& Trust Co. of New York has de-
clared the regular quarterly divi-
dend OF So per share, payable
July to stock of record June 81
The Chemical Bank & Trust Co
has voted the regular Ascent divi-
dend, also payable July l.
The Pennsylvania Railroad re.
ports for four months ended Apri
80. 1899, net income of $1,861, ,76t
after taxes and charges. equal tt
IA cents a share (par $50 on 49,
1886 shares of capital stock. This
compares with revised net loss Of
S4,3l8,975 in first four months o1
1898.
United Light e. Power CO.-Pre.