Evening star., 1926-05-30
CREDIT MEN LAUD
BANKRUPTCY LAW
President Coolidge Presents
Pen to Convention-Branch
Bank Two Years Old.
BY edward c. STONE.

BY edward c. STONE.
There were three outstanding fea-
lures at the annual convention OF the
National Association of Credit Men.
according to the Washington dele
gates who have returned from New
York, these high spots being the
presentation to the association OF the
pen which President Coolidge used In
signing the new bankruptcy law. the
speech Of Secretary Jardine ana .ne
address Of Sir Esme Howard. Inc
reelection of w. c. Hanson Oh .he
E. G. Schafer Co. of this city as
national director for two years was
oiao of snecial interest to Washing
ton. ~
passage of the Walsh bill. which
tiehtens up existing bankruPtcy laws
ia declared to have been due In
very large degree to the enorts oI
the National Credit Association. II
was signed late Thursday by Pres
ident Coolidge. The pen useo oy t1re
Chief Executive was presented 10 n.
preston Shealey of this city. AT
torney Shealey lost no time In eaten
ing a train for New York. arriving
ar the convention just as this par
ticular measure and its passage py
Congress was being discusseu.
The speaker was announcns lna
II was expected that Presldent Noo.
idee would sign the bill very soon;
Al this point Mr.. Sheaiey mou ~, =
the platform and announced una III,
President had already slgnea .ne ,,,nh J
He then held up the pen WIFI Wo,
~ ,,,aa sure was signed and stared
that II had been presented to the Ma
.,onaI Association of Credlt Men.
Tha convention burst into an uproar
and the incident proved to oe py iai
tha most dramatic event or the Ell
tire session. IT.. oadress
Secretary Jardine in his ADDRESS s
went over the whole farm propien'
in a mastery manner, the ConrHn .,,.
ton being greatly impressed Win rhe rne
1oots as he presented them. Inc
snoocb of Sir Esme Howard Mds
naade before the foreign credit oe,
nartn,ent of the association ano
proved to be most enlightenlng anu
i,taresting. These two distinsulsheo
Mon from Washington frightened ul
. nropram that in many places IA
o,,,dad discussions that were IN
nortant but not particularly eNci.-
He considerable time was given :.
the question Of installment puyins
ona resol,,tions were passed urgins
caution against too rapid eApan0
of this method of booming sa J. q
The Washington deiegatioh Li" .a
strenuous effort to have a-'Iocaa n,s.
elected as one OF the nauonal o u..s
~ nhoice Of the convention. IL Il
sn,t hv members of the assoclatloi
49,. that the national body does ho'
meaIize the importance of having a.
lot one official who lives in the Na
ttonal Canital. While washington l.
not q. commercial city, II lS oecaa
ira political Importance snoulo ue
so xa,. ,,,ore consideration than has Deen
the case in the past. ..n
vh;le the Washington delegates en-
io,,ed the New York convention NeIS
n,;,ch. vet they came home WIN .uS
,aoo that the national session neio
here last year was lar superio. - -
MANY ways, much more entnusiaSs.i sa
being injected into many Oh INC "''
cussions. M,
Rranch Bank Two Years Old.
1una . marks the second anniver
earv Of the opening of the uptown OF
&C. of the Lincoln National BANK
The banking room Is ALREADY a.e,oo
| tively decorated with palms anu nov
ers. and the officers and directors arr
being congratulated upon theI ~.
sight in the selection or the ioca'io'
| at Seventeenth and III streets.
The branch Is under the manage
,ent of wallace NICK. Stowell, wee
nrasident. who has been with the Lin
coIn since it's establishment. In 1881
He is'a past president of the WASH
| ;no,+on Chapter, American Institute O.
| Banking. 100.
On the opening day. June z. 1874
tho denosits, aggregated $4,000. To
day the deposits approximate three
quarters Of a million dollars. TO NEE
| the demand of business men and pro
kers in this uptown section the saI'
| deposit vault has recently been en-
/ lareed by the installation or 64 loct
boxes Of the larger sizes.
The branch Is equipped 10 renuel
all the services of the parent inStitu
tion: makes loans, carries checking
| savings and Christmas savings &C
| counts; collects foreign cheeks an.
draets; issues letters OF creoit; sen
| travellers checks; transfers runoS o!
cable, telegraph or mail.
| Summer Schedule Begins.
Summer Saturday closing on TIT
| Washington Stock Exchange was In
| augurated yesterday. The local bro
Ken. offlces were also closed, as all tn
| markets in New York took a holiday
| The banks and financial houses dolns
an investment business were open
| but many Of them maintained oni!
! skeleton office forces.
The entire financial district will b
/ hn nhcarUa nR
| of Memorial day.
The next big holiday will be July a
| which this wear also falls on Sun
day. so that it, too, will be observed
on Monday.
Bank President Entertains.
Edward ]. Stellwagen, president o
| the Union Trust Co.. is entertaining
a party of local bankers. business ant
professional men over the holidays S. a
his Summer place on West River. TIT
| nartv left Washington yesterda!
noon. Amang Mr.. Stellwagen's guest:
are Y. E. Booker, jr.; George E. Ham
ilton, John J. Hamilton, George Z
Duniop. Frank G.. Henry, w. j
Flather. William L. Miller and Louis
E. Jeffries.
Frank w. Stone, vice president o
the National Savings & Trust Co.. II
another of the many Washington
bankers away over the holidays. H,
| left the city yesterday for New Yorl
to visit relatives and friends.
Thomas p. Hickman, vice presiden
of the Franklin National Bank. ha:
returned to Washington after q few
days visit at Hagerstown. Md.
Dividend Action Explained.
The hoard of directors of Armour 6
Co. after receiving a report from
President F. Edison White on tht
status Of the company's business, de
clared regular quarterly dividends OF
the company's TO preferred stocks
A..A ...eaAAod caaaa faa.l1x diuidond0 or