Evening star., 1938-05-23

Mr.. Seal will
speak ON "The
"''" A. Corporation Coun-
sells Office and Its Relationship to the
Community" He has been corporation
counsel since 1882 and is certain to give
an insight into the operation of his
Office which will be very instructive.
Mr. Ferguson, who has lived in
Washington most of his life, and been
with the Federal Housing Administra-
ton since 1884, will discuss the Ma
tional Housing Amendments and What
They Mean" This is subject IN
which every banker is deeply con-
cerned
President Thomas j. Groom will
make his annual report on the open
ing day. and committee reports will
be presented. Announcement Of
speakers at the other sessions will be
made shortly.
Bankers Plan Spaid Tribute.
Many leading bankers and brokers
in the financial district were planning
to pay final tribute to the memory
of w. W. Spaid at the funeral rites
to be held this afternoon at 3 o'clock.
The list of honorary pallbearers in
cluded widely-known bank officials,
while the active bearers included those
who were very closely connected with
the late broker in everyday business
affairs.
Keen regret was general in the
financial district today over the loss
of one so long prominent in brokerage
and banking circles. Customers OF
the Hibbs firm expressed the same
deep sympathy to the other members
of the 50-year-old concern.
Mr.. Spaid was always particularly
interested in New York Stock Ex-
change firms with their head Offices
outside of Wall Street. While chair
man of the out-of-town section OF
New York Stock Exchange firms he
brought about many changes which
were very constructive and helpful.
While he considered some of the
Securities and Exchange Commissions
rules as too drastic, he often said that
the stock exchange should have done
a lot of house-cleaning long ago.
He had agreed to take an active part
in the coming convention OF the Dis
trict Bankers Association. A former
president of the organization, he never
lost his interest in it, although he had
been unable to attend recent conven-
tions. Addition of three new firm
partners gave him much more time
and freedom Recently he said he was
going to retire from business at IS.
He died at SO.
ID. C. Insurance Mark High.
The latest report from the Life In
surance Research Bureau, Hartford,
Conn, shows S1,025 per capita life
insurance in Washington, the highest
in the United States, with the eXcep-
ton of New York City, where the per
capita insurance in force is 81 ,048
The per capita average for the whole
country is S579.
The average policy in the Capital
Is S2648. Here again New York is
Just a bit higher, $2,680. Delaware
leads the States with $3,156. The
average for the United States is $2,267,
considerably lower than Washingtons
mark.
The comparisons are not conclusive
so far as prosperity in the different
States is concerned. City populations
are compared with farming sections,
but the figures are interesting. They
are taken from December. 1887, and
do not include group insurance.
Credit Trouble Impossible.
Although business has endured one
of the sharpest declines on record,
yet there is no credit strain corre-
spending to that which developed fol-
lowing the break of 1929, says the
United Business Service in its current
report.
In a general way three elements
are involved in measuring initiation
or dehation: The quantity of money,
the rapidity of circulation and the
flow of goods and services moving to
market.
The quantity of money (both cur
rency and bank deposits) is important
because it governs the buying power
of its possessor Since 1882, the rise
in this item has been equally as great
as that from 1924 to 1929.
From this, the service concludes, it
Is readily seen that there is propor-
tionately a much larger supply of
money relative to both prices and pro-
duction than has been evidenced for
some time. In such circumstances any
serious credit trouble is impossible,
the survey claims.
Financial District Notes.
The monthly dinner meeting of the
District of Columbia Control of the
Controllers Institute of America will
take place at the Carlton Hotel tomor-
row evening at $50. Secretary Hum
phrey Lloyd announced today. Frank
lin H. Kenworthy, controller of the
Chesapeake & Potomac Telephone Co.,
will lead round table discussion on
"Employer-Employe Relations
The Labor Department reports that
building permits issued during the first
quarter of 1898 provided for 60,l27
family dwelling units in United States
urban areas. an increase of 81 per
cent over the like 1887 period.
Carman G. Blough, chief accountant
of the Securities and Exchange Com
mission, has resigned to join an &C
counting firm in Chicago and William
w. Werntz, a member of the commits
sion's staff, has been appointed to fill
the vacancy.
Washington Gas Light SIS, 1860. were
strong on the Washington Stock Ex-
change today, again selling at lit.