Evening star., 1944-06-30
Many Bills Pending
In Congress Watched
By Bankers Here
By EDWARD c. STONE.

Bankers are following with grea
interest the status of many bill
pending in Congress which will b
taken up after the six weeks reces,
and which are reviewed in detai
by D. j. Needham, general counse
CT the American Bankers Associa
ton, in bulletin sent to secre
taries Of the State associations.
An ABA-sponsored bill introduce
by Senator Wagner is designed +
relieve banks of indefinite habilit
on Government checks bearin
forged signatures. The limit woul
be six years and would mean
substantial saving to many f1nancia
institutions, especially in Wash
ington.
Another bill of special importanc
to banks would authorized interna
revenue officers to accept cashier
checks and money orders in pay
ment for internal revenue stamps
The Senate added bank and express
money orders to the bill, passed 1t
and it now goes to the House.
A subcommittee of the Senat,
Banking and Currency Committe,
recently held hearings on bills re.
lating to changes in laws bearing or
Federal Savings and Loan Associa.
tions, the Federal Savings and Loar
Insurance Corp. and the Fedora
Home Loan Banks. Both the bank,
and building and loan association
are concerned with these bills, theh
views being quite different.
One Credit Agency Favored.
The House bill which would place
all Government credit to farmer,
in one agency. the Farmers Home
Corp, and abolish ali other Fedora
agencies operating in this field, ha!
been reported favorably to the
House by the Committee on Agricul.
ture. The Fulmer bill, which favor.
changes in the capital setup of the
Federal Land Banks, is still before
the House Agriculture Committee
The bill to speed up settlement o1
claims of contractors and subcon-
tractors, on terminated war con-
tracts, has been passed by Congress
and is before the President for ap-
proval. The "GI bill" guaranteeing
loans to veterans, was signed by the
President on June % and is now
law.
Bills to guarantee financial insti-
tutions against loss of principal OF
interest on loans to business enter
prises, are In committee. Bills re-
1ating to the carrying of Govern
ment bonds at par by banks and
building and loan associations are
also in committee, the survey says
C. & p. Income OF Slightly.
Net income of the Chesapeake q
Potomac Telephone Co. in May, be-
fore interest and dividends, totaled
1854, 4,759 against $3.50 ,499 a year ago.
Operating revenues were higher and
expenses were lower than last year
but taxes called for $384,781, an in
crease of $lI9,851 over May, 1943.
There were 365, 1927 telephones in
service at the end of May, an in
crease of 80 telephones over the
previous month. Telephone users
made 41,346,0O0 calls during the
month, an increase of 406,000 over
May, 1943. Net income in the first
five months of 1914, before interest
and dividends, totaled $1,263, ,04a
compared with 81 1874 ,668 a year ago
F. Charles Brown, auditor, Ma
tional Geographic Society, was
elected presidnt, District of Colum-
bia Control, Controllers Institute
of America, at the Kenwood Coun-
try Club last night.
The New York Stock Exchange
has authorized for listing hyYt mot
for trading until further notice,
740,376 shares Of Hecht Co. common
stock, SIS par value.