Evening star., 1948-07-18
Bills Affecting Banks
May Get Action in
Special Session
By Edword G. Stone

SpecIaI SessIon
By Edword c. Stone
Eighteen bills of vital concern
bankers are pending in Congre,
and could be acted upon during tn
special session. Some have bee
passed by the Senate, others by tn
House and several are awaitin
further committee attention, &C
cording to a summary prepared b
D. j. Needham, counsel of tn
American Bankers Association, fc
State association secretaries.
The bill favoring Federal Reserv
Bank guarantees of business loan
is pending on the Senate calendar
changes in the National Bank
ruptcy Act, passed by the Senat,
are before the House Judiciar
Committee; regulation of bank hold
ing companies is on the Senat
calendar, while the Taft-Ellender
Wagner housing bill, passed by tn
Senate, was referred to the Hous
Banking and Currency Committe,
Reductions in the postal saving
interest rate and In the FEEDERS
savings and loan insurance premium
rate are pending in the Senate. TIL
bill to increase the Export-Impor
Banks lending authority, passed b
the Senate, is before the Hous
Banking Committee. Pending Il
the Senate is the bill authorizin,
national banks to deal in Worl,
Bank securities.
Other Bills Await Action.
Other bills that could be actet
upon at the special session includ'
measures to restore consumer credi
controls, amending Home Loaf
Bank System laws, subsidy loan
for veterans housing, bill pro
viding direct farm loans to veter
ans and the Veterans Homestea,
bill.
Extending FHA Title VI, retire
ment Of Government capital in tn,
Bank for Co-operatives and the bil
permitting national banks to con
vert into, or merge with State banks
are other pending measures. Tn
summary concludes with reference
to the very important Tax Revision
bill, passed by the House and re
ferred to tn Senate Finance Com
mittee.
Capital Store Sales Drop.
Department store sales in Wash
ington for the week ended July 1t
which included the July 5 holiday
were II per cent lower than tn
week ending July IL, 1947, tn
Richmond Reserve Bank reported
In the Fifth District, sales were Of
8 per cent.
Sales in the Capital were dow,
"a per cent from the preceding weel
this year and ~ per cent in tn
Fifth District. Cumulative sales Il
the four weeks ending July 10 wer
II per cent above last year in Wash
ington and 10 per cent in the Fiftl
District.
Store Stocks Up Slightly.
Stocks on hand in Washington
stores on May 81 were 7 per cen
higher than on the same date ,
year ago, the Richmond Bank re
ported. Outstanding orders 70
goods were 3 per cent lower.
Receivables due at the end Q
May showed a II per cent rise owe
last year. During May, 48 per cen
OF current receivables were collecte,
and az per cent Of instalment &C
counts. In the first five \onths o
1s4s, sales in. the Capital 2Fere up
per cent against 4 drop Of II pc
cent from last year in the Fiftl
District, 81 sores reporting. go
Stockholders on Increase.
Leroy A. Wilson, president, report
that the number of American Tele
phone g. Telegraph stockholders ha
reached a new high record Of 748,0 ,00t
an increase of $4,000 this year. Il
the second quarter, 100000 Bell tele
phones were added, making tota
of 1,485,000 this year.
Directors Of the Virginia Banker,
Association have extended a vel
come to the Riggs National BAN
Of Washington, as an associat
member. The association report
that the First National Bank Q
Stuart, has joined the Virgins
Bankers pension plan, ninth ban
to participate in it.
Chapter Committees Named.
Richard Sinclair, president o
Washington Chapter, American Sav
ings and Loan Institute, has ap
pointed the following committees:
Iau.opsnayRo1s wsm sou,tSS, v,ee Wls' ess.
snaainiai asn; H.rmsn M sehwsrtasr. % " H. Rippsrt
Membership and Program-Richard i
9s1n shEm.n Msm Bonn r. e
Thompson, .. W, Fry. jr.; j. p. McAles
Puhlicity-Anne Fague, chairman: WI
liam =: Grimm. ir.' vice chairman; 'osep
riMnss snd sudsst-T. W. slusnaus
D. c. Exchange Trading Scars.
Five-hour sessions Of the Wash
ington Stock Exchange have turne'
attention to the increase in tradin
volume so far this year. Up to Jul
IA, Washington Gas common ha'
registered turnover Of 1852 share
against 1889 in all Of 1947, a gail
o fabout 5000 shares in half veal
In the same period, sales of Potoma
Electric Power common reached
1854.
The Washington agency of tn
Jefferson Standard Life Insuranc
Co. wrote $2,7Oo,ooo new business Il
the half year, winning third position
among II branch omces, McKe.
Smith. manager, reports.
The Security and Exchange Com
mission announced yesterday tab
1,277 corporations reported sale
amounting to 81, ,o27, ,336, 900 in tn,
first quarter compared with $27,
478, ,7o3, 900 in the last quarter of 104
and $22, ,754, ,s33, 900 in the first quar-
ter of 1947.
Bank Re-elects Officers.
Carroll v. Shreve has been re
elected president of the Fall Church
Bank, with Horace e. Brown, frs