Evening star., 1932-10-22
FLEMING CITES
TkxCUTS DEMAND
Tells District Bankers Of Cry
for Reduction in Federal and
State Expenses.
BY EDWARD C. STONE.


In all the leading addresses made at
Che annual convention of the American
Bankers Association in Los Angeles,
there was strain calling for marked
lures Robert V. Fleming, president of the
Riggs National Bank, told the members
Of the District Bankers Association at the
Fall meeting held late yesterday in the
American Security Building. Mr.. Flem-
ing represented the local association at
the Pacific Coast meeting In making
his report he touched on the subject
of the different speakers and declared
the tendency to demand lower Govern
ment costs was unmiStakable.
The Washington banker said that the
retiring president, Harry j. Haas, made
a brilliant report. showing he had done
same time the A. B. A. president gave
his committees unstinted praise for
what had been accomplished, taking
little credit to himself.
Branch Question Studied.
While the question of branch banking
was one of the big issues before the
convention, it was not brought to an
open discussion on the floor. but was
referred to the different sections of the
association. Owing to its very contro-
versial nature, it was decided that it
would be better for the members to air
their views in the section meetings
Mr.. Fleming stated that the round
table discussions of the leading problems
demanding the attention of the banking
world were intensely interesting. These
discussions were in charge of the Bank
Management Committee.
The circulation of false rumors and
slander against banking institutions
was one of the most interesting topics
discussed, several drastic measures
being suggested for dealing with per-
sons starting such rumors.
Advertising Taken Up.
The subject of bank advertising was
ably presented by Fred w. Ellworth,
of New Orleans. The question of meas
ured service SO that business can be
handled on a profitable basis also re-
ceived attention A thorough system of
accrual accounting was urged so that
bank officials will know each days
earnings and be given careful and ac-
curate guidance with respect to divi-
dend action and dividend policies.
vention by Orville Adams.
Another discussion related to the
question of giving collateral security to
State and County officers and it was
the feeling of all the bankers at the
convention that this practice should
be discontinued
In concluding his report to the local
association, Mr. Fleming gave resume
of the most important points in legis-
lation pending before Congress. During
the past year he has been chairman OF
the American Bankers Associations
Committee on Federal Legislation, as
well as of the Federal Legislative Coun-
Gil, and has already been asked to rem
der this same service to the national
organization during the coming year.
His summary was naturally most COM
prehensive.
Before Mr.. Fleming made his report.
the District Bankers Association held
a short business session. Eliot H.
Thompson made a report as chairman
of the Advertising Committee and E. T.
H. Siddons responded as chairman OF
the Credit Bureau Committee. G. H.
Burton, vice president of the Washing
ton Mechanics Savings Bank, discussed
measured service President c. H. Pope
was in the chair, and as 1t was the first
important meeting the bankers have
held since the June convention, there
was a large attendance.
Motor Stocks Move Upward.
Average price Of 103 stocks represent
ing II industrial groups decreased liz
points during September, according to
the Index Of Security Prices, published
by the New York Trust Co.
Increases were shown by nine motor
,;a1. 0it1tC IVY
five tobacco issues, which increased OF
points, and by 10 iron and steel stocks,
which increased 81 point. The largest
decrease was shown by 10 public util-
tiles, which dropped 1922 points; five
rubber issues declined 257 points and
10 copper stocks 2.37 points. The ag-
gregate increase of the 103 stocks since
December 81, 1881, amounted to 1.27
points.
Average price of so domestic bonds
representing five major clasSif1catlons
advanced 80 point during September,
or 43G points above the average on
December 81, 1881. Forty representa-
tive foreign issues increased 7.65 points
during September. This is an aggre-
gate advance of 9.72 points since the
first of the year.
Cleaned in Financial District.
j. D. Mothershed manager of the
Washington Office of Fenner, Beane &
Ungerleider, is confined at Emergency
Hospital with ulcer troubles. Associ-
ates at the broker Office expect he will
rest for a month.
Charles Carroll Morgan, one Of the
managers of the local Office of G. M.
p Murphy & Co., is spending several
days in New York on business for the
firm.
Y. E. Booker of Y. E. Booker & Co.
W. Va, to attend the annual conven-
tion of the Investment Bankers Asso-
citation. Latest reports state that the
attendance is to be much larger than
last year.
Wholesale food prices for the week end
ed October 18 reflected slightly greater
strength than In the preceding week,
states Bradstreet's Weekly Although
the seasonal tendency is downward, the
index remained UNCHANGED at $1.73,
and after adjustment, advanced to SAT
per cent of the 1928-30 average, as
compared with 54.5 last week and 67.9
last year.
Railroads in the Eastern district for
reduction of 26.5 per cent in the VOL
ume of freight traffic handled, COM
pared with the same period ia 1881,
while the Southern district reported
reduction of 30.8 per cent. The West
ern district reported decrease of 30.7
per cent.
August net income of $44,255, after
taxes and charges, breaks the string of
deficits on the 1882 monthly statements
of the Louisville & Nashville Railroad
Co. Indications from increased car
loadings are that September net income
will multiply that Of August several
times.