Evening star., 1932-11-09

form. STOCKS were E$$#$3$#: &$SsS$$3
higher and trading E Il
more active. Prece E "a m
dent shows that r. #$#&S
most stock mar s1A'A'AA4
kets are higher Robert v. Fleming.
after presidential
elections. Almost every stock on the
board opened higher than it closed on
the dav before the national election.
The increased business was considered a
good sign, so were the higher quotations,
although many of them came down dur
ing the first hour
One swallow does not make SUM-
mer. and one days session does not
make a stock market. However. local
observers said today that they expect
great deal more c1ncentration on busl-
ness and trade than was possible dur
ing the political campaign. Both brokers
and bankers. who have favored change,
expressed enthusiasm today over the
outlook.
New York wire comment was varied,
as it always is. HornbloWer & Weeks
declare the business outlook Is bright
er" In any poSt-elecdon confusion,
which may occur this week, the brokers
counsel against allowing the nervous
tension of the times to supplant flnan-
cial Judgment in shaping OF investment
programs"
Bank Associates Honor Fleming.
Robert v. Fleming, president of the
Riggs National Bank, was specially hon.
ored by his associates today, the oc-
casion being his seventh anniversary as
head of the big financial institution He
was shoWered with congratulations and
his friends went still further and said
it with flowers two immense bouquets
being placed on his desk, with print
ed card of greetings from the board OF
directors.
On November 9. 1925, Mr.. Fleming
was elected president of Riggs, sue
ceeding the late Milton E. Allies and
assuming his new duties at once. How
the bank has grown under his leader
ship is vividly pictured by the records.
Deposits are sufficient to reveal the
banks enviable growth. On the day
he was placed at the wheel, in 1928,
deposits totaled S36985, 1925, while on
the date of the controllers last call,
September 80 1882, deposits had
mounted to S66,846,915.21.
During the present administrator,
the bank has increased its branch OIL
fees from four to six Those added
are the Farmers g. Mechanics branch
at Wisconsin avenue and M street,
Georgetown, and the Friendship brancn,
at Wisconsin avenue and Warren street.
To Mr.. Fleming, November IS the
most important month In the year, as
it includes his birthday. On Novem-
ber 3 he was AZ years old, Whlch
makes him one Of the youngest bank
presidents in the country IN cnarge OF
an institution the size OF RIGGS. AS
chairman of the National LeglslatlVe
Committee of the American Bankers
Association, he has come into natlonal
prominence because OF important WORK
performed on various legislative mat
ters before Congress.
Bankruptcy Program Rushed.
II was announced by R. Preston
shealev. general counsel of the Ma
tional Retailers Bankruptcy Confer,
ence. at meeting OF the AsSoclaIeo
Retail Credit Men of Washington To-Day
that plans of that organization LOT an
intensive drive on behalf OF the nVe-
point bankruptcy program q creolI
men had been perfected. Inc nve
bankruptcy amendments desired by the
retailer are, viz, barring the neces-
saries of life from discharge. but per-
Knitting a discharge for necessarleS un-
der certain conditions where individuals
endeavor to settle their 1ndebtednesS
through amortization of debts, PROVO
ing by amortization method by Whlch
individuals without resortlng 10 tne
stigma of bankruptcy can pay thelr
debts or through failure after an honest
attempt so to do receive dlScharge
from Indebtedness; suspension OF dls-
charges where the bankruptcy mas peeh
brought about by extravaganza, spec
ulation or culpable neglect OF business
to the end that AFTER acquired property
may be distributed for the benefit OF
creditors: limiting voluntary bank
ruptcv to those owing not less than
$500 in unsecured Indebtedness, and en-
abling creditors to bring on for nearing
annlications for discharges where
debtors themselves have filed repeated
voluntary petitions, but do not ask 1or
discharges.
At meeting held last week at the
Cosmos Club, representatives OF ma
tional organizations OF credit men, re-
tail grocers, retail fuel dealers, dry
goods merchants, shoe dealers. were
present and indorsed the program
Charles H. Jansen of st. Paul, ma
tional secretary of the National Asso-
citation OF Retail Grocers, who repre-
sented that organization at the confer
ence, announced that the retail grocers
were already in the field with an In
tensive drive for the amendments and
planning to redouble their efforts to
get the amendment into line.
Today's Trading on d. C. Exchange.
Trading was somewhat more active on
the Washington Stock Exchange today.
the first session since the national vot-
ing. The opening sale was $500 turn
over in Washington Gas SIS at l0l.
Later in the session 81 900 Washing
ton Gas 6s. series A, appeared on the
board at 994. The rest Of the session
was devoted to stocks.
washington Railway & Electric pre-
ferred stock figured in four 10-Share-
lot sales and one of five shares at 81.
Potomac Electric Power per cent
preferred came out at Ill, same as
other recent sales. A single share OF
the stock moved at HOS.
One share of Capital Traction ap-
peared on the board at 5.
Luncheon Group Honors Fleming.
It was learned early this afternoon
the luncheon group OF the DStrlct
Bankers Association also paid a tribute
to President Robert v. Fleming OF Riggs
National at their weekly meeting today.
In honor of his recent birthday ami
versary, the Willard Hotel presented
him with very large birthday cake
with the figures "42" made In the FROST
ing.
Attorney Frank j. Hogan, counsel for
the association, attended today's meet
ing and made some timely and witty
remarks. Mr. Fleming is former
president of the association.
President c. H. Pope presided. Sew
eral bankers who have not been attend
ing the luncheons regularly were present
today. The attendance recently has
lacf 11,onlz,c turn QlIf