Evening star., 1935-10-08

banking act of 1885 and what it
means to the banking fraternity.
Along with President Hecht of the
"A. B. A, Mr.. Fleming put an immense
amount of time on the vital points in
the act while it was pending before
Congress for many months. If nee
essary, he could probably recite the
act from start to finish, in spite of
its length. Every detail of the law
is familiar to him.
Washington bankers consider them
kelves fortunate to have a chance to
hear the law fully discussed with
summary of exactly what it means to
every financier. The law as finally
passed was praised by the American
Bankers Association as constructive
and helpful banking. Mr. FlemingS
personal view of the act will be
awaited with unusual interest
At the coming meeting, chairmen
of the District associations standing
committees will also present reports
On the progress made since the an
nual convention last Spring. These
reports are certain to be of value to
the members. Although confidence
has returned to Washington banks
and aggregate deposits here are near
an all-time peak, there are always de-
tails in connection with bank man
egement which call for a lot of COM
nittee work.
II also developed today that minor
khange in the associations conStitu-
fion is under consideration. matter
of interest only to the members. A
Eote will be taken at the meeting on
whether it is wise or unwise to change
the document. With business out of
the way, buffet lunch will be served.
ID. c. Collections Are Good"
A decided improvement in wholesale
collections and sales during Septem-
ber in 100 major markets throughout
the country is noticeable in the Octo-
Der survey by the National Association
bf Credit Men, released today in its
pfficial publication, Credit and Finan-
eial Management.
In the previous months survey, ap-
proximately 38 per cent of the report
ing cities found collections to be
s'good" compared with the current
average of 49 per cent. In sales the
previous average of cities reporting
igood" had been 40 per cent of the
total reports, this figure rising to So
per cent in the present survey.
The review calls collections in
Washington good" Sales are put
flown as fair but reports from other
sources indicate they are much bet
ter than fair. Both sales and collec-
lions are marked good for Baltimore.
Collections are good" in leading
CITIES in Virginia, with the exception
of Richmond, where sales are also re-
ported as fair" Lynchburg, Roanoke
end Bristol are reported as in a par
ticularly good position.
Whaley Pictures Credit Boom.
In addressing the Morris Plan
Bankers Convention at Virginia
Beach, P. H. Whaley. head of the
Whaley-Eaton financial service, Wash
tngton. talked about the danger and
possibility of a very serious credit
boom. He spoke on Conditions in
Washington"
II think" Mr. Whaley said, "you
will find in this fact the reason why
the President, in his addresses over
the last few week, has very definitely
faken turn in the direction of great
pr sobriety in expenditure. He has
been talking recently about balanced
budget and not spending so much as
the somewhat extravagant budget
estimates have indicated"
! The speaker became more reassur-
iing further on in his address, stating
that the Federal Reserve Board has
the power to curb credit imitation and
that this power means there is COM
parative safety ahead.
"Ou that basis" he concluded. "the
one ingredient required to make as
surance doubly sure is confidence in
Integrity of Government direction. 1t
may be that great era is just ahead"
Bond Exchange Near Close.
The Federal Reserve Bank of Rich
mond has called attention of all banks
to the fact that subscriptions for the
current offering of Treasury bonds of
1945-l947 offered only in exchange for
Fourth-called Liberty bonds, for re-
demption on October Is, will close
next Friday.
Holders who do not wish to ex-
change these bonds should turn them
In at once at the banks as interest on
these called bonds will stop on Oc-
tober Is. In order to get prompt pay
ment, holders should submit them well
in advance of the date of redemption.
Payment cannot be made for regis
tered bonds until after the release of
registration has been made by the
Treasury Department, the bank says
Today's Trading on Exchange.
Washington Gas IS. series B. OPEN
ed business on the Washington Stock
Exchange today, $1,000 selling at 103,
off 4. Anacostia g. Potomac r. r. SIS
figured In two $1,000 transfers today
at 9112. A good deal of trading has
been expected in these bonds by ex-
change members since the announce
ment that large block of them will
soon be retired at 80. So far, how
ever. few of the bonds have appeared
In the daily transactions.
The only other bond sale was in
Capital Traction IS, $500 changing
ownership at 951a. In the stock di-
vision, Potomac Electric Power 51a
per cent preferred sold at 113a on
two small sales, up "a from the last
transfer.
Heard in Financial District.
Members of Washington Chapter,
American Institute of Banking, will
visit the Department of Justice Build
ing tomorrow evening, inspect the Ia
NOUS laboratories Of the G men and
be taken over the whole building.
The tour is in charge of the chapters
Public Affairs Committee.
Secretary of the Treasury Morgen-
thau is vacationing in Southern
France, department officials stated.
He originally had intetded spending
most of his time in Portugal and
Spain.