Evening star., 1927-10-30
LAND BANK HEADS
IN MEETING HERE
Annual Convention Opens To-
ACKNOWLEDGEMENTS With
Board Also Planned.
BY EDWARD c. STONE.

!
American Association of Joint Stock
Land Banks, comprising a member
ship of SO banks and representing
more than 40 States, will open at the
Harrington Hotel tomorrow morning
at 10 clock.
The officers Of the association are:
President, Walter j. Ball, Lafayette,
Ind; first vice president, A. w.
| Hendrick, San Fra ncisco; second vice
president, George A. Harris, Washing
ton; treasurer, Samuel l.. McCune,
| Cleveland; secretary, w. w. Powell,
| Washington.
In connection with the convention
| the annual conference with officials OF
the Farm Loan Board and the
Treasury will also take place, this
meeting having been delayed from the
| original date until the close of the
American Bankers Association ses'
sions. Prominent bankers already
| here for the sessions include Walter
J. Ball, president of the Lafayette
Joint Stock Land Bank; A. w.
Hendrick, president of the California
Joint Stock Land Bank; Samuel l..
McCune, president, Cleveland Joint
Stock Land Bank, and a. F. Lever,
| former member of the Farm Loan
Board and now head of the land bank
at Columbia, $. &.
The bankers plan to have an in
| formal dinner Monday evening, and
| on Tuesday the program will close
with a round table discussion be
| tween the representatives OF the
banks and representatives of the large
bond houses and investment banking
| irh ho vi a
the bonds and stocks of these land
| banks.
The joint stock land banks con.
stitite one of the divisions Of the
Federal farm loan system which
was brought into existence by the
Federal farm loan act in 1915. The
| total resources of these banks, accord
| ing to report of the Treasury Depart
ment as of September 80, are $653,317,'
| 927. and these banks represent capl'
! tai surplus, reserve and undivided
profits in excess of $3.50 100000.
Reports from the banks operating
in the Middle West" said w. W.
Powell, secretary of the association
''show marked Improvement IN the
condition of large number OF
| farmers Resulting from splendid
wheat and hay crops and in large
| areas corn yields are considerably
above the average. This improve
ment has expressed itself in an IN.
crease IN the demand for lana ana
! also a corresponding increase IN the
nrice that farmers are willing 10 pay
| for land. For the last two months
| farmers have been buying hhd III
the Dakotas, in southern Minnesota,
western Iowa and in Nebraska ana
having prices equal to and IN some
cases higher than those which pre-
vailed before the war.
When the association elects Gu,
GERS for next year, 1t Is anticlpa1eus
that George A. Harris, presidene u
the Potomac Joint Stock Lana bahA'
Will be made first vice president.
Stocks Strong As Week Ends.
washington stocks and bonds were
strong as the week ended on tue
local exchange. ,s
washington Gas Light again sold
at the high for the year. ol%. Capilai
Traction continued to advance, open, /,
ing at 1924, dropping to l09s, anu
closing the week at l09. SanltaI!
Grocery preferred was quite actNe a.
1O2l1. Federal American Co. common
sold at 40. 200 shares OF National
Mortgage g. Investment preferred al
6N and IL shares Of Lanston Mono
| type at 106.
Potomac Electric Power 5l2 per cent
nreferred came out at 106, Columbia
Sand & Gravel preferred moved at l05
and the last stock sale OF the week
was in Chevy Chase Dairy preferred
at 106.
Railway & Electric 6s. to the extent
| of 1900 sold at 104; Barber & Ross
6hs registered 961a. while Railway q
| Electric As appeared on the board al
S912. washington Gas 5s sold at
1927 and Capital Traction 5s at 103.
In the unlisted department the bid
| price on Miller Train Control was
| advanced to e and the bid on Wash.
| ington Base Ball Club was raised from
| So to 40.
Institute Forums Start Soon.
Chairman H. w. Burnside announces
| that the first Institute Forum dinner
will take place on Wednesday, Novem-
ber 10, at the Raleigh, and will be
addressed by Henry c. Evans of Balti-
more, member Of the firm OF Stein
| Brothers & Boyce. The discussion
subject Is to be Investment Trusts"
| T. Hunton Leith is chairman of the
| dinner committee and he promises a
meal that will be fully as enjoyable as
| the address.
| Because Of the recent rapid develop.
ment of investment trusts, Mr.
Burnside believes that here will be
a very large turnover of institute
members. One of the big aims of
the forums Is to furnish worthwhile
| discussions for the members who
have completed their work in the
regular courses and need something
additional in the nature of post
graduate activities.
Chairman Burnside made a great
| success of these meetings last year.
| Other members Of the committee are
j. c. Dulin, jr., and +. II. Cox. 1t is
now planned to have four of these
| special gatherings during the season.
Financial District Notes.
r. Golden Donaldson. president of
| the Commercial National Bank, and
| Edward e. Schmidt, treasurer Of the
| United States Shipping BOARD, are at
| Hot Springs. Va, for short stay.
| Local bankers express surprise that
| more was not said at the Houston
convention on the right of the Fed
| eral Reserve Board to fix rediscount
rates for the regional banks. The
Chicago delegates had intended to
take the issue to the floor for a full
discussion.
| Bank clearings in Washington for
the week ended October 27 We're
| $23,424,000, decrease over the previ-
GUS week and decline of 90 per cent
compared with the same week a year