Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-07

invention. But
either credit or
morphine used ha- J. william Roberts
bitually leads in
evitably to the gutter"
The speaker put out caution sigma
against the overeXpansion OF creolt an
gave several examples to illustrate NJ
meaning. He is a native OF Mempnl
and has known host OF cotton plant
ers in the South. He spoke OF on
who had a 5-000-acre plantation. rGlse'
nearly everything he needed and neve
borrowed any money. He was brilliant
Iy successful. A..
The other plantation adjoined tn
first one so the soil was practically Tn
same. This cotton farmer raised oni,
cotton, bought everything else ne neeo
cd and borrowed money to the limlt
He was always over his head in deb
and got himself into such a hnancla
tangle that it never could be stralgnt
In speaking of high money, Mr.. Jane
referred to time when interest raSe
"kt the death of Louis XIV, IT'S,
said Mr.. James, 1.-The public debt o
France is said to have been sun
EQUIVALENT to two billions of our dol
lars: the public revenue was mortgaget
for four years, and the government i
said to have paid as high as 400 PEI
cent per annum for borrowed money:
"Starvation and misery prevailed
throughout the kingdom.
''Three years later, 171S, one OF Jonr
Laws companies assumed most OF tne
public debt at per cent per annum
The market price of the stock rose rap
idly from $50 per share In a pr1eI era
of the widest sort of speculation. TneI
came the crash. In less than veal
the price of the shares declined from
81 1000 per share to So"
Quoting further from WatSon's STORY
of France" the speaker mentioned 2
remark by Lord Melbourne: What al
the wise men promised has not beer
realized, and what all the fools sale
would happen has come to pass"
Members of the Bond Club listened
intently for some inside information re-
garding any new plans of the Federal
Reserve Board. They are still listen
ing. The speaker did, however, cheer
up the bondrnen by expressing the be-
lief that bonds will again enjoy greater
favor and greater strength. He referred
to the recent statement of Secretary
Mellon along the same lines; in which q
similar view was expressed. He also
believes that certain seasoned stocks are
not too high, although it may be din.
cult for the average investor TO tel
which ones have had the proper amount
Of seasoning.
MI. James secuted the idea that We
have entered a wholly new era. HI
believes the old laws still prevail. Ont
of his most interesting comments wa:
on the law of gravitation, when he said
Nobody ever gets hurt going up"
President Kenneth s. Wales presided
at the luncheon, which was very largely
attended, several prominent bankers
being present as guests.
Branch Bank Is Year Old Today.
The first anniversary of its X street
branch is being celebrated today by tnt
Security Savings & Commercial Bank
The opportunity for banking facili.
ties in this fast developing section of
street as business and professional 10.
cation Is shown by the success that tht
officers and directors feel the year Ia:
been for the branch, where the deposit!
have doubled in that time.
j. william Roberts, the branch man.
ager, was receiving many congratula.
tons today. He is a young man WHIT
has made steady progress in the bank,
ing field. He was cashier of the Cen
trail Savings Bank, on Fourteenth street
Of which Francis NJ. Savage was or.
ganizer and president. When this banl
was taken over by the Security Saving
& Commercial, to be operated as {
branch, Mr.. Roberts was asked to re.
main in charge.
Railway Preferred Leads Trading.
Washington Railway & Electric pre-
ferred led trading on the Stock Elk
change today, 10 shares changing hand
at 96k. Capital Traction sold at 973,
and Potomac Electric Power So pc
cent preferred at 107k.
Mergenthaler figured in small lo
sales at 107R, Second National Banl
stock came out at 245, and 100 share
Of Real Estate Mortgage & Guarant,
preferred registered 71a. Bond trading
was confined. to Washington Gas, Wash
ington Railway & Electric and D. C
Paper issues, all selling at recent levels
Fifteen shares of Merchants Bank {
Trust Co. stock sold at 154.
Financial District Notes.
Frank T. Hines, jr, son of Gen. Hines
head of the Veterans Bureau, has joineC
the staff of E. A. Pierce & Co. He pro
poses to learn the brokerage bushes
from the bottom.
E. A. Pierce. head Of the brokerag
firm by that name, was a recent visi
tor at the Washington ONCE, calm
on Manager B. A. Smythe and tn
other members Of the office force.
Washington bankers will gather i
large numbers tomorrow at the Colun
bia Country Club for the usual Sprin
get-together dinner A golf tournamen
will precede the dinner and entertain
menc.
Felix q. Levy of New York will ad
dress the Washington Underwriters AS
ISOLATION Thursday evening at Hote
Arlington, the dinner beginning at 6:3t
Mr.. Levy will explain How to Increas
Your Personal Production by One
Third" The association win elect SeV
eraI new directors.
Dollars and Sense, Washington Chap
ter's official publication. appeared to
day. It is one of the best numbers {
the year. Aubrey o. Dooley is editc
of Dollars and Sense, assisted by tn
following staff: John r. Keener, Hid
M. Shomo and Robert E. Lee, aSsociat
editors: Raymond D. Lewis, bushes
manager, and o. Lehman, circulatio
manager.
The McCrory Stores Corporation hi
declared regular quarterly dividends (
so cents on common and Class B con
mon, payable June to stock OF recor
May 20.