The Washington times., 1931-01-31
LOCAL TRADING
SHOWS MUCH
SOUNDNESS
Stocks, Battered by Bad News
of Week; Withstand Assault;
Strength Is Demonstrated

Strength Is Demonstrated
Trading on the Washington
Stock Exchange during the past
week, while dull, has shown that
the trading element is able to
stand the shock of extremely pad
news. The failure of a prominent
mortgage investment house here
and the petition of a large hotel
in bankruptcy both were met with
little response on the balance OF
stocks. Many of them held steady
and showed no decline wnatso-
ever, while others dipped only
slightly.
Experts interested in the future
of stocks listed on the exchange
believe that there is steady up
ward move, although it is OF
limited type at this time. They
believe that the upswing will grow
in volume and that before mid
summer stocks will show that buSl-
ness generally here has gained
considerable strength.
The gains of the real estate
business suffered a severe set
back with the failure Of the
mortgage house and the hotel.
It is believed, however that this
branch of enterprise has passed
the crisis brought about by the
bad news of this week and that
recovery will be shown shortly.
The Raleigh Haberdashery, one
Of the largest retail clothing
stores in Washington, will cele-
brate it's twentieth anniversary
on Monday. C. w. GroSner is the
founder of the store and today is
still in charge of the company.
Mr.. Grosner started the buSi-
ness 20 years ago in small
building on Pennsylvania Avenue.
Today it occupies its own quar-
ters at 1910 F st. N. w., where
a handsome. up-to-date structure
has been built.
The collection managers con-
ference of the Eastern division Of
the National Association of Credit
Men opened yesterday in the
Hotel Mayflower with approx
mately 40 representatives present.
Thomas Scheckell, secretary
manager of the New York City
Credit Mems Adjustment Bureau,
presided over the sessions. Dis
cussions centered around new
policies and methods to be pur-
sued in collection bureaus. Ad-
dresses of welcome were delivered
by Charles w. Clayton and John
A. Reilly, president and secretary
manager. respectively, Of the
washington Association of Credit
Men.
Foster Is Speaker
The principal speeches were
given by Walter C. Foster, dl-
rector of the adjustment bureau,
and Samuel Ardron, jr., Eastern
division manager, both for the
s. New York headquarters office OF
the organization. The meeting
will continue through today. 1t
followed sessions for the past two
DAYS of interchange managers
from the Eastern section of the
United States.
. A new agents contract which
Is designed to bring about marked
benefits to policyholderS, agents
and the company and which has
been unanimously adopted by
the directors of the Acacia Mu-
tual Life Association is to become
Immediately effective, President
William Montgomery has an
nounced.
The new contract is designed to
bring appropriate rewards for
efficiency and to penalize in.
efficiency. Agents are to be paid
in proportion to the business that
they service and keep in force.
The better the conservation rec
ord of the individual agent, the
more he profits.
The new arrangement is based
on the conviction that lapSed in
surance policies represent eco
nonic losses to all concerned,
policyholders, agent and COM
pany. It is designed to encour-
age agents to maintain close and
sympathetic contact with business
in effect and has been enthu-
siastically received by the agents
themselves, according to President
Montgomery.