Evening star., 1938-08-06
F|NANC|ERS PLAN
TOGO TO HOUSTON
R. V. Fleming to Lead Group
Attending Convention
in November.
By DONALD b. HADLEY.

By DONALD b. HADLEY.
Washington financial leaders are
looking forward to the annual con-
vention of the American Bankers As
sociation in Houston, November IA
II. A number already have made
plans to attend.
Heading the Capital delegation will
be Robert " Fleming, president of
the Riggs National Bank and past
president of the A. B. A. Other leaders
who will attend are George o. Vass
vice president and cashier of the Riggs
Bank: Wilmer j. Waller. vice presi-
dent and cashier of the Hamilton Ma
tional Bank and a member of the
A. B. A. Executive Council representing
the District of Columbia; Frederick
P. H. Siddons, secretary of the Ameri-
can Security & Trust Co. and a men,
ber of the A. B. A. Nominating Com
mittee representing the District;
Thomas ]. Groom, executive vice
president of the Bank of Commerce &
Savings; Francis ]. Addison, jr, presi-
dent of the Security Savings g. Com
mercial Bank and a member of the
Executive Committee of the State Bank
Division of the A. B. A.; L. P. Nc
Lachlen, president of McLachlen
Banking Corp; John A. Reilly, presi-
dent Of the Second National Bank;
Arthur ]. Linn. controller of the
Hamilton National Bank and president
of the National Association of Bank
Auditors and Comptrollers.
Plans for the Houston convention
we're discussed enthusiastically at the
usual Friday luncheon group meeting
of the District Bankers Association
yesterday.
Economist Is Cheerful.
The bull market since June 18
begins to receive the support of statis-
tics indicating a sharp Improvement
in business during June, declares
Lawrence Dennis, economist of E. A.
Pierce e. CO.
In bulletin received at the firms
Washington Office. the economist con-
tues: "Indices kept on weekly or
monthly basis are already conclusive
and nearly unanimous in their con-
firmation of turn for the better.
This change is still regarded dubi-
ously by many, although the con-
sensus of expert opinion, for instance,
as brought out in the poll of leading
economists conducted by the Asso-
ciated Press, is that recovery will be
with us for several months, probably
for the rest of the year and possibly
much longer.
Notwithstanding currently indi-
Gated business Improvement and ex-
pert opinion that it will continue
skepticism is understandable in view
of the extreme peSSimism which
reigned and received so much sta
tistical support up to a month ago.
1T begins to look as though We
were going to lead the world out of this
depression just as we led the world
into it. That our recovery may be
as swift as our recession was is to be
hoped for and by no means incon-
ceivable"
Retail Activity Gains.
The tendency toward better retail
conditions, which became apparent in
June, was further strengthened dur
Ing July, according to midyear sum-
mary of retail trade issued today by
Richard c. Patterson, jr., Assistant
Secretary of Commerce.
Retail sales during the first six
months of 1888 were about Is per cent
below the corresponding period OF
1887 and about per cent below 1896,
according to final midyear estimates
of the marketing research division,
Bureau of Foreign and Domestic Com
merce.
July sales figures are incomplete,
but available data indicate that the
tendency toward better conditions,
which became apparent in June. was
further strengthened during July by
definite signs of expansion in con-
sumer purchasing, which points to an
earlier turn in the trend of retail sales
than has been anticipated.
A factor of major importance in the
field of distribution and one that
at present lends encouragement to
the aspect of retail trade is the posi-
tion of inventories of consumer goods
In the hands of retailers.
inventories keduce0.
A large quantity of merchandise
which was accumulated in the latter
part of 1886 and early 1887, due
largely to inflationary psychology. has
been gradually liquidated and that for
some kinds of business, stock levels
are back again to normal. Heavy
consumer goods. however. were the
III 70 k,,1fh hS,
system of scaling production to de-
mand and more concentrated promo
tional methods, dealers stocks of heavy
merchandise have been gradually
worked down. Automobile stocks are
not high for midsummer and signs
point to potential sales improvement
during the second half of this year.
Addresses Are Reprinted.
An address on the Mexican oil sit
uation, which was delivered before the
Civitan Club here by Norman E.
Towson. assistant treasurer of the
Washington Loan g. Trust Co.. is re-
printed in part in the August issue
of Banking, official A. B. A. publica-
ton. The magazine also reprints
excerpts from the address given before
the District of Columbia Bankers As
sociation convention by Marshall r.
Diggs, acting controller of the cur
rency Mr.. Diggs' subject was Fig
urehead Directors"
A Good Will Builder.
The Washington office of the Provi-
dent Mutual Life Insurance Co. has
received many compliments on the
display which appeared in the window
of the Chesapeake g. Potomac Tele-
phone Co. on Thirteenth street dur
ing the last two weeks.
The display features the architects
model of the home Office building in
Philadelphia. Pa, attractively flood
lighted against black velvet back
ground. Attention was called to the
use Of the telephone in establishing
an estate or retirement plan.