Evening star., 1921-10-07
BUSINESS AS TOLD
by CLEARING HOUSE
Merchandise Buying Best in
Year-Chapter Graduates.
McAdams Heads A. B. A.
BY I. A. FLEMING.

The Credit Clearing House, report
ing merchandise activities of the
United States for the week ending
October Z, notes an increase or l.9
per cent in purchases over the pre-
vious week. reduction of II per
cent in Indebtedness and % re-
duction in percentage of payments.
The Pacific coast section reports
an increase in purchases OF cant in
cent, and increase of 5.4 per cent III
indebtedness and a decrease OF 90 per
cent in payments. A.
The mountain section reports the
greatest gain in purchases, lo.o per
cent, a reduction Of ~ per per cent cent in in
debt and loss OF % per cent al
payments 60, o.,,,
: The northern agricultural sectlon
shows a 03 per cent loss in purcnases;;
Indebtedness decreased per CEN aau an
an increase in payments OIL o'A pe'
cent. ,,.rr,, sec-
In the southern agricultural sec
tion, purchases have increased % per
cent, debt has increased % per cent
and payments fallen off 2;s per cent; otion
In the middle agricultural sectlon'
pnrchases Increased Is per cent
deb, reduced 90 per cent ana pay
,nents increased 2.6 per cent
In tfs eastern section. per cent
los. I'M purchases, 0.4 per cent cut IN
debt ana 3.4 per cent oeei COS" " f
ments vas reported. xu.
purctasinr by merchants from
manufacturers and wholesalers Is ac-
tive in four of the six sections. Pus.
ing by the public was delayed oy
hot September. ,.,r in
The percentages OF purchasinS ~.
yhe United States are more actiVe
than last week, and are at lhe iiS
est point for year
Local Securities.
Business was greatly restricted on
Soday,s session of the local exchange.
Gas notes brought 1929, Potomac
General Is, 81, and Railway As 6o a
and 60.
Successful Students.
The following have successfully
passed the examinations and are en-
titled to standard certificate of gradu
alton in standard banking, polltlcai
economy and commercial and panklns
law. in the senior course of the Insti-
lutte of Banking branch of the A: b: A.
r + Bell, ir.: Charles C. Boswell. Orin
G. Bundy. H. w. Burnside, X j. Cha-
ney, F. H Cox, Henry w. Evans, L.
g. Ficks, Edward E. Fisher, James r.
Hitzelberger. Roper, n. noii n pin,
f. Lands, Harry z. Moore l.. Z: RIM
per. w. H. Reese. T. Blackeil smith,
James A. soper and r. B. stadler.
Normal Towson and F. w. Plmper
took only the course in law anu
passed with high marks.
Certificates of graduation, slgneo py
John w. Drum, retiring president OF
she A. B. A; Guy F. Bowerman OF the
a r A. and the president and secre.
tary of the American Institute OF
Banking will be presented 10 the
graduates above named ana the
Sraduates from the elementary class
e. an omen meeting of the chapter to
3 hold at the New Willard on the
goth instant. .oL
the examination for the adVanceo
class, but a number successiulS ns
gotiated the elementary examination.
The young men named are al! EN-
bIoyes of local financial institutions.
steel Unified Orders.
Tn unusually well informed circles
a. 10 exoected that. the untitled orders
nm the books of the Steel Corporation.
to be reported after the close OF pusl-
ness Monday next, will snow an IN IN
figures being for the month OIL sep
IF the expected is realized 1t will
he the first increase in orders booked
for over thirteen months.
McAdams Heads A. b. A.
Thomas B. McAdams. president OF
the Merchants National Bank OF
Richmond, was elected president OF
the American Bankers Association at
the Los Angeles convention yesterday.
John H. Puelicher. president OF the
Marshall and Ilsey Bank OF NIL
sVaukee was chosen vice president
and Walter w. Head, president OF tne
Omaha National Bank, was electeo
second vice president.
Free Ports and Free Zones.
Henry NJ. Robinson, president of the
First National Bank of Los Angeies
and formerly. commissioner OF the
i-nited States Shipping Board, discus
sed free ports and free zone measures
Sefore the A B. A. convention, re-
earring especially to the Jones bill.
Mr. Robinson said in part:
finder the terms of this act, no
duty is to be applied to merchandise
delivered from ship to "har1 Wltnlm
a free zone unless some part or all
0f il is taken out for domestic con-
sumption, at which time it will pass
through the customhouse and De sub
dect to regular duty.
"In other words, we may, within
certain districts within our ports of
entry, be a free trade nation and at
the same time protect our own domes-
tic markets from a flood of cheaply
manufactured European and Asiatic
goods.
at is automatic that, for the pro-
lection of the American manufac-
turer, a method must be provided for
the maintenance of merchant marine
which will carry abroad the surplus
of American manufactured goods;
otherwise, these goods must continue
ito back up up on our own markets and
thereby reduce the earnings of our
manufacturers. the profits of our
merchants and the earnings of Ameri-
can labor ITSELF