Evening star., 1941-03-09

1 u
funds, in con-
formity with the
District Courts Theodore COgsswelI.
rule governing such investments.
The announcement is of great in
terest to all Washington banks and
trust companies. as well as to f1du-
CiarieS in general charged with trust
fund investments, because of the
magnitude and Importance of the
Pennsylvania Railroad issues.
For the first time since the
present rule went into effect. these
issues now meet the stiff. technical
requirements of the regulation
One of the requirements which the
Pennsylvania in its operations and
financial statements had hereto
fore been unable to attain, related
to fixed charges to meet interest
payments. The rule states that a
railroads net income available for
these charges shall have been not
less than one and one half times
fixed charges for its fiscal year
Immediately preceding the date of
investment
The PENNSYLVANIA preliminary
report. as well as estimates by the
Standard Statistics Co., of New
York, which assists the register of
wills in the compilation and main
tenance of the District legal list. in
dicate that the company earned its
fixed charges 1.59 times for the year
1910, giving il the new investment
rating.
Bankers Watching Congress.
Marked increase in legislative ac-
tivity Of concern to bankers has !
been reported from Capitol Hill
during the past few days. Senator /
Robert A. Taft has introduced a bill /
providing for an increase in reserve
requirements of member banks of .
the Federal Reserve System, and .
Representative w. E. Disney has /.
put in g bill designed to relieve ma
tional banks of the cost of eXami-
nations, assessments to be paid by |
the Federal Deposit Insurance Corp. |
House bill 3575, introduced by
Representative Henry B. Steagall, |
providing defense housing insurance
by the Federal Housing Administra-
ton, has been passed by the House
and is now before the Senate Bank |
ing and Currency Committee.
Senator James M. Mead has re-
introduced two of his proposals to
provide credit facilities for small
business. One would remove restric-
tions on Federal Reserve Banks
lending powers under section 13b of
the Federal Reserve Act. The other
would create an industrial loan
corporation.
The bank holding company bill,
introduced by Senator Carter Glass, |
is still before the Senate Banking
and Currency Committee. A grist
of other proposed measures are also
gripping the interest of the banks.
Gas Stockholders to Meet.
The adjourned meeting of the
stockholders of the Washington Gas
Light Co. takes place tomorrow at
the Tenth street headquarters. The
stockholders will vote on the COM
pany proposal to increase capitaliza-
ton by the issue of 10000 shares of
S4.25 preferred stock, 10000 shares
to be put out in 1941, and the re-
mainder as needed at later periods.
The company has every reason to
believe the proposal will be adopted,
it was said by officials yesterday.
The required vote of holders of two
thirds of all stock outstanding is as
sured and a large attendance of :.
stockholders in person is expected,
in addition to the number repre-
sented by proxies. The additional
capital is needed for expansion pur-
poses.
Bankers Seek Claimant Prizes.
Washington Chapter, American
Institute of Banking, will open the
18th annual national public speak
ing contest for the A. P. Giannini
prizes Wednesday evening in the
chapter headquarters. This years
debate subject is The Banks Place
in Building Democracy" The WIN
ner will represent the chapter in a
District contest, including five near
by States.
The winner of this contest will
get a free trip to the San Francisco
convention and $l00 in addition.
The winner of the finals will get
$500. George NJ. RoWzee, Lincoln
National, is committee chairman
assisted by George DagenaiS, James
Willett and j. Kennedy Irelan.
Financial District Comment.
Edward A Dent, assessor for the
District of Columbia, will be the
chief speaker at the monthly meet
ing of Washington Chapter, Society
of Residential Appraisers, Tuesday
evening in the boardroom of the
District Title Insurance Co., Secre-
tary r. L. Baxter announced yes
terday. His subject will be Theory
and Practice of Real Estate Assess
ments."
Fifty and 20-share lots of Wash
ington Gas Light common stock
sold at 21l2 on the Washington
Stock Exchange yesterday. Potomac
Electric Power 512 per cent preferred
moved at 11412. Capital Transit
ended the week with 1612 bid and
17l2 asked; no sales.
Washington Sales Representatives
Association will meet Tuesday noon
at the Lafayette Hotel, President
Walter Leaman announced yester-
day The program will include
talk by H. S. Cole of The Star,
while officials of Giant Food Gem
taxs will DO guests OF honor.