Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-31
BROKERAGE HOUSE
TO MAKE PAYMENT
Prince & Whitley Counsel
Says offer of rs Cents on
Dollar Is Planned.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Creditors of Prince e. Whitley in
Washington, as well as all over the
country, are to be offered IS cents on
the dollar, according to a New York
dispatch received here today, while the
hope is expressed that the remaining
rs per cent can be paid later by the
New York Stock Exchange house which
closed its doors several months ago.
The firm maintained local offices in the
Washington Building and clients have
been awaiting the terms of settlement
with keen interest.
A plan OF composition will be offered
to creditors of the firm Of Prince &
Whitley within the next few days &C.
cording to Carey g. Carey, counsel for
the firm. The plan probably will in
clude a cash offer of IS cents on the
dollar and participation certificates in
a liquidation corporation which may
eventually yield the remaining IS per
cent While the quick assets now avail
able are insufficient, liquidation of the
securities under any substantial i'm
provement in the stock market might
meet the full liabilities of about SIG
O0O. 900, Mr.. Carey of the counsel said
today in New York.
Collection Managers Confer.
The collection managers confer
2 ence" of the eastern division of the Ma
tional Association of Credit Men is
in session today in the Hotel Mayflower
with approximately 40 representatives
present.
Thomas Scheckell, secretary-manager
of the New York City Credit Mems
Adjustment Bureau, is presiding over
around new policies and methods to be
pursued in collection bureaus. Ad-
dresses Of welcome were delivered yes
terday by Charles w. Clayton and John
A. Reilly, president and secretary
manager, respectively, of the Washing
ton Association Of Credit Men.
The principal speeches were given by
Walter G. Foster. director of the ADJUST
ment bureaus, and Samuel Ardron, lr.,
Eastern division manager, both Tor the
New York headquarters office OF the
organization. The meeting follows Ses-
sions for the past two days OF inter-
change managers from the Eastern Sec
ton of the United States.
Forum Dinner Plans Completed.
A. Z. Henze, chairman of the Forum
Committee of washington Chapter,
American Institute Of Banking, an
nounces that the next forum dinner
meeting will take place at the Shore
ham Hotel on February 4. AS pre-
viously noted, DR.. Stephen I. Miller,
executive manager of the National Asso-
ciation of Credit Men, will be the
speaker. He was formerly educational
director of the American Institute OF
Banking and has frequently been heard
here His subject, Lifting the Roof of
the Economic Structure, is most timely
and his observations made on tours
1kwnr rnffn fAn fNf =
value. The meeting is open to bank
officers and all institute graduates. Mr..
HENCE believes the meeting will be one
Of the most interesting yet held.
Bill Holdings Drop S15,OOO,OOO.
The daily average volume Of Federal
Reserve bank credit outstanding during
the week ended January %, as reported
by the Federal Reserve banks, was
1891, 900 900, a decrease of $73,000,000
compared with the preceding week and
OF 1920, 900 900 compared with the
corresponding week in 1880.
On January % totai Reserve bank
credit amount.d 70 $s56,oOO,OOO, a oe-
crease Of S64 900 600 for the week This
decrease corresponds with decreases OF
S49, 000, 900 in money in circulation and
$4,000, 600 in member bank reserve bal
ances and an increase Of S6000,O0O IN
monetary gold stock. Offset in part by
a decrease Of $4,000, 900 in Treasury cur
rency.
Holdings of discounted bills decreased
SIS 100000 during the week, the pr1n-
cipal changes being declines of 81, 600, 600
at the Federal Reserve Bank of San
Francisco, st, 1000, 900 at Cleveland and
$4,000 900 at Richmond, and an in
crease of 100000 at Atlanta. The
systems holdings of bills sought in open
market declined $500 600, OF United
States bonds $l4,oo0,000 and of Treas
ury certificates and bills $4,000, 600,
while holdings of Treasury notes in
creased $4,000 900.
Baden Discusses Property Rights.
William H. Baden, vice president and
trust oficer of the Washington Loan d.
Trust Co., addressed the Charles County,
Md, Federation of Women's Clubs yes
terday In the court house at La Plata
on Property Rights of Husbands and
Wives in Relation to Estates" The
trust company official was representing
the District of Columbia Bankers As
ISOLATION. There were about $50 Mary
land women present.
Bill Subscriptions S327, 100000.
Secretary Mellon announced today
that the tenders for $50, 900. 900. or
whereabouts, of 9o-day Treasury bills,
which were offered on January 81, 1881,
were opened at the Federal reserve
banks on January 80. 1881.
The total amount applied for was
1927 ,805 600. The highest bid made
was 99782, equivalent to an interest
rate Of about seyen-eights of l per cent
on an annual basis. The lowest bid ac-
cepted was 99753. equivalent to an in
terest rate Of about ] per cent on an
annual basis. The total amount Of bids
accepted was $4,000 900, which have
been equally apportioned between the
two series.
New Insurance Contract Adopted.
= new agents contract Of the Acacia
Mutual Life Association yesterday was
given the unanimous approval Of the
board of directors Of the association
and thus becomes effective Immediately.
According to President Montgomery,
under whose supervision the new con-
tract was evolved, it rewards efficiency
and penalties ineficiency" by paying
Acacia agents in proportion to the bust
ness they service and keep in force
Furthermore, under the contracts pro-
visions the better the conservation rec
ord of the individual agent the more
he profits.
Under our new contract" Presiden
Montgomery explains the public
eventually must benefit largely. Thi
is so because the new contract reward
the agents efficiency in servicing tn
business he has and keeping i. in force
The more and the better he serves tn
public, the more substantially he i
building for his own future"
Cleaned in Financial District.
Edmund r. Moore, a Cedar Rapid
banker, has been recommended 4
President Hoover for membership Oh
the Federal Reserve Board to succeet