Evening star., 1932-04-17
Expert Seeks Benefits of Re-
construction and Other
Banking Legislation.
CITY SECOND IN WORLD
IN PHONES IN SERVICE
Local Bank Clearings Off During
Week, but Far Ahead of
National Average.
BY EDWARD C. STONE.

prompt return to nCrmalcy by passing
on to industry the same benefits which
they receive under the Reconstruction
Finance Corporation and Glass-Steagall
legislation, by Henry H. Heimann. execu-
tive manager of the National Associa-
tion of Credit Men at the Fifth District
Conference of the National Association
at Wardman Park Hotel yesterday
Heimann asserted, mo one suggests an
unsound loan policy on the part Of the
banks 1t is hoped. however, that the
banking industry will respond to reason
able demands from industry"
Luther H. Reichel6erfer, chairman Of
the District Board of Commissioners
opened the conference yesterday morn
ing by extending the greetings of the
District of Columbia to the visiting dele
gates. Addresses and discussions on
problems of business and credit immedi-
ately followed George J. Clautice, exc
cl1tive secretary of the Baltimore Associ-
alton of Commerce; DR.. Raymond B.
Pinchbeck of the University of Rich
n1ond. and E. c. Brandenburg, member
of the Committee on Bankruptcy of
the Commercial Law League of America; :;
E. B. Moran, executive sales manager,
the Bradstreet Co., New York City. were
some of the speakers on the program.
Charles w. Clayton, president OF the
local organization, presided at the con-
ference Other officers of the Wash
ington group are: Waldo J. Tastet, vice
president; William G. Buchanan. treas
urer; D. E. Sessions, acting secretary,
and Lister T. Watts, national director.
The conference was well attended,
about $50 members participating In the
proceedings.
ID. C. Holds World Phone Mark.
Washington, with 18l, $40 telephones
IN service now has about 81 for each
100 people and is second only to San
Francisco in telephone development
among the larger cities Of the world.
Seattle is third in telephone develop
ment; Denver. fourth and Los Angeles,
fifth. Omaha, Chicago, Toronto, Min
neapolis and New York follow in the
order named Nanking, China, fifty
sixth in rank with an estimated popula-
ton of 000-about 10000 more than
the population of Washington-ha only
2,910 telephones.
Telephone growth in the United
States continues to forge ahead OF all
othsr countries, but Canadians outtalk
the world. Canadians averaged about
265 conversations each in 1880, while in
the United States there were 226, ac-
cording to a report Just compiled by the
American Telephone 81 Telegraph Co.
The United States and Canada to-
sether have more than twice as many
telephones as the whole Of Europe. In
the United States, where telephones are
operated exclusively by private COM
panies, telephone development Is out
standing in relation to population, hav-
ing 1874 telephones for each 100 people.
Canada has IA telephones for each 100
people.
The relative prevalence Of telephones
in the United States is more than
eight times that of Europe. New Zea-
land. which ranks third in telephone
development. has 10.2 telephones for
each loo people, followed by Denmark,
with 90: Sweden, with 81 and Aus
tralia, with 81 telephones for each
100 people.
Germany ranks second to the United
States in absolute number OF telephones,
but has only telephones per lOO
people, Great Britain has 4.3 and
france only %. In all three of these
countries the government operates the
telephone system.
Saturday Exchange Trading.
On the Washington Stock Exchange
Yesterday, $1,000 washington Railway
& Electric Is sold at 8012.
In the stock department small lot
of Potomac Electric Power per cent
nreferred came out at ITO and another
small transaction in Peoples Drug
stores preferred was recorded at 30.
AS usual on Saturday, the unlisted
stocks and bonds were called on ana
very few changes noted In quotations
The bid on Mayflower Hotel IS was re-
duced from 18 to II and the asked
price lowered from % to 20. The asked
price was quoted as II on North Capl-
tol Savings Bank stock.
During the week there was more
trading in bonds than stocks on the
local board. Mergenthaler Linotype,
which is so very widely held IN wash
ington, sold lower. but local brokers
still stand up for this issue as long
pull proposition Capital Traction also
sold down during the week. closing yes
terday with 1912 bid and l4l2 asked.
Sales have recently been light in Trac-
tion. pending the merger outcome In
Congress March net income again re-
fected the keen taxicab competition.
washington Bank Clearings on.
Bank clearings in Washington for
the week ended April l3 totalled $2O,-
S52. 900 against S23, 10000 in the pre-
ceding week and on 2O2 per cent from
the record Of <ne corresponding week
last year. Clearings for the United
States as a whole were of II per cent
from the previous week and 439 per
cent from the same week in 1881, so
that Washington made excellent show
ing.
According to Bradstreet's report,
Richmond clearings were lower than IN
the previous week and 285 pc! cent
under the figures for the parable
week a year ago. Baltimore cleared
s55.936 900 in Cancelled checks against
S69. .586 COO in the previous week. and
of 27 per cent from year ago. Atlanta
also reported a drop from the week
before and % per cent below the same
week in 1881.
Norfolk turned the tables, clearings
this last week totaling S2670, 900 against
s2.7e3.00O in the preceding week, but
OF 10 per cent from last year.
Heard in Financial District.
Local life underwriters have received
word that new life insurance production
in March was 1875 per cent less than
in March. 1881 and that new business
for the first quarter was of 81 per cent
the report coming from the Association
of Life Insurance Presidents.
The FIRST call" for the annual con-
vention of tf,e District Bankers Asso-
ciation at Hot Springs, Va, in June,
has been mailed to members. The com
nnittee has been able TO make reduc-
tion In the convention charge this year
for the same accommodations as In the
past
Charles Deinar, president Of the Lin