Evening star., 1937-10-09
BANKERS TOLEAvE
FOR CONVENTION
Last Of Capital Delegation
Will Start Late Today for
r. A. B. A. Session.
BY EDWARD C. STONE.

Late today the last members OF a
delegation Of 35 Washington flnanciers
will Be on their way to the American
Bankers Association convention in
Boston, which opens Monday.
Before leaving the city today several
members of the delegation. headed by
Thomas J. Groom, president of the
District Bankers Association. pre-
dicted that the controversy over unit
banking versus branch banking would
loom large In the convention proceed
tngs.
DR.. Luther Harr, Pennsylvania
secretary of banking, has announced
that the National Association of Super
visors of State Banks will urge the
A. B. A. to take very strong ground
against the extension of branch bank
ing across State lines. He insists that
the United States has no bankers big
enough to manage large branch bank
Ing systems spreading over different
States.
He says his organization is not
interested in branch banking within
State lines. this being a matter for
each State to handle.
From many other sources comes in
formation that the Meade bills now
before Congress, which call for ex-
tension of branch banking, will be
opposed in resolutions or some other
form at the Boston convention.
It is understood that most of the
bankers in the Washington delegation
take little interest in this national
issue. There are plenty of branch
banks In the Capital. but up to the
present time bank officials here have
shown little desire to go any distance
beyond the District line.
Other subjects that will grip at
tention at the Boston meeting are
the outlook for savings, outlook for
foreign trade, prospects for profits
In banking. the gold problem. public
relations, investment policies and
aspects OF the Government bond
market.
Earnings Reports Reviewed.
Auchincloss, Parker & Redpath, New
York Stock Exchange firm. with head
Offices in the National Savings &
Trust Co. Building, is distributing to
cliers a Study of Quarterly Earn
ings Reports which IS most compre-
hensive and unusually interesting
The study furnishes special informa-
ton on five particularly important
points in connection with invest
merits:
Present rate Of earning power of
companies on common per share
basis: raising of quarterly net income
figures 10 annual basis after adjust
ment for indicated seasonal trends;
calculation OF a price-earnings ratio;
comparison of market appraisal OF
current earnings with other COM
panies in same industry; comparison
Of current results with earlier periods;
extent of recovery in percentage terms
Of 1929 earnings and prices.
The question concerning how many
times earnings a common stock should
kell in the market has never been
properly answered and never can be,
the study says, because there is no rule
Of thumb or exact yardstick by which
10 measure values. Ample data, how
ever, governs the selection of stocks
The Auchincloss, Parker e. Redpath
summary shows that the average
common stock was earning at the an
nual rate of $3.44 per share, based
upon reports of net income for the
second quarter Of this year after ad-
tustment for seasonal trend. This
compares with s4o1 for the first quar-
ter of 1887 and $3.50 for the second
quarter OF 1886.
The summaries by industries and
reports on individual stocks are so
complete that the firm has received
many compliments from investors.
u. S. officials to Speak.
The role to be played by the Fed
aral Government in the future in the
fields of farm and city mortgage lend
ing will be told next Wednesday in
Cleveland with the opening of the
twenty fourth annual convention of
the Mortgage Bankers Association of
America. The two initial addresses
at the opening session will be deliv-
cred by Gov. w. I. Myers of the Farm
Credit Administration and Carroll B.
Merriam, director of the Reconstruc-
ton Finance Corp, two of the prin-
cipal Federal lending agencies.
Speakers for the associations first
annual appraisal clinic" were also
announced today and include Edward
L. Oetendorf, president of the Ameri-
can Institute of Real Estate Apprais-
ers: H. o. Walther of Chicago. presi-
dent OF the Society of Residential
Appraisers, and Philip Kniskern, pres
ident of the First Mortgage Corp. Of
Philadelphia. The clinic" is being
inaugurated because Of the associa-
tons belief that accurate sound ap-
praisals of real estate were never more
important than today.
The convention this year will be
the largest ever held by the Mortgage
Bankers Association of America in its
nearly quarter Of century history.
More than 1000 will register
Dollars and Sense Appears.
The first issue for the year of Dol
lars and Sense, published by Wash
tngton Chapter, American Institute of
Banking, appeared in the financial
district today 1t covers the institute S
activities in detail, President William
H. Laughlin and his aides submitting
some excellent reports. The current
number includes the address made by
radio by Branch Hickey at the insti-
tute graduation exercises.
This years staff is made up OF
A. E. Henze, w. B. Hibbs & Co., edi-
Tor; Miss Rose Royce, Washington
Loan & Trust Co.: J. George Dage-
nais, Riggs National; Kenneth Brig
field, American Security & Trust Co.
assistant editors, and Eldridge Ken
drick, distribution manager.
Reports from Portland. Me-, statT
that progress is being made towart
the reorganization of Brown Co. o
Berlin, NJ H. The big rayon, pull
and paper concern has filed plar
In the Federal Court in Portland
which proposes to pay all back in
terest m the bonds and interest OF