Evening star., 1932-07-13
PLEASED
!. WITH MEYER TALK
:Reserve Board Governor
/ Optimistic on Business.
q q Credit Men Elect.

BY EDWARD C. STONE.

4 BY EDWARD C. STONE.
Local bankers are pleased with the
optimistic tone of the statements made
by Eugene Meyer, governor of the Fed
'eral Reserve Board, before the House
Rules Committee in which he called
attention to the improvement in COM
modify prices and the better grades OF
Meyer asserted. it may represent really
worth while upward trend He stated
= that he is optimistic, but added that
recovery rests in the hands of the
American people.
Gov. Meyer called especial attention
to the recent increase in hog and beef
cattle prices, adding that loans in the
corn belt had enabled resumption of
feeding operations. Banks have become
encouraged to make loans because OF
the improvement in prices, he said.
In the cotton producing areas condi-
tions have been bad, he said, but pros
poets are for smaller crop during the
encouraging. His next statement re-
called the advice given by former Sec
retary Mellon when he said Nov is
the time to buy bonds,' Gov. Meyer
stating that Now is the time to buy
cotton as it is rediculously low in price"
:. Mr.. Meyer declared that there was
mo lack of sufficient currency to carry
on the business of the country but
she feared there was a lack of courage
4On the part of the people to carry on
business and buy commodities at what
she believed to be the lowest level there
will be in the next five years.
a Governor Meyer answered questions
with regard to withdrawal of gold bal
f,-;o ,loi,, nod
shat the foreign countries held large bal
.ances in this country Immediately fol-
lowing the more prosperous times, and
That as conditions warranted these with
cirawals were made. France, he ex-
planned, has withdrawn all of her bal
anceS except those actually needed to
meet obligations in this counry.
The Reserve Board governor COM
anended the present Congress for en-
actment of constructive legislation.
-. Tastet Heads Credit Association.
Waldo ]. Tastet. official and director
of Fries, Beall & Sharp Co, was elected
Spresident OF the Washington Associa-
sfion of Credit Men at its annual meet
ing Yesterday. Mr. Tastet has been
,active in association work since 1922, at
(which time he was credit manager OF
John H Wilkins Co. Since 1924 he mas
sbeen associated with Fries, BeaH q
SHARP Co. as credit manager and dl-
srector Mr.. Tastet has also been
trustee and treasurer of the Adjust
,,nent Bureau since 1927. By the cleo
stion the association named one of the
youngest credit executives in its history
80 guide it in its activities.
. Louis M. Hewlett secretary and as
Distant treasurer of Griffith Consumers
Co. was named vice president OF the
association. Mr.. Hewlett has served
many years as director and has been
sactive in its work since its organization.
- Directors elected include Charles w.
ssJesse CLANCY of Commercial National
~Bank, Thorpe G. Drain of RoSslyn Steel
sSo Cement Co.. A. E. KoStulski of Gray
bar Electric Co., Maurice H. Mazo of
Mazo-Lerch Co. Inc, Lister T. Watts
Of Standard Oil Co. of New Jersey. F..
w. White of National Electrical Supply
Co., Eugene c. BacZenas of Washington
Tobacco Co. and F. I. Williams of the
Washington Post Co. Other directors,
whose terms have not yet expired are
John N. Auth Of N. Auth Provision Co.,
F. W. Harper Of E. Morrison Paper Co.,
sW. r. Little of The Evening Star News
spaper Co., John A. Reilly of the
Federal American National Bank &
Trust Co. and E. H. Ruark of the Brad
street Co.
DE Forest E. Sessions, who has been
connected with the association for the
past 18 months, was reelected acting
secretary and William Gordon Bu-
ehanan was reelected treasurer.
Charles W. Clayton of the F. P May
Hardware Co. was paid high tribute for
his work during the past two years. A
'tourobe" was presented to Mr.. Clayton
s14, ,@t. 81
his splendid work during his term of
office.
w. r. & E. