Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-04-06
SAVINGS FARLEY
BANKERS ARRIVE
A. B. A. Section Regional
Conference Opens Here To-
acknowledgement Varied.

acknowledgement Varied.
BY EDWARD c. STONE
Bankers from New England. Middle
and South Atlantic States are arriving
in Washington in large numbers today
to attend the eastern regional confer
ence of the savings bank division of
the American Bankers Association,
which opens tomorrow forenoon at the
Willard One of the first bankers to
reach the Capital was w. r. More
house, president of the savings bank
section, who will preside at all of the
tWo-day sessions. Vice President
George /. Woodward and Deputy Man
ager w. Espey Albig were also on hand
early. The gathering is the most inn
portant of it's kind in this city since
the annual convention of the whole
association held here seven years ago.
Greetings From Clearing House.
The convention will open at $50 to-
morrow with greetings to the delegates
and guests, this welcome being extend
ed by Harry V. Haynes, chairman of
the Washington Clearing House Asso-
citation, which is acting as host. How
ard Moran, chairman of the general
committee, will make brief remarks
and introduce President Morehouse,
brilliant Los Angeles banker. who has
an international reputation as an au-
thor of several books on banking. Ed
ward l.. Greene, managing director of
the National Better Business Bureau is
scheduled to give the first address, his
subject being "Fhe Better Business
Bureau in Its Relation to Savings.
Other morning speakers will be ii.
Brooke Herring of Baltimore and Harry
F. Clifford, president of the National
Association of Mutual Savings Banks.
Varied Program i'm Afternoon.
Following luncheon the afternoon
session will include addresses by w.
Espey Albig, New York City; Samuel
II. Beach. Rome. N. Y; Henry II. Nc
Kee of Washington; Gurden Edwards,
publicity director. A. B. A., and Gen.
Albert c. Dalton, head of the Shipping
Board Merchant Fleet Corporation.
Discussions will follow both morning
and afternoon addresses, these to be
led by prominent local bankers.
The convention banquet takes place
tomorrow evening, beginning with a
reception from to 1880 in the small
ballroom at the Willard. The dinner
starts at 1880 With w. w. Spaid as
POSTMASTER and Merle Thorpe the
chief speaker. Distinguished Treasury
officials and others will be among the
guests.
mittees for the conference are:
Howard Moran, general conference
committee; Harry v. Haynes, recep-
luncheons and dinner committee; l..
p. McLachlen, hotel reservations;
George 0. Fass, registration commit
tee; Edward L. McQuade, entertain
ment committee; c. H. Doing, commit
tee on decoration; Frederick p. ii. Sid
dons, publicity and exhibits commit
tee; Oscar Coolican, committee on au-
tomobiles, and Mrs. Howard Moran,
ladies' committee.
Visitors at Luncheon Today.
President Morehouse and Deputy
Manager Albig were guests at the
weekly luncheon of local bankers to-
day, receiving a most cordial greeting
Great enthusiasm has developed here
in the convention. The program in
cludes Is OF the best speakers obtain
able and among the delegates will be
many clearing house officials in addi-
tional to the bank officials, special
invitation having been extended by
the local clearing house association.
Capital Traction Leads Market.
Stock of the Capital Traction Co
led light trading on the Washington
Exchange today 105 shares changing
hands. The stock opened at 1859
for five shares. The next so shares
n ha
ket closed with a 50-share sale
at 1865.
Twenty shares of Washington Gas
Light moved at 7412, Potomac Elec-
trio Power registered 109 Mergenthal-
er came out at 10S&. and Lanston at
%. Bonds were firm
Chain Store March Sales.
March sales of McCrory Stores Cor
porauon We're s2,S60,075, against 81.
6SS,S44 in March last year. First
quarter sales gained Is per cent over
sne same period last year. reaching
T912, 1877.
March sales of 4. w. Woolwortb
Co. were $19.601,5 $50. against s18.30s
$50 in March last year. and for the
first three months this year. s53.095.-
o90. against $48,94S,936 in the same
period of 1926.
Seligman TO Arrange Loan.
Word was received at the local Of
fee Of j. & w. Seligman & Co. today
that this firm win probably handle
the financing OF a ST., 900, 900 loan
for the State Mortgage Bank Of Jugo-
slavia, which is about to be arranged
by American bankers.
The improvement in JugoslaVia's
il n 9fta f1.J L
loan will be made on a per cent in
terest basis, as compared with 8 per
cent for the government loan sold in
the United States in 1922.
Since 1922 the Jugoslavian budget
has been balanced, and in each sue
ceeding year actual receipts have ex-
ceeded budgeted expenditures. For
eign trade has shown a favorable bal
ance since 1924, with imports remain
ing virtually stationary and exports
steadily increasing in value.
Railroads Income Jumps.
The Virginian Railways annual re-
port for 1926 shows net income of
$6,717,047 after taxes and charges,
equivalent, after preferred dividends,
to $16.11 share on the common stock.
This compares with a net income of
$6.9S a share on the common in 1925.
The remarkable increase in revenues
was largely due to the stimulus in the
export coal business due to the British
coal strike.
Heard in Financial District.
Thomas e. FARRELL, president of the
Washington Savings Bank. is visiting
Raleigh and western points in North
Carolina on business for his bank
He will return about April 9.
The Federal Security & Mortgage
Co. of this city is offering today q
$500, 900 issue of 61a per cent collateral
trust gold bonds, series VA. dated