Evening star., 1932-10-24

Gated that the M
worst of the de- &
preston is over EAse4AA(x4-4ll
and gradual busi-
ness recovery is al Allan NJ. Pope.
ready in progress.
Allan M. Pope. president of the asso-
citation, called the business session 10
order today, about 400 members ana
guests being in attendance. Inc gov
ernors held preliminary meetings mcst M
of the day Saturday, at which they
showed particular concern over the
problem of taxation. They plan to offer
Recommendations opposing further tax
alton that might retard business recoV-
cry.
The meeting is expected to stress
greater economy in government, Wmch
was the high note at the recent con-
vention of the American Bankers ASso-
citation.
The committee on municipal securl-
ties, headed by Henry Hart of the First
Detroit Co.. Inc, has completed an ex-
tensive study of taxation in relation to
municipal finances and will present
report on its years work on municipal
conditions throughout the country.
forum will be held on municipal bonds.
Alden H Little, executive vice preSl-
dent. said the conventions special meet
ing en- investment management service
has aroused more interest among invest
ment bankers throughout the country
than has any of the other important
internal operating problems to be pre-
sented.
Bonbright Closes Branch Offices.
Bonbfight g. Co. has become a whole
sale organization for the distribution of
securities through recent changes which
have resulted in the closing CT all out
of town branch Offices and the elimina-
ton of its retail staff at the New York
office. In the future the company will
conduct its business along the line pur-
sued by such investment houses as j P.
Morgan & Co. and DreXel & Co.
Facilities to meet the requirements
of number of larger retail customers
will be maintained, but in all other
respects its activities will be purely of
a wholesale nature. The official body
of the organization remains unchanged,
but its retail salesmen have joined other |
investment companies, New York re-
ports state.
Steps looking forward to this change
were taken months. ago when several
principal branch offices were abandoned,
and this pclicy was continued until
recently, when the large office at Chi
cago was closed. The firm maintained
Washington office for years.
Freight Gains Held Significant.
eve read or hear statements fire.
quently," says Railway Age, that unless
economic conditions soon improve in
this country We will have revolution.
Fortunately. conditions are beginning to
improve. The best single measure of
the total volume of production and
commerce is the amount OF freight
shipped by railroad Railway freight
business reached relatively the lowest
lovel during this depression in June,
1882. The normal seasonal increase be-
tween June and october in years OF
prosperity has been about 12l2 per cent.
The increase in carlo2dingS between
June and October, 1880, was less tnan
4 per cent and in 1881 vas per cent,
while between June. 1882. and the first
two weeks in October it was almost
81 per cent. This increase in freight
movement is so significant because the
amount of freight shipped indicates not
only how much business the railways
are doing, but the total amount OF ousl-
ness that all induStl ial and comm 7rclal
concerns are doing, and because more
than normal seasonal increase In 1releht
business in the Fall OF any years almoSt
invariably has been the forerunner OF
expanding general business during the
succeeding year"
Trading on d. c. Exchange.
Bonds led the way in transactions on
the Washington Stock Exchange today
when the weeks business opened.
The first sale was $500 Capital Trac-
tion IS at so. Two $500 sales, $1,000
and $4,000 transfers in Washington Gas
IS moved at 1Ol l..
Washington Gas 6s. Series A, were
the most active bonds on the list: Sales
of 81. 900, $4,000, $4,000 and $4,000 were
recorded during the session, all at par.
In the stock division two small sales
of Potomac Electric Power 6l2 per cent
preferred were recorded at ITO.
Three local issues are now selling
without the dividends recently de-
d-Washington Loan & trust,
American Fire Insurance and Washing
ton Gas Light.
Heard in Financial District.
Directors of the Washington Gas
Light Co. have declared the regular
quarterly dividend of 80 cents per share,
navable November / to stockholders OF
record October %.
George L. Starkey, president of the
National Bank of Washington, has re-
turned from a motor trip down tie
Shenandoah Valley, on to Ashevllle
and other points in North Carolina. He
reports winston n-Salem as probably the
most prosperous city he visited on the
tour.
Arthur A. Ballantine, under secre-
tary of the Treasury will address the
Investment Bankers Association at
White Sulphur Springs, Wednesday. Mr..
BalIantine has specialized In law re-
lating 10 public service corporations,
business organization and taxation and |
will cover a wide range in his coming !
address.
The Eastern Regional Conference of
Bank Auditors and Controllers brought
to Washington the largest number OF
auditors, who have ever met any
where. in the country. 1t was stated
at the dinner Saturday night that the
attendance was larger than at the an
nual convention at Los Angeles.
The Federal Reserve Board that SINCE
July there has been a release of cuff
re ncy from boarding estimated at $780,
100000. This estimate is based on the
fact that the amount Of money IN
circulation declined by over S130,000,-
900 at a time when it usually increases
by more than S110,000,000.
Bank Stocks Are Quiet.
AS shown by the weekly bulletin
of Waggaman, Brawner & Co., Inc,
New York bank stocks fuctuated in a
narrow range At the end of the week
the average price showed slight loss
of per cent. Manhattan Co. an
nounced their intention of distributing
the stock of the New York Title g.
Mortgage Co. to their stockholders in
the ratio of share for share.