Evening star., 1932-10-06

!, ed from Chicago today.
Arthur A. Ballantine, undersecretary
of the Treasury, will speak at the final
session october 26, and Garrard B.
! Winston, we'll known New York at
tcrney. formerly undersectary of the
Treasury and secretary of the American
Debt Funding Commission, will discuss
foreign securities in forum led by
Ncyil Ford OF New York, acting chair
man of the associations Foreign
Securities Committee.
Delegate registrations thus far in
dicate a larger attendance at this years
convention than last year, rejecting
distinctly improved feeling among in
yestment bankers throughout the coun-
try it was said at the associations
Office in Chicago. The convention pro-
gram had been arranged mainly with
the thought of cooperation in business
recovery.
Col. Allan M. Pope of the First OF
Boston Corporation. New York, presi-
dent of the association, will open the
convention with an address Monday
morning on the work OF the investment
banker and the association from the
viewpoint of the depression and buls-
ness recovery.
OF the 10 reports to be made by the
standing committees, the reports on tax
alton and on the trends OF the invest
ment banking business are expected to
attract special attention, because OF the
Nationwide interest in governmental
economy and the condition affecting
the investment banking business.
Wales Starts Investment Firm.
Kenneth S. Wales, for the past IL
years associated with Bonbright & Co.
as manager of their Washington office,
announces the formation OF his own
firm under the name of e. S. Wales d
Co, with Offices at 205 Hill Building.
The new house will continue the Bon
bright policy of specializing in electric
power and light securities and will be
in position to handle and supply IN
formation on all securities sponsored by
BonbrigEt & Co, as well as rendering
general investment service.
Mr.. Wales has been in the investment
business in Washington since 1920 and
is a charter member and past president
OF the Bond Club of Washington. He
has also been president Of the District
Sons of the American Revolution, and
the Mayf1oWer Society and IS member
of the Chevy Chase, Metropolitan and
Annapolis Roads Clubs. He has recently
purchased a seat on the washington
Stock Exchange and will actively engage
In HdnQlng local securities.
Richmond Bank Assets Up
In comparison with condition figures
on September Is last year, those for
September Is this year show some ma
terial changes. Rediscounts for member
hanks on the 1882 date showed an in
crease of S523,000. minor change. ana
cpen market paper holdings decreased by
only s133 900. but Government securities
held by the Richmond bank rose Sl5,-
10000 during the year. and total
earning assets rose by S15.265,000.
On September Is. 1882. the circulation
of Federal Reserve notes exceeded the
circulation year earlier by S31, $3.50 900.
very large amount in view of smaller
volume of business being done this year.
Part of the increase is due to boarding
of currency, and the operation of the
check tax has also increased the use of
cash by reducing the number of checks
drawn.
Member bank reserve deposits at the
reserve bank declined by S11.010,000
during the past year. chiefly due to re-
duccd deposits against which reserves
are carried.
Aggregate cash reserves Of the Fed
eral Reserve Bank of Richmond rose by
S482l 900 between September Is, 1881.
and September Is, 1892. but because OF
the rise in note circulation. the ratio
OF cash reserves to note and deposit lia-
bilities combined dropped 4.93 points.
Booker Firm Buys Bond Issue.
Announcement was made today that
Y. E. Booker g. Co.. investment bankers
were successful bidders for the 5000 900
per cent bonds of the Washington
Suburban Sanitary District In addi-
fiO11 n hpinu q dirQot of
sanitary district, with the power to levy
unlimited taxes on all taxable property
therein, these bonds are also guaranteed
as to principal and interest by both
Montgomery and Prince Georges Coun-
ties. Md, by Endorsement on each bond
The area of the Washington Suburban
Sanitary District. as created by the act
of the General Assembly of Maryland, is
approximately SO square miles. sur
rounding the District of Columbia on
three sides.
Proceeds from the sale of this issue
Will be used for the extension of the
water and sewerage systems within the
district. In addition to Y. E. Booker G.
Co, bids for the issue were submitted
by the Chase Harris Forbes Corporation
of New York and the Mercantile Trust
Co, Baltimore.
On the Washington Stock Exchange
today practically every sale was in the
bend division. Washington Gas issues,
Railway & Electric As and Anacostia g.
Potomac Railroad IS were in good de-
nnand at recent prices. The only stock
appearing on the board was Potomac
Electric Power per cent preferred,
which moved in small lot at 108.
Heard in Financial District.
Washington bankers are much pleased
over the aggregate increase in local
bank clearings between the calls Of
June 80 and September 80. First re-
ports from other cities indicate an in
crease in deposits. that the high degree
of liquidity has been maintained and
that cash and Government security
holdings have also increased.
Credit & Finance, Inc, of Washington
has Just declared the twentieth consecu-
tive quarterly dividend, the directors
making it payable october Is to stock
holders of record october l.
The Dayton Scale Co, one OF the
four divisions of International BuSi-
ness Machines Corporation which has
a plant in washington, has introduced
a new type retail store scale having two
charts so that the customer and store
keeper can each read at the same time
the price and weight of the article
being weighed.
AS announced before the convention
the American Bankers Association is
denouncing the taxation situation and
demanding a reduction in overtaxation
all over the country. Much of yester-
days session at Los Angeles was devoted
to this subject. special resolution be-
ing passed demanding lower taxes and
greater Government economy
The Treasury announces an offering
of s45o.000,000 of 3 per cent 412-year