Evening star., 1932-09-27

ers' special" He will represent the
District Bankers Association as MEM
Der of the Nominating Committee. being
asked to serve for Francis G. Addison,
jr.. who was elected to this committee
at the June convention of the local
G-cociatiCn at Hot Springs, and for
Jc3hua Evans. ir-. the alternate. as
neither of these bankers will be at Los
Angeles.
As chairman of the National Legis-
lative Committee of the American
Bankers Association. Mr.. Fleming will
present one of the most important re-
ports on the three-day program. Owing
to the great number of banking matters
before the last Congress, and others
still pending. the work OF this COM
1nittee has been of unusual interest and
value during the past year. The COM
mittee has been tremendously busy In
rendering support to certain measures
and attempting to prevent others from
passage.
Mr. Fleming has served on many
other A. B. A. committees with dis
tinction but his legislative work during
the past IL months has brought him
into the national limelight. At the
Spring meeting of the executive council
he was given an ovation, following ms
report, also unlimited gratitude for the
time and effort given to the banking
cause all over the country: He now @
association councils.
At the conclusion of the coming con-
vention he will assume his duties as
member of National Executive Coun-
Gil, representing the District Bankers
Association. The 3-year term of
Francis G. Addison, jr., president OF
the Security Savings & Commercial
Bank, expires automatically when the
coming convention adJourns.
- Vital Convention Problems.
TIE tremendous burdens of taxation
will be given special attention at the
Los Angeles sessions, in fact, this SUBJ
'ject is expected to be the keynote of the
barley. Western bankers are partlcu-
'larly worried over the manner in which
the farmers have been unable to meet
their tax payments and have lost their
farms They are ready to push any
campaign for lower taxes, news dis
patches state.
= The question of branch and unit
banking will also be prominent again
sthis year. Further efforts will be con-
.sidered aimed to strengthen the small
bank of the country in order to check
bank failures The advocates OF group
dlll Ol1A4hAAA6 "AAA oASo
.be heard in their arguments. Extension
.oi clearing house protection for all
banks will be one of the remedies Of
.fered as one of the best methods of fur
.ther strengthening the country's bank
ing structure.
Business reports will be presented in
detail 1t is hoped they will do much
ito restore confidence which has been
pointing upward ever since the Spring
.meetng. There are so many matters
.Of unusual Importance to come up for
sdiscussion that a large attendance is
Expected Los Angeles has always
proved fine host.
Real Business Test Ahead.
In its weekly summary of the general
business situation, the Standard Statis-
tics Co. comments as follows:
While the fundamental improve
:ment in the banking situation provides
much needed encouragement, it cannot
.be too strongly emphasized that the
real test of the business Situation and
.of the extent of possible recovery still
lies ahead. No reliable sign has yet
appeared that heavy industry, the ex-
pansiOn of which heretofore has formed
.One Of the main props OF American
prosperity, is on the eve of marked
pickup
steel industry has reC0rd?d only SNSht
improvement, the presen. level Of mills
s.opsrations: at ie per cen cent f OF fapacity pa tS
depression of about IL per cent, re-
corded month ago. Electric power out
put, an increasingly important factor in
the general situation, has improved
gradually, relative to last years show
ing. but the actual rise has been almost
negligible. The recent increase In
freight car loadings really tells little
regarding expansion In basic business,
Though it reflects the current seasonal
upturn in consumer demand for mis-
eellan2ous goods
Local Bonds in Good Demand.
Local bonds were in good demand on
the Washington Stock Exchange today.
The session opened with Washington
Gas IS figuring in $1,000 turnover at
lOO34. Washington Market Co. IS
recorded two $1,000 sales at 9134 and
$1,000 Capital Traction Co. SIS sold at
50. Washington Gas 6s, series A regis
tered $1,000 transfer at 1914 and 5000
Gas IS. series B, moved at 1912. In the
stock division Capital Traction opened
closed with IL shares changing hands at
612. Chaplin Sacks per cent pre-
sferred came out at los on l0-Snare
turnover.
Auchincloss, Parker g. Dedpath, local
members of the New York Stock Ex-
sChange, announce that their Baltimore
Dffice has moved into new and larger
quarters in the Mercantile Trust Build
ing. Heretofore, this office has been
connected by private wire with the
Wilkes-Barr and Washington offices of
the firm and with Clark, Dodge & Co.
In New York. With the opening of the
new quarters the wire service has been
extended to include Eastman, Dillon
Cleaned in Financial District.
Richard Whitney, president of the
New York Stock Exchange, will address
the ST. Louis Chamber of Commerce
his subject. The address will be broad
cast over the national system, beginning
al II is Eastern standard time.
George Ferris, who has been man
ager OF the s. w. Strauss office here
for several years, has resigned his posi-
tion and will open financial office OF
his own next Saturday locating in the
Washington Building. He is native
of Washington and has had wide. ex-
perience in the financial field. @
Fredrick p H. Siddons. secretary of
the American Security & Trust Co.,
and second vice president of the District
Bankers Association, has recovered
from his recent illness and is back at
his desk Mr.. Siddons is also menu
ber of the faculty of Washington
Chapter American Institute of Banking.
Business and industrial conditions
are definitely improving, and the ooun-
try actually has turned "the corner" "
according to A. w. Robertson chair
ran. Of the board of the Westinghouse