Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-18

make as good a I'm ~
showing. CicsTlnS> Em$XA 4 ~
we're ST1ii500o, E&&SN& AAS&
against I000I3- E&SSSsx%SN s}#
CaA last year. and E2%SxSSSASSsEs<sM
also a decline cl
If.S rev cen, from Melvin A. rrsvicr.
t',e previous week.
Richmond atSo fell heioW tne week
evdc6 August Q. c.eGrDgS ioT the pres
EN- week nesn@ S57At90UV, against SON
sSS.H coo wees ago These hgUfeS are
ESQ II per cent behind me correspond
lr- wees n 1927.
Bank clcarineS IN the United States
r. The week cn6mc August . as re-
ro~fed N BradStveet's aggregated So
KS. SIC GOO. rs against S9.503.9S5 600
last week and $a9T3. 622 600 in this
v.eek last wear. There is here shown a
decrease al "a per cent from last week
end n : pcr cent from The like week
year ago.
Advocates CartaiIirg of Credit
Melvin A. Traylor. former president
II The American Bankers Association,
declares the Nations security credit mas
neen eyDe nded almost TO the maximum
ana must be curtailed Because OF his
vice experience. the views of the Chi
ozgo banker are considered pertinent.
In the current issue OF The American
Bankers Jou:na, Mr. Traylor says
The present situation OF tight money
Is net an artificial one--it is lully iuStl-
ra1 hv economic law. 1t will continue
ss long as stock exchange securities
continue TO be dealt In as actively as
thev now are and continue 10 use the
G. edit they have been using recently
This mas been increasing AT more than
ssa0 200 coo a year for the last two ana
c~e-nalf wears. while tbs Federal Re-
serve ratio has been moving down and
tbs borrowings OF member banks nave
onen going I'D. In the last year the
United states has lost $500, 10000 In
free soid.
the Nation he's been nlistaking the
richness Of credit for the richness OF
rapitsl. Tnstallment selling ana PONG
rr9f7:t now total more than $4,000 0oO.-
GOO This credit must be paid A cay
of reckoning must come. There Is pen
II Of credit for business on sane INES,
Er.t security credit must be curtailed."
Fifth District RediScounts Lower.
A decrease Of s50.ss4.oo0 in brokers
leans made bv the member banks OF the
f.rlrrsl Reserve system in New YORK,
-~~glr,e In cali money 10 4i2 per cent
aY11 further reduction Of S5S, ISL 600 IN
re5iSco,infs in the system as wloie
we're the particular financial develop
uen.s Of the week.
This weekS decline IN volume of ois-
counts followed s244si 600 decrease
in the previous week. The reduction IN
member bank borrowing at New YORK
nss particularly large. amounting 70
ass SOS. COO
reaertinr operations in Washington
sr-s. rrdiseounts at the Federal Reserve
Tsy7x If Richmond totaled S53.445'0on,
ro1.psrsd with s54 10000 week pre-
,rsogtelv The local reserve ratio was
s23a. against sz.a9 per cent
Convention Program Announced
Many local insurance men are plan
rtr- 10 stse1d The annual convention OF
ale National Life Underwriters Asso-
rs..ior, IN ne held in Detroit from Sep
sfr7o~r 10 10 II. the program nov being
srnoulced ~.
-r79eYs will be six sessions and the
r77e-7-brrs will make their headquarters
e. tf17 Eo9- adallac Hotel. The nstohsl
trustees ara IN hold an important meet
ing IN Mondsy and the executive COM
raittee on Tuesday.
Or "wednesday morning. September
n President Julian s. Myrick viii de-
flyer MS address and tributes viii be
raid 10 the late Oryille Thorp by J.
rter,Gev Edwards Of Denver and To
tf7e tate F1warS A. Woods b. Dr.. john
4 gfs1ensGn 81 New York.
IN gednez5av afternoon the following
eeSYesres viii n delivered The Theme
nj ti1e rouvertion." James Elton Brass
nj Philadelphia secretary Of the ma
4s~rsl ASSOCIATION. The Value ~ Lie
1~7s;1r7rce ~ the Living P0iicynolder
T1r s. 6, Huebner If Philadelphia. Gear
If me American College of Life Unoer,
-rs+e~x The Airplaue Of To-Day ano
- ins.o9re IjD9n Our Economical
Progress" Mr. Stout Of Detroit, ny
or Vision NJ Life Insurance. Rapb
g4~nige1 z. Wise Of New York.
r5rt)alv prominent speakers VIII ne
f-esrd IN thursday and FRIDAY. judge
= r. Tennings. chairman OF the A. y
ktr insurance trust committee. VIII Or
among tbey7 Ernest J. Clark Of BaIti'
r7o~s Is also on the list. Bruce Barton
& the closing speaker.
Cseaned in Financial District
=erretsrv Mellon il expected bark a.
ri d~e9 some time next week nov ne-
Tr~ we'll IN ms way nome from nj
foreign tour. ,.-...1
EP1TNftA NJ EsStf}FB BkNt t'Bf %.ts'.'
efste- for the frs: SIX months n tni
rssr we're valued At S2l.5i4.692, the
Y9eus rtnlert ~ Commerce announces
w3tho,li exception there was an IN
srrsse in each Of The Sin classes of upper
lee tner
Fxleneive Office advancement AND
redecorat.ug is taking place IN the
urain banking room Of the MOTIFS
pan gark on II street
Charles r Noyes of J M AoyeS
CO. sixth Oldest member Of the New
vovk etocz Exchange. celebrated ms
s.stv-nirth birthday Yesterday
Measured Dt check payments. me
dollar volume II business during me
seek e1dea August II ~ss greater man
fo either the previous week Or ne coT
responding peek If 1927 according y
tr9 Depa rtm9nt If Commerce
u W Burnside. rev chairman 81 thf
frslifUtee pubic education ana puhbf
affairs committee. plans IN arrange win
fhs p8olic scn0oI officials for series 81
talks on banking BY local bankers n
fns cltys Junior and senior mgr
schools few such talks were giTer
lass year tne pupils showing much
interest
POTATO MARKET WEAK.