Evening star., 1937-10-15

$3. EI&&$ ~. OiiutI pres
~ @ ent laws banks
n-u,~ p-sn may S t b Ii S h
branches within
State boundaries.
The convention also adopted reso-
ution favoring the preservation and
continuation of the dual banking sys-
EN- by which banks are free to oper-
tie under State or national charter"
Consistent Gains During 1887.
Another resolution said that "the
present moderate recession in business
'ctivity should not be permitted to
obscure the fact that 1887 has been
% far a year of large and consistent
,ains for industry, commerce and ag-
giculture."
The bankers considered the stock
market slump, saying it appeared to
,e a reaction from a long and eX-
eptionally rapid advance. Postal saw
ngs were mentioned in brief reso-
ution. Regarding Government expen-
litures and the budget, the Commit
-ee on Resolutions declared:
From recent expressions by those
high in authority in the National Gov
rnment, we are pleased to note a
etermination to balance the Federal
udget While recognizing that I'M
lsual economic circumstances and
lecessary efforts to relieve human
uffering and deprivation under emer-
ency conditions justified unusual ex-
,enditures of public funds and being
ware of the difficulty involved in
ne effort to balance the budget, nev-
rtheless We believe that a return
balanced budget should be the
rime objective of a sound fiscal pol
.cy."
Benson Expert on Savings.
Robert V. Fleming, Washington
tanker, was chairman Of the Resolu-
ions Committee and presented the
eport. Orval w. Adams took over
lie gavel from Tom K. Smith, who
etired amid high praise for his years
'Tork. Philip A. Benson became first
ice president. He is president OF
lie Dime Savings Bank, Brooklyn,
nd is best known among the savings
'ank leaders of the country.
Election of Robert M. Hanes, presi-
ent of the Wachovia Bank g. Trust
o., of Winstom- Salem. N. c., as
econd vice president of the associ-
ton, was of special interest to bankers
ere. Three years from now he will
cad the association. His choice
rings another banker in the Fifth
,eserve district into national promin-
lece
Ayres Calls Outlook Good.
Leonard P. Ayes said the emergency
eriod in banking lies in the past and
ow the problems are those of adjust
lg policies and operations to con-
itions that are here and promise
prevail in the future"
AS chairman of the economic policy
ommission, he declared that pros
)ects for profits in the banking busi-
,ess are fairly bright"
Eliot Wadsworth, chairman of the
merican Section of the International
tamber of Commerce, warned that
We cannot expect to have favorable
alance of trade in goods and at the
.me time collect interest on debts
wed us from abroad"
Express Shipments Soar.
The Railway Express Agency han
led 10,630,430 shipments during Au-
ust. an increase of 619,742 shipments
SIG per cent over the correspond
lg period of last year, K. N. Merritt,
eneral sales manager, reported in New
york today. This increase marked the
orty-fourth consecutive month in
aims in the number of shipments car
led throughout the country. Mr.. Mer-
lit attributed the increase in great
Measure to the growth of consumer
ncome in the agricultural districts of
he Midwest and South.
Fraser Heads Mortgage Body.
A. D. Fraser, president II A. D.
fraser Co. OF Cleveland, was today
lected president Of Mortgage Bankers
Association for the coming year.
Chosen at the session in Cleveland, he
'ucceeds James W. Collins of Salt
AXE City. The new president is a
trustee of the Cleveland Real Estate
Board and has been a member of the
Mortgage Bankers Board of Govern
,rs for many terms. During the past
IS years he has served as a loan cor
respondent for leading American life
insurance companies. The conven-
lion, which closed today, was attended
~ 10 prominent real eestate men from
Washington.
Market Drop Being Studied.
David Saperstein, director of the
.rading and exchange division OF the
Securities Exchange Commission, is in
New York, said to be studying various
phases of the recent declines in the
stock market. Commission officials
nave often stated that they took no
interest in market quotations, merely
as quotations. 1t is reported in finan-
cial circles, however, that they have
been watching the recent sliding prices
with more than common interest.
So far as can be learned, the pres
ent talk that the Federal Reserve
Board may lower margin require
ments is largely the expression Of a
hope on the part of brokers and
traders. Such action would bolster
market support and the volume of
trading great deal but reserve gov
ernors have given out no encourage
ment regarding any early change in
margin rules.
Stonier New A. B. A. Manager.
At meeting Of the executive coun.
ell Of the A. B. A. DR.. Harold Stoniel
was elected executive manager Of th'
association, succeeding F.. N. Shepherd
who had announced he would not be I
candidate for reelection.
M. H. Malott, president Of Citizens
Bank Of Abilene, Kans., was electet
treasurer of the association.
Some 10000 holders of American
Telephone T. Telegraph Co. stock il
Washington received their third-quar'
"a Nh ALL Ca AI>x