Evening star., 1941-05-28
Congress Considers
Many New Bills
Affecting Banks
Building and Loon
Leaders Also Watch
legislative Plans
By EDWARD c. STONE.

committees are being watched with
heep interest by Washington bank
prs and building and loan leaders.
The greater number Of these meas
ires were introduced in the House.
/ One bill proposes greater finan-
fial aid to men in the military
service. Another calls for Govern
lment ownership of Federal Reserve
banks. Others deal with the Farm
Credit Association, National Hous-
ing Act, the stabilization funds and
to helping small business. according
to survey of the status of meas
ures having special bearing on
banking.
The following bills have been in
troduced in recent weeks in the
House, the name of the representa-
tive sponsoring each bill being in
cluded:
Help for Soldiers Sought.
H. r. 4209-Barry, N. Y. Amends
Soldiers and Sailors Civil Relief
Act of 1910 to defer payment of
Taxes, assessments and interest on
and amortization installmentS of
principal of mortgages upon small
dwellings and stays sales and pro-
ceedings for sales of, or foreclosure
of mortgages on, such dwellings
by reason of military service of
certain persons. Referred to Con-
mittee on Military Affairs.
H. R. 4288-Voorhis, Calf. Pro-
vides for Government ownership
of Federal Reserve banks. Requires
100 per cent reserves against de-
mand deposits and limits super
vision of Federal Reserve Board
over commercial banks to protec-
tion of demand deposits in such
banks. Constitutes Federal Reserve
Board the agency to control volume
6f money and credit in order to
stabilize purchasing power of dollar
end provides for payment of social
dividends to recipients of social
security benefits. Referred to Com
nittee on Banking and Currency.
H. r. 4344-Wadsworth, N. Y.
Modifies and perfects procedures
under S. E. G. laws. including Trust
1ndenture Act. Referred to Com
fnittee on Interstate and Foreign
Commerce.
H. R. 4539-Harrington Iowa.
Amends Farm Credit Act of 1888
to improve and safeguard financial
Integrity Of Farm Credit Adminis-
tration by effecting better co-ordi-
nation of Federal lending and mar
keting activities. Referred to Com
fnittee on Agriculture.
Insurance Change Urged.
n. r. 459S-Sacks, Pa. Permits
insurance under Title II of National
Housing Act of mortgages on prop
critics construction of which was be-
gun prior to January l, 1887, on
same basis as properties construc-
ton of which was begun after such
date. Referred to Committee on
Banking and Currency.
Z H. r. 4646-Somers. N. Y. Extends
time to June 80, 1943. within which
powers relating to stabilization fund
and alteration, of weight of dollar
may be exercised. Referred to Com
mittee on Coinage, Weights and
Measures.
H. r. 4677-Voorhis, Calf. Pro-
vides for more adequate credit IA
cilities for independent small busi-
ness. Referred to Committee on
Banking and Currency.
H. r. 4685-Barry, N. Y. Extends
to closed building and loan associa-
tions for liquidation of assets the
same assistance now extended to
closed banks for liquidation of their
assets. Referred to Committee on
Banking and Currency.
H. r. 4694-Steagall, Ala Contin-
hes operations of Commodity Credit
Corp. and increases its borrowing
power. Referred to Committee on
Banking and Currency.
Bills Placed Before Senate.
Bills affecting banking, now in
the Senate, include:
S. 1268-Bailey, N. c. Permits
shareholders of savings and loan as
societions and similar institutions
to report income from shares on
Accrual basis in their Federal in
come tax returns. Referred to Com
mittee on Finance
:, S. 1325-Nye, N. Oak. Provides for
Insurance by Farm Credit Adminis-
tration Of loans made by financial
institutions for purpose of en-
Hbling borrowers to purchase live
stock for restocking or herd-founda-
fion purposes. Referred to Com
nittee on Agriculture and Forestry.
S. 1388-McFarland, Ariz. Au-
thorizes reconstruction Finance
Corp. to make small mining loans
for purpose of financing preliminary
development work. Referred to
Committee on Banking and Cur
fency.
S. 1471-Glass, Va. Extends to
June 80, 1945, period during which
direct obligations of United States
may be used as collateral security
for Federal Reserve notes. Referred
to Committee on Banking and Cur
rency.
Cogswell Addresses Bankers.
Theodore Cogswell register of
wills for the District of Columbia,
gave most comprehensive address
on the application of the Soldiers
and Sailors Relief Act to the Ad-
ministration of Estates Decedents,"
at the May meeting of the fiduciaries
section of the District Bankers
Association, at the Washington Golf
and Country Club last night. Chair
man Henry K. Dierkoph presided.
Electric Bonds Offered Here.
Several Washington investment
houses and others having Offices
here were in the underwriting
syndicate which today offered $8O.-
100000 Union Electric Co. of
Missouri 33s per cent bonds at l07&
and 10000 shares of preferred stock
at $105.50 share. Dealers here re-
ported a good demand for the issue.
William Mcclellan, former presi-
dent of the Potomac Electric Power
Co., is president of the St. Louis
company, which is subsidiary Of
the North American Co. 1t was re-
ported late yesterday that the bonds
had been practically all subscribed,
but that the preferred stock was