Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-02
EASE IN CREDIT CONDITIONS
HELD TEMPORARY BY BANKERS
Drastic Liquidation of Stocks Has Re-
lieved Strain in Money Market.
Further Stringency Feared.

price is considerably higher than for
Mergenthaler and the stock Is held
closer.
Bank stocks have attracted less at
tention of late and are perhaps slightly
lower on the average. There is no
especial cause for this other than that
the fact that they have been selling
for some time on a low dividend return
basis. Judging by the first four months
of the year and anticipating a con-
tinuation of the demand for credits,
1929 should be one of the best years
of many from the standpoint of profits
earned.
Under the greatest cooperation ever
undertaken between banks losses
are being kept down to minimum
proportions.
Bankers are asking their clientele to
exercise caution in phoning that SO and
so, a friend of this firm or similar
messages. wishes check cashed, as a
number of recent attempts have been
made, some successfully, to cash worth
less paper, and the customer when
advised of the matter simply cannot
recall such an instance.
Net Results Of Conventions.
Everything that has happened in the
local banking situation has been dl-
rectly the result of the 10 conventions
of the District Bankers Association
that have been held annually, ably
aided and abetted by the weekly gather
ings. OF the younger bankers ana Ine
officials of the association at luncheons.
Every movement contemplated is
mulled over and over again in all
phases and all features until when
action is taken it is presented to the
association with the fullest particulars
and with knowledge that it is workable
and right.
The first convention had its inception
and was put over by the younger bank
ers. now fast assuming their positions
as important financial men Of the city
AS the only press representative OF
the present day covering that first con-
vention at Deer Park, Md, it is inter-
esting to recall the difficulties sur
rounding the troubles attending report
ing that convention and one Of the
present day gatherings. In the first
place, there was not an item of advance
publicity save on the time and location
Of the meetings. Delays in train serv-
ice at Cumberland permitted sending
back a program, the list of guests.
After the convention had been called
to order the first day, it was found that
there was no wire communication other
than telephone with Washington.
developed the fact that it was almost
impossible, but an obliging operator at
Cumberland agreed to relay messages
direct to the editorial rooms, and in
that way stay-at-homes read Of the
first and probably the most important
convention.
Three entire days and two evenings
were devoted to business and part OF
one evening to amusement. Today the
$3.50 basis is more evenly followed to
the satisfaction of the many guests
and the social intercourse is of the
most enjoyable character.
Eugene Thompson, secretary at that
time, had charge Of the arrangements.
and 1t required all his ability to carry
through successfully.
Brought Credit Bureau.
credit bureau in Washington, where
every banker was suspicious Of his
neighbor, where secrecy as to banks
business was considered essential, where
unanimity of action on any problem
was harder to put over than like action
in any other business. Other aSsocia-
tons of business men met and took
action-establiShed their own bureaus
an dcut don lowsseS, but still some
men held aloof from every proposition
in the banking business.
Ten years of the close personal asso-
citation found in the association at the
annual conventions, at the luncheons
and working on committees has worked
wonders. Aloofness is not noticeable
today. Where men have come to adj
dress each other as Bob" George"
John" Luther" Victor" "E. j."
Howard" and other familiar names,
suspicion really has no place. They
get together on any fair proposition,
and get there quickly Prejudice is
If a borrower or a crank or a crook
is successful at one bank, every bank
in town knows all about it right away
The check kiter is stopped standing
still