Evening Star Newspaper, March 28, 1926, Page 39

STEAMSHIPS, McFADDEN BILL LIKELY TO GET EARLY CONSIDERATION IN SENATE Passed by House and Reported Friday by Committee of Upper Body, It Soon Will Be Acted Upon. Amendments Effected. BY EDWARD C. STONE. Another important step in connec- tlon with the so-called McFadden banking bill was taken Friday the measure which was passed by the Youse on February 4 by a vote of srted to the Senate king and currency crdments. It is ¢ believed more than likely ‘hat after the Italian debt settlement is out of the way the Senate will take this bill up for consideration. The bill's suporters believe that it will be speedily passed and sent to conference for an adjustment between the two houses of Congress The principal changes made by the Senate committee relate to the sub- jeet of branch banking. The House bill would permit national banks in those States that authorize branch banking at the time of the passage of the bill to have branches within the ¢ the cities in which But national hanks located in monbranch bank States e permitted to take ad- Lranch banking law enactment of the having city branches. | Provisions of Bill. The House bill provides that State pank membhers of the Federal Reserve v have city branches under that national ritted to have that State bank reserve sys- stem and at | State-wide may have in opera- the time of the approval of But State t not members of the Federal Res System would not be permitted to come into the system hereafter unless the te-wide corporate limits o they are located tem ma the saw tion at the bill. These banking restrictions are embodied in what are known the Hull ¢ s that were intro- duced to ¢ exten- sion of branch banking of any kind. The Senate committee on banking and currency has eliminated these amendments from the bill, so that if the measure is finally passed as re- ported by the Senate committee, na- tional nks would be permitted to v by .5 in the cities in they located in those F branch_bank- ing at this time it a non-branch banking State should hereafter enact a branch banking law, national banks 1d permitted to take advantage of it to the extent of hav ng city b hes. The same pro- ‘\‘I,:ml\ apnly to te bank ors of the Federal reserve sys- 'r:‘S‘\f‘ «\3w in idition thereto, State banks that are not now members of the Federal reserve system would be to come into the system hereafter and bring with them any branches they may have in ex- jstence at the time the McFadden bill | a law | heory of Amendments. | Hull amendments banks and State the Federal re- in States t hranch banking States | laws | conld take ad-| there would be no| h banks to ask State branch banking he uld permitted do not now find that should ena they ther branch 2 Hull that will discourage the branch banking were able to the they vor amend have further of any tendency 1o extension ot kind, and they upon the House of Repre-| s to adopt their views. Senate ankir and currency { appears to feel th!(';‘r-'mrl‘\‘ about the limitation imposed by the Tiull amendments. They believe that | #f national hanks in 22 States, where bhran King lowed to have city banks located in the given equ and when those anking laws. 1z the doors of oppo forever national ates should b portunity branch tunity branch Anking mmittee seems banking regard itself as 0 in N ankin it is to be e H.J,,.w. of the several States. They that it is only when banks national fis - ynal bank system reserve system, local and do- one of helleve (re s tems and to create purely 4 and bece «tional importa Therefof o o the Kind of banki carried on, the Senate t due regard hes of the people . and if a State corporations to the mna e il be s paid to the sever permits carry on tional anc Federal T under the control of ed to carry on vithin city limits. rs of the which are ss, she branch Branches Legally Acquired. The committee is opposed to the principle of State:wide branch bank- iz within the Federal reserve sys- tom, but it is not willing to pass any law that will require State banks that o now or may become members of he 1 %] reserve system hereafter to surrender any State-wlde or wches at were legally acquired and a “f the bill. Thus the Senate bill Would permit any national bank or State bank member the Ieder Fecerve system to have city branches provided. the laws