Evening star., 1935-11-15

st. Louis since 1929, and was second
vice president of the A. B. A. during
the past year. Born in Glenwood,
Mo, in 1882, he got his A. B. degree
from the Universityof Missouri in 1904
and an honorary LII D. from the same
institution during the present year.
He began his business career as a
bond buyer and salesman, then be-
came secretary and treasurer of a
securities firm in st. Louis. He was
vice president of Kaufman, Smith &
Co., when he took his present bank
position.
Mr.. Smith is president of the st.
Louis Clearing House Association. He
has been a director of the st. Louis
agency of the National Credit Corp.
member of the advisory board, St.
Louis district of the Reconstruction
Finance Corp; member of the Bank
ing and Industrial Committee OF the
eighth Federal Reserve district. In
American Bankers Association activi-
ties he has served as chairman of the
Special Committee on Banking
Studies. From 1928 through 1925, Mr..
Smith was a member of the Board OF
Governors of the Investment Bankers
Association of America and, during
1926. was vice president of that or
ganization.
The A. B. A. official is married and
has four children. He is member OF
the Phi Beta Kappa, Beta Gamma
Sigma and Phi Gamma Delta Fra
ternities, and chairman Bord OF TruS-
tees of the last named. He belongs
to the University, MONDAY, Log
Cabin, st. Louis Country and Cuivre
Clubs, all of st. Louis, and Phi Gamma
Delta Club of New York City. He is
a Democrat and belongs to the Pres
byterian Church.
Says A. B. A. Bans Politics.
Robert v. Fleming, new A. B. A.
chief, was very diplomatic in what he
said at New Orleans on the election
of Orval w. Adams, Salt Lake City,
as the new second vice president. over
E. G. Bennett, after one of the most
tense contests in the history OF the
organization. "The A. B. A. Is not in
politics and will not be during my ad-
ministration," Mr.. Fleming said. He
expressed no alarm over the break"
in the organization over New Deal
policies which brought about the
heated election.
It is an old A. B. A. custom for the
higher officers in the association to ex-
press no preference on their successors.
Mr.. Fleming adhered strictly to this
policy throughout the convention.
The fireworks were started by c. F.
Zimmerman. who nominated Adams
from the floor after the Nominating
Committee had presented only the
name of E. G. Bennett. He had asked
the committee to present both of these
names and that of F. F. Brooks of
Pittsburgh. His request was tabled.
Thomas r. Preston, former A. B. A.
president, was one of those who coun-
seled standing by the committees
report. Benefits withdrawal caused
tremendous excitement among the
Adams supporters, according to con-
vention echoes heard here.
Leaders Frame Resolutions.
Among the noted bankers on the
Resolutions Committee were Francis
M. Law, president of the association
last year; Robertson Griswold, Balti-
more; Ronald Ransom, Atlanta, and
Col. Leonard P. Ayres of Cleveland.
Philip A. Benson, new head of the
savings division, is we'll known to
Washington f1nanciers. He is presi-
dent of the Dime Savings Bank,
Brooklyn.
E. E. Mountjoy, Washington repre-
sentative of the A. B. A., was made
secretary of the national bank divi-
sion.
George o. Vass was the first Wash
ington delegate to reach home. taking
q plane out of New Orleans late last
night and reaching the Capital early
this morning. He was most enthu-
siastic over the convention, the hos
pitality of the entertaining city and
the tributes paid Mr.. Fleming. The
new president had loads Of kilograms
from all over the United States and
his room was so full of flowers that
he could hardly turn around.
Heard in Financial District.
Hemphill, Noyes Co., investment
firm with Offices in the Shoreham
Building, announced today that the
new Offering of $4,000 shares of Co.
lumbia Pictures Corp. s2.57 preferred
convertible stock, at $50 a share, had
been entirely sold.
Bank clearings in Washington for
the week ended November l3, were
28.6 per cent higher than in the cor
responding week year ago. The ma
tional average gain was % per cent.
With reference to the plea Presi-
dent Roosevelt made to the A. B. A.
for lower interest on loans. in which
he stated that sound loans should be
made at less than per cent, bankers
here today said that good many
loans are being made in this city
under that figure.
About $50 members of the District
Life Underwriters Association at
tended the November luncheon yester-
day at the Willard and heard an ex-
cellent address by w. Rankin Furey OF
Pittsburgh. The membership drive Is
reaping harvest.
Peoples Drug Votes Extra.
The regular quarterly dividend Of
Is cents per share and an extra OF
so cents q share were voted yesterday
on Peoples Drug Stores common stock,
payable January 2. 1896, to stock Of
Secord December 9. The directors also
voted the regular quarterly dividend
on the preferred stock Of $1.62k q
share, payable December 16 to share
holders of record November 30.
Capital Traction SIS were il the best
demand on the Washington Stock Ex-
change, three 81 900 bonds selling at
s6h, unchanssd. Anacostia Poto-
mac River Railroad guaranteed 5s
came out in two $1,000 sales at 1oz.