Evening star., 1935-10-14
|. B. A. TO DISCUSS
HEAVY INDUSTRIES
Program for Durable Goods
Recovery to Be Studied
at Convention.
BY EDWARD c. STONE.


Washington members of the In
vestment Bankers Association rer
ceived word today that program
built around the heavy industries has
been arranged for forenoon discus
sion at the associations twenty-fourtn
annual convention late this month at
White Sulphur Springs.
President Ralph T. Crane an
nounces that two prominent speak
ers. Charles R. Hook, president. Amer
ican Rolling Mill Co., and DR.. Ben
jamin H. Anderson, jr. economist,
Chase National Bank, will speak. Mr..
Hooks subject will be THE Durable
Goods Industry-Bellweathe Of Pros
perity," while the Anderson address
will be on THE Financial Situation.
The concluding ceremonies OF the
convention will include the election
of the regular ticket headed by Orrin
G. Wood of Boston to serve as pres
ident for the ensuing year.
Mr. Crane said that reservations Tor
the convention at this. time are
double the number received at head
Quarters on the same relative date
last year. He estimates an attend
ance of between 700 and 300.
Much interest was also manifested
here today in the letter just sent by
B. Howell Griswold, jr., OF Baltimore,
chairman of the associations Confer
ence Committee, to all investment
bankers informing them of negotia-
tions carried on with the Securities
Exchange Commission regarding over
the-counter trading. An effort Is
being made to assist the commission
in the handling of this difficult prob
lem.
IS More Banks Liquidated.
OF the national banks which went
into receivership since March. 1927.
ls were completely liquidated and the
accounts closed during September,
1885, Controller of the Currency j. +.
r. O'Connor reports.
The closing of the accounts in these
is banks brings total receivershlp cases
disposed of by the controllers once
to 144 since October, 1884 Some OF
the 144 banks involved in the receiver
ships were restored to solvency by
loans of r. F. C. and agreements be-
tween the banks and the depositors
over adjustment of deposit claims.
The recent quarterly reports sub
mitted by the receivers OF the cloSeo
banks in this city showed progress IN
the collection of former frozen assets.
The progress, however, did not appear
sufficient to indicate any further pay
ments to depositors at this time. In
two or three instances pending court
matters are also factor in delaying
early payments to waiting deposltors.
At present, it appears that the next
payment here will be made to de-
positors in the Woodridge-Langdo
Bank g. Trust Co., the next disburse-
ment being expected to permit TINS
bank to pay out in full, or 100 per cent.
This is likely to come soon. 1t will be
recalled that the Chevy Chase Savings
Bank now has a payment under way.
Dollars Buying Power Up.
The purchasing power of the dollar
invested in common stocks during
September advanced appreciably above
the level existing at the end of Au-
gust, making another new high for the
year, according to the monthly index
prepared by Administrative & Re-
search Corp On the other hand, the
bond dollars buying power declined
slightly, as did the purchasing power
Of the dollar held in cash.
AS of the end of September. the
index of the purchasing power of the
common stock dollar stood at 1905,
compared with 117.9 at the close of
August. In comparison, the bond
dollar was substantially below the
common stock dollar. being 962 at
the end of September, against 96.3 at
the close of the previous month.
The index of the purchasing power
Of the dollar held in cash, which is
related to the United States Bureau
of Labor Wholesale Commodity In
dex, declined from 95.8 at the end of
August to 952 at the end of Sep
tember.
Bank President Back at Desk.
Rolfe E. Boiling, president of the
Liberty National Bank, who has been
away because of illness, is being cor
daily welcomed back at his desk by
officers and patrons alike. He has
been in the bank on several different
days and will soon assume his regular
work. His recovery has been rapid.
w. w. Spaid, senior partner in the
brokerage firm of w. B. Hibbs & Co.,
was back in the financial district to-
day after motor trip to Arizona, to
visit relatives.
John S. Walden, jr., controller of
the Federal Reserve Bank of Rich
mond, widely known among WASH
tngton bankers, has been appointed
deputy governor, succeeding Charles
A. Peple, resigned.
The Insurance Women's Club of
Washington will hold its first Fall
meeting this evening, when important
changes in the constitution will be
discussed and the educational and So
cial program for the coming year be
planned. Miss Mabel v. Royce of the
Washington Loan & Trust Co., presi-
dent Of the club, will conduct the
meeting.
Capital Transit More Active.
Capital Transit stock was more
active on the Washington Stock Ex-
change today, starting off witt. an &C.
share block selling at 18. same as the
Last previous transfer This sale was
followed by four 10-share lots and one
5-share lot, all selling at the same
price. The final bid was 171a with
18 asked.
WOODWARD g. Lothrop preferred
stock was in demand on the exchange
today, three 10-share lots changing
hands at 1872. Two more sales were
recorded at 113A. Final bid I13,
asked lis. The preferred stock pays
q z per cent annual dividend and is
one of the strongest issues on the
board.
Potomac Electric Power 51a per
cent preferred stock sold at 113R,
same as other recent sales. In the
bond division, Washington Gas S,