of the State in Phich such banks are located permit branch banking, whether those in cistence now or nd it would we outside of the but wh hereafte 1o Federal | tesire | em enjoy would be permitted to ha member P ] branches establishe s wide determined by ¢ lying sections of cities where national banks are now required to have $200,000 capital, may be organized hereafter with a capital of $100,000, provided the laws of the State in which such banks are domiciled per- mit State banks to be organized with a capital of $100,000. Natlonal banks will be permitted to issue their cap- ital stock with a par value of le: than $100 a share, but directors would be required to own the same amount of stock that they are re- quired to own under existing law. If a national bank, located in tate which now forbids br: banking, has in operation one or more branches that were legally ac- quired, any other national bank in me city may have city s not exceeding the number such nasonal bank has in operation now. This provision was inserted to take care of a situation in the State of Washington and another in the State of Wisconsin where a national bank in each State aequirs branches legally by virtue of a branch banking law that has since been repealed. If these hanks arve permitted to retain their branches it is deemed only just that other national banks in the same city should have the same privilege of establishing city branches. It is evident that the Senate com- mittee believes that, subject to the limitations imposed by State branch king laws, national banks and tate bank members of the Federal Reserve system should have an op- portunity to establish branches With- in the limits of the cities in which they are domiciled in order to render service to their depositors. While the committee is oOppOS the principle of State-wide b ing being monopolis tendency it recognizes that it is un- wise to pass any law that will de- prive State bank members of the Federal Reserve system or a State bank that desires to become a raem- ber hereafter of the right to retain any State-wide branches which have been legally established according to law, and are in existence at the time the McFadden bill is passed. Federal Reserve Banks. Another amendment inserted by the Senate committee provides for the rechartering of the Federal Re- serve banks for an indeterminate period. The friends of the Federal Reserve system have been active for some {ime In urging that the charters of the Federal Reserve banks be renewed now without walt- ing until they expire elght vears hence. While bankers generally be- lieve that the Federal Reserve banks should be given an indeterminate lease of life there is evidence that the House of Representatives will be unwilling to enact any legisla- tion to that end without a further examination of the operation of the Federal Reserve system, so that if the Senate adopts this amendment to the bill it is bound to be one of the points of disagreement be- tween the two branches of Congress. If all the amendments proposed b the Senate committee are adopted by the Senate the principal points of dif- ference to be worked out by the con- ference committee will be the so-called Hull amendments, which limit branch as | banking by national banks and State bank members of the Federal reserve system to what is known as branch banking territory now: the question as to whether national and State bank members of the Federal reserve s; temi shall be permitted to have branches in territory contiguous to {the cities in which they are domiciled, in other words whether they shall be permitted to extend their branches throughout what is known as the met- ropolitan or business area; and whether State ban! that are not now members of the Federal reserve sys- tem shall be permitted to come into the system hereafter and bring any State-wide branches they may have in operation at the time the bill becomes L law. Unlisted Securities P’ Following are the “bid" and “z prices of local unlisted securities, quotations being printed for the guid- ance of traders in these issues: BONDS Last Bid 5] Last Asked. Army & Navy Club Bs. . SR Cosmos CTub 43 City Club 78 Metropolitan Club” 4%s STOCKS. Anacostia Bank. . Chapin-Sacks 3 apin-Sacks 7% pid Sacks 8¢5 pid. . ut Pie Co. .. ristian Heurich Brewery Departmental Bank