This problem has been reviewed before, Adobe RAW Converter failing with "There was not enough memory" error
Apparently the converter doesn't reuse memory, just keeps chewing it up as it does additional files in the folder. And it doesn't help that the converter is a 32 bit program, which further limits its available memory. I assume the only solution is to divide and conquer, i.e. a smaller number of images per pass.
And yes, it makes no sense, one would assume it converts one file at a time, but not the case.
So there is no possibility to convert more then 100 photos ??? So the Adobe DNG converter is not usable software. Adobe please prepare 64 bit version that shame for you that this program doesn't work.
The problem occurs when Camera Raw is used at the same time.