Evening star., 1932-10-15
AUDITORS TO HEAR
DISTRICT BANKERS
Other Speakers Named for
Conference to Be Held
Here Next Week.
BY EDWARD c. STONE.

C.. H. Pope, president of the District
? Bankers Association and vice presl-
dent of the Munsey Trust Co.: H. H.
Mckee, chairman of the Washington
Clearing House Association and presl-
dent of the National Capital Bank;
James H. Douglas, Assistant Secretary
of the Treasury; Attorney Charles r:
Hamel, and David Lawrence, eoltor OF OF
the United States Daily are announced
as among the speakers who Will ad-
dress the First Eastern Regional Con-
ference of Bank Auditors and Con-
trollers. which will be held at the VIII
lard Hotel October 81 and y. Ihe
conference will draw delegates from al
alorg the Eastern seaboard and is
SPONSORED by washington, Baltimore,
Philadelphia and New York bankers.
w, M. Harris, chairman OF the au.
ditors' section of the District Bankers
Association, will welcome tne eeeS.s ~
and Russell F. Thomas. president OF tne
National Conference, will report on the
national convention at Los Angeles.
lanes E. Baum, deputy manager, Amer
ican Bankers Association, will speak
on the Minimum Insurance Require
ment of a Bank" Mr.. Pope Will speak
at the luncheon after the delegates
have returned from visit at the WmIee
House. A. ]. Kenner OF New YORK VIII
discuss What Do We Mean by Con-
trol?" rr,.,,s+
H. Stadtler Nolan, Baltimore ITuSt
70 will talk on Branch Bank AudltS ;
NJ Mckee will consider bank taxation,
and the Bank as a Tax Advisor Will
he the subject of Charles D. Hamel.
Another sneaker will be Arthur x
schultz. assistant controller. ChaSe Ma
tionaI bank. David Lawrence Will TAKE
IN "Current Economic Problems
chairman RAYMOND G.. Marx IS as
.isted on the Committee on Arrange
,,ents bv Arthur ]. Linn, Federal
American National Bank d. lrusG ~,
" M Harris, Lincoln Natlonal bank'
leo E, Maddigan. Mount vernon gay
ings Bank. and James G. Elgln n;o OF w, 10
IJibhs g. Co. E. E. Yeatman, Columpia
Mat;ona1 Rank. is secretary OF the
Washington organization.
Strange Business Contradictions.
The first part of october has pre-
eanted the curious contrast OF pelsist-
ont Improvement in most OF the M
nortant business indicators ana uecllli-
ing tendencies in security anu Uoni-
modify prices, says the BUSINESS WEI
while the business improvement lh
some cases appears to be colltniuiiie "
vond the usual seasonal peak, Stoch
and commodity prices have lost ABOUT
baif of their advance from the low
1oin+ This is a striking Illustration OF
the influence of purely supernclal SEN
timental and political factors upon Iluc-
t1Iat1ons in the speculative market, as
onnospd to the fundamental forces
which control the course OF economic
events during the process OF BUSINESS
recovery. - +,,o,,
Although the somewhat more than
n
seasonal increase in business aclNl.y
cannot be expected to carry OH con.
tlnuously through the WINTER at lne
same rate. the strength OF the upturn
TO- haen impressive and the extent OF
Improvement in basic banking conol-
tions cannot be obscured by campaign
confusions. The slow but persistent un-
seasonal expansion of steel productlon,
without signs of increasing support SO
far from the principal consumers: IL
especially encouraging as Suggestioli
that the basic industries are beginning
to share in the recovery.
The record excess of bank reserves
and unprecedented ease in money rateS
accompanying the plethora OF unen-
ployed investment funds all promise
powerful revival of activity IN the capl-
taI markets as soon as the political un-
certainties of the next few months are
mast and business RECEIVERS its mental
Stability and its capacity for construc-
tive planning, Business Week asserts.
Pole Announces New Director.
John w. Pole, former controller OF
the currency, president OF Fldehty IN
yestment Association and its New Iol x
affiliate. the Fidel Association OF new
York. Inc. announces the electlon Oh
Joseph P. Davies of Washington, law
oh of the FED
eral Trade Commission, to the board
of directors of both companies. Notice
also is given of the declaration OF the
regular semi-annuai dividend OF SOU
on the preferred stock and the regular
quarterly dividend of 81 on the COM
mon stock of the Fidelity lnVestmenI
Association, both of which were palo
on october l.
The washington office of G. M. P.
Murphy g. Co. is mailing to customers
a summary of the third quarter state
ments of the leading New York oanKs.
Increases in holdings of Government
securities and a rise In depoSlCS are
among the outstanding features OF the
latest reports. Another feature OF Spe-
cial interest to bank stock shareholders
is the substantial margin by which all
the larger banks covered their dlVloeno
renl1iremerts. New York banks consider
their earnings as satisfactory, consld-
ering their very liquid position.
Acting Secretary of Treasury Ballan-
tine announces that the Treasury Will
offer s75,OOO,O00 of 91-day bills to be
dated october 10, 1882, and mature
January 18, 1888. Offering is made to
meet S75,923,000 of maturing bills on
October 19. Tenders will be received
M to pm. October II, at any Fed
oral Reserve Bank or branch.
F.. w WoolWorth CO. has declared
quarterly dividend cf 60 cents share
on it's Capital stock, payable December
l, to stock of record. November III.
Bank Sees Slow Recovery.
There are abundant reasons, for
maintaining temperate view OF the
Improvement in business. says the Ma
tional City Bank, and most OF them
NAV be summed up in one reason,
namely. the continued inability to do
business on profitable terms. II must
be considered that there is no prop
ability of an increase in productive
activity that will put any substantial
proportion of the unemployed back 10
work this Winter, nor OF such a rise IN
the prices of farm products as would
restore the lost buying power OF the
farmer. 1t is a truism that prosperity
will not be regained until the purchas-
ing power of the population is restored,
and if all the elements in the problem
of restoring purchasing power are con-
sidered there is little basis for expect
ing a sensational or overnight recovery.
"The foregoing is not written in any
spirit of pessimism. Rather we consider
it fortunate that business men are not
assuming that return to pre-depres-
sion conditions is just around the cor