District ings Bank ks Bank vid. of V Washington Woodridge & Resigns Bank Position. Miss Louise Mitchell, who has been connected with the Federal-American National Bank for the past three and 4 half years as assistant cashier, re- signed her position on March 13 and will _enter other employment. Miss Mitchell was also in the employ of the old American National Bank for four years before the two banks were con solidated. For several years she held the distinction of being the only woman assistant cashier in any na- tional bank in Washington. Visit Kngraving Bureau. Alvin W. Hall, director of the Bu- reau of Printing and Engraving, en- tertained a large delegation of mem bers of Washington Chapter, Amer- ican Institute of Banking, yesterday afternoon and arranged matters so that they got a wonderful look at the big Government plant. They saw money made very much faster than they have ever been able to make it, and w stage stamps turned out by sands. It was one of the most instructive visits the banking students have ever enjoyed. Thought Bank Rather Ancient. The visit to Washington a few days 20 of Sir Robert Kindersley, direc tor of the Bank of England, draws at- tention to one of the most amusing of the bill House bill would restrict national banks to cities in which they are Sen bill goes a littk i further und permits both national banks and State bank members of the Iederal reserve lish branches in w tiguous territory, contiguous territor being defined as a city, town or vil- jage the boundaries of which coin- cide at point darles city parent bank troiler of the authorize mine, after the bankf i afrer the While the tranches limits of t} Iocated, the some of the the which The v, however, i cretion to detes in pubilic »ds of the inhabitants to yranches ir to prove that there is a demand for the service which it proposes to fur- nish. Three Other Amendments. Three other amnedments of minor jmportance relating to national banks have been adopted by the Senate com- mittee, Natigsil banks in the out- the . with the boun-| Con hearing, whether | ires ory would have | MES ¥ anecdotes which Chau ew EXCURSIONS. : A ' LAN em to estab- | ¢ is termed con-{ Tour to France 30 Days of Foreign Travel - Jor $300 Sailing From New York July 7th Yor full information and trated pamphlet apply to— J! ‘. NOLAN illus- 1406 New York Ave. N.W. or Local Tourist Agents THE SUNDAY STAR, STOCK LIST BREAK DEPRESSES TRADE LWave of Pessimism Sweep- ing Financial District of New York. By the Associated Press, NEW YORK, March 27.—A spirit of pessimisimn swept over the financtal district this week when renewed liqui- dation of stocks sent the average of 20 leading Industrial issues down to a new low level for the year, the bulk of commodity prices continued to de- cline, French francs collapsed to the record low established in March, 1924, and Belgian francs sank to the low- est price ever recorded. Although there is still considerable difference of opinion as to just what extent the break in stock prices is forecasting the future of business, there is no doubt that most of the earlier hopes have been revised, and that Spring trade, while comparing favorably with a year ago, has not come up to general expectations. It has been noticeable that the sharpest declines this week have taken place in issues known to be selling out of line with their present earning power and future prospects. Bankers generally agree that the depression in stock prices has had a temporarily bad psychological effect on business, The fact that it has not been accompanied by any unusual in- crease in fallures or other signs of financial distress is accepted as evi- dence that business conditions are fundamentally sound. Most of the leading companies are in a strong financial_condition, well suplied with cash and with relatively low inven. tories. Although there was no strain on the credit situation, even when stotk speculation was at its height, it un- doubtedly has been materially im- proved by the reduction of about $335,000,000 in brokers' loans since the first of the v New bond offer- ings are being brought out at the rate of about $100,000,000 weekly, but stock financing has been practically suspended for the time being. ‘Weakness of the French franc and Belgian currencies reflects the do- mestic financial problems of