Evening star., 1929-06-29

in The Star, the So - IN
seven distinct Walter J. Harrison.
rec o lamentations
are printed here on account of the
special interest which they have aroused
In filing his report Mr.. Fleming mace
these recommendations:
81. / desire to urge upon all OF our
members the careful observance OF the
rules and regulations pertaining to the
operation of the credit bureau, and to
endeavor, with fairness to ones own
institution. to cooperate to the fullest
extent with the other members of the
association who may be affected in
matters which will arise resulting from
the operations of the bureau.
~. I urge a careful and strict ad-
herence to the rules and regulations by
all members participating in the Christ
mas savings clubs.
IS. urge cooperation by our MEM
bers with the committee on taxation
to the end that legislation may be
enacted by Congress, giving to our
members a tax law, the rate of which
will be fair and equitable to all, accord
ing to the classification and kind of
business transacted.
Il. I recommend the adoption by
this association of resolution author
izing the committee on law and legis-
lation to take all possible steps to assist
in the passage of the fraud law, known
as Senate bill No. 1882.
IS. recommend the adoption of a
resolution authorizing the committee on
law and legislation to take all steps
possible for the introduction in Con-
gress and passage of IAN act to limit
the liability of a bank or trust COM
pany in the District of Columbia for
non-payment through error ci check
or other instrument drawn upon or
payable at the bank or trust company"
this law having been drafted by the
Office of our general counsel.
IS. recommend to the incoming ad-
ministration the careful consideration
of the bank collection CODE" law
drafted by the general counsel of the
American Bankers Association, the
passage of which is recommended by
the American Bankers Association and
by the committee on State legislation of
that body and which has Leen passed
by number of States.
~. recommend to the incoming adj
rninistration and its committees the
stimulation of closer contacts with our
parent association, the American Bank
ers' Association, in order that our COM
mittees may be of full benefit to that
body and theirs to ours"
Praises Virginia Convention.
Walter j. Harrison, vice president of
the Commercial National Bank, who
attended the annual convention of the
Virginia Bankers Association at Old
Point Comfort, reports an unusually
interesting session. The attendance
was not as large as usual. but the
discussions were of high order.
Mr.. Harrison considered the speech
of President z. H. H. Simmons of the
New York Stock Exchange as the out
standing address of the convention.
His address which appeared in The
Star at the time Of the conclave, show
ed the indispensable part which the
exchange plays In the handing of the
enormous number OF new issues con-
stantly being brought out ano presented
a host of other facts of equal interest
and importance.
The gathering at the Chamberlin-
Vanderbilt took place at the same time
that the local association was at Mon
tauk. Washington bankers were scarce
at Old Point, but the city was well rep
resented with bond statesmen.
Urges Study by Investors.
With millions OF Americans now own
ing securities, background of facts
for their investments has become essen
tial to the people of the United States
Dow, Jones & Co., and publisher of
Barron's, declared in a Halsey, Stuart
& Co., radio program.
This background, Mr.. Bancroft said,
could be obtained by reading the well
edited financial pages OF the general
and financial press for the essential
underlying facts that determine valueS
rather than for the surface news which
may or may not have temporary effect
on prices.
"As you look through the stock and
bond tables Mr.. Bancroft advised,
make it a point to notice the course
of seasoned securities as well as those
that may be temporarily in the lime
light or those who happen to own
Prices in the long run, Mr.. Bancroft
said, are determined by values, which in
turn are determined by earnings. Earn
ings statements, he said, should be read
in comparison with reports for the cor
responding period of the previous year
as most companies show seasonal varia-
tions.
other items which Mr.. Bancroft ad-
vised watching included car loadingS,
one. of the most significant business in
dexes and one which should also be
compared with. the previous year; the
money market, with special reference. to
time money and commercial paper rates;
the Federal Reserve statement and the
and commodity prices.
New Insurance Firm for Capital.
E.P. Nelson, former president of the
Missouri State Life Insurance Co. o.
st. Louis. has decided to come to Wash
ington and assume the duties of genera
manager of the National Defense Life
Insurance Co, which will open for bust.
ness in the National Capital in Sep
tember. Mr.. Nelson organized the st
Louis company and has wide experience
in the insurance field. While the nam,
of the new concern has a patriotic ap
peal, the company has been organizeI
on conservative lines and will do a gen
eral business among all classes of people
Rear Admiral r. E. CoontZ is presi
dent of the new company. He was ont
of the original stockholders in the Mis-
souri, State Life, and In this way cam
in contact with Mr. Nelson and secureC
his services for the new COMPANY
Aside from Admiral Coontz, the fol
lowing are officers and directors:
H. A. Jung, industrialist Chicago
Maj. Gen. Mark l.. HerSey u. S. A.
retired; Charles c.. Lamborn, treasurer
National Savings & Trust Co.; Mrs. A
j. Brosseau, past president general, Z
A. R., Greenwich, Conn. Mrs. William
Sherman Walker, vice president gen
SFdl, ~. n. IT,, OcdIIle, WdSn., MA,
Hobart H Hawkins, Reserve Corps, I
S. A, and Capt. Harlan Wood, com
mander, American Legion, Department
District of Columbia.
New Business Bureau Trustees.
Ben T. Webster. e. c. Graham. s
H. Reizenstein and Abraham Sigmun
were added TO the board of trustees {
the Washington Better Business Burea
at the annual meeting yesterday.