Evening star., 1932-08-09

4lAS 1lSSOCAd-
ton. The resolution was originally
drafted by John Poole, close friend
of Mr.. Fleming for IS years. The reso-
luton included these laudatory state
ments:
Praised for Banking Service.
although he is a president of large
financial institution, a position of great
responsibility, and is chairman Of what
is, at this time, the most important
committee of the American Bankers
Association, namely, the Committee on
Federal Legislation, he has given his
time, his thought, his knowledge and
has drawn upon his experience without
restraint to serve the bankers Of Wash
dngton.
He is a member, and in many in
stances chairman, Of important commit
tees Of this association and the Clear
ing House.
National Credit Corporation and served
as a member of the local Loan Com
mittee.
"He is chairman of the local Advisory
Loan Committee of the Richmond
agency of the Reconstruction Finance
Corporation.
He is the banker representative from
Washington on the committee of six
bankers and six business men organ
lied by the Federal Reserve Bank OF
Richmond to encourage the use OF
funds released by the open market oper-
ations of the Federal Reserve system.
He has performed every service he
has undertaken with outstanding abil-
ity, bringing to bear upon the prob
lens submitted to him profound
knowledge of financial affairs and the
business of banking He has borne the
strain of his multitudinous duties with
dignity and poise and under the most
irving conditions he has maintained
that courteous attitude toward those
with whom he has been associated,
which has endeared him to us"
General Motors July Sales Of.
July sales of General Motors cars to
consumers in the United States totaled
32.849, as against 56,987 in June and
85,054 in July year ago.
July sales of General Motors cars to
dealers in the United States totaled
3l,096, as against 46,1 lab in June ana
1928 in July year ago.
July sales of General Motors cars to
dealers in the United States and Can
ada, together with shipments overseas,
totaled 36,872, as against 52,561 In June
and 81, ,449 in July year ago.
General Motors stock in the past few
DAYS seem to have ignored any sales re-
ports. as it has gone UP by leaps and
bounds.
Trading on Washington Exchange.
Trading was dull on the Washington
Stock Exchange today, only seven trans
actions being recorded. Bonds again
oYershadowed stocks in interest.
10 pniluau Qy ElnpfFia DC
opened the market with two 81 900 sales
at 81. Two $1,000 sales of Potomac
Electric Power os were recorded at 108.
The days only stock sale was in Po-
tomac Electric Power per cent pre-
ferred, a small lot changing hands at
1l0.
Feverish interest in the New York
Stock Market was manifested in the
local brokerage Offices again today. The
opening attendance was the largest on
the present move and increased as the
day advanced.
1t was reported that there has been a
marked increase in public buying for
cash No doubt the same situation pre-
walls in other cities all over the country,
this being an important reason for the
recent price jumps. 1t is apparent that
a good many professional traders have
been taking profits, judging by the lack
of unusual activity in brokers loans.
Predicts Higher Cotton Prices.
". Shannon, cotton statistician for
Fenner, Beane & Ungerleider, writing
on the situation just before the present
sharp advance, summed up his views
on the outlook as follows:
Il believe that We are in for steadily
shrinking supplies, increasing con-
and riSino r1Tirac for the
next two years, or more, with proba-
bility that we will witness the balanc-
ing of supply and demand before the
end of next season and restoration OF
a normal relationship between supply
and price. II this crop Is a small one,
we may see spots bringing between lC
sand IL cents a pound at New Orleans
during the latter part Of the season,
depending upon next years acreage and
the start made by the next crop. The
acreage put into cotton in 1888 may be
smaller than is now in cultivation be-
cause there will be no Government loans
for planting purposes.
Normal supplies and normal con-
sumption mean the restoration of the
normal relationship between supply and
price. A supply Of 10000 900 bales un-
der normal conditions should bring ar
average of 1872 cents pound"
Heard in Financial District.
Safeway Stores, Inc, affiliated with
Sanitary Grocery Co., reports net earn
ings of $279 share in the first hall
of 1882, compare with $261 a share in
the first six months of 1921.
The National Fertilizer Associations
wholesale price index vas of two frac-
tional points during the past week, q
commodities being higher and II lower
Boot and shoe production during
June totaled 23463,17 pairs, against
22,497048 in May, according to the
Commerce Department. In June, 1881
production was 27,839, Alb pairs. From
January to June, this year, there was
a decrease Of per cent from the pro-
duction of the first six months of 1881