those governments, centering largely on their apparent inability to balance their budgets. tells in his “Memories of 80 Years," which reference to the world s bank is made. Mr. Depew vas traveling in Switgerland only a day or two before the World War broke out. News of Germany's hos- tile intentions had apparently reached Swiss bankers, and suddenly they re- fused to take foreign currency or to cash letters of credit or bank checks. Consequently the American _tour decided to hasten to Paris, and it was while buying his tickets at the rail road station that he overheard two elderly women excjtedly discussing the currency trouble. One of them smoothed out a Bank of England note and said to her sister: “There, Sarah, is a Bank of Eng- land note which has been as good as zold ail over the world ever sinc Christ came to earth, and these Sw dumbells won't take it Mr. Depew adds, “I told this inci- dent afterward to a banker in London. He said they were very ignorant women: there were no Bank of Eng- land notes at that time.” Florida Boom's Present Status. Unusual interest has been maifost- ed during the past two weeks in the real estate situation in alk with financial men just from there discloses a gener: that the real estate bhoom pass height some time ago and t declinin et may be exp bring m adjustments. “Buying that Is now going on i3 highly seles tive,” they assert. Florida banks are believed to have heen so cautious on their loans on over-promoted develop- ments they will not suffer if values gradually work lower. One man who has visited Florida regularly for the past six vears said the other day that Florida has under- gone six vears' growth in only six months. That is too abnormal to be maintained and is sure to be followed by a let-up, the one that all the papers are now reporting. Tirst payments were eus; cond and third pay- financial men returning north y state that the Florida land de- velopments which were begun on a isis and are intrinsically val uable have nothing to fear. Climate, accessibility and popularity of the State as a playground are inescapable qualities which do not change, und the developments which best combine these are expected to continue to ex- pand indefinitely. The future pros perity of the State as a whole is as- sured. In passing it may be said that the views of these returning trevelers coincide fully with those recently ex- pressed by I. A. Fleming, veteran writer on finance for The Star, who has been passing the Winter in’ Flor- 1da and incidentally carefully observ- ing conditions there. o TOU tickets at regular tariff rates. designate for the trip. lots — mailed free on request. STEAMSHIPS. —omem the Kiorican ani ropean hot Next sailing of the luxurious One-Class Cabin Ship 8. S. Muenchen April 3 calling at Cobh-Plymouth Cherbourg-Bremen For detailed information. avply to your local 8. 5. a 32 Broadway Future Sailing: 8. 8. “Yorck,” April 14 One Cl bin to Bremen direct §. 8. “Columbus,” April 20 32500 tons-—20 knots ® to ‘Plymouth—Cherbourg—Bremen NORTH GERMAN NTINENTAL TOUR FOR Oregon, California: 8 week! s guidance. Address Box TRAVEL. Wanted—Two people to fill up party to get _homeseeker's rate for weeks' visit to Jackson: Florida. Address Box 80.B, Star_offic L ; 31% BOVELLO’S, (83 & 8y leriatia THIRD TOUR TO B, g0 27> EUROPE Cost Includes All Expenses, $500 & $700 Itinerary Sent on Reguest or Personal view, BOVELLO, W ¥ X “rom JOHN Girurd St All Expenses, 42 Days, $390 Mediterranean Cruise Sailing July 7 ineluding motor travel thru Italy—Switzerland—France For beoklet address M. Fergus Proctor 20th St. NW. On the Splendld 20.000-Ton One-Cabin “S. S. CARONIA” ALL EXPENSES—ONLY $802 Excellent Hotels. Complets Sightseeing Pro- srams. Many delix r BY CUNARD LINE BIG NEW O/L-BURNERS at rates including botals, guides, drives, fess. AND WES' NORWAY yiioirnnantan 53 DAYS, $550 to $1250 83*'LANCASTRIA*June3® Includes Lisbon, Spain, Tangier, Italy, Riviera, Sweden, Norway Fjords, Scotland, Berlin (Paris, London), re- peating 1925's great cruise success. Books now open for following 1927 eraises Fob. 5, South American and Mediterranean in Combinatio: 86 days, $800 to $2300. Jan. 19, Areund the World Over four mns., $1250 to $2800. Jan. To the Mediterranean . 