Evening star., 1932-10-18

port by Robert V. %3
Fleming, president -. 9 ..;........I:sS:s
of the Riggs Ma
tional Bank, on the Grant L. Hill
annual convention
of the American Bankers Association,
which he recently attended at Los
Angeles.
The A. B. A. convention is always
the most important gathering OF the
wear in banking circles. This year
banking conditions made it doubly sig
niflcant. The annual reports covered
an unusually wide range of vital bank
ing subjects. Public relations. security
values. bank management, national
legislation, the increased burdens OF
taxation, the railroad outlook and a
score of other problems were accorded
special attention These and many
other features of the meeting Will no
doubt be touched upon by Mr.. Fleming
in his convention review.
Hill Leader in Insurance.
The announcement is made by John
P. Lynch, president of the District OF
Columbia Life Underwriters Associa-
tion. that Grant L. Hill of New York
CITY will address the local association
at its luncheon meeting Thursday, Oc-
tober 20, at the washington Hotel has
aroused wide interest. Cleared With
the Times" will be the subject of Mr..
Hills talk
Mr.. Hill is now associated, as produc-
ton manager. with one OF the largest
general agencies of the Northwestern
Mutual Life Insurance Co. in New York
City. Prior to his present connection
Mr.. Hill gained the reputation OF being
a million-dollar producer.
Grosvenor NJ Jones. chief of the
finance and investment division, Bu-
reau of Foreign and Domestic Com
merce, will make the principal address
at the first forum meeting OF Washing
ton Chapter, American Institute OF
Banking, at the Hay-Adams House,
wednesday, October 26. Mr.. Jones will
speak on the particular problems IN
banking arising from the current in
ternational financial complications.
He has been in the Commerce De-
partment for the past 10 years and mas
Travelled widely in Latin America ana
Europe He served as an expert with
the American delegation to the Wor!o
Economic Conference in Geneva IN
1927 and at several pan-American con-
ferences. The Forum Committee is
elated over obtaining him as the first
speaker.
Chairman Norman E. Towson re-
oorted today that early reservations lp-
dicate an unusually large attendance.
Washington Man Among Speakers.
Consumer credit as embodied in the
tWo-billion- dollar business OF the ols-
count finance companies Will De olS-
cussed bv more than 200 flnanclerS IN
New Orleans December 6, 7 ana o, at
the annual convention of the Natlonal
Association of Finance Companies,
which includes in its membership the
firms doing go per cent OF the automo-
bile and other time payment financing
of merchandise in this country.
Latest figures from reporting compan-
les compiled by the United States De
partment of Commerce, showing an NJ
crease of approximately S3ooO Ooo III tne
installment financing of retail automo-
hile sales for August as compared with
.Iulv focus attention on the part tnls
business will play in economic recovery,
and the convention will devote major
attention to this phase. The statlS.fs
show S45 5.0O0,0 600 of automobiles fnanceo
on the installment plan the last summer
month. with the increase mainly &C
counted for by sale of new cars.
C.H. Warrington of this city IS among
the speakers. his subject belng ln5ul
ance Problems" Attorney Nathan b.
Williams is Washington counsel for the
6SSOCldUlOn. NlClOl IL. oiONAA "a
Uaukee president of the association,
saws that the convention will discuss the
possibilities of making notes OF finance
companies eligible for rediScount prlVl-
leges under the Federal Reserve System.
Bv this move he believes that buying
power could be released in quaEtllles
sufficient to put back on their feet
manv of the enfeebled industries which
depend for their basic market on the
every day consumer. WHO must purchase
with installment payments or do WITH
out.
Fifth District Business Gains.
The Federal Reserve Bank of Rich
mond reports that retail business so 1ar
in October is seaSonally ahead o: Sep
tember, all sections of the fifth dlstrlct
reporting gains 1t is expected that
cooler weather will be an additional
Stimulant in lifting sales.
Slow improvement IS also reported IN
wholesale trade with the demand for
shoes the most satisfactory. Further
announcement states that tobacco prices
are remaining we'll above the Levels CT
1881.
Latest reports from the Atlanta dis
trist note that industrial conditions are
continuing to show improvement. espe-
cially in textile iilCs. Cotton mills have
recently increased employment 81. and
80 per cent. while orders are said to be
in excess of production. Wholesale and
retail trade. lumber sales and coal busi-
ness are gaining.
Better than seasonal improvement in
the other 10 Federal Reserve districts is
likewise evident in trade reports
Other Financial District Notes.
Trading on the Washington Stock En-
change today included $500 sale IN
Capital Traction IS at so and a similar
sale at SOL. Potomac Electric Power
So per cent preferred stock moved at
1861.
Y.E. Booker, head of the investment
firm of Y. E. Booker Co., will attend
the coming convention of the Invest
ment Bankers Association of America
at White Sulphur Springs, w. Va. He
was recently elected a member of the
Executive Committee of the Southeast
ern Group.
Fener, Beane and Ungerleider, men,
hers cf the New York Stock Exchange.
who maintain a branch office here, have
issued the October number of their pr!-
vate wire directory for the convenience
of clients. The directory reveals the Dr1-
vate wire system operated by this firm
as one of the most extensive in the
country, connecting So branch cffceS
and 81 correspondents.
The Governments latest offer Of
S75,00O,0O0 in 9l-day Treasury certifi-
Gates attracted tenders totaling S252,-
465,OO0, Secretary Mills announced. OF
this amount STE, 900 was accepted at
an average price of S99.965, equivalent
to Ola per cent interest on an annual
basis.
James H. Rand, president of Reming-
ton Rand. Inc, said, after comforting
with President Hoover, that he had
r,nfnd O nick-lln in h1lsiness thr0lph-