Evening star., 1932-01-08
BALANCED BUDGET
assres. z ...ss.ts t'at..as.. -. = =
IS URGED BY HAAS
Head of Bankers Association
Makes Appeal to Congress
sionaL leaders.
BY EDWARD C. STONE.


Harry j. Haas, president of the
American Bankers Association, sent q
communication to congressional leaders
today declaring that balancing Of the
budget is the first and foremost duty
of the Government. He declared that
present conditions demand drastic
curtailment of Government expenses in
every possible way" President, Haas
continued:
Balancing the Federal budget under
existing circumstances clearly demands
two lines of action-first, reduction
of expenditures; second, an increase In
income This means unequlVocaly
that the cost of Government must be
cut down on the one hand; and. on
the other, that an effective and equitable
tax measure must be devised to assure
ADEQUATE revenue for all proper ex-
penditures. ...
There can be little hope for private
business stability unless the Feoeral
Government is kept upon an operating
basis that will sustain its ethclency anu
maintain its credit.
Federal funds come only from the
pockets of the people through either
taxes or loans. There must be a Souno
balance in the use of these two methooS.
If fresh loans are too numerous or eX-
pensive, pre-existfng security values are
impaired, injury done TO Government
credit and burdepsome charges created.
If taxes are too high, and particularly
if not equitably spread, business Is
crippled, and the capacity TO pay
WeakenS it. ,--- --..,,tu
policies of rigid economy OF GoVern-
nent are of prime Importance. The peo-
tS1Ie are demanding in no uncertain terms
that every last dollar of aVoldable gov
prnmental expense be done away WIN
and that every dollar Of unavoloaple
expenditure be made to bring 1uli
return of economic and ettclent pupnC
service" Mr.. Haas asserted.
Acacia Reports Excellent Year.
William Montgomery, president OF
the Acacia Mutual Life AsSoclatlon'
reports substantial business gains our
ING 1881. las a result OF business
I,r0Uress during 1881" Mr.. Montgomery
FavS. "Acacia'S insurance in force now
totals more than 1894 100000. During
the u months our placed business
reached the most encouraging aggregate
of approximately S38,00OOOO.
"The months of December continued
and emphasized the years record OF
progress, with the net gain hgure
Standing at more than $3.50, 600 ana
with a Is per cent improvement IN Ihe
net lapse, as compared with the pre-
yious month. Furthermore, our NOR
tality was exceptionally good not only
in December but all during the past
year" ~ var. .,,,o,o+ion
Is an important factor in the economic
life of the District of Columbia. More
than 400 persons are employed at ltS
home office building, First street ana
Indiana avenue northwest, from Whlch
are directed the activities OF branches
in all principal cities. .,-.
In an address to employees recently,
Mr.. Montgomery assured them OF con-
tinuity Of employment, asserting thaV
the association will continue TO MAIN
tain its entire personnel intact during
1882.
Peoples Drug Increases Sales.
PEOPLES Drug Stores, Inc, made its
annual report on sales for the year ana
also for December today. The big orug
chain. which has its home once IN
Washington, had fine year In splte
of business conditions and resnfSant
lower prices for goods. *
Sales in December totaled Sl,7T7,39b
against Sl,707.20 in December, 1880,
an increase of Al per cent, and also
an indication that Christmas business
was larger than a year ago.
Sales for the full year amounted 10
Sl7.472. STA. compared with Sl6,777,o61
in 1880, gain in the year Just enoeo
of S694, ,807. or Al per cent. The yearly
gain is Just the same as the December
gain and should cause general salts
faction among officials Of the company.
Iurior Bankers Facing Exams.
Richard A. Norris, chairman of the
Educational Committee, Washington
Chapter, American Institute Of BanK-
ing. ANNOUNCES examinations for first
semester work will be held as follows:
Friday, January 8--Banking 1 (bank
organization and operation), Law II
negotiable instrumentS). Monday,
January 11-Law 1 commercial laW),
economies, investments. Tuesday, jan
uary l2-CreditS I credit manage
ment), Banking III (bank manage
ment), English.
There has been a total of 256 en-
rollments in first semester classes and
Of this number 239 have qualified for
the final examinations, Chairman Nor
riS reports.
Railway Preferred Active Today.
Washington Railway g. Electric pre-
ferred was extra active today on the
Washington Stock Exchange. Ten 10
share lots changed hands at 86, the
market closing with Sc bid and 80
asked Capital Traction figured in five
1O-share sales, all at 1872, fractionally
higher than yesterdays close. Lanston
came out at 65 and Woodward &
Iothrop preferred at l07. Washington
Gas 6S, series A, recorded a $1,000 sale
at 100.
Heard in Financial District.
Although Christmas trade in all parts
OF the country was in fair volume, dol
lar value Of the goods was greatly re-
duced from a year ago, the Commerce
Department reports after studying the
returns from "a cities. Chicago sales
exceeded expectations and Minneapolis
reported larger sales than year ago
SafeWay Stores Inc, with which the
Sanitary Grocery Stores are affiliated,
reports sales for the year as S284926,-
ISL, against S3O3, ,539 346, decrease for
the year of 6.l3 per cent. The COM
pany'S sales were off about 4 per cent
in December, compared with Decem-
Der, 1890.
Local brokers are watching the tape
with unusual interest. If a part of the
recent rapid gains in the New York
Stock Market can be retained, the
situation will appear much brighter
Considerable investment buying is still
being noted here although caution pre-
walls to high degree.
The meeting for consideration of the
move to dissolve the Columbia Sand &
Gravel Co. was scheduled for this aft
ernoon in Alexandria.