Evening star., 1938-09-28
LOW INVENTORIES
CITED BY REVIEW
Banking Declares Decline
in Stocks May Prove
important Factor.
By EDWARD C. STONE.

OF the American Bankers ASSOCIATION.
Other vital, favorable factors include:
Largest reservoir of capital in the
country's history ready to be put to
work; pent-up demand for replace
ments in industry and consumer goods;
radical changes in 1889 automobile de-
signs; huge crops everywhere: changes
and Improvements in home and other
construction; persistent upturn in pro-
duction indicators; closer understand
ing on currencies between England
and the United States; vigorous United
States programs to stimulate trade
with Latin America; efforts to solve
credit problems for small industries;
chronological advances; capacity to
produce foods and goods Of all kinds
and an unlimited demand for them.
Tending to retard recovery, Banking
reports heavy taxation; hesitancy Of
new capital; uneasiness over the mo-
nopoly investigations, unemployment;
relief problems; public Indifference to
national deficits; high labor costs, pre-
dicament Of the railroads; abnormally
low prices Of farm products; lack Of
balance between productive capacity
and purchasing power and, most i'm
portant Of all, the foreign situation.
Turning to the past month. the Oc-
tober review states that business Is
now moving on fairly even keel.
Loan League Delegates Named.
Rudolph w. Santelmann, F. Wilson
Camp and Clarence E. Kefauver were
yesterday elected as delegates from the
District Building and Loan League to
the national convention in Chicago
November 1913. A large number of
building and loan league officials were
on hand at the first fall meeting,
which also saw three alternates named
to the Chicago affair-Edward K.
Jones, Martin A. Cook and E. L. Nc
Aleer.
Arthur G. Bishop. president, intro
duced number of guests and two
new members of the ague. E. ]. Carl
son, secretary of the Prudential Build
ing, and Carl H. Ellingson, secretary of
the First Federal Savings and Loan
Association.
Due to the retirement OF National
President Edward c. Baltz as head of
the United States Building and Loan
group at Chicago, special efforts will
be made to get as many local repre-
sentatives as possible to attend the
sessions. Carl j. Bergman was named
as chairman Of the committee, assisted
by Messrs. McAleer and Kefauver.
A report of this committee is ex-
pected at the annual meeting of the
league. Tuesday, October Is, at the
headquarters of the Oriental Building
Association, 600 F street NV.
Pension Plans Expanding.
Ralph G. Engelsman of New York
told more than 200 members of the
District Life Underwriters Associa-
tion yesterday that business organiza-
tions everywhere are steadily expand
ing pension and insurance plans for
employees. The Government has made
business firms more insurance con-
scious, he said. and the next five years
should see greater and greater activity
along this line. 1t means new oppor-
tunities and more business for all life
underwriters.
Mr.. Engelsman also pointed to a
wide increase in insurance interest
among women. This field is now
being developed on more intelligent
and intensive basis Professional and
business women are buying more in
surance than they ever have, he as
serted, his whole address being con-
sidered one of the very best ever
given before the association.
j. E. McCombs, the Washington
delegate, pdesented most interesting
report on the national convention at
Houston and Harold D. Kraft, head
of the local insurance school, out
lined plans for the coming year at
the request Of President Richard w.
Griswold.
Four d. C. Men to Speak.
Responsibilities of the railroads in
these modern times will be discussed
by Robert Henry, vice president Of the
Association of American Railroads,
Washington, at the annual meeting of
the American Life Convention, organ
ization of 145 life insurance companies,
to be held in Chicago, October 10 to 13.
Three other Washington men will
take part. Howard K. Kacy, vice pres
ident and general counsel of the Acacia
Mutual Life Insurance Co.; F. M. Net
tleship, secretary of agencies of the
Equitable Life Of Washington, and Don
F. Roberts, treasurer of the Acacia
Mutual Life
Mr.. Kacy is secretary of the legal
section, Mr.. Nettleship chairman of
the industrial section and Mr.. Roberts
secretary Of the financial section, all
OF which will hold their annual meet
ings.
Heard in Banking Circles.
Washington bankers are awaiting
with deep interest the address of E. A.
Kincaid, consulting economist of the
Federal Reserve Bank of Richmond,
to be presented at the October meeting
of the District Bankers Association.
DR.. Kincaid has been connected with
the Richmond bank for many years
and is very able speaker.
The Richmond Reserve Bank an
nounces that the Spokane branch of
the San Francisco Reserve Bank is
to become affiliated with. the Seattle
branch. Member banks in this dis
trict dealing with the Spokane branch
should bear this change in mind, the
notice says.
Washington Chapter. American In
stitute Of Banking, reports 10 per
cent increase in enrollments for the
first half of this year, compared with
the opening semester in 1897. The in
crease Is especially notable in the ad-
vanced classes.
Gas Stock Sells Higher.
Washington Gas Light preferred
stock led trading on the Washington
Stock Exchange today. seven consecu-
tive 10-share sales taking place at
1884, up u from yesterday Potomac
Electric Power 6 per cent preferred
stock was also strong, changing hands
at 11A2 WASHINGTON Railway 4, Eloc