Evening star., 1931-04-16
IMPROVED BANKING
URGED AT COUNCIL
Executive Manager of ASSo-
citation Reports on Work
at Augusta Meeting.
BY EDWARD C. STONE.

FRED N. SIlepIleIu, eheCutANe ndIldsel
Of the American Bankers Association,
urged the promotion of better banking
at the concluding session of the execu-
tive council meeting at Augusta, Ga,
yesterday. He declared this is the big
task now before the association. Splen-
did work along this line has already
been accomplished, he said, but as
serted that there is, still much more to
be done.
Thomas B. Patton, general counsel OF
the association, called the uniform bank
collection code "the greatest boon to the
bankers in simplifying the law in regard
to bank collections, especially in the
case of failure of banks where prefer
ence is created in the assets of an in
solvent bank which has collected an
item and has failed to remit"
An important committee report was
that of S. H. Puelicher of Milwaukee,
chairman of the educational foundation,
which comprises a fund of $500, 1000
for loans to students specializing in
banking and economics throughout the
country He reported that the commit
tee was highly gratifled with results be-
ing obtained.
The economic committee, headed by
/ S. Hecht of New Orleans, also made
a report, and this was followed by
report of the Agricultural Committee,
headed by H. Lane Young of Atlanta,
while the special commission on United
States revised statutes headed by Thorn
ton Crook of Kansas City, made re-
port which dealt largely with State tax
alton of national banks.
The largest delegation Of Washington
bankers, who attended the Spring meet
ing, are expected home tonight or early
tomorrow.
Bankers See Steady Uptrend.
Bankers from all parts of the fifth
Federal Reserve district, who met re-
Gently in Richmond, reiterated the Oft
expressed opinion that business has
rubbed on bottom and that the trend
during the remainder of the year will
be upward. That this trend is bound
to be very gradual was the general
opinion.
The business situation is perhaps best
illustrated in the form Of a U and what
puzzles bankers the most is to figure
out how wide the bottom of the u will
be before economic conditions manifest
a much more sharp upward trend. No
rapid upswing can be expected for some
; time yet, according to bankers in this
cago and other financial centers.
The point is mate that it is not fair
to consider the conditions which pre-
vailed in 1929 as normal" Everybody
knows it will be long time before
the levels OF that year are reached. But
If back to normal Is changed to mean
the average conditions prevailing in the
last five or ten years, the so-called
recovery will not be nearly so long
drawn out.
March Insurance OF Is Per Cent.
New life insurance production last
month was 15.9 per cent less than in
March, 1880, while the cumulative total
for the first quarter of this year was
1872 per cent below the amount for the
corresponding period year ago, ac-
cording to the Association of Life In
6urance Presidents. It's report on the
subject aggregates the figures of A
member companies, having in force 80
per cent of the total insurance out
standing in all United States legal re-
serve companies.
For March the total new business of
all classes written by the A companies
was $1.026, ,328, 900, against Sl,222, 1884,
600 during March, 1930-a decrease Of
159 per cent.
For the three-month period the total
new business of the companies was 81
S28,600,000 this year, against $3,220,-
SS7 1000 last year, decrease of 1872
per cent.
Await Addresses Young Bankers.
Some method Of supervising bank af-
dliateS without unreasonable restric-
tions which might result in tearing
down Of the national banking and Fed
eral Reserve systems should be devised,
Deputy Controller Of the Currency F.
G. Await said in an address before the
Philadelphia Chapter, American Insti-
tute Of Banking.
The general problem is not simple"
he declared. There are 40 different
banking jurisdictions-48 States and
the Federal Government. Congress by
legislation can peach the national banks
ana 70 some extent the State member
banks Of the Federal Reserve System,
but there are some $4,000 State banks not
members Of the Federal Reserve System
Moreover, the affiliates are State cor
porations and some method must be
devised to reach them constitutionally.
Il have no intention Of giving the
idea that there are no properly con-
Quoted bank afhliates or that affiliates
may not be useful or necessary. There
are conservative affiliateS, and proper
ly conducted conservative affiliate is
very useful AS matter of fact, it has
been stated, and I believe correctly that
security affiliates have been necessary
In the financing of many of our bust
ness institutions, since they play most
important part in the distribution of
bonds involved in large underwritings"
Transactions on ID. c. Exchange.
Washington Railway & Electric As
led business on the Washington Stock
Exchange today, opening at 895s and
closing at S9%4.
Washington Gas Light SIS came out
at 106 and Potomac Electric Power 6s
moved at l0334
Capital Traction stock was stronger
today. opening at 80 and maintaining
that figure during turnover OF several
small los, total sales reaching l23
shares
Mergenthaler sold at 81. Merchants
Transfer & Storage preferred registered
90 and Potomac Electric Power 5iA
per cent preferred changed hands at
1lo1s.
Cleaned in Financial District.
The PENNSYLVANIA Railroad has de-
clared the regular quarterly dividend Of
81, payable May 29 70 stock Of record
May !.
The April bulletin of the District
Bankers Association has appeared, the
first article being devoted TO the
Greater Washington campaign
Special attention is called TO the pre-
convention dinner at the Columbia
Country Club on Wednesday, April o.
The next meeting of the association
takes place on Friday. April "a. The
Council of Administration meets tomor-
row afternoon at h headquarters.
The bulletin announces the death Of
George o. WATSON, the committee TO
Draw up proper resolutions consisting OF
Francis g. Addison, ir; Joshua Evans,
jr.. and Edward j. McQuade
w w. Spaid is in New York attend
ing a meeting of the cut-of-town sec
49, - c.$ncIx firy.,.