Evening star., 1938-10-11
L.B.A. CONVENTION
HOLDS ATTENTION
Capital Investment Firms
TO Send Big Delegation
to White Sulphur.
By EDWARD C. STONE.

BY EDWARD c. STONE.
Investment firms in Washington will
send good-sized delegation to the
twenty-fifth annual convention of
the Investment Bankers Association,
which opens on October 20 at White
Sulphur Springs, w. Va.
The Capital will also furnish one
of the most important speakers.
George C. Mathews, a member of
the Securities and Exchange Commits
sion, who is in charge of the COM
missions program on over-the- counter
regulation. He will speak on the
''Maloney Act" which is the most
vital subject on the program.
Francis A. Bonner of Chicago. who
Is now acting as adviser to the Sc
curities and Exchange Commission in
organizing the investment machinery
for Self-regulation under the Maloney
Act, is also on the program.
Taxation of TaX-Exempt Securi-
ties" will be the other headline topic
for convention discussion. The guest
speaker on this subject will be David
M. Wood of New York. Marcus Mad
Ter, New York University. who ad-
dressed the District of Columbia bank
ers at Hot Springs last spring, is also
on the program.
Coyle Stresses Money Flow.
That Americans may have brought
about present conditions in the eco
nomic system by being too saving
was the opinion expressed by David
Cushman Coyle, engineer and author
of popular books on economics, at
the monthly dinner of the District
of Columbia Chapter of Chartered
Life Underwriters at the Cosmos Club
last evening.
Speaking upon Investment and
Government Spending" he declared
that savings in general withdrew
money from circulation, and these
savings are restored to circulation
chiefly by investing them in capital
goods Discussing the engineering
and economic factors that strictly limit
the amount of funds that may be
profltably placed in capital invest
ment, Mr.. Coyle concluded that "in
the business world there appears TO
be no possibility of an automatic bal
ance between spending and saving"
Since without such balance business
becomes paralyzed, the help of Gov
ernment spending becomes unavoid-
able
Public opinion, the speaker argued,
forces Government spending to take
the form of work relief of an un-
businesslike kind or to drift toward
excessive military expenditure"
"the only form of spending the con-
servatives will approve" The speaker
pleaded for better understanding
of the principles involved in Govern
ment spending as an agent for bal
ancing the flow of money and ex-
panding markets.
The designation of chartered life
underwater was given Robert c. Gill
more of the Bankers Life Insurance
Co. and Samuel J. Sugar, Penn Mu-
tual Life Insurance Co. who have
completed the required examinations
H, Lawrence Choate, general agent
of the Mutual Benefit Life Insurance
Co., acted for the trustees of the
American College of Life Underwriters
Home Loan Executives Needed.
John w. Ballard. chief examiner of
the Federal Home Loan Bank System,
has sent cut a call for young men
with bent for business and finance
to connect with the Federal Home
Loan Bank System.
This chief examiner urged ambi-
tious young men to take courses in
economics, accounting, scientific real
estate appraisal, advertising and prop
erty management.
1t is necessary to know not only
present real estate values but also
computation, with fair accuracy, of
values 5, 10 or IS years from now
he said. Such executives must know
securities, their likely yield and their
probable future value. They must
know something of housing and archi-
lecture. They must be we'll versed
in various types of loans and the
value of each to the customer as we'll
as the institution
Exchange Closes Tomorrow.
The Washington Stock Exchange will
be closed tomorrow, Columbus Day. |
The brokerage houses will also take
the day off. as the New York Stock
Exchange tickers will be silent. All
the banks and building and loan asso-
Citations will be open as usual.
Holidays are coming fast these days
for the brokerage concerns. The New
York Stock Exchange will be closed on
election day, November 8. and again
on November IL for observance of
Armistice Day. Two holidays the same
week.
AS Armistice Day is now legal
holiday in the District, the banks will
also be closed on that date. 1t will be
the first time the Washington banks
have observed the holiday.
Further Upturn in 1889 Seen.
L. Seth Schnitman, former Washing
tonian, now a New York consulting
economist, told the Army Industrial
College today that business recovery is
now a reality. 1T is no longer of
much moment to argue the fact of
business recovery. 1t is here" he said. |
The current recovery could be the
most enduring of any the Nation has |
StSl1 SlllCC 1909. WIitGllGl III Will UG, |
depends entirely on the combined |
vision of management, labor and Gov
ernment.
Il foresee a march toward better |
times that will continue, with only |
minor interruption. at least through |
the first thalf of 1899 and perhaps !
to September. Economic maladjust- |
nentS have in recent months heep on |
the rapid mend,' he remarked
Heard in Financial District.
Willard G. Barker, president of the /
Morris Plan Bank of Washington, is
attending the Morris Plan Bank Ma !
tional Convention at White Sulphur
Springs, w. Va. The three-day ses-
sion opened yesterday.
The Washington Gas Light Co. has |
filed application with the Securities |
o~I Cyoho,oo ,,,lo, ~, |