Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-22
DELEGATES ARRIVE
FOR MEETING HERE
Personal Finance Compa-
MES Convention Win Be For
maIIy Opened Tomorrow.
BY EDWARD c, STONE.


there are $500 companies engaged III
the business of making small loan,
were arriving today for the sixteenth
annual convention of the American
Association of Personal Finance Com.
panies. The aim of the association Il
TO fight loan sharks and obtain laws ir
all the States which will prevent the
making Of personal loans at any unfair
interest rates Such laws already exist
in about half the States. the form oil
credit adopted having the support OF
the Russell Sage Foundation.
The convention will open tomorrow at
the United States Chamber of Com
rnerce and remain in session until Fri
day. Many business experts, economists
and sociologists will be present The
delegates are to be welcomed by Robert
v. Fleming. president of the Riggs Ma
tional Bank. of this city. Other speak
erS include Merle Thorpe. editor of the
Nations Business; Edward A. Filene,
well known Boston merchant, and w.
Frank Persons. executive vice president
of the association.
De Wolf Hopper, noted comedian. will
be one of the speakers at the annual
banquet The convention plans for
much hard work, but the program in
cludes side trips to Mount Vernon and
elsewhere.
Today's Trading on Exchange.
Business started the week on the
Washington NStock Exchange today with
considerable activity.
The first sale was a 81 900 turnover
in Washington Gas Light bonds, series
A. at 1929. After call, series B gas
bonds figured in a $500, a $4,000 and
four more $500 sales at 1867.
Three small sales of Lanston Mono
type stock were recorded at lis, Peoples
Drug Stores preferred changed hands
at 1o1l4 and tiny sale of Capital
Traction was then recorded at 81. Later
in the session 50-share block of Capt.
tai Traction came out at go, all sales
being ex-dividend.
The ex-dividend list on the exchange
has been extended until it now in
cludes American Telephone & Tele-
graph, Capital Traction, Norfolk e.
Washington Steamboat Co, Carpet Cor
poration, Mergenthaler, Emerson Bro
no-Selzer and United States Savings
Bank stock
Exchange members commented today
on the death of Myer Cohen. He had
been a director in the Federal Ameri-
can National Bank for many years.
Bank Sees Business Pickup.
The influence of a more active de-
- dn6dQy apparent III many
lines of business, according to the Bank
of America N. A. which, in its current
review of business conditions. declares
that while the increase in the volume
of trade is Of very moderate proper
tons the improvement has been suffl-
Gent to be reflected in a more optimis-
tic business sentiment and in greater
confidence in the general economic Sit
uation."
The review notes that while recovery
In two basic lines. building and con-
struction and automobile manufacture
ing, still lags behind curtailment of
operations in both these industries is
gradually bringing supply and demand
closer together. Large SURPRISES of
wheat and cotton and consequent low
price levels of these products still pre-
sent a problem. In spite of the esti-
mated increase in the world wheat crop,
however, the poor quality of the Euro
pean harvest may result in increasing
the demand for American wheat, while
the use of wheat in feeding livestock
may furnish a profitable outlet for
part of the surplus.
Building Slumped in August.
A decrease of 16.2 per cent in esti-
mated costs of buildings was shown in
August, as compared with July. accord
ing to the Bureau of Labor monthly
statement.
Total indicated expenditures for all
buildings for which permits were issued
during August was sl37,e24, 1872, against
sl64.474,1Sa in July.
Residential building decreased 6 per
cent in August while non-residential
building decreased 22.5 per cent.
According to permits issued during
August, 10,l19 families we're provided
with dwelling places in new buildings
ie - . <
the number of families provided for by
the July permits.
The bureau bases its report On sta
tistics received from 291 cities of the
country having population of $4,000
or over.
Heard in Financial District.
The members OF the Washington
Stock Exchange sent a handsome floral
piece to the funeral of Albion K. Paris
one OF the founders of the organiza-
ton. The Exchange was also to be
represented by several leading members
at the rites, to be held in Georgetown
late this afternoon. An unusually large
attendance from the financial district
was anticipated.
Fred Mackenzie. director in the Sec
ono National Bank, has returned from
Joliet, Ill, where as a director he took
part IN the dedication of the American
Institute of Laundering. William But
terwerth, president of the United States
Chamber OF Commerce, was the prin-
ctpal speaker.
- Friends were greeting President
George L. Starkey of the National Bank
OF Washington today on his return from
an extended motor trip through New
England and New York.
j. Damn Faber. auditor Of the Amer
lean Security & Trust Co., is taking
his annual vacation. Mr. Faber was
chairman last year of the auditors sec
ton OF the District Bankers Associa-
ton.
Pennsy Seeks Bond Rights.
The Pennsylvania Railroad Co. has
applied to Interstate Commerce Com
mission for authority to assume obliga-
ton and liability as lessee of bonds
totaling $32 ,0I7,0 900 Of the Pittsburgh.
Cincinnati, Chicago & st. Louis Rail-
road and the Cleveland g. Pittsburgh
Railroad
The Pennsylvania proposes to sell the
bonds at not less than $685. of mar
TO Kuhn Loeb e. Co. proceeds from
the sale Of which are to be used to
reimburse the Pennsylvania treasury
for advances to subsidiary companies
I. I. Sporting of the Cleveland Trust
Co. told the financial advertisers at
Louisville that branch banking in the
next 10 years VIII De on a much broader
scale than at present but sheer size
VIII not be the justification for large
branch organizations. Service to the
public must be the basis for such ex-
pansion."
Guy w. Cooke of Chicago told the
same convention that business depres-
sions will be entirely nullifed when the
people Of the United States learn to save
and spend less in times of peak pros.