Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-17
BANKRUPTCY LAW
!. CHANGE IS URGED.
A.
Attorney SheaIey Explains
Handicap Now Placed on
Local Business Men.
BY EDWARD C. STONE.

trig.on. including the Maryland coun-
ties of Montgomery and Prince
Georges, as we'll as Arlington County
Va and the city of Alexandria, pre-
se53ts special bankruptcy problem for
local business men, according to r.
Preston Shealey, Washington counsel
tim, who addressed the Associated Re-
tail Credit Men of Washington at
luncheon today at woodward &; 10th
rops tea room.
Attorney Shealey, who is a member
otN[the Attorney Generals Bankruptcy
Reform Committee, told local retailers
that merchants in this city are debar-
RED from being elected as trustees in
bankruptcy within the metropolitan area
uh1ess they happen to be residents of
that area or have places of business
tlterein.
As the population and stores increase
in%the metropolitan area this problem
isEonsidered increasingly important and
Mr. Shealey explained that several cases
within the past year or two have al
ready demonstrated the necessity for an
ar9endment to the bankruptcy act, per-
mltting Washington business men to act
as4rustees in that area.
Credit men, he said, are hopeful that
when the forthcoming bankruptcy re-
visfon bill is presented in Congress 1t
viii contain an amendment rectifylng
this situation to the extent, at least, OF
permitting local men being elected as
trustees In bankruptcy in these nearby
Maryland and Virginia counties. The
matter has been called to the attention
Of the Department Of Justice.
Fifth District Trade Notes.
Unusually warm weather has slowed
up Fall trade in most Of the IL Fed
eral Reserve districts, the Richmond
district being included. While this area
had the best record in retail trade In
the country, trade has been disappoint-
ing so far is November.
The Richmond Reserve Bank reports
that the paper industry is becoming
more active and workers are being re-
called in numerous Virginia plants.
The outlook in this industry Is consid-
cred the brightest in two years.
It is expected that the voluntary
agreement of shopmen on the Chesa-
peake g. Ohio system to go on five
day week viii give employment to sew
eral hundred skilled workers.
The Atlanta district reports that de-
partment store sales are now ahead of
building permits. Bibb County, Ga,
has planned a 100000 bond issue to
aid the jobleSs.
National Banks Resources.
Aggregate resources Of the 6,658 re-
porting national banks in the United
States, Alaska, and Hawaii, on Sep
TENDER 20 were STAG. 064, 900. Con-
troller of Currency John w. Pole an
nounced yesterday.
This figure was 1896, 634, 900 under
that of June 80, 1881. when there were
6.805 reporting banks and $2,632 3d.
900 under that of September "a, 1880,
when there were 1877 banks.
Loans and discounts September 20
rediscounts a decrease Of $697, $50, 900
for the three-month period and OF
$2,173,1 900 for the l2-month period.
Deposits on September 20 amounted
to 500, 379, 384 900, q drop of $1,818,-
$4,000 since June and of $2,10l,-
900 since last September.
Heavy Trading ON Exchange.
Trading was unusually heavy on the
Washington Stock Exchange today,
bonds again coming into their full share
of popularity.
The market opened with $4,000 Capt.
tai Traction IS changing hands at H..
The next sales we're in Potomac Elec-
trio Consolidated SIS at 1925 and 102,
series B, at 103X and 102.
Washington Railway g. Electric IS
came out at 86h in 81 900 and SIS 900
sales. Washington Gas, series A bonds
were also in good demand and there
was an active turnover in City g. Su-
burban IS and Anacostia & Potomac S.
In the stock division Capital Traction
sold at % and 1884 in several small lots
Potomac Electric Power 6 per cent pre-
ferred and 5ia per cent preferred fig
ured in several sales ex-dividend, while
eight shares of American Security a.
Trust Co. stock moved at 800.
The annual meeting of the Stock Ex-
change will take place tomorrow after
the regular trading session.
Larner Memorial Printed.
The memorial tribute paid by DR.. Jo-
Seph r. Sizoo at the funeral of John
B. Larner. president of the Washington
Loan e. Trust Co., has been published
by the New York Avenue Presbyterian
Church, which Mr.. Larner attended.
including expressions by the trustees
and the deacons. In DR.. Sizoo's tribute
appears the following:
Few men have had such variety of
interests. Though man high in the
affairs Of the business world, he helped
direct the genius and policy Of a great
university and was a director of lead
ing theological seminary. What di-
versity and nobility of mind was his
There came from his fluent pen what
he loved best to do-many an apprecia-
tive memorial Of the deeds of those who
once walked among men.
His radiant soul threw beams of light
into many a darkened window of earth
He had glorious capacity for friend
ship. Those who knew him for a friend
knew he was the best friend they ever
had. They will never have another like
him. Perhaps none is entitled TO more
than one such friendship on earth"
Sales Conditions Reviewed.
The Monthly Review, put out by the
National Association Of Credit Men, has
teen received by the local association
1t Is stated that sales and collections
ere spotty. but are not being forced to
lower levels. Sixty-two per cent of the
reports show fair sales. but collections
are of per cent. Good collections arc
reported in Washington, Terre Haute
Ind, and Utica, N. Y.
Local Financial Notes.
Word has been received from Phila-
delphia announcing the death of Joel
@. Clemmer, for many years treasurer
of the Lanston Monotype Co. He died
Saturday of pneumonia.
DR.. H. c. Parmelee formerly editor of
Chemical and Metallurgical Engineer
ing, has been elected a vice president
of the McGraw-Hill Publishing Co. He
is a member of the Cosmos Club.
SILVER QUOTATIONS.