Evening star., 1924-02-29
HOWARD ELECTED
VICE PRESIDENT
Seventh Street Bank Cashier
Given Promotion-CIear-
Ings Up-0ther Notes.

1ohn D. Howard, cashier of the
seventh Street Savings Bank since
its inception in 1912, has had be-u
slowed upon him the additional re-.
sponslbilities OF a vice president. The.
action was taken at yesterdays meet
ing OF the directorate. ~,
Mr.. Howard has spent his nnfir.
business career in the local banking:
iieio. he began with the Home Save
ihss Bank, later became affiliated
with the Traders National (now the
FRANKLIN Nationap. and later was
manager of the West End branch off,.
the United States Trust Company
which became. and still is. the Ex-+.
change Bank, at goth street and Penn
sylvanta avenue northwest.
HIS knowledge of banking ~.
thorough and extensive, gained frorn~
succession of promotions which.
started at the absolute bottom OF -
the ladder.
Bank ClearinEs Up $s,500,OO0. :;
Ciearings of Washington banking
institutions in the month closing to-
day exceeded those of February, 192S2
by approximately s,5O0.O00, Clearing"
House Manager Charles E. Bright an
nounced this morning. ="
While the period under discussion
contained one more banking dav
than last year, clearings, which.
average slightly more than $1,000
600 per day locally, amounted ter,
$685. ,424. as compared with s7s.74e,---.
776 for the same period of last year
In January last they totaled S99 9S4S-.,
I37S.
The months figures represent more
than three times the amount cIeareu,.,
In the month ten years ago.
Graphophone's Latest Move
The reorganization committee of the =
Columbia Graphophone Manufacturing
Company has sent letters to stock -
holders drawing their attention to the.
issued under the reorganization plan
continue to sell at less than as cents
on the dollar, and that it is therefore
Of no advantage to the owners of the
their right to subscribe to stock of
the new company at par. -
The old stock is of no value. At
current prices the certificates repre-
Sentlng $1,000 fve-year notes bearing
interest at per cent at $3.50 each
represent a market value Of about SIS
for the shares for which the old
stockholders may subscribe at 500,
par value. The committee in its let
ter offers to cancel such few sub :
scriptions as have been received . -
under the original plan and to return
cash payments made thereon.
The foregoing was more or less ar-.
expected Development in consideraI =
ton of the fact that the old stock
holders must first become creditors o.
the new companies before they cars
participate In the reorganization. r.
will offer no obstacle to the carrying
out of the plan OF reorganization call
ing for the formation Of new CON-,
panies, an operating company anG"'
a lfqufdating company. This plan
has the approval of the federal court
Moody's Weekly Review.
Moody's Weekly Review of financial
conditions in It's current issue says
in part:
Radical blocs in Congress have "a
demonstrated their power and any
tax measure which becomes a Law.
instead of being wholly wise or sound-a
appears certain to be a compromise
that the radicals will be unable tdi.-
bills. 10
with many industrial companies
the most important question is th"S'
degree of competition. The leading :"
sole leather company IN 1928, a yeapy-
when boot and shoe production made
ia new high record, showed a large :
Ideficit. In rubber tires the margih
was thin: and so is 1t in textiles
leum products, wheat, cattle, copper
and shipping. =.
"Non-taxbale bonds, in which there
Us now so much interest, cannot boo
used as an instrument for tax dodg:~r
ling; and their existence does not ma.
Iterially reduce the revenues of the
federal government. Even If they1f
were all made taxable forthwith the"
consequent increase in these revenues
would probably not exceed $61, ,50a,00Gi
since the amount OF such bonds irfN
the hands Of the public is only abouts
100000. COO" A Z,