62'days, $600 to $1700, Ober's 8. S. and Tourist Agency, 1420 W st NW.; Vi Wickle Tourist Agency, 800 W.. Frank C. Olark, Times There is Bn in Planning The Greatest Summer Vacation A Cruise i Mediterranean by S.S. “CALIFOI » of the Cunard end Anchor Lines, ~—a superb new sister to the ‘TUSCANIA, —equipped with many novel features. From New York July Ist returming Aug. 31, 1926 MODERATE RATES Arranged. Care and Worry Eliminated, Through the AMERICAN EXPRESS TRAVEL SERVICE Here Is Exactly What | This Service Does:— Snlflm with your own ideas of where, when, and how yon want 1o travel, and the amount you want to spend—it lays out for you etailed itinerary of the most desirable places to visit. It reserves and purchases in advance all steamship and railroad All your hotel accommodations—all transportation for yourself and baggage between stations and hotels—all sleeping seats—and meals en route—all local —the service of guides, when desirable. And all within the prics you car berths, reserved trips by automobile or carriage Various tours are outlined for your consideration in these two book- “The American Traveler in Europe” “The American Traveler in the Far East™ For Independent Tours in the United States, West Indies, Mexico or Hawaii, get booklet “Winter Vacations”. Steamehip tickets all lines, lowest rates, write for booklet, “Ocean Sailings”. Call, phone or write: AMERICAN EXPRESS Travel Department 1331 G Street N.W. Main 1200; Ext. 108. Always Carry American Express Travelers Cheques Washington, D, C. '~ WARD WASHINGTON, D. 0, MARCH 28, 1926—PART T. SPRING TRIPS To VIRGINIA BEACH Delightful Week End Outings SPECIAL—Including Stateroom and Hotel Accommodations Friday to Monday Saturday to ’l‘uendl{sls'w New York-Boston by Sea City Ticket Ofice Woodward Bullding, 731 15th St. NORFOLK & WASHINGTON STEAMBOAT The ORIEN SB'I;.your man es in. early spring «=visit the great gateway cities of China and Japan en route— plan to go now via American Oriental Line ships. All rooms are outside with comfortable beds instead of berths and most rooms have private bath. Cuisine and ser- vice both are excellent; deck sports, dances, concerts and motion pictures add to the en~ kamvment of glorious days on the b "you tourist ageat for full detail: AMERICAN ORIENTAL MAIL LINE ADMIRAL ORIENTAL LINB Managing Operators 101 Bourse Bldg., Phila., Pa. CALIFORNIA SPRING CRUISES Spanish San Franciseo offering 2 days Canal and visits , Sal- Vador, Guatemala and Mexico. DAY for day the Panama Mail Cruise offers the most econom- ical, most nteresting route to the Coast. All outside rooms. Beds not berths. Music. Swimming Pool. Steamers built especially for this Service. Sailings from New York S.S. Colombia S.S. Venezuela Aoril 8 Avril 20 S. S. Ecuador May 20 and_ inform: any Agent or bookl wrll P. PANAMA MAIL 0 lll. - a no New York s‘“’; e and up e *X Days Attractive accommodations. Orchestra, Dancing. Alloutdoor sportsin delightful carefrecHavana. Interesting Motor Trips to all principal points of interest and a 45-milecountry tourincludedin therate. thAST E)(l;l:us STEAMERS y ! B T e M REGULAR FARE One Way $85 up Round Trip $160 and up h Fare to Miami via Havana —$100 MEXICO CITY One Way $105 Round Trip $185 For full information address Tel. Joh Wall Street. or any authorised Tourist Adency STEAMSHIPS. Day Tours -Ri i‘.%,.,d,-., Sao Paul untaifl and B /x ngr)a including Montevideo and Buenos Aire: MUNSON STEAMSHIP LINES only, Unexcell: sl 67 WALLST. NEWYORK e o Lo <, Fortni S Eoptnightly sailin "Round Santa Teress.Apr. 1 Santa Ana..Avr. 45 Santa Elixa _ {Apr. 20 Nanta Lulsa May 13 GRACE LINE 10 Hanover Sq.. New York 3] NS . M. LN i Only 2 Days from New York Spring temperature 65° to70* All Outdoor Sports Qolf, Tennis, Sailing, Bathing, etc. Sailings Twice Weekly Vi Palatial, Twin-Scrow Steamers “FORT VICTORIA” and “FORT ST. GEORGE” For lilustrated Booklets Write FURNESS BERMUDA LINE 34 Whiteball Stcoet - New York City any local Toarist Agent na}éaau'nmlcr_ - On large, modern, comfortable In 8 Days (1 0%, GCr faine. short routa thru bookinks to principal points in Scandinavia, Germany and Continent Vork Drotiningham Sy Next Saliines From New Stockholm Apr. 13 pshoim Apr. 29 SWEDISHAMEKICANLINEX S 5% WHATEVER kind of ship you prefer, whatever Eurc;ean country you want to visit, we can meet your travel re- tljgxsrmm We have in our fleet steamers—a ship for every purse and