Evening star., 1925-06-07
BY CHAS. p. SHAEFFER.

The Bond Club of Washington is at
last reality. At meeting held yes
terdaE at the office of John l.. Ed
wards Co. the association. which
mas been in the process of organiZa
tlon for some weeks, took life with
the admittance of charter members
and In the election of officers for the
ensuing year.
The purpose of the new club will be
mainly social. encouraging good fell
loWshlp and spirit of cooperation
among the men engaged and interest
eu IN the business of investment Sc
curlties. The promotion and main
tenance of high standards and just
principles in the profession also holds
a nigh position in the constitution Of
the club. but this phase is well taken
care or by the bylaws of the Invest
ment Bankers Association of Amer
lea. in which practically every bond
mousse IN the country holds member
ship.
Clubs First Officers.
Charles Carroll Morgan of John l..
Edwards & Co. is the clubs first presi-
dent, serving in the dual capacity of a
governor; Winslow r. Van Devanter
or the Guaranty Co. of New York is
wee president and governor. Kenneth
>. wales OF Bonbright & co. is secre-
iarS' treasurer and Il governor. and G.
quincy Peters of Carlisle Peters K co.
ana Arthur Foraker of Brooke, Stokes
o. round out the governing. board.
In addition TO the above-named Off
GERS the following comprise the char
Ter membership: Sidney r, Thomas of
'IlIlet Co.; William w. MackalI ir
stein BROS. X Boyce: Franklin II. FL.
lis, r. ii. Rollins Sons: Chauncev
u. Parker, jr., of j. A. w. Iglehart <
Co.. Charles NJ. Henderson of Hender-
son Winder & Co. and Thomas Hop
klns, 1r., of Harris Forbes Co.
Coolidge Economy Indorsed.
Whlle the widely advertised, freely
discussed and frequently criticized
economy program of President Cool
ldSe does not meet with unanimous
approval of the entire American n
business world, the Executive can
find considerable solace in the fact
that his policy meets with the un-
quanned Endorsement of the most
powerful of American financial fra
ternities. the American Bankers AS.
sOciation.
Testimony to this effect has once
again been offered, this time by none
other than William r. Knox, presi-
dent of the association, who recently
told the New England Bankers Asso-
SidtioH lHdl tOoIluPe economy, instead
of being responsible for slackened
business, has brought A sound ele-
ment into the times. saving the Ma
tion from the danger of a real de-
preston. Business men, he said
who blame the publics economical
ways for unsatisfactory conditions in
their enterprises are hiding behind d
sham excuse"
Taking extreme issue with the
Presidents critics, Mr.. Knox pointed
out that the economy program of the
head of this Government has had to
do with economy in government. wit h
reduced public expenditures. in order
to make possible reduced taxes He
emphasized further that the Presi.
dent has not meddled with personal
economy or private purchasing, but
pointed out that his sane administra.
ton of public business has been cop
led by our citizens and applied TO
their personal finance, which has
been exceedingly good for business
in general
Declares business Sound.
Declaring profits must come from
economic service to the public vel
fare, ibe speaker suggested that
critics adjust their operations to con
form TO the present-day prudent