Evening star., 1943-10-25
D. {. Bankers Watch
Bill 10 Liquidate
Farm Credit Fund
BY EDWARD C. STONE.


progress of several bills now befor
Congress which are of more O
less concern to these institution
and to the building and loan as
sociations as well. On account O
pressure of other matters, financia
bills introduced in this session have
moved slowly.
For the information of State
bankers associations, the Washing
ton office of the American Bankers
Association has sent bulletin t
State association secretaries out.
lining the high points in these bills
OF special interest is the bill intro
duced by Representative Fulmer
chairman of the House Committee
on Agriculture, which directs the
governor of the Farm Credit Ad-
ministration to pay to the Secretary
of the Treasury the sum of S12 2,000,-
900 annually, out of the $120,0O0,O ,OO(
revolving fund created by the Farm
Credit Act of 1888. for a period OF
10 years beginning with January
1914 In effect, this would liquilate
the agency. The bill is now before
the House Committee on Agricul-
ture.
Many Bills Aid Veterans.
A bill introduced by Representa-
tive Peterson of Florida amends a
section Of the Internal Revenue
Code to authorize collectors of in
ternal revenue to receive cashiers
and treasurer's checks of national
and State banks and trust COM
panies in payment for interna,
revenue stamps. The measure is
now before the House Ways and
Means Committee and an identical
bill introduced by Senator Pepper OF
Florida has been referred to the
Senate Finance Committee.
Among bills aiding veterans is
one introduced by Senator Nc
Carran, which provides for the max
ing OF loans to veterans of the
present war by FDIC- insured banks,
Federal savings and loan associa-
tions and building and loan associa-
tons, which are members of the
Federal Home Loan Bank System,
to enable such veterans to pay their
debts existing on the date of dis
charge. The bill has been referred
to the Senate Committee on Bank
ing and Currency.
Other bills provide many varied
benefits for veterans when they re-
tire from service.
Exchange Bond Sales Heavy.
New York Stock Exchange men,
oers, firms, partners and personnel
sold sl,040,037,5l8 in War bonds in
the recent campaign, the Exchange
Magazine announced today.
This total exceeded by $4,000 900
the total of all War bond sales in
l9 States. Sales in these States
aggregated s1,O16,O0O.0OO
Sales by the stock exchange COM
munlty were exceeded in only four
States, New York, Illinois, Pennsvl-
vania and Ohio.
The total was more than double
the amount of War bonds sold bv
the exchange firms and their people
In Second War Loan drive last April,
The rally on the Exchange floor,
which drew 1000 people, gave the
drive tremendous boost, the maya
zine says.
Bank Loses Valued Official.
The financial community was sur
prlsed and saddened today over the
death OF Arthur Peter, chairman of
the Board Of Directors, Washington
Loan and Trust Co, and widely
known Washington attorney.
He had served the trust company
as chairman of the board for the
last II years, or since the death of
John B. Larner. He had been a
director for more than 80 wears.
having been elected to the office on
January 10, 1911. Mr.. Peter was also
the banks general counsel.
He was greatly admired by other
officials of the bank and will be
deeply missed by his associates.
Insurance Courses Start.
Charles W. ODonnell, president
of the District Life Underwriters
Association, reported today that the
Life Insurance Institute has opened
with large enrolment. Earle w
Sapp is chairman and T. Loehl
O'Brien dean.
This years instructors, just an
nounced, include Samuel J. Sugar,
Charles w. O'Donnell, George L.
Haines. John L. McElfresh and T.
Loehl O'Brien.
The courses cover principles and
practices of life insurance, risks. So
cial security, economics. political
science, sociology, business insur-
ance, income and estate taxes, wills,
trusts, insurance law. corporation
finance, money, banking and invest
ments.
Special Thrift Drive Urged.
Robert L. Flather, assistant secre-
tary of the American Security &,
Trust Co., and Davis Bornet, vice
president of the National Savings &
Trust Co., have returned from the
convention of the Financial
Advertisers Association in Chicago.
They report the program as one of
the best in years.
Many speakers stressed the i'm
portance of thrift on a very wide
scale in order to provide ample funds
for conversion period" needs after
the war. The conversion period NAV
be longer than many people expect
and reserve funds will be extremely
speakers said.
While urging the continued buvinp
of War bonds on a big scale, the
pleas for individual thrift stood out
on the program. When thev come
war plant shutdowns may be sur
prisingly sudden.
Trust Company Stock Jumps.
Ten shares of American Security
& Trust Co, stock sold at 225 on the
Washington Stock Exchange today.
up % full points from the last sale
and a new high for the year. The
stock opened 1943 at 189 and in the
10 months has gained 36 points.
Washington Gas S5 preferred stock
was strong today, 80 shares moving
ex-dividend at 106. Gas $3.50 pre-
ferred figured in three sales at 1O419.