Evening star., 1936-09-22

IlOn.
Mr.. Benson has '"
served the association during the last
year as president of the savings di-
vision, having been elected to that
position at New Orleans last year. He
was president of the National Associa-
tion of Savings Banks from 1888 to
1885 and is still a member of the
Executive Committee of that organi-
zation. He also is prominently con-
nected with the New York State
Savings Bank Association.
One of the best-knoWn bankers
In the East, his friends have made
lively campaign for him. He was
born in New York City, educated at
New York University, lives in Brooklyn
and is Republican in politics.
Tom K. Smith. president, Boat
mans National Bank, st. Louis, is
slated for the presidency of the A.
B. A. and it is anticipated that Orval
w. Adams will be advanced to the
first vice presidency. He is from Salt
Lake City.
Standardized Taxes Urged.
In his address TO the A. B. A. con-
vention today President Robert "
Fleming urged that taxes be placed on
a sounder basis, be standardized and
that a better tax understanding be
reached between the States and the
National Government. Individuals and
big corporations need to know exactly
what their taxes are to be when they
make future plans, he said.
The Washington banker was en-
thusiastic over present industrial re-
coVery, but added that he considered
the unemployment situation still seri-
Gus. He advocated closer control of
Federal, State and municipal expendi-
lures. Referring to the present status
Of banking. he declared that COM
mercial loans cannot now be relied
upon as the chief earnings assets
Bankers must look to other fields 10
employ loanable funds, such as install
ment credit and home financing.
Assessments for Federal deposit in
surance and increased costs present
serious problem, he said, in this period
OF low earnings. He stressed public
relations, warned against over-charter-
ing of banks and touched on the COM
petition between the banks. the Post
Savings System and other Government
lending agencies
Insurance Stocks Reviewed.
Mackubin. Legg g. Co., New York
Stock Exchange firm. which has
Washington Office in the Woodward
Building, is distributing to clients a
review and forecast of casualty and
surety insurance stocks. Interest has
grown in all classes of insurance
stocks in recent years, this survey
containing ~ pages of very inter-
esting matter.
The publication says there has been
a fundamental and probably per-
manent improvement in the under
writings of casualty surety companies.
Net premiums written by these COM
panies from 1901 to 1885 revealed
very heavy increase. An average
OF about 80 per cent of the total
assets of casualty surety insurance
companies is represented by cash and
marketable bonds and stocks. the
survey says.
INVESTMENT care STRESSED.
Great care in maintaining reserves
we'll invested and investing of surplus
funds conservatively were two points
made by Edwin Hyde in addressing
the Morris Plan Bankers Association
at Hot Springs. Va. yesterday, accord
ing to the Associated Press. IF the
bond account is looked upon as a side
3e Al,
entire financial structure, he declared.
Lewis F. Gordon, vice president and
director OF public relations of the
Citizens & Southern National Bank,
Atlanta, told Of dangers" which he
said might arise from the lack of ap-
probation of the need of public re-
lations counsel and building good will
The chief difficulty, he said. was to
see banks and bankers as the public |
sees them. The people make the
banks, he said. and whether right or
wrong. their ideas govern the banks
success or failure.
Willard G. Barker, president of the
Morris Plan Bank of Washington,
spoke on Public Relations"
WdsnnxtOn Omce opened.
President P. G. Mumford of Ameri-
can Machine & Metals, Inc, an
nounced today that Offices have been
opened In the Washington Building,
with Vice President Joseph S. Jones
in charge. MIR. Jones has been the
company's vice president in charge
Of manufacturing operations and
writ In~ ~lr
wide business experience.
Celebrating its 91st anniversary. the
Washington agency of the Mutual
Benefit Life of New Jersey also re-
ports the best new business for the
third quarter of the year which it
has recorded in its entire history.
The first agent for Mutual Benefit in
the District was appointed in Sep
tember. 1s45. Several Home Once
officials will visit Washington next
week to help the local agency cele-
brate.
Bank Stock Sales Improve.
Yesterdays sale of Norfolk & Wash
ington Steamboat Co. stock at los was
at q new 1896 peak. The low for
the year on this issue is 49, Several
sales of Lincoln National Bank stock
at 205 showed gain of 2 points over
the last previous transfer and were |
in line with the increased interest in
all Washington bank stocks in recent |
months. Mergenthaler Linotype sold
at 461a in Boston yesterday, the same
as it did here.
The New York Stock Exchange Is |
putting out an illustrated booklet for
the public, describing in detail the |
facilities and purposes of the ex- |
change. The exchange plans to ad-
vertise the 37-page booklet in 200
newspapers, the first advertising that
has been done since the Liberty Bond
sales many years ago.
On the Washington Stock Exchange