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Investors' Round Table
Continued from Page Seven in British finance, somewhat that of localized Building and Loan Association as compared to large city bank. banking business is serious, difficult, specialized affair. Our municipalities are no more prepared to run banks than they are to fly. The air ports and fight stadiums cities operate, are examples in point. The city that tempts to run bank will run to ruin. See what the Non-Partisan League's financing did to the credit of North Dakota! (State Bank of North Dakota.) need to practice Puritan self-denial. The taxpayers deserve chance to exist. Their plight can spread to every business and to every political office. The municipal bank is the bank. Social disservice via socialization.
THE WEIGHTED averages of leading New York and Detroit bank stocks, as compiled by Brand, Dresser Co., members of the Detroit Stock Exchange, as of the close Oct. 28, 1932, 78.3 as compared with 77.2 last week and 120.6 for the corresponding period last year.
E W. HOTCHKISS has been apE.pointed secretary and treasurer of Detroit and Toledo Shore Line Railroad Co. with offices at Detroit, succeeding W. C. Tomkins, who is retiring from active service, announced by C. G Bowker, president of the company. of the advisory committee of the Reconstruction Finance Corp. and chairman of the board of the governing committee of the First National Bank, Detroit, stated in recent radio address that "the oper ations the R. F. have affected directly of ple in that up to Sept. 30, 1932, to approximately 5,000 banks and trust companies benefited 14,300,000 depositors Loans to insurance safeguarded the interests of 15,000,000 and loans to building and loan sociations proved to be an additional in of 1,545,000. Mr. Wills holds that these which have just been released are especially significant, and give true indication of the widespread, additional strength and securty supplied by this huge credit agency.
DEFINITE THREAT to the A interests of many municipal general obligation bond holders is seen by Joseph J. McFawn, of Cray, McFawn & Co. in the present countrywide tax limitation movement together with an indication that called municipal revnue bonds may assume at least portion of the importance and desirability hitherto held the general obligation Tax limitation statutes, such as the 15-mill law now effect in Indiana, McFawn says, when considered ip conjunction with present tax delinquencies, might easily result in failure to collect sufficient funds for necessary expenditures, with an accompanying tendency on the part of municipalities default on bond rather than per mit stoppage of vital public servThe tax limitation law proposed in Michigan, and which will be voted upon at the November election, with a $3,000 exemption on homest noth ing value, McFawn declares The Michigan proposal for 15mill limit, except for existing bond Municipal revenue bonds, says McFawn serviced entirely out of the proceeds of municipal public utilities operation with contractual which them immune the effects of tax limitations or tax delinquencies.
S TOCKHOLDERS of the Lincoln Park State Savings Bank, which closed March 13, 1931 met Saturday, elected board of directors and set Nov 12 as the date for reopening board meeting will be held at the bank Monday 7 p. for the purpose of electing officers.
UNDAMENTAL TRADE conditions in the automotive equipment field in the southern states he visited appear definitely improved as year ago, Wilson general sales manager AC Spark Plug Co. stated Saturday according to ad vices from Flint In Tennessee Mississippi Louisiana, Oklahoma and Texas particular materially better sentiment exists, Isherwood said, due largely the fact that cost which the grower a profit at prevailing prices
PPOINTMENT of S. E. Meyers A manager of the credit department of the Kelvinator factory branch at New York was announced Saturday by C. M. Armstrong, vice president and manager of the Refrigeration Discount Corp. Meyers resigned his position as member of the ReDisCo. staff at the factory to take effect Nov. and proceeded to New York to take up his new duties. He has been with ReDisCo almost from the date of its organization.
THE COMPLICATED subject of state laws governing investments of mutual savings banks has been reduced to something like simplicity in the second edition of an analysis just issued the Na. tional Association Mutual Sav. ings Banks, with headquarter in New York City. This edition consists of 134 pages, including revisions passed by various legislatures last spring. The analy has been thoroughly indexed, showing at glance how comparative laws work in different states. For instance, it is possible to learn quickly in what states any type security is legal for investment mutual savings institutions This year's analysis follows the first compilation of the kind made, as prepared and issued by the National Association in 1930 A the following year supplied corrections in the light of current legislation, which the new edition incorporates now supplants the original edition and the supplement.
