Evening star., 1936-11-07

VA Karl T. Compton,
Mass husetts
James M. Lands Institute of Tech
nology; Lionel D. Edie, economist, and
d. Leon Harp of Texas, president of
the National Association of Securities
Commissioners.
President Wood states that every
effort will be put forth to make the
convention of great value to the in
vestor. Municipal finance, securities
regulation, public utilities, railroads
and a host of new investment prob
lens will come in for special attention.
The associations membership is now
the largest on record which will mean
p particularly important gathering at
Augusta Progress in the past IL
months IN every line will be reviewed
by 13 special committees which have
made their own surveys. 1t is the
twenty-fifth convention. this fact
also to be given due attention, as
sociation officials announce.
Waller Gets Further HOnors.
1t was learned in the financial dis
trict today that Wilmer J. Waller has
been showered with more honors by
the American Bankers Association.
by appointment as chairman of the
National Bank Divisions Committee
on Relations with the Federal Re-
serve System. The assignment came
from w. S. Augustine, president of the
section.
Mr.. Waller has also been named a
member of the national bank di-
visions Committee on Federal Legis-
lation, Committee on Public Rela-
tions and Committee on Non-Cash
Collection Items At the time of the
A. B. A. national convention in San
Francisco Mr.. Waller was chosen
member Of the divisions Executive
Committee. representing the fifth
Federal Reserve district.
AS announced some time ago, he
Is a member of the A. B. A. Banking
Studies Committee and also of that
groups Executive Committee.
Cotton Yield Forecast Rises.
Prospective cotton crop yield figures
rose 10000 bales in the fifth Federal
Reserve district during September and
on October / were $4,000 bales above
1885 production, nearly all of the in
crease being in South Carolina, the
Bank of Richmond reports.
The latest review adds that fore
casts of tobacco yields in Maryland,
Virginia and South Carolina in
creased during the month, while
North Carolina prospects declined
slightly and West Virginia reported
no change. While the years tobacco
crop is materially smaller than in
1885, this is compensated in part
by higher prices.
Other crops besides cotton and to-
bacco turned out better than earlier
estimates in most instances and good
weather for late crops and harvest
tng overcame much of a handicap
of the late Spring start and the lack
of rain in the Summer.
The Richmond bank report adds
that on October l the several States
showed the following percentages of
average yields during the 10-year
period 1921-1930: South Carolina.
122 per cent North Carolina, los
per cent; Maryland, 100 per cent;
Virginia. 80 per cent, and West Vir-
ginia, 79 per cent. The national
average figure was 845 per cent.
Pension Plans Suggested.
A committee of the American Bank
ers' Association has submitted to the
Social Security Board in recent weeks
number of proposals for amending
the social security act in order to
cover national bank employees.
The board is reported to be of the
opinion that national banks should
not be exempted from the law as they
now are under interpretations of the
Bureau of Internal Revenue.
The exact form of the desired
amendment, which will be submitted
to Congress, has not been decided, it
Is understood The A. B. A. commit
tee apparently did not indicate which
OF its proposals it particularly favored,
according to the Wall Street Journal.
The committee met with the board
anu discussed the positions of banks
generally in relation to the social Sc
curity program. One of the problems
raised was how to have the act apply
also to State banks which are mem
bers of the Federal Reserve system.
Bank Stocks Turn Upward.
New. York City bank stocks recov-
cred moderately after a period of ir-
regularity during October, according
to Holt, Rose & Troster. The weighted
average of II leading issues opened
on October l at 64.36 and reached the
months high of 663l on October
13, the highest levels since August.
1rregularity then developed, however,
which eliminated in the months low
of 62,62 on October q. The list ral-
lied from this point to close October
81 at 1928.
Financial District Notes.
The financial district was shocked
by the sudden death of Julius Gar
flnckel, for so many years one of the
Capitals foremost merchants. Natural
ly he was very closely associated with
some of the city's leading financiers,
who had great respect for his business
ability.
The Chesapeake & Potomac Tele-
phone Co. of Baltimore had a net
gain of 1882 stations in October COM
cared with 1.119 in October. 1885, and
LOIS in 1884. For the first 10 months
of 1896 the company made net gain
of Is, ,482 stations, against 6.472 in the
like period Of 1885.
NEW YORK RANK STOCKS