Evening star., 1935-10-27
BANKERS HAIL END
Of FINANCING LULL
AT |. B. A. SESSION
Sharp Rise in Refunding and
New Issues ContraSted
With 1884 Tie-up.
LAST YEARS VOLUME
MORE THAN DOUBLED
Further Expansion Needed to
Reach Levels Considered Normal
in 1920-30 Period.
BY EDWARD C. STONE.

BY EDWARD T.. SIONE.
Definite breaking of the so-caled
leg Jam in the issuance of new
securities was reported by 900 invest
ment bankers who opened their
twenty-fourth annual convention, at
White Sulphur Springs. w. Va, yes
terday, according to dispatches re-
ceived here. The recent sharp in
crease in new and refunding issues
has brought about situation in the
capital markets. investment dealers
stated; in marked contrast to the tie
up prevailing a year ago.
The manner in which the Securi-
ties Exchange Commission is now
functioning is assigned by delegates
as the reason for the turnabout in
the securities business. At the con-
vention last year fear of the commits
sion was the great subject under dis
cussion at many sessions. Modified
rules for registration of securities. re-
vized operating rules, the big increase
in new issues, and the widespread
economic recovery are the chief causes
Of the optimism at White Sulphur.
Attendance at the opening session
yesterday was the largest since 1929
and 80 per cent larger than last year.
Delegates from leading cities in the
country reported expanding commerce
and accelerating industry. Some dele-
gates were even talking about IAN
1nf1ationary boom"
New Issues Mount Rapidly.
For the first nine months of 1885,
new issues, corporate and municipal,
including refund ings, aggregated
$2,497, ,505,000, against only $1,O64,-
$4,000 in the same period of last
year. A real expansion of long-term
credit, however. has still to come, the
investment experts explain, to reach
the proportions that were considered
normal in the 1920-30 era.
The convention will survey the prob
lens Of financing corporations and
municipalities. including the new PROB
lens imposed by the regulations of the
Securities and Exchange Commission,
In a series of discussions, committee
reports and addresses. Speakers will
include John j. Burns, counsel to the
Securities and Exchange Commission
Delegates from Washington include
George M. Ferris, John C. Folger,
James H. Lemon, William w. Mack
al, Carl r. KurtZ, Kenneth S. Wales,
and Y. E. Booker. The president Of
the Investment Bankers Association
Is Ralph T. Crane of Boston.
CIearings Jump 40 Per Cent.
During the week ending last We'd
nesday, unseasonably warm weather
continued to retard department store
sales in Washington, registering a de-
crease of IA per cent from the previ-
GUS week, but showing a gain of CT
per cent over the same week last
year, the Department of Commerce
reported yesterday in its weekly busi-
ness survey.
While bank clearings decreased 6.1
per cent from the previous week, they
increased 491 per cent over the same
week in 1884. The value of building
permits remained at the same level as
In the preceding week but were twice
the amount Of the corresponding week
last year.
The number of visitors registered at
the Smithsonian Institution during
the week totaled 31,O47. 80, $50 for the
preceding week and 27,556 for the
same week in 1884.
Storage Official Honored.
Directors of the Security Storage
Co. honored Paul Alvey, assistant Sec
retary, with dinner at the Chevy
Chase Club Friday, in celebration of
his Is years of service with that COM
pany. Mr.. Alvey joined the Security
Storage Co. in 1910 and with the ex-
ception of two years on leave of alb
sence during the war, when he served
as lieutenant in the Air Service of
the United States Army, he has been
with the company continuously since
that time. He was felicitated by the
directors and presented with silver
bowl suitably inscribed, by President
Clarence A. AspinwaI.
Exchange Trading Limited.
Saturday trading on the Washing
ton Stock Exchange was unusually
dull, the only transaction being in
Capital Traction SIS, $500 changing
hands at 81, same as other recent
sales. Mergenthaler Linotype closed
with the week with 3712 bid and 80
asked, after selling at a new high of
80 Friday. It sold up to 39Ka on the
Boston Exchange. The move of the
past few days has caused much COM
ment, the talk referring to portable
increased earnings and possible re-
sumption of dividends. 1t is self
evident that the company's condition
has shown further improvement or the
stock would not have climbed from
as to 80 this year, mostly within two
weeks.
Security Club Inducts Officers.
The Security Club, an organiza-
ton of employees Of the American Sc
curity & Trust Co., installed its new
officers Friday evening in the club
rooms of the American Security
Building. Those who took Office are
Kenneth G. Moore, president; Donald
w. Mowbray, first vice president; L.
r. Savage, second vice president;
James F. Willett, treasurer, and Miss
Audrey Shreve, secretary.
Following the business meeting
James c. Dulin, jr., treasurer of the
Trust Co., told the gathering about
his recent trip to Alaska by airplane.
after which the famous pictures Of
the "Lindbergh Trail" were shown.
FURNITURE BACKLOGS GROW