Evening star., 1932-09-06


and of the First Union Trust & Saw
ings Bank. His nomination is in reccg-
milton of many years of practical serv-
ice to the investment banking business
and to organizations interested in safe
guarding the investment public. He is
president and director of the Investors
Protective Bureau of Chicago. and has
served on practically all the important
committees of the Investment Bankers
Association.
Mr.. Gordon began his business career
as a messenger with the First National
Bank in his home city and has been
with that organization and affiliated in
stitutionS ever since. He is now vice
president and director of the National
Safe Deposit Co., vice president and
director of the Chicago Joint Stock
Land Bank, treasurer of the University
of Illinois and treasurer of the COM
missioners of Lincoln Park.
At the same meeting the governors
nominated Allan M. Pope to serve on
the board for one year: c. T. Williams
Of Baltimore. for the same service and
John C. Legg. jr who is with the Baltl-
more office of Mackubin, Goodrich &
Co., to serve on the same board for
three years.
Financial Advertisers to Convene.
Completion of the program for the
Seventeenth Annual Convention of the
Financial Advertisers Association, which
will be held in Chicago at the Congress
Hotel, September IL to Is, Is announced
today by Charles H. Mcmahon OF De-
troit, president of the association.
The program. built to meet the many
problems of the advertiser today, will
feature not only recognized authorities
in the financial field. but also several
of Chicago's best known business and
civic leaders. George w. Rossetter,
president OF the Association Of Ccm-
merce, will make the address of well
come at the opening of the business
session on Tuesday, September 13. and
he will be followed by Col Frank Knox,
publisher of the Chicago Daily News,
who will discuss the subject, HAS the
Banker Lost His Fight?" Col. Knox,
It will be recalled. was selected by Presi-
dent Hoover to lead the anti-hoarding
drive last Winter.
Silas H. Strawn, Chicago attorney,
internationally known business leader,
will be the principal speaker at the
banquet on Thursday evening, Septem-
Der Is, discussing Factors Affecting
American Business" Mr.. Strawn is
former president of the Chamber OF
Commerce of the United States, and
of the American Bar Association.
It is probable that several Washing
ton bankers, who are particularly inter-
ested in financial advertising, will at
tend the meetings.
Today's ID. C. Exchange Trading.
Following the three day holiday on
the Washington Stock Exchange, Wash
ington Gas Light bonds got the most
attention at today's session.
Washington Gas IS series B. figured
in two sales at 101 Y, but there was
more activity in Gas 6s, series A. These
bonds opened with a $500 sale at 1914,
after which two $500 sales were record
ed at 981a The market closed with
. a 81 900 transfer at 9914, same as the
opening price.
This is the issue which figured in
most of the trading last Friday. one
of the most active sessions of the Sum-
mer season. One reason for their move
nent is the fact that the bonds mature
next year. Many investors are now
switching into longer term securities.
In the stock division today, Potomac
Electric Power 6 per cent preferred
came out at 108 and closed at 10734.
The same corporations 512 per cent
preferred moved in three small lots at
103.
As a result of the further advance
in New York City bank stacks during
the past week the aggregate value of II
leading issues now exceeds $4,000 100000
for the first time since last November,
according to records compiled by Holt
Rose & TroSter. The aggregate value
at the close Of the week was S2,007,-
311000. which compares with a total
CT $780, ,851 900 reported at the c.ose
of the previous week and with total
of 1929, 1876 900 reported on May 81 last
the low point of the depression.
The average yield of the IT stocks is
now SIG per cent compared with 585
per cent reported on August 26 and with
record yield of 1924 per cent reported
on May 81.
Heard in Financial District.
William J. Flather. vice president Of
the Riggs National Bank, has returned
from his annual vacation spent at the
Poland Spring House in Maine. He has
been guest at this famous Maine re-
sort every Summer for many years.
@. Bowie Chapman, resident partner
of Hartman g. Co, has returned to
Washington after two months stay at
Castine, Me. He came part way aboard
his yacht but fog made it necessary for
him to end the trip by train. The vet
eran broker is not bearish on stocks but
he expressed the hope today that busi-
ness will soon show some signs of catch
ing up with the advance in Wall Street.
In his opinion one cannot advance in
definitely without the other
Edward L. Hillyer, president of the
Washington Stock Exchange, and vice
president of the Union Trust Co, is on
a business trip to San Francisco. Vice
n Ill ;,
the sessions of the stock exchange.
George E. Fleming, vice president of
the Union Trust Co. is on a vacation,
taking a motor trip to New Hampshire
and other points in New England.
John NJ Rior6an. vice president of
the Bank of Commerce & Savings, Is
back at his desk after a months vaca-
ton at Nantucket and Oak Bluffs, Mass
Open Office i'm Baltimore.
Clark. Childs 6, Keech, members New
York Stock Exchange. have opened an
Office in the Keyser Building. Baltimore
under the management of Allan Carter
jr., and Colin r. Campbell
Plans are completed for the annual
Fall dinner meeting of the Educational
Committee, faculty, officers and gov
ernors of Washington Chapter, Ameri-
can Institute of Banking, at the Ra-
leigh Hotel, Thursday night at $50
The affair Is in charge of Robert c
Lacey of the Columbia National Bank
chairman of the Educational Commit
tee.
The volume of State and municipa
financing for the first eight month
of the year is eff almost SO per cent
in comparison with the corresponding
period OF 1881. according to figures re-
leased by The Daily Bond Buyer o
New York
AS of August 81, new issues market
ed since the first of the year aggre
gated 1851 .029. .696, against $l,010,770.
L.. .irul,A tl,r 1t loct