Evening star., 1941-04-08
Bank Chiefs Watch
New Legislation
Before Congress
Proposals Also VitoI
For Building and
Loan Associations
BY EDWARD c. STONE.

Congress, directly or indirectly
affecting banking, are being closely
watched by banking leaders. These
proposed measures are also of vital
Importance to building and loan
associations Among such bills re-
Gently introduced in the Senate, in
cluding the names of the sponsoring
Senators. as well as their present
status, are the following:
Mead New York. Limits power of
Home Owners Loan Corp. to obtain
deficiency judgments. Referred to
Committee on Banking and Cur
rency.
Sheppard, Texas. Provides re-
search facilities for small business
enterprises. Referred to Committee
on Commerce.
McNary. oregon. Provides for
forest credit commissioner and a
forest credit bank. within the Farm
Credit Administration. to extend
credit for furthering the conserva-
ton and operation of forest lands.
Referred to Committee on Agricul-
ture and Forestry,
Tydings. Maryland. Removes re-
uuirement of mandatory perform
ance and payment bonds in connec-
ton with Army supply contracts
under certain conditions. Referred
TO Committee on Military Affairs.
Bone. Washington. War profits
taS. Referred to Committee on
Finance.
House Bills Also Listed.
Among the bills introduced in the
House. the survey shows. are these:
Hobbs, Alabama. Prohibits use OF
mails to solicit or effect insurance.
transmit policies or collect pre-
miums in any State without first
securing permit from Securities and
Exchange Commission. Referred to
Committee on the Post Office and
Post Roads.
Eliot, Massachusetts. Protects So
cial security benefits of persons in
Quoted into military service. Re-
ferred to Committee on Ways and
Means.
Coffee, Nebraska. Increases to |
$4,000 the amount of, and to years |
and 80 days the maturity of. a loan
with respect to which insurance may |
be granted under Title I of the Ma
tional Housing Act. Referred to |
Committee on Banking and Cur
rency.
Sacks, Pennsylvania. Amends Ma |
tional Housing Act relative to in
surance of mortgages on small
homes. Referred to Committee on
Banking and Currency.
McKeough, Illinois. EXemptS in |
surance policies from tax liens and |
distraint and sale under the Fed
eral tax laws. Referred to Com
mittee on Ways and Means.
Senate bill 926, which amends the
National Housing Act to give pro-
lection to certain mortgagors in
military service, has been passed by
the Senate and referred to the
House Banking and Currency Com
mittee.
City Bank Elects Directors.
All members of the Board of Di-
rectors of the City Bank were re-
elected today at the annual meeting
of the stockholders held this noon in
Alexandria. They are:
w. K. Bachrach, c. F. Burton, F.
H. Cox Fred Hewitt, T. P. Hick-
man. w. F. Kelly, F. w. Lee, A. S.
Offutt, L. H. Phelps E. F. Pickford,
j. B. Prewitt and j. c. Pyles.
President C. F. Burton, presiding |
at today's session, told stockholders
that the past year had been one OF
the best in the banks history.
The City Bank had deposits of
S13,507, 1888 on April 4, the date of
the controllers call issued yesterday.
against S10,581 ,282 year ago on the
March 26 call.
ID. c. Insurance Men HOnOred.
Edward H. Won Deck, Roger M.
Stuart, H. R. Fredenburgh and Lena
Hitchcock of the Washington agency |
have achieved membership in the
"Dependables," honor organization
of the Connecticut Mutual Life, ac-
cording to word received here today |
by John L. McElfresh, general agent |
for this territory.
Membership is open to field |
representatives throughout the |
United States who have been with
the company two or more years,
and have achieved a high degree OF |
excellence in life underwriting.
Banks Bullying With Money.
Washington bankers today were
discussing the new total of more
than S437,000,000 in deposits in |
Washington's % active banking in |
stitutions on April 4. This was a
gain of more than $17,000,000 in the |
past three months and over s64,-
100000 in the past year.
A year ago the spring call came |
on March 26, a few days before a
Government pay day, while yes
terday's call was dated just after |
Government pay day. That would |
account for little of the increase,
as deposits always jump right after
Federal pay days.
gain in deposits over the CORE
gam III QepOSlUS over Ullc COlIco-
spending call year ago. Bankers
said today that loans have been |
growing rapidly but just now money
seems to be coming in faster than
1t can be put to work,
Wholesale Volumes Up.
Sales of wholesalers, based upon
reports from 2,779 firms represent
ing all parts of the country, were 20
per cent greater in February than
during the same month year ago,
1t was announced by the Census Bu-
reau. This rise exceeds that of 18
per cent for January, which in its
turn was the highest shown by this
series since April, 1887. Retail sales
of 23.728 independent stores in Feb
ruary we're IL per cent above the
corresponding month of last year,
according to another monthly survey
of the Bureau of the Census.
Thirty three of the IS lines of
trade reported sales during Febru-
ary greater than those in the pre-
vious year. Five trades showed gains
exceeding so per cent, compared with