The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-04-09
U.S.BANKERS TO
MEET THIS
MONTH
By RICHARD HATTON

The question Of recognizing the
american Bankers Association or
functional lines corresponding to the
enajor activities of banking will be
brought up at the annual spring
meeting of the executive council
Of the association. which will be
held April IS TO 10 at the Bon Air
Vanderbilt Hotel, Augusta, Ga. Fol
this meeting there is scheduled q
report from committee appointed
last fall following the annual con
Vention Of the association at I1ous'
ton. Tex. at which the retiring
president, M. Al. Traylor, proposed
the reorganfza plan.
Unsatisfactory conditions in State
tax laws affecting banks and the
attempt of State tax authorities TO
procure an amendment Of the Fed
eraI law governing the right OF the
States to tax national banks. has
led the American Bankers Asso'
citation officials to arrange Tor
special taxation conference as g
feature at the annual spring eouncil
nneetIne Of the organization to De
held ia Augusta. Ca. April 10 TO
"a il il announced by its general
counsel Thomas B. Patton.
Tax Conference
The fax conference will be held
che morning Of April 16 under the
auspices Of the Committee on stare
T.axafir,n. Of which Thornton
Cooke. Of Kansas City, Mo-. is chair.
man. and the Committee on Eedefai
Tsxation Of which Charles +.
Blinn. ir., of Philadelphia. Is cnalrs
an phases of the tax problem
will be discussed General GounseI
Patton said in announcing the meet.
ing. .Tn a considerable number OF
States the tax authorities are conn
planning of the present Federal re-
strictions imposed upon them IN the
matter Of national bank taXatlon
and are taking their grievances 70
tCongress, and 1t Is most desirable
that the bankers make "a general
snrvev of fhe situation in which
they find themselves in the respec-
tive States = y,
The first part of the program will
cover the subject of Bank Tax
alton Under Section 5319, United
states Revised Statutes. The sec.
Ond part of the program will deal
with the question, What Would Be
the Best State Tax System"
Investment Trusts
THE status Of investment trusts of
ff1e fixed or non-discEetionary type
has been clarified and strengthened
~ recent decision handed down
iyv the Federal district court of Bos
ton. according to a statement issued
nv the American Basic Business
Shares Corporation, which says this
decision definitely establishes the
fact that stocks deposited With a
arustee as collateral for investment
trust shares of the fixed type must
sbe retained as security for the shares
land are in no sense a general asset
OF the depositor corporation.
The courts opinion follows u con-
sfroversy over the rights of holders
of collateral trustee shares OF the
New England Investors Shares. Inc.
TO exchange their holdings for the
collateral against which they We're
originally issued. This opinion also
makes clear that the title to the de-
pogited securities vests in the trus-
Zee. the representative of the invest.
naent trust shareholders. and not in
any event to the issuing corpora
ton.
Investment Stocks
At present stocks Of the large
metropolitan banks offer excellent
possibilities for investment and spec
iillation, The Brookmire Economic
Service. Inc. says. This has been
especially true since the passage
of the McFadden-Pepper act in
1927. which permits national banks
to establish branches Of their own.
Now there is little to hinder these
banks in expanding and absorbing
other institutions so that they may
strengthen their position in the
general field. Furthermore, in the
large metropolitan banks commercial
banking supplies only a portion of
income. Growing foreign business
and the operation of separate Sc
curity companies are sources Of
income which have an important
bearing upon the value of the
stocks.
The board of directors of the Ma
tional City Bank of New York
have taken the preliminary steps
for submitting to shareholders at a
"a proposal to increase the capital
stock of the bank from $75,000,-
900 to $90, 900 900.
The names of candidates for cleo
Eion as delegates to the annual
convention of the American Insti.
4ute of Banking, to be held in
philadelphia, June 1922. will be
placed in nomination at a meeting
OF the chapter to be held in the
chapter rooms. third floor, 1913 F.
St., Thursday. April II. al $50 %. m.
The election OF convention dele
gates and the nomination of Off.
GERS and governors for the year,
J928-29, will be held in the chap
ter rooms, Thursday, April 26, at
$50 p. m.
Under the management of Clar-
enee F. Burton, +. B. Keech e. Co.
will open today a branch to it's
washington office in the Carlton
Hotel. With this addition. r. B.
Keech & Co.. who are members of
the New York Stock Exchange.
will have offices i, New York. Chi.
cage, Providence and Washington
as well as correspondent offices in
pther cities.
HuIHAE0 GRAIN MAPKET