Evening star., 1926-05-28
CREDIT MEN Of DC
attend MEETING
Many at 31st Annual Con-
vention of National BODY
in New York.
BY EDWARD c. STONE.

Reports reaching this city indicate
that the thirty-first annual conyen-
ton Of the National Credit Mems As
ISOLATION. now being held in New
YORK, Is proving OF great benefit To
the members, among whom are nnan'
from Washington Passage Of the
Walsh bill. now awaiting the sigma
ture of President Coolidge, is do
clared to have been very largeIy due
TO the efforts Of the bankrup,cy
committee of the association. The
credit association co-operated with
the American Bar Association. the
Commercial Law League and sew
erai other business organizations in
an effort to tighten up the bank.
ruptcy laws and prevent many exist
ing abuses.
lnsiallment buying has been on. n,
the big issues before the convention
ne widespread sale OF radio sets
pianos, automobiles and similar
GOODS considered as luxuries. on tho
lnstallment plan, has caused the gen
erai pubic to expect and often do.
nand similar credit from crocers
dho other merchants handling stapls
goods This is causing serious
ABUSE OF the cash discount system
IN many fields. according to assoc!s
tion members. and some kind Of limI,
or way TO curb the practice is see,
as desira BILE.
The Washington delegation a, the
convention includes F. ". BucLls,
president of the local branch: l.. r
watts, Charles W. Clayton. II. {.
Hanson. II. Goldman. E. 3. Adams
). n. Friedman. J. II. Parker. W, g.
Bucnanon, j. p. Omert. Harry Y
Haynes. r. Preston Shealey AMI John
"A. Kelly. Many members of the
local association took their wives with
them and have done a good deal of
sightseeing between sessions. Las,
year the convention was held here.
Many Bankers Plan Trips.
Many WASHINGTON bankers are pIan.
10 leave the Capital early tomorrow
ana pass Sunday and Memorial ds v
out or the city. Closing of the Wash
ington Stock Exchange and the
New York Sctok, Cotton and Grain
Exchanges tomorrow makes il pos
sible for many of the brokers 10
leave town today for a three.day
outing
Peter A. Drury, president of the
Merchants Bank and Trust Co, will
go 10 his Summer home at Bluemont
over the holidays. He has ALREADY
been up there this year and reports
that agricultural conditions in the
shenandoah and Lawton Valleys are
most encouraging
Christian j. Gockeler, vice president
OF the District National Bank and
one OF the most regular attendants
al the sessions of the Washington
STOCK Exchange. will leave Washing.
ton tonight for Margate City, n.
Harry V. Haynes. president Of the
FARMERS and Mechanics National
sank In Georgetown. has been attend
ing the annual convention of tho
National Credit Mems Association IN.
New York
Francis 7. Savage. president of the
Central Savings Bank. has gore to
kinderhook. y. Y. to visit his brothsr
1nlaw. Alfred Ogden. He will ioin
Mrs. Savage. '''
Trading Active on Exchange.
Trading was active on the Washing.
ION STOCK Exchange today. when tho
nnal transactions before the trip,e
MONDAY took place. The market open.
4
1erred selling at 107. Washinrton
| Gas opened at 6S1s and closed st es
nat. IS shares being transfere,,
Washington Railway and Electric nrs.
1erred opened at SSTs, went up 10 40
and closed at S9A. the days turnover
totaling so shares.
Stock of the Capital Traction ca.
opened with sale of 10 shares AT
103h. followed by three other trans.
actions tOtaling 81 shares being re-
corded at 1903. Both type stocks ap
peared on the hoard. Mergenthaler
Linotype selling at los for a IO-share
lot and Lanston Monotype bringing
30 on two transactions involving -
, shares.
Potomac Electric Power general and
refunding IS were the only bonds to
change hands. a 81 900 transaction be
ing recorded AT 106. 1t was again an
nounced that the exchange will he
closed tomorrow and also on Memorial
day. The presence of w. r. Hibbs
added considerable 10 the DAYS trad.
ing.
Richmond Operations Expand
Bills discounted at the Richmond
Federal Reserve Bank increased ST..
961 900 to $46.1s4 900. thus following
an opposite trend TO rediscount opera
tions of reserve system as whole.
which reported a drop of $15a1s, ,00a
in these figures.
Federal reserve note circulation in
he fifth district changed but slightly
during the week. totaling $71.474. 900.
compared with $71.413.0O0. Member
bank deposits also varied TO only a
small extent. standing at $67 .576 900
on May 26. against S67.062 900 on
May 10.
The Richmond ratio of total reseryes
TO deposit and note liabilities combined
was 6l.52 per cent, compared with
b2.24 per cent the week before. The
iatio or the system as a whole was rs.
against 1o.4 per cent week
previously.
c. & p. Net Income Grows.
The Chesapeake and Potomac Tele.
phone Co.. report of operations for
April to the Public Utilities Commits.
sion shows operating revenue of $500.
ga. decrease of $3.O87 compered
with March, while the total exnenses
amounted to S445.607. which is s3.34a
less than March. and the net income
for April of $l5S, ,037 shows an increa SO
of 1852 over the month of March. The
taxes for the month of April were
t50.199 as against 5000 for March.
showing a decrease of S106 for April.
The report shows the company has
expended during the first four months
of this year the gross sum of Sso2.-
019.37. for new plants and euuipment.
The retirements during this period
have amounted to $357.33941. making
the net cost of new plant and eauip-
ment added during the first four
months of the present year $444.-
679.96.
The net additions to plant and euuip-
ment for the last 12 months aggre-
gated $1,774,446.53. -.
Virginia Companies Merge.