Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-23

Manager Bright ~
presented a long z
report covering the - + ~
work Of the aSso- visto, n n.vA.-
citation during the
past year and Secretary Deyber also
presented his report 1t was one of
the busiest years the Washington clear
ing House Association ever had, this
being evidenced by the fact that clear
1ngs IN 1929 surpassed all previous
records.
In recent years the business of the
local clearing house has shown marked
expansion and the clearing house ON
GERS have had to plan for the enlarged
activities. This Is the third year that
Chairman. Mckee has been at the
wheel.
Watts Addresses Credit Men.
Lister T. Watts, president of the
washington Association of Credit Men,
and national director of the National
Association of Credit Men, addressed a
meeting Of the local association held at
the Raleigh Hotel yesterday. Mr.. Watts
had just returned from a meeting in
New York City of the advisory COM
mittee for the Eastern division of the
National Association of Credit Men.
TINS meeting considered many matters
OF importance relative to credit condi-
tons throughout the country today.
The washington director told the
members that the National Association
IN % cities during the past few months
had raised the sum of $500 900 to con-
tinue the work of its credit protection
department in the suppression of COM
mercial crime. He indicated that the
national fully expected to raise its full
quota before the end of 1880. The
washington campaign is now under
way.
Director Watts also reported that the
association has been cooperating with
Col. William J. Donovan in his exan1i.
nation Of administration of estates in
bankruptcy, and that considerable re-
suits were expected TO be accomplished
from this direction. Plans to stabilize
the building industry on a national
plane were also discussed.
The board of directors of the Mount
Vernon Savings Bank at a meeting
yesterday elected the following officers
for the ensuing year: President, Claude
n. Woodward; A. O: Wharton, William
II. Johnston, e. G. Dawson and Frank
w. Lee, vice presidents; Robert r.
Hlghheld, cashier; Leo E. MadiRan
controller; T. Edwin Norris and A.
Mistretta, assistant cashiers; Hayden
johnson, counsel.
As president of the bank, Mr.. Wood
ward viii preside at all board meetings,
no chairman of the board being elected.
Local Markets More Active.
Business on the Washington stock
Exchange was more active today, both
stocks and bonds being in fair demand.
Potomac Electric So per cent pre-
ferred came out at 10714 and advanced
to 105 Nine shares of Washington Gas
Light stock sold at 101, of points from
1erred sold at 95.
Twenty shares of Carpet Corporation
sold ATS and 200 of National Mortgage
& Investment preferred changed hands
at 41s and 48 more at 5. Twenty shares
Of Mergenthaler Linotype came out at
In the bond division Washington Gas
IS moved at I033z. washington Railway
& Electric IS registered SO. Potomac
Electric Power IS opened at 1861 and
advanced to l07H. washington Gas IS,
series B, sold at l04.
Higher Candy Quality Urged.
Apropos Of an increase in retail sales
Of S30,O00,000 in 10 months, A. M.
Kelly, president National Confectioners'
Association
There is plenty of evidence that a
large number Of manufacturers during
the last year have sacrificed profit to
volume, and that many of them have
tried to Offset the losses resulting from
this policy by reducing quality. The
most conspicuous successes, however,
have been made by those who have inn
proved their products and maintained
their prices in the fact of the strongest
competitive pressure"
Melons Bond Views Favorable.
Bond men were inclined to read into
Secretary Melons statement yesterday
the continued belief on the part of the
Secretary that prices of fiXed-income
securities will improve. In a statement
to the Senate banking committee re-
garding the Brookhart resolution for
purchase by the Treasury of 500, 000,-
coo farm loan bonds, Mr. Mellon re-
marked that the situation in the bond
market is now clearing and improving
as anticipated; It was recalled. says the
New York Herald, that Mr.. Mellon
made several bullish statements on
bonds last year, and since he is in an
especially favorable position to guage
the money market, his words carry a
good deal Of weight.
Heard in Financial District.
Dollars and Sense, published by
washington Chapter, American Insti-
tute Of Banking. came out today. 1t is
filled with reports from the various
committees on chapter activities. One
OF the most interesting long articles IN
1t is on the Present Day Need fol
Trained Bankers" written by Edward
j. McQuade, vice president of the Lib
erty National Bank.
An article on Improved Character OF
Reserves Is contributed TO the current
issue of the Bulletin of the American
Institute Of Banking by Edgar E
Mountjoy, deputy manager in Wash.
ington Of the American Bankers AS.
ISOLATION and secretary Of the nationa
bank division, A. B. A.
The auditors section of the District
Bankers Association win have a dinner
meeting at the National Press Club lat,
today, which viii be addressed by L. K
Sunderland, chief Of section, rules anS
regulations of the Internal Revenue Bu
Teau, on the Federal Income Tax" 4
fecord attendance Is already assured. :