Evening star., 1933-04-22
FLEMING OUTLINES
IA. B. A. BANK STEPS
Local Bankers Given Full Re.
| port of Council Action at
7 Georgia Sessions.
BY EDWARD c. STONE.


Before the Spring meeting of the
District of Columbia Bankers Asso-
citation held yesterday Robert V. Flem-
ing, president of the Riggs National
Bank. who is the representative from
the District of Columbia on the Exec
utive Council of the American Bank
ers' Association and chairman of that
associations Committee on Federal
Legislation, gave brief outline of the
resolutions adopted by the Executive
Council of the American Bankers As
sociation at the meeting held April
1912, 1888. at Augusta. Ga.
Mr. Fleming touched upon the re-
port of the Economic Policy Commits
SIGN of the American Bankers Associa-
ton as presented to the council meet
ing by Col. Leonard P. Ayres. vice pres
ident and economist of the Cleveland
Trust Co. of Cleveland. Ohio, as well
es his own report as chairman of the
Committee on Federal Legislation,
briefly outlining the high points of the
associations legislative activity during
the past year.
Mr.. Fleming also discussed the bill
introduced by Senator Thomas of Okla
homa as an amendment to the agri-
cultural bill, which gives the President
the power to change the gold con-
tent of the dollar and to issue currency
and accept silver to the extent of $780,
100000 in payment of foreign debts.
Banking Reforms Analysed.
The IS points, suggested for bank
ing reforms at the Georgia meeting,
were covered in detail These were
largely taken in the Economic Policy
Commissions report and have already
appeared in The Star. The meeting
was one of the most interesting held
in a long time. The rapidity with
which various banking bills have been
introduced in Congress has made 1t
difficult for many bankers to keep up
with each new move As chairman of
the legislative committee of the Amer
ican Bankers Association, Mr.. Fleming
has kept in the closest possible touch
with all these proposed measures. The
applause at the conclusion of the meet
ing showed how much his information
was appreciated by local bankers.
c. H. Pope, president of the District
Bankers Association, presided at the
meeting. A resolution was passed
pledging the continued support of the
20 banks now operating on a 100 per
cent basis, to the "renovizing cam
paign,' which was started in Washing
ton several weeks ago.
Credit Men Plan Convention.
Initial arrangements being complet-
ed, official announcement was made
yesterday by Henry H. Heimann, ex-
ecutive manager of the National Asso-
citation of Credit Men, that the thirty
eighth annual meeting of the associa-
ton will be held at the Hotel Schroe-
der, Milwaukee, Wis, during the week
of June 19. About $500 wholesale
manufacturing and banking credit ex-
ecutives, who comprise the membership
of the association, are expected to
gather from all sections of the country.
Coinciding with the annual conven-
tion, the recently inaugurated Credit
Congress of Industry, a successful fea-
ture for the past few years, will be held.
This congress brings together credit ex-
ecutives of each individual industry in
special conclaves for the mutual con-
sideration of credit problems in the in
dividual industries represented by the
delegates.
The convention will be directed by
William K Adams, vice president of
the First Wisconsin National Bank, who
has accepted the general chairman
ship; Brace Bennitt, convention di-
rector OF the national association, and
James G. Romer, secretary-manager
Men.
The Washington association expects
to be represented at the sessions as in
past years.
Broker House Managers Happy.
About the happest business men in
the financial district this week were
the partners and managers in local
Offices of the New York Stock Ex-
change firms. They had experienced
no such activity since the famous days
of 1929. The rush of business came
at a most opportune time, bringing
long lull at least to a temporary end.
Which way the market in stocks will
move next is causing no end OF discus
sion in brokerage Offices. In this con-
nection the weekly letter of Henry Clews
g. Co. is of interest. 1t says:
Doubtless many people are buying
stocks on the mere talk of initiation,
while others, better versed in affairs.
are doing so based on the belief that
fundamentals are rapidly undergoing
change for the better under stimulus
of the Government plans for restoring
business, and, of course, the great rise
in commodity prices is playing no small
part in improving the general situation
Adjustments in the share list from time
to time, to provide for proper equlllb-
rum, are to be expected, but unless there
is a lull in the present enthusiasm,
prices are likely to reach higher levels"
The amount of money available for
investment, or speculation, caused great
surprise in financial circles here. 1t
! had been said the market could have
no quick advance, because there was so
little money at hand. Just the reverse
proved true.
Condor Joins Brokerage House.
John D. Mothershed, manager of the
Washington office of Fenner, Beane &
Ungerleider, announced today that Ar
thur D. Ccndon, former naval officer
and for the past five years engaged in
the brokerage business in this city, has
joined his staff. He assumed his new
duties today at the company's office in
the Southern Building.
Mr.. Condor is graduate of the
Naval Academy and spent eight years in
the Navy. While in the service he was
for several years in Europe and was in
Russia during the revolution. and at a
later period was member of the Ameri-
can Naval force, which was sent to Asia
Minor during the disastrous fire and