Evening star., 1920-06-13

president of George S. King & Co.,
real estate. !.
bank: George S. King, A. GUIDE, for
mer president. and j. Frank Camp
bell are directors who have been iden-
titled with the bank since organiza-
ton. Other directors are c. w. War
den. vice president of the Continen-
tai Trust Company: S. A. Manuel, Dr.
j. H. Mundell and Lorenzo n. Thomp-
son. Raymond E. Hunt is cashier.
Delegates to Boston Convention.
Delegates from Washington Chap
ter, American Institute of Banking,
to the annual convention of that or
ganization. which meets in Boston
June IA to Is inclusive. are: e. J.
McQuade, l. J. Roberts. H. w. Ireland,
Alfred Leyburn, w. J. Waller, w. A.
Dexter. Norman f. Towson, Victor y.
Deyber. r. Jesse CLANCY, Ross B.
Pollock. Graham Davis. John +. Nal
Iory and Charles D. Boyer.
The delegates will be accompanied
by Mrs Ross E. Pollock, Mrs. Marie
II. Heath, Mrs. Anna b. Sloan. Mrs.
Victor b. Deyber and Mrs. w. j.
Waller.
The delegates will be entertained at
New York next Saturday evening ana
a great program for the entertain
ment of the guests and the transac-
tion of business has been arranged
for the convention itself.
Luxurfes Burden.
Last year the people of the United
States paid out $3.50. 100000 for soft
drinks no one knows how much more
for soft disguised as hard; billion
dollars for candy; S5S,0OO.ooo 1or
chewing gum. $500, 0oo. 900 for tobacco
and snuff, SS10.0O0.O00 for cigars.
$500. .00G, 900 for jewelry and $3.50. oo0,-
900 for admission to motion pictures.
etc. a sum that would go far toward
paving the interest on the national
debt.
On the Outlook.
J. S. Bache has this to say on the
outlook:
progress in the correction of the
credit situation is not being mace
rapidly. or even at all, If the bank
figures are indicative. Pressure, now
ever. for reduction of non-essentlal
and speculative loans is being con-
tinued over the whole country more
or less In the meantime. legitimate
business. if it may be so distinguished
is showing an extraordinary defnahu
for credit The outlook for alievia-
ton of stringency soon. IS. cohse-
auently, not favorable
"Improyement in the transportation
service Of the country is being maoe'
but progress in this regard also Is
nece eSsarily slow, and SuCh improve
ment in credit as might be furnisneo
by arrival and sale of goods, is nam
pered here also. The fuel strlngency
which is mainly a question OF deiiVery
is also prolonged through lack OF
TRANSPORTATION. This again aHects the
credit market in holding back the
manufacture Of goods in which cap
ital is already tied up.
ION the whole, relieving the creoi'
situation is a slow. unraVenns pIoc-
ess, and price reduction IS among, sa
Of the slow problems which must pe
safelv solved. There is little doubt
that the credit stringency mas mao
some effect in this direction. While
the recent retail reduction has peen
rated as abnormal and artificial: BRAD
streets index commodity price to
June first shows decrease of Al per
cent-the largest single-month de-
crease since February, 1919. Nine ou,
of thirteen groups of prices entered
into the decline. Textiles lead In
volume of decrease. and in the follo"
ing order metals, hides and leather.
live stock. oils, fruits. provisions and
naval stores.
"These results in price reduction
NAV be attributed to money pressure
and allied Influences, as extra or over
production has not shown itself.
at is a long trail toward normal
and If the movement can be Kept
orderly, nothing better can be ex-
pected. :.
made. change in the character or the
security market would not be -rea-
sonable."