plan. Book sarly for choice accommodations For Sailings, Rates, etc., apply vo Intesnational Mercantile Marine Co. 1208 F 8¢. N.W., Washington, Or Local Agents. tothe Old World Student Tours o EUROPE (Third Cabin) Enjoy the romance of the sea, and the glamour of old places atacost little more than staying at home Sailing each Saturday in May, June and July Write for booklet “W” HOLLAND-AMERICA LINE 24 STATE STREET NEW YORK CITY traditions of the sea OMEWHERE on the North Atlantic berween Sandy Hook and the English Channel there is always a United States Lines ship. There are six of these ships and they are America’s own — and yours. During the year they make over one hundred and twenty crossings, more than 400,000 miles. Itistheirbusiness tocarry passen- gers to Europe and back in safety, with the maximum of comfort and the minimum of delay. This they Jo in a manner that has won them the good willof travellersand the respect of maritime experts. They are manned and officered by men who are true to the finest traditions of the sea. ‘‘Leviathan” Flagship of the fleet and the most famous ship in the world. First class rates from $290, second class from $147.50, Tourist III from $102.50. ‘‘George Washington"® The giant liner that is noted for speed, steadiness and beauty. First class from $231, second class from $136.25, Tourist 111 from $97.50. “‘President Harding"’ and “‘President Rooseveit’ The fastest Cabin Ships on the North Atlamtic. No first or second class distinctions. Rates from $145, ‘Tourist 11 from $95. The ‘‘America’ and “Republic’*® Both cabin ships without first or second class distinctions, the for- mer the largeat in the world. Rates from $145 on the “America” and $140 on the “Republic.” Tourist 111 from $95. SPRING TRIPS TO FLORIDA Everything still in full swing; climate at its best. Three sailings a week from Baltimore to Jacksonville, the gateway to all Florida. Ocean trips, luxurious yet economical. Large staterooms. Spacious decks. Unsurpassed meals; Southern cooking. Hotel reservations made by telegram, through our offices in Jacksonville, Daytona, Orlando, Miami, Palm Beach, Tampa and St. Petersburg. FARES INCLUDE MEALSand BERTH JACKSONVILLE $30.9¢ SAVANNAH $14.78 Autemobiles carried Also spring trips Baltimore to |Boston; and Philadelphia to Miami. All-Expense Tours to Boston, in April, including side trips $46.60 up. MERCHANTS & MINERS ‘Transportation Co. 1338 H Street N.W. Maln 1612 Washington Getcomplete information from your local steamship agent, or write to the address below:. Beach, Coral Gables. Hollywood and other points of interest near ami; 10 days of recreation and enjoyment. in luding an invigorating sew (rip by mod- ern steamer, ¢ pped with every fort and convenience. Stopover nri 1f desired. PERSONALLY conducted First Class Tour—all expenses included: R. R fare to port of mailing: outside staterooni on steamer, hot and running ; all meals, ‘aboard and ashore celleni “accommodations at Hotel mar, in Miami; sightseeing trips to APRIL 1st on the S. S, “Esther Weems" from BALTIMOI APRIL 15th on the 8. S. “Mary Weems” from PT-IILA‘I‘)ELP’H‘I‘: Send for foldar with complete itinerary BALTIMORE & CAROLINA S. S. CO. Pler 5, Pratt Street, (Weems Line) Baltimore, Md. Washington_Office: 1008 15th Nt. NW. Tel. Franklin 150 ===DOCK to DOCK CALIFORNIA Via Wonderful Panama Canal Calling Havana Largest and Fastest Steamers—15 Days FINLAND - MONGOLIA - MANCHURIA Each over 22,000 tons displacement ANAMA PACIFIC LINE M. Hicks, Mgr., 1208 F Street N.W.. Washington. D). C. or any authorized steamship agent 52 Days $600 MEDITERRANEAN All-expense-inclusive cruise From Back in S§.S. Lapland i July 7 %« Itinerary includes Venice (Lido), Dalmatian Coast, Italy, France, Spain, England and Belgium. (! ional side trips arranged.) ‘Tourist Third Cabin to Naples Venice $120-$130 RED STAR LINE R. M. Hicks, Mgr., 1208 ¥ Street N.W., Washi D. ¢ @ suy suthorized steamship mh“u‘ Next 3 Sailings S. S. PRESIDEN HARDING April 7th S. S. LEVIATHAN April 10th S. S. GEORGE WASHINGTON April 14th or your local tourist or Roilroad Agent Regular sailings from New York to Cobh (Queenstoun), Plymouth, Southampton, Cherbourg, Bremen. United - New Willard Annex 1414 F Streel, Washington Maln 7481 Opersting the LEVIATHAN, GEORGE WAB"lN.?TON. PRESIDENT REPUBLIC snd AMERICA to Buropa.