The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-01-07
BANKER VIEWS
NEW BILL
BY RICHARD HATTON

By RICHARD HATTON
The exact application Of the
branch banking provisions Of the
McFadden bill without the Hui
amendments In each State as con
ditioued by the respective Stats
banking laws are analysed in com
munications just issued by G. e
Bowerman, president, State Bank
division, American Bankers associa'
ton, urging the members in every
State in the Union to enlist the
support Of their Congressman In
behalf Of the measure as being In
conformity with the declared anti.
branch principles of the division
The communications, issued pur-
suant to unanimous vote Of the
divisions entire executive commit
tee, also show that under the bill
no branches would be permitted for
members OF the Federal Reserve
System in q vast majority of cities
since their populations are below
$4,000.
Much misinformation appears to
exist concerning our attitude On
branch banking and the probable eff
bill in the form 1t passed the House
of Representatives, but with the
Hull amendments eliminated" Mr..
Bowerrnan says.
"The State Bank Division has re-
peatedly gone on record against
branch banking and on that our
members seem fairly unanimous.
On the other hand, the discussions
at the Los Angeles convention
showed substantial difference of
opinion as to how the pa Ssage of
the McEadden bill. with or without
the Hull amendments, would AFFECT
branch banking. After thorough
discussion, In which all divisions
participated, the American Bankers
Association, in general convention.
voted to support the McFadden bill
without the Hull amendments.
Thus, the policy Of all divisions
was established.
THE McFadden bill seeks primari-
Iy to equalize the rights and oppor.
tunities Of state and national bank
members of the Federal Reserve sys'
tenn. This is necessary to continu'
ance OF the National Banking system
which. because of its compulsory
membership, Is the bulwark of the
Federal Reserve system. Now as to
branch banking: The McFadden bill
without the Hull amendments for
ever prohibits the creation Of branch
Is outside the limits of the home
city Of all member banks of the
Federal Reserve system. whether or
not branches are permitted by State
law"
"Inasmuch as the McFadden bill
without the Hull amendments would
help preserve the integrity of the
Federal Reserve System by equaliz.
ing the opportunity between the ma
tional and state banks and at the
same time by putting definite limita-
ton to the expansion OF branch
banking, I feel we should all sup
port the action Of the American
Bankers Association at the Los
Angeles convention"
Officers Of the National Invest.
ment Mortgage and Investment Cor
poration have been reelected by the
board Of directors. H. Rozier Du-
lany again heads the board Of direc-
tors, with Frank ]. Hughes remain.
ing as president Of the corporation.
Other officers renamed INCLUDE Car
ence F. Donohoe, vice president;
Colonel M. G. Buckley. secretary, and
William D. West. treasurer,
Total sales of Swift & Co. for the
year approached the billion mark,
being $3.50, 000,O 900, a substantial in
crease over 1925, which were the
largest for any year since the war
period, Louis F. Swift, president,
told stockholders at the forty second
annual meeting yesterday.
The consolidated balance sheet as
Of November 6. 1926, showed assets
Of S342 ,015, 1870 in which was in
Guided $11,O25. 1857 cash; Net
earnings after interest and deprecia-
ton totaled $15,645,242.26 with a
surplus November 6 amounting to
$73,124.209.40