Evening star., 1936-03-07

the only outside
""' " D''''' guests. Y. E.
Booker of this city, chairman of the
Southeastern Group, called the meet
ing to order.
The program called for luncheon
address by William o. Douglas of the
Securities and Exchange Commission.
who was expected to throw some light
on the proposed regulation of the
er-the- counter market, and the
much-discussed question of UNLISTED
Trading" on registered exchanges. The
remarks of the newest member of the
Securities Commission were awaited
with deep interest.
Other speakers on the days pro-
gram included Lindsey Bradford, vice
president of the City Bank Farmers
Trust Co., his subject being "Protlems
of the Institutional Investor; William
r. Childs, Stein Brothers & Boyce,
Baltimore; E. Fleetwood Dunstan, vice
president, Bankers Trust Co., New
York; Robert B. Hobbs, Baltimore;
Frank M. Stanton, vice president,
First Boston Corp. New York. and
T. Rowe Price of Mackubin, Legg &
Co., Baltimore.
New Attendance Record.
The Washington investment houses,
which are members of the Investment
Bankers Association, were splendidly
represented at today's meeting. Among
the firms here which belong to the
national organization are Auchincloss,
Parker g. Redpath; Y. E. Booker & Co.,
Brown, Goodwin & Co.; George M.
Ferris & Co., Folger, Nolan & Co.;
Henderson, -Winder Co., James M.
Johnston & Co., William w. Mackall,
tr., Stroud, Kurtz e. Co.; Waggaman,
BraWner & Co., and Kenneth S. Wales
& Co.
There were also many representa-
tives present from Washington Offices
which have their headquarters in
other cities, but are members OF the
organization. These firms sending
delegates included Charles D. Barney
e. Co., Alexander Brown & Sons,
Brown. Hartman g. Co., c. F. Childs
Co., First Boston Corp. Graham, Par
sons g. Co.; Hartman & Keech, Hemp
hill, Noyes g. Co.; Mackubin Legg g.
Co.; G.. M. P Murphy & Co., and Stein
Bros. & Boyce.
It was the first time the group has
met for a conference in Washington
and the meeting was the largest yet
held anywhere Chauncy G. Parker.
jr., chairman of the Entertainment
Committee and in charge of reserva-
tions, said Baltimore sent the largest
out-of-town delegation. In addition
to Washington and Maryland, the
territory sending delegates included
Virginia, West Virginia and the Caro-
unas.
When the program opened, 1t was
predicted that there would be some
very lively forum discussions. The
meeting will close with a banquet this
evening at which weighty financial
matters will be temporarily side
tracked.
Roper Sees Marked Progress.
Secretary Roper, in reviewing i'm
portant financial changes in the past
three years, made these comments at
q press conference:
Contrasting sharply with the con-
ditions incident to the financial panic
existing in March, 1888, is the almost
complete absence of bank failures, the
remarkable increase in bank deposits,
the gradual reopening of the capital
markets, and the great improvement
in security markets.
Lest We overlook the extent of
these changes, or accept them as COM
monplace, it should be stated that the
Increase in demand bank deposits since
June, 1888, has been about so per cent;
stock prices have risen 135 per cent
since March, 1933 and bond prices 80
per cent.
Commercial failures have decreased
by As per cent and the liabilities in
volved by SO per cent. Capital issues,
which were very few in number when
the depression was at its worst, are
being put out in, substantial volume
at present. While the proceeds de-
rived from such issues by corporations
are being used largely for refunding
purposes, the effect in reducing in
terest charges is significant.
while some of the largest and
strongest corporations were able to
report profit in 1882, in the aggre-
gate corporations had very substan-
tial loss in that year. Some indica-
ton of the Improvement in corpora
ton earnings since 1882 is afforded by
the Standard Statistics index covering
161 companies. For these corpora
tions, profits dropped to IL per cent
of the 1926 average in 1882; by 1885
these companies reported aggregate
profits equal to about half Of the total
In 1925, an increase of over 300 per
cent in comparison with 1882" Sec
setary Roper added.
Insurance Earnings at Peak.
Earnings, premium income, assets
and surplus of the Lumbermen's Mu-
tual Casualty Co. of Chicago reached
new highs in 1885, according to the
financial statement released today by
the Mutual Insurance Agency, general
agent of the company in this city.
The underwriting and investment
earnings for the year total $4,003,4 ,437.
as compared with $3,025,616 in 1884,
which up to that time was the best
year in the companys history. Earn
tngs for 1929, the last pre-depression
year, totaled $2,307 1888.
Premium income of the company
Increased for the twenty-third con-
secutive year to $20, ,343, ATS, gain OF
s2,035, ,Ss9 over the 1884 total OF sl8,-
307,575. Cash assets were up $685.
$40 to the total Of $22 GIL ,299 as COM
pared with $19,545,750 for December
81, 1894. Additional dividends OF
s2,s50, ,721 % were paid to policy hold
ers during the year, bringing the to-
tai paid for losses and returned to
policyholders in dividends since or
ganization in 1912 to $82, 1897, ,404.
George McAneny, president of Title
Guarantee & Title Co., told the Saw
ings Conference in New York that
40 sxH