Evening star., 1935-10-07
MANY TOATTEND
LIB. A. CONVENTION
Large Delegation From D. c.
ForeSeen for ConCIave at
White Sulphur.
BY EDWARD C. STONE.

bankers at the coming annual con-
vention of the Investment Bankers
Association of America. opening at
White Sulphur Springs, w. Va, Oc-
tober 26. Members of the association
here are now making their reserva-
tion and a list of the delegates will
soon be available. The present status
of business recovery will make the
coming discussions of intense interest
and Importance to all dealers in in
vestment securities and their patrons
According to announcement it is
proposed to lay particular stress upon
the durable goods industry, both in
dustrialiStS and economists to appear
on the program. One of the five open
forums will be devoted to this prob
lem. As to matters more strictly re-
lated to investment banking itself, the
convention will be addressed by John
j. Burns, general counsel of the Sc
curities and Exchange Commission,
upon problems confronting the COM
mission in its appointed task of bring
ing the securities business under Fed
eral regulation in accordance with the
provisions of the securities act and the
securities exchange act.
The recent resumption of under
writing activity has raised further
problems in the syndication of new
issues under the provisions of the Sc
curities act and it is planned to devote
another forum to the general subject
of securities distribution as currently
conducted. Considerable interest has
been manifested among investment
bankers as to the methods by which
new security offerings ultimately find
their way to investors. and sharply
divergent views have been expressed
in various quarters.
The extensive interest of the asso-
cations membership in municipal
bonds has prompted special consider
alton in the program of that field
and the schedule includes a two-ses-
sion forum on certain phases Of mu-
nicipal finance. Philip M. Benton,
finance director of the Public Works
Administration, will present a paper
on the subject, Public Bodies and the
p w. A.; Lewis P Mansfield, super
visor of the bond department of the
will discuss relations between the
buyer and seller of municipals.
One OF the most important forums
will deal with the public utility act of
1885. The program also includes an
address by B. Howell Griswold. Jr.,
of Alexander Brown &, Sons on the
future Of the investment banking buSi-
ness. He will include a discussion of
the code situation in his talk. PreSi-
dent Ralph T. Crane will preside.
Upturn in School Savings.
School saving in the United States
celebrates its fiftieth anniversary,
1934-5, with deposits during the year
of $i1,575.899 and net savings at the
close of S2,337,616. w. Espey Alblg,
deputy manager, American Bankers
Association, reports The participants
in this huge sum of children's savings
number 2,826,368, located in 1887
schools. he says,
This is a gain of TO per cent in
deposits over year ago and an in
crease in net Savings-that is, the ex-
cess of deposits over Withdrawals of
$962,308. or SO 9 per cent" Mr.. Albig's
analysis points out
The development of school savings
within the year is remarkable Four
years ago, 1872. the Withdrawals
exceeded the deposits by almost
S3,O00,0O0; the following year brought
a slight improvement; last year the
improvement was so great that de-
posts topped Withdrawals by $780,
3O7. This year affords proof that
school saving is rapidly overcoming
Its great depression"
Peoples Drug Sales Mount.
Sales of Peoples Drug Stores. Inc,
we're announced at the head office here
today as totaling S1,53O,609 in Sep
tember this year, as compared with
S1,335,2O1 in September, 1884, an in
crease of sl95,4O8 or l46 per cent.
Sales for the first nine months of
the present year amounted to Sl3.-
8O9,l96, the report added, in COM
parison with $12,004,829, an increase
over last year of ST ,8O4, 367 or Is per
cent.
The percentage gain in September
was not up to the advance in the
previous month, August sales being
23.6 per cent ahead of business in
August, 1884. The September report,
however is in line with recent reports
OF gains in department store sales in
Washington and other leading cities
In the fifth Federal Reserve district.
Insurance Up 202 Per Cent.
Charles w. O'Donnell, general agent
IN Washington of the Minnesota
Mutual Life Insurance Co., reported
today that September business for the
whole country totaled S4.358,0O
which was a gain of 2O2 per cent over
the corresponding month last year.
A letter from the head office says that
prosperity is no longer lust around
the corner" 1t has arrived.
Latest indications on the called
Fourth 4l2 per cent Liberty Bonds
are for less than 80 per cent CONVEX
sion. which would mean that the
Treasury would have to pay off more
than S250,000,000 of the bonds in
cash on October IS.
Acting Secretary of the Treasury
Coolidge, commenting on the CONVEX
sion at recent press conference said
that he expected an increase in the
number of conversions toward the ap-
proach of the closing date. 1t is now
regarded as unlikely, however, that
this will reach 80 per cent.
The sixteenth annual convention of
the Morris Plan Bankers Association
went into session today at Virginia
Beach, with P. H. Whaley of the
Whaley-Eaton service, among the
speakers Arthur j. Morris, founder
of the Morris Plan rs years ago, will
be another speaker. There are now
SO Morris Plan banks in operation,
including one in Washington.
Today's Trading on Exchange.
Todays trading on the Washing
ton Stock Exchange vas the lightest
since the italians started the war
against Ethiopia although that had