Evening star., 1937-11-01

1l82i$ w II d SUllEISSS
C,urd.r rdv,rdx will do when it
meets this month.
Wage and hour legislation, crop con-
troll and taxation are matters of such
real concern to every individual who
earns living that the probable course
OF events at the coming session is as
suming unusual Importance, the re-
view says.
During the summer it became ap-
parent that inventories had been
built up to an unusual degree in antici-
patton of higher prices which failed
to materialize. This abnormal situ-
alton is emerging as one of the
principal reasons for the present lack
OF orders and the spirit of hesitancy
in making commitments of any kind.
Fundamentals have changed but
slightly from midsummer. Prices of
farm products have declined greatly,
especially in cotton and wheat, but
the changes are the result of large
crops which promise increased returns
despite lower prices. The moderate re-
cession in industrial activity has been
counteracted by wage increases, and
the result is fairly stable purchasing
power for consumers.
Wholesale and retail trade have
been spotty, largely because of varying
weather. but it is noted that where
weather has been reasonably favorable
trade has maintained a satisfactory
level. One significant fact is to be
noted in the disposition of manufactur-
ers to make and retailers to stock
moderately priced rather than more
expensive goods
The general trend in retail trade is
material improvement over that of a
year ago with the increase gradually
narrowing, the review concludes.
Edwards New Research Head.
In announcing the creation of new
research council to coordinate and
expand the research activities of the
American Bankers Association, DR..
Harold Stonier, executive manager of
the association, stated today that
Gurden Edwards, public relations di-
rector of the A. B. A. for the last Is
years, has been named director of the
council.
Mr.. Edwards joined the American
Bankers Association in 1922. In ad-
dition to being public relations direc-
tor. he has served as secretary of it's
Economic Policy Commission since
1928. He is the author of number
of studies on banking subjects pub
lished by that commission and has
been a contributor of many articles
to financial and general publications.
Mr.. Edwards is a former newspaper
man. At the time of the World War
he was with the New York Office of the
Associated Press. He was in WASH
ington for a time serving with press
bureaus of the Liberty Loan organi-
cation.
Loan MagnateS to Confer.
Automobile finance leaders from the
East and South will take an important
part in the fourth annual convention
of the American Finance Conference
In Chicago November 10 and IL.
Among the Washington members ex-
pected at the convention are Lewis w.
Cass, vice president, Federal Service
Finance Corp; Philip Milestone,
president, Milestone Finance Corp;
T. T. Mott, president of Mott Motors,
Inc, and R. M. Sigwald, president of
Sigwald, Ltd
Credit and financial questions vitally
affecting the installment purchase of
automobiles throughout the Nation
will be acted upon by the 600 delegates,
who will also consider general business
and legislative problems.
The headline speaker will be Sena-
tor Alben w. Barkley on Monopoly
and Government" Henry H. Heimann,
executive manager of the National
Association of Credit Men, will speak
on 1.-THE ABC of Business Prosperity"
Investment Bankers to Meet.
The annual convention of the In
vestment Bankers Association of
America opens at White Sulphur
Springs, w. Va, Wednesday and con-
tinues the rest of the week. The
Washington delegation will be headed
By Y. E. Booker, senior partner in the
firm bearing his name. Others plan
ming to attend include j. Clifford
Folger of Folger, Nolan & Co., and
Wilfred L. Goodwin, jr., of Brown,
Goodwin & Olds.
Among the speakers will be T. Jeffer-
son Coolidge, formerly Undersecretary
Of the Treasury; Ellsworth c. Alvord,
. Washington attorney, and George c.
Mathews, a member of the Securities
and Exchange Commission. Frank R.
McNinch, who recently left the chair
nlanship of the Federal Power Com
mission to become chairman of the
Federal Communications Commission,
Is also on the program, to speak on
Federal Regulation and Power Sc
curities." Other timely topics are to
be featured.
Bankers Press Chest Drive.
Washington bankers are taking an
active interest in the Community Chest
campaign. Frederick P. H. Siddons is
general chairman of the Financial
Group, which includes the banks and
brokerage houses. His assistants in
the banking district include Archibald
, McLachlen, Hilleary G. Hoskinson and
William B. Willard. The firm of Hall,
Peters & Bryson, Southern Building,
which was listed in the Metropolitan
Group at one time. has been trans
ferred to the brokers' group. The
group is in charge of L. Clark Brown,
who is this years president of the
Washington Bond Club.
Today's Trading on Exchange.
The largest turnover in any issue
on the Washington Stock Exchange to-
day was 50-share sale of Real Estate
Mortgage Guaranty preferred stock at
5. Washington Gas Light preferred
appeared on the board at SO, un-
changed from last weeks close. IN the
bond division, Capital Traction SIS
changed ownership at 70.
Making friends for industry is the
most important job now facing busi-
ness management, Lewis H. Brown
president Of Johns-Manville Corp, de-
clared in q speech before the annual