Evening star., 1942-02-24
Bankers Watch Bills
In Congress Held
Vital 10 Finance
Measure Giving Credit
To Small Business
Of SpecioI Concern
BY EDWARD C. STONE.

BY EDWARD C. STONE.
While attention of Congress con
tinues to be centered on measure
implimenting the war effort, to th'
virtual exclusion OF all other leg
islation, including pending bills O.
a strictly banking character, Wash
ington bankers are watching tn,
progress of many measures which
have important financial angles.
Hearings have taken place re
Gently before a Senate banking ant
currency subcommittee on the com.
panion bill to the Fulmer farm cred.
it bill. The Fulmer bill, in which
bankers have manifested deep inter
est, is before the House Committee
on Agriculture.
The House Judiciary Committee
made no changes in the Senate bill
giving Federal Reserve banks per-
mission to purchase Government
obligations direct from the Treasury
This bill has the approval of the
executive council of the American
Bankers Association, but was re.
Gently attacked by Orval w. Adams
a former A. B. A. president.
Credit For Small Business
The Murray Committee created
under Senate Resolution 298. Sew.
enty-sixth Congress, to study the
problems of American small business
enterprises, recently submitted re.
port containing recommendations or
effective participation and protec'
ton of American small business ir
the war effort.
At the same time Senator Murray
introduced a bill to carry into effect
SON. of such recommendations
This bill has been referred to the
Senate Banking and Currency Com
fnittee, and a subcommittee is cur
rently holding hearings on it.
The bill would create Division
of Small Business Production Board
which would be given the duties
among others, of certifying to the
R. F. C. or any of its subsidiaries
the amount of funds necessary for
conversion to war production of any
small plant interested in obtaining
from the R. F. C. or any such sub
sidiary the capital necessary to
provide for such conversion; and of
certifying to the Government pro-
curement officers with respect to
the competency, so far as capacity
and credit are concerned, of any
business concern operating small
plant to fill Government procure
ment contract.
Government procurement officers
would be authorized to let contracts
to any concern so certified without
requiring it to meet any other re-
quirement with respect to capacity
or credit.
War Displacement Bill Tabled.
The House Ways and Means Com
mittee recently voted to table H. R.
$3.50, the war displacement benefits
bill. This presumably kills the bill.
The bill was intended to provide
relief for workers temporarily un-
employed due to conversion of non
defense plants to defense plants. 1t
was claimed that the bill was in
too close. conflict with already exist
ing State agencies, and might have
the effect of keeping the unem-
ployed from seeking new positions.
The bill called for $500, 100000.
A Senate bill, introduced by Sena-
tor Maybank of South Carolina and
referred to the Senate Military At
fairs Committee, would extend the
benefits of the Soldiers and Sailors
Civil Relief Act of 1910 to all per-
sons who are registered under the
Selective Training and Service Act
of 1910, as amended, and are classi-
fed Hereunder after physical ex-
animation as being available and
fit for general military service.
The Federal savings and loan bill,
of special interest to all building
and loan associations, still awaits
committee hearings. Bankers con-
slider this bill of deep concern to
them.
Investment Dealers To Meet.
First wartime gathering of rep
resentatives of the investment Sc
curities business will be held in
Chicago, March S and 6, and the
climax of the program will be
a forum on Financing Victory and
the Part That the Investment Sc
curities Business Can Play in the
Job" Announcement of the pro-
gram was made today by John S.
Loomis of Chicago, chairman OF the
Central States group of the Invest
ment Bankers Association.
Among Washington officials ex-
pected for the meeting are George
Burlington, Assistant to the Secre-
tary of the Treasury; Eugene w.
Sloan, executive director, and r. w.
Sparks, field director of the Defense
savings staff.
Capital Insurance Sales Soar.
Life insurance sales in Washing
ton started 1912 off at furious
pace, new policies in January total
ing $685. 900, jump of 80 per cent
over the corresponding month a
year ago, according to the Life In
surance Sales Research Bureau at
Hartford.
Sales in the whole country re-
vealed an average gain of SO per
cent over January of last year,
reaching s1,OO1 ,653, 900, the report
says.
Life insurance sales in Virginia
in January reached s13,752 900. the
same 80 per cent gain as in Wash
ington. New policies in Maryland
totaled s14, ,435, 900, up 78 per cent.
Financial District Comment.
Between 125 and $50 members OF
the Bond Club of Washington and
guests are expected to attend tn.
luncheon at the Carlton Hotel
Thursday noon.
Earl D. Krewson, who has beer
with the New York Life Insurance
Co. for 40 years, is to be rendered q
complimentary dinner by about 6s
associates Thursday night at the
Del Rio. The Arrangements Com