The Washington times., 1928-09-11
LOCAL BANKERS
CONVENTION
PLANS
BY RICHARD HATTON

Three men VINO may properly
be claimed by Washington will
have prominent places on the
program OF the annual convention
Of the American Bankers Associa
ton which will be held in Phil
adelphia. October to 4. accord
ing to announcement made by the
association yesterdays These are
Gov. Roy A. Young, of the FED
eral Reserve Board; Chairman l..
T. McFadden, of the Committee
on Banking and Currency of the
House OF Representatives,
Comptroller of the Currency j.
w. Mcintosh 1t is expected that
a larger delegation of local bankers
than usual will attend the Phil
adelphia convention.
AS the political campaign now IS
In full swing, questions of gen
eral public moment, such as the
farm problem. business conditions
and other pertinent matters viii
enter into the discussions of the
bankers along with the more in
timately technical subjects which
will be dealt with. Among the
latter subjects are: Credit. the
spread OF group banking, bank
taxation and bank administration.
In addition to the Washington
officials mentioned above, the pro.
gram for the convention as an
nounced yesterday includes:
Those Going
Thomas II. Preston, president
American Bankers Association, pres
ident Hamilton National Bank,
Chattanooga, Edwin A. Alderman,
president University of Virginia;
James A. Bacigalupi, president
Bank Of Italy National Trust and
Savings Association, San Francisco;
III, l.. Russell, dean College Of Agri.
culture, University of Wisconsin,
and Leonard p Ayres, vice presi-
dent Cleveland Trust Company.
Business barometers continue to
point to fair weather in the COM
mercial and industrial field. The
increase in industry's earnings.
which was generally evident in the
first three months of the year. 1as
been augmented by the returns tor
the second quarter. Most OF the
major business activities are Low
in a better position than in 1871.
and those few enterprises whi"n
rate below the 1927 level are on tne
upward trend, according to ADomi-
nick q Dominick, New York, while
the National City Company finds
that 1.-THE past summer has given
convincing evidence of business re-
covery and few persons now have
any doubts about business being
good this fail One industry after
another has been falling in line
with the better trend, so thlt while
some unsatisfactory spots can still
be found, general business IS UNI
questionably getting back rapidly
to a normal footing. Again the
country's recuperative powers have
been underestimate. and revival
has come more swiftly and viSor-
ously than even the optimistic had
anticipated incidentally. another
demonstration has been furnished
of the fallacy that presidential
years are necessarily bad wears for
business.
Factors Favorable
And the Brookmire Economic Ser
vice believes that business con-
tinues at a level above the long-term
average movement with no signs of
q DECLINE such as occurred last year,
The more important factors are still
favorable. Earnings should be ex.
ceptionally good except in a few
industries such as textiles and rail-
way equipment The loan situation.
also. has improved, from the mar
ket standpoint, since total security
values have gone ahead very
sharply while brokers loans have
not advanced proportionately. Yet
in the building industry the figures
for contracts awarded have fallen
below the August figure for both
1927 and 1926. 1t seems apparent
that dearer money is having its ef-
feet on this field Car loadings are
still at a high level and the move
ment has shown extraordinary sta
biIity this year. The indication is
for a good business year but moth
ing that could be regarded as boom
period.
The first meeting Of the board OF
consuls of Washington Chapter,
American Institute of Banking, will
be held at the Raleigh Hotel this
evening. Chief Consul Richard A.
Norris. of the Lincoln National Bank,
will preside at the dinner meeting,
President Robert V. Fleming, of
the Riggs National Bank, has le-
turned from a short vacation on
the Jersey coast.
Executive Vice President John NJ.
Riordan, OF the Bank Of Commerce
and Savings, has returned from his
vacation