Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-11

country showed a $
loss in clearings AZ
over the previous
week although the
| average was ahead @sS3@assaNs' ---aEzSzsaaaA
OF the same time l.. =. McLachicn.
last year. The
Richmond clearings showed decline of
about $3,O00,00 over the previous week
and were also behind the same week a
year ago.
Norfolk was we'll ahead of the previ-
GUS week, but slightly behind the same
week in 1927 Atlanta was behind the
previous week, but slightly ahead Of
1927.
Credit Losses Heavier Than Fire.
Lister r Watts of this city, national
director of the National Association Of
Credit Men, issued statement today
showing that the credit losses in the
United States throughout the year are
heavier than fire.
Figures taken from the fire under
writer's records show that the total
losses nationally by fire were 1861 .930
ISL for the year 1926, which are the
last available At the same time the
liabilities IN failures through bank
ruptcy courts alone for the past fiscal
year reached the total Of $885 $500
Not to exceed IS per cent of the
bankruptcy total was salvagCd. which at
the maximum percentage would show a
net loss to creditors totaling $66l, 1877
1855. the summary points out. To this,
however, must be added the loss and
charge-off of compromise settlements,
which in itself runs into millions each
year, plus all other losses by assignment
and so-called friendly liquidation and
the uncollectable accounts in all COM
mercial activities.
The combined total figures of all
losses enta1led by the business of the
Nation in credits, says Mr.. Watts, will
reach the staggering figure of bill
lion dollars annually,
Mr. Watts asserted that at least half
of this loss could be avoided by the
proper organization of credit depart
ments to work out and investigate ac-
counts before taking on the risks.
Bank Has Fine Vacation Policy.
The American Security a. Trust Co
has one of the best vacation policies
Of any bank in the country Any en-
ploye of the institution from the chair
man Of the board down 70 the ianitors
and elevator men gets a months vaca-
ton with pay after he has been with
the bank 20 years Those employed
over 10 years get three weeks vacation
with full pay as happy adjunct,
Those with American Security less than
that time are granted the usual two
weeks. Such liberal policy has natu-
rally obtained a strong grip on the
banks entire personnel and many are
the words of appreciation heard. espe-
cially among those longest with the
trust company,
Bank President Returns Home.
Lanier P. MeLachlen, president of the
McLachlen Banking Corp. is another
local banker who has had a months
vacation and returned TO his desk. He
spent his annual outing in Connecticut
on the cool shores of Long Island Sound
about 25 miles from New London,
While it is said that bankers do not
live by golf alone" yet MIR. McLachlen
did improve his game considerably,
But what is more remarkable, he ar
rived in the Capital at the height of
the hot wave and actually declared that
he was glad to be back
Public Service Company Reports.
The earnings statement of the Vir-
uinia Public Service Co. and its sub
salaries for the second quarter Of the
current year, received by Washington
stockholders, shows gross operating
revenues Of S1,471 .807, as compared
with S1.423013 for the corresponding
period of 1927 Net income, after
charges for taxes, interest and proyi-
sion for retirements, was Sl9a,3l1 IN
the three months ended June 80. 1923,
as against Si03.925 in the like period
of the previous year.
For the II months ended June 80,
1923. the statement shows gross oper-
ating revenues of S5844592, against
S5.4ai 1903 In the preceding IL months.
Net income, after charges for taxes,
interest and provision for fetirementS,
aggregated s643,0 56 In the IL months TO
June 30. 1928 compared with $392,944
in the previous year.
Money Stringency Held Unlikely.
Pointing out that the bank reserves
of the country are sufficient to prevent
any money panic or permanent strin-
gency of funds for regular business,
Robert Garrett IL Sons, bankers,
In n discussion Of the financial situa-
ton, declare that activities Of the Fed
eral Reserve Board have been aimed
chiefly at stock gambling,
AS soon as the situation Is adjusted
1t is reasonable to suppose. say the
bankers. that the Reserve system viii
relax it's pressure and become an equally
important factor IN helping to restore
normal money rates and easy accommo-
dation for all legitimate business needs,
Financial District Gleanings.
June automotive exports totaled S45,-
a5l IT'S against $50 64D. l4g I'm June
year ago and SCI ,960537 In June, 1925,
Department of Commerce reports
Exports of leather manufactured
goods during FIRST six months were val
ued at S86q3,724 and imports at Sill
255,290 Department of Commerce
states. During corresponding period in /
1927, exports were S9,5T2 ,2T4, and i'm |
ports So, TOO .o35,
At times during the past week New
York Stock Exchange quotations came
into Washington Offices over the bond
tape This method, used to keep up
with a lively market, has not been
necessary since the wild days OF last
June.
The New York Stock Exchange has
ruled that transactions In certificates
for Dodge Brothers, INC preference
and common shares, class A, may be
settled by delivery of either the GER
tifCates of deposit or certificates Of
stock Of the Chrysler Corporation, into
which Dodge issues are eXchangeahle
Local savings bank officials report
wide interest In the starting OF new
savings accounts. The recent bank call |
also indicated the same thrift interest |
prevailing here,
Electrical Equipment Demand.
NEW YORK. August II tP9~~ ne |
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