Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-20

iOuEtH tlIub.
reelected to the executive committee
for two.year terms. Charles f. Bright
of the National Metropolitan Bank will
again serve the association as man.
ager.
For a long time the association has
given $50 year to the student at the
local Institute of Banking showing
the greatest proficiency in his work.
This amount has now been greatly
augmented by association members by
the following five offers:
William j Father, prize of $50;
George w. White, prize of $50; John
Poole, prize of $50; Victor &. Deyber,
prize of $50, and Harry V. Haynes,
prize of $50. The original $50 prize
was Rewarded, making a total of
$500 in special awards.
Bankers Discuss Bad Check Law.
The forum dinner of Washington
Chapter, American Institute of Bank
ing, at the City Club last evening,
was attended by nearly IT'S bankers,
the largest number ever attending
local affair of this kind. Previous
to the address by Ralph Given, assist
ant United States attorney, on the bad
check law, President Howard Moran
brought greetings from that body:
Harry V. Haynes aroused great en-
thusiasm by announcing the new
clearing house prizes, and |. j. Rob-
ertS, chairman of the institutes edu-
cational committee, made a plea for
the courses which are just now start
ing for the second half year. H. w.
Burnside, chairman of the dinner COM
mittee, presided.
"The bad check law is good as far
as it goes. but it does not go far
enough" said Attorney Given, who
gave very comprehensive summary
of conditions in this city. Concerted
action on the part of the merchants
and the bankers will do much to i'm
prove the situation, he asserted. He
explained the weaknesses in the pres.
ent law and showed the difficulties in
getting convictions in many cases.
He considers that some of the mer-
chants are too free in cashing checks
brought in by persons they do not
know. The merchants say they are
so liberal because they fear offending
some of their customers.
The discussion which followed the
talk brought out much additional in
formation. Post-dated checks are
always causing trouble. Grocers and
ing to make a 50-cent sale and cash
a s25 check for some unknown
customer. Some of the stores are
SO lax because they carry large in
surance against bad check losses
Yet, conditions here are vastly bet
ter than they were before the pres
ent law
Convention Plans Advanced.
Further plans for entertaining the
Eastern regional conference of the
State bank division American Bank
ers' Association. were made at the
clearing house meeting which has
this convention in charge. The con-
ference will take place some time in
April and at least $50 or 700 visit
ing bankers are expected.
The general committee is made I'D
of Howard Moran, chairman; Harry
'. Haynes, vice chairman; Francis
z. Addison, jr., secretary; Victor B.
Deyber, treasurer. Other members
Will be added to the general COM
mittee in a short time and the exact
dates will be decided upon.
The conference will last two DAYS
and headquarters will be at the
Willard
President Traylor in City.
Melvin A, Traylor of Chicago, pres.
1dent of the American Bankers Asso-
cation, is in Washington for a few
days. and yesterday was present at
the weekly luncheon of local bankers
at the Willard. w. w Hoxton, chair
man of the board of directors of the
Federal Reserve Bank of Richmond,
was also present. Both men made
brief but very interesting talks.
1t is understood that President
lrayior is here at this time in the in
terest of the McFadden banking bill,
Whlch Is slated to come up in the
House next Monday. According to
present plans Representative McFad.
den Will speak for the measure and
Congressman Wingo against it. A
decidedly lively debate is promised. as
every possible effort Is now being
made to get this legislation passed in
some form at this session.
Mr.. Traylor and the legislative com.
mittee OF the American Bankers AS.
ISOLATION have just made public a long
statement explaining in detail the DO.
sitlon of the association and clearing
up many misstatements that have
been circulated.
Harrington Joins Hibbs staff.
j: William Harrington, for IL years
with the former John L. Edwards a
Co. and later with the successors. G.
NJ. p. Murphy & Co., has resigned his
position and joined the brokerage
house Of w. B. Hibbs & Co. He was
manager Of the Edwards firm for sew.
eral years. Mr.. Harrington is mem.
Der of the Washington Stock Elk.
change and widely known in the finan.
cial district. He began his new duties
today.
Local Stocks Strong Today.
In a strong local market Railway
common came out today at 1874 and
closed at 1S5. Washington Gas Light
sold at 20 and Capital Traction at
1O3B. Potomac Electric Power pre-.
ferred opened at 1885 and advanced
to 1887.
1t was a busy day for bank stocks.
District National sold at 234 and 2341b,
Riggs at 465, Continental at los, Lib.
erty at 205, most of the transactions
being in fair-siZed lots. The first
trading in Washington Gas Light
bonds, series B, which were listed yes
terday, took place at 103A. 103%,
closing at 103h.
In connection with yesterdays list
ings by the board of governors, it
was not intended to infer In this
column that the Federal American Co.
has issued any new stock, either com.
mon or preferred. The company has
issued none and is not contemplating
any new issue. Action on the ex.
change was merely the listing of the
exact number Of outstanding shares
as of December 81, for purposes of
record only.
Following yesterdays Offering of
$16.500.000 Victor Talking Machine z
Der cent cumlIIa tive Orior nrefnrancp
stock by ]. w. Seligmen & Co and
several other firms. the same com.
panies are today offering $4,000 shares
of Victor Talking Machine Sc cumu.
lative preferred stock. The syndicate
also is to place Gil the market an issue