Evening star., 1936-11-18
MANY TOATTEND
L.B.A. CONVENTION
Practically All Washington
Members Plan to Send
at Least One.
BY EDWARD C. STONE.

Bankers Association of America to
be held at Augusta, Ga, December z
to 6, inclusive, according to informa-
ton obtained today. Practically every
investment firm in the city which
has membership in the national as
sociation is expecting to dispatch at
least one delegate, it was stated today.
The program, which will include
several Government officials. will
cover every phase of the investment
situation. The vast improvement in
the investment banking business in
the last IL months will mean a very
large attendance, new issues and re-
funding issues having given the in
yestment dealers the best business
since the Wall Street tumble in 1929.
In connection with the coming con-
vention the Investment Bankers As
sociation has just sent out review
Of capital financing from 1912 to
1886 1t shows how the capital mar
ket machinery went into high gear
during the World War. In 1917,
1918 amid 1919, $24,500O0O,000 in
Government bonds were sold to peo-
pie who prior to the Liberty Loan
drives had never done any investing.
In the decade following the war
the railroads came to the capital
markets for more than $4,000 900, 600
of funds. During the same period
the public utilities requisitioned more
than sl1, ,000.000,000 primarily for the
purpose of building generating ca
pacity and transmission lines for sup
plying electric light and power Elec-
. trical service was available in less
than 100000 homes when the war
closed, and by 1928 more than 49,
100000 homes were wired. The power
generating capacity of the industry
was doubled in that interim.
Insurance Leaders Organize.
Medical directors of life insurance
companies having headquarters in
Maryland, Virginia and the District
of Columbia have just organized an
association, adopted bylaws and elect
ed officers. President William Mont
gomery of the Acacia Life Insurance
Co. welcomed the members at meet
ing at the Cosmos Club. The new or
ganization is to be known as the
middle Atlantic Life Insurance Medi-
cal Directors Club
Officers elected we're: Chairman,
DR.. j. r. B. Hutchinson, assistant
medical director, Acacia Mutual Life
Insurance Co.; vice chairman, DR..
George Mclean medical director, Sun
Life Insurance Co., Baltimore, and
secretary-treasurer DR.. ]. Rozier
Biggs, vice president and medical
director. Union Cooperative Insurance
Association. Washington; DR. j. H.
Dunkley, medical director of the
Shenandoah Life Insurance Co.,
Roanoke. and DR.. Ennion S. Williams,
assistant medical director of the Life
Insurance Co. of Virginia, Richmond,
were elected as members of the Execu-
tive Committee.
Those present were: DR.. Charles M. |
Beal, DR.. j. Rozier Biggs and DR.. j. |
Lester Brooks of Washington, Dr. j.
H. Dunkley. Roanoke; DR.. J. r. B.
Hutchinson, Washington; DR.. George |
C. Lockard, Baltimore: Dr. L. w. Nc
Kenzie, Washington; DR.. George Nc
Washington; DR.. Edward Novak, DR..
j. M. H. Rowland and DR.. Frederick
H. Vinup of Baltimore, and DR.. En-
MON S. Williams, Richmond.
Bank Directors Reelected.
The Federal Reserve Bank of Rich
mond announced today that Charles
E. Rieman, president of the Western
National Bank, Baltimore, was elected
as class A director to succeed him.
self. in what is known as group l.
Charles c. Reed, vice president of
Williams & Reed, Richmond was
elected by the banks in group l as a
class B director. He also succeeds
himself.
Each was chosen for a term of
three years expiring December 81,
1889. The Washington banks in this
group took part in the election. Bal
lots were sent by mail and have Just
been opened.
Farm Income Reveals Gains.
Government payments to farmers
IN September were about $4,000, 900,
compared with S57 1000, 900 in Sep
tember of last year.
For the first nine months farmers
cash income from farm marketings
amounted to s5,224,0O0,0 900, a gain of
1S per cent over the total for the first
nine months of last year.
Government payments to farmers
during the first nine months we're
$210,000000, or 48 per cent less than
In the like period of 1895. Neverthe-
less. the gain in income from products
sold more than offset the smaller Gov
ernment payments, so that the total
cash income from sales of products
and the Government payments was
$5,434,0o0,o00, still IL per cent larger
than the total for the like period 1885.
The figures are of special interest in
showing that buying power in the
farming sections of the country is
still on the upgrade.
Financial District Gossip.
Members of Washington Chapter,
National Association of Cost Account
ants. will hold their November meeting
at the Hamilton Hotel this evening.
with DR.. w. H. S. Stevens, economist.
Is the speaker.
American Stores sales in the four
weeks ended October 81 totaled So
S94,846, slightly under the figure in
the same period a year ago.
The Interstate Commerce Commits
sion has authorized the Southern Pa
cific Co. to issue and sell $3.50 900 of
equipment trust certificates, at not
more than 99.527 per cent of par and
accrued interest.
Brokerage houses were crowded again
today, partly as a result of the extra
long list Of extra. back and regular
dividends which were announced yes
terday. Action of the Chesapeake &
Ohio Railroad is said to have been of
particular interest to Washington, as
there are so M ny stockholders here,
Busy Trading on Exchange.
The heaviest trading on the WASH