Evening star., 1941-08-13
Credit Control Rules
From Reserve Board
Awaited by Bankers
New Regulations Will
Be Drown After Many
VituI Conferences
By EDWARD c. STONE.


Boards forthcoming regulations on
the control of consumer credit, just
delegated to the Reserve officials
by President Roosevelt.
The Reserve Board is to confer
4t once with the heads of the IL
Federal Reserve Banks, including
President Hugh Leach of the Rich
3nond Federal Reserve institution,
3n the best methods of handling
q1is new credit control. which is
Intended to check too much con-
slmer installment buying, keep
prices from advancing too rapidly
and help prevent initiation from
getting out of bounds.
Chairman Eccles does not know
tust how soon the new regulations
can be completed. The job is big
and important one. The aim will
be to place the regulations in effect
Without causing too serious business
nislocationS. So far bankers have
Expressed more interest in rules
That may relate to installment au-
tDmobile loans than other lines.
Bankers do not look for any regula-
tion of personal loans, which are
how being made in large numbers
hy many institutions.
n Many Reports Likely.
H Bankers expect the slowing up OF
The sales of automobiles. Smaller
bans may be ordered by the Re-
serve Board and shorter periods in
which they are to be paid off, as
the aim of the board is to reduce
buying power and in this way assist
in providing materials for defense
plants which are now being used in
auto plants.
1t is anticipated by financiers
that the new rules will cover many
other lines in addition to automo-
hiles. Banks, however, are not at
present putting out much money
on household appliances, such as
washing machines and refrigera-
tors. 1t has already been stated
that the new regulations will not
cpver housing loans and will have
no effect on loans in other lines
that are already in operation.
q DdIlheIS SCC dDlC Nhbl u
work in the offing, as a good many
reports will be required by the Fed
eral Reserve banks in administrat-
ing the credit control.
Loan Firm Nine Years Old.
: incorporated nine years ago this
week, the Interstate Building ASso-
Giation now has resources in excess
Of s4,000,000, new peak, Secretary
Edward K. Jones announced today.
The past year has been the best in
the associations history, he added.
3 Other officers include John L.
Weaver, president; Clarence Dodge
and Earl M. Macintosh, vice presi-
dents; Martin r. West, treasurer,
and Lawton E. Inabinet, assistant
secretary.
The association is member Of
the Federal Savings & Loan Corp,
Home Loan Bank System. District
and United States Building and
Loan Leagues.
All Banks May Sell Bonds.
1t was reported in the financial
district today that every one Of
Washington % banks have now
qualified to handle Defense savings
bonds and stamps for the public.
THE banks are now working 100
per cent for the defense effort.
/ Books giving the complete pro-
Ceedings at the June convention OF
the District Bankers Association at
Hot Springs, Va, are now being
distributed to association members.
The extensive report covers every
thing that was said during the three
business sessions.
Robert L. Flather assistant treas
nrer of the American Security Il
Trust Co.: David Bornet, vice presi-
dent of the National Savings Il
Trust Co., and H. T. Hustled of the
Morris Plan Bank are expecting to
attend the annual convention OF
the Financial Advertisers Associa-
lion, which opens on Monday, Sep
tember 8. The program promises
fine meeting.
Best g. Co. Profits Rise.
Best & Co in the six months
ended July 81 today reported net
sales of s8,O4O.905 compared with
s7324.857 for the same period in
se40. an increase of 9,78 per cent.
Net profit was s447946 after de-
breciation and taxes, as compared
with s397.563. an increase of 1857
per cent. After deducting dividends
paid on the employe per cent pre-
e+4 ~ - e
per share on the common stock,
compared to $l29 in the first six
months of 1910.
Barium Gets S4.000,000 Award.
! Barium Stainless Steel Corp. has
received a s40l1,4 400 defense con-
tract by the Government for me-
tallic belt links used in the manu-
facture of machine gun ammunition,
President Frank Huston announces.
The contract will bring into opera
ton mill that has been idle and
additional furnace facilities should
be in operation within four weeks,
he added
Barium stock is widely held in
Washington and the news of this
contract, which Is the largest volume
of business in the company's history,
will be received with a great deal of
interest here.
Financial District Comment.
Audley A. P. Savage. auditor of
the National Savings & Trust Co., is
on his vacation.
Harry F. Harding. assistant treas
urer of the Union Trust Co., is on
yachting trip on the James River.
william c. Dieter, trust investment
officer of the Union Trust Co.. is on
vacation.
Paul P. Rodler, partner in w. B.
Hibbs & Co, is serving on jury duty.
Ernest Gerstenberg, manager of
the Pennsylvania avenue branch of
the Hamilton National Bank; George
F. Hoover, manager of the Northeast
branch, and E. L. Norris. in charge
of the NEUTRALITY-SUSPICIOUS. branch,
are among bankers now taking
leaves.
Today's Trading on Exchange.
Washington Gas Light common
opened trading on the Washington