Evening star., 1937-10-08


Reserve Bank Of New York. Charles
NJ. Johnson, Treasurer of the State
of North Carolina, is also down to
speak.
In addition to five forums, there will
be three convention sessions, covering
recent developments in business and
finance, committe reports on research
work and the annual election. Francis
E. rockingham of Boston, nominated
to succeed Edward B. Hall, Chicago
as president, lived in Washington dV-
ing the World War and headed the
public utilities division of the War
Finance Corp. A native of Brooklyn
in Boston for many years and very
active in the association.
Specialized Meetings Planned.
Three specialized meetings on agri-
culture. customer and public relations
and Clearinghouse problems will be
included among the activities at the
convention of the American Bankers
Association in Boston next week.
Henry j. Sleeps. president of the
Bank of Baraboo, Baraboo, Wis, will
outline the program undertaken by
bankers in that State to improve re-
lations with customers and the public
Jesse F. Wood, vice president of the
State-Planters Bank g. Trust Co.,
Richmond, Va, will discuss the in
dividual bankers responsibility in
customer relations.
The Agricultural Commission will
have Fourth Club demonstration to
be staged by the Massachusetts, State
College.
H. H. Griswold. Elmira. N. Y, will
preside at the Clearing House round
table conference. At this session H.
H. Harris. vice president, First and
Merchants National of Richmond will
speak on Correspondent Bank Re-
lationship; Spaced Maturities and
Sources of Investment Information.
Home Loan Status Reported.
Outstanding bonds of the Home
Onwers' Loan Corporation totaled
42,963, 588,575 on September 80, Patrick
j. Maloney. treasurer of the corpora
ton, reported today to the Federal
Home Loan Bank Board, which super
Nses the H. o. l. c.
Mr.. Maloney listed a total of 1884,
25l,800 in bonds ordered retired or
cancelled from the Bond Retirement
Fund. These bonds include: per
cents, S40,716,100 per cents, Series
A, $1,7l0,875; 234 per cents, Series B,
$35,023,450 "a per cents, Series G.,
$222,375; IL per cents. Series C.,
$49,736,000; 134 per cents, Series D,
$49,843000; and Il per cents, Series
H, s101o00,0O0.
Many of these bonds are held by
Washington banks and building and
loan associations, home loan officials
said today
Industrial Profits Higher.
A 30 per cent increase in profits of
the larger industrial corporations dur
ing the first nine months of 1897 was
reported today in the Federal Reserve
Boards Monthly Review. At the same
time the board pointed to a slacken-
Ing in the rate of profit increase.
The board added that a recently
formulated program for easing credit
probably forestalled the necessity of
member banks borrowing from Reserve
institutions to meet Fall and Christ
mas money demands
Reviewing general business condi-
tlons, the board said securities offered
for sale by domestic corporations to-
tailed about S300,OO0,O0O during the
third quarter of this year, or only
ABOUT one-third of the average Offer
lngs In the preceding four quarters.
The smaller amount" the board
said, reflects in part the usual Sum-
mer dullness, and in part the contin-
uance OF unsettled price conditions in
the security markets"
The Bulletin called attention to the
September decline in industrial pro-
ouctDn, which normal. should show
an increase over August; dependence
OF the steel industry on backlog orders.
and the slowing up of new capital
issues. Retail distribution, on the
otner hand, is considerabl. larger in
volume than last year, the report
said.
On to Chicago Convention.
washington insurance men will
leave here shortly to attend the Amer
lean Life Convention in Chicago next
week. The delegation will include
Howard w. Kacy, vice president and
general counsel of the Acacia Mu-
tual Life, and D. F. Roberts, treasurer:
w. w. Crisp, vice president; Conti-
mental Life; G.. A. Clar,, vice presi-
dent and actuary, Equitable Life In
surance Co.. and F. M. Nettleship,
= secretary of agencies.
Mr.. Nettleship is chairman of the
national organizatior's industrial sec
ton and will preside at next Tues
days session.
Heard in Financial District.
Following action of the New York
Stock Exchange, the Washington
Stock Exchange will be closed next
Tuesday, Columbus day. All banks
will be open as usual.
Roderic Peters, w. w. Wallace, P.
J. Grifin and L. G. Ehret, all officials
connected with the Washington office
OF Servel, Inc, will be among $50
representatives from all parts Of the
country to attend the annual Fall
sales conference Of the company set
for october 18 and 10 at French Lick,
Ind.
Directors of the Lanston Monotype
Machine Co. have declared the regu-
lar quarterly dividend of 81 per share
payable November 80 to shareholders
OF record on November 49,.
Lanston Monotype stock sold at 80
on the Washington Stock Exchange
today. Bid and asked quotations on
other issues were practically un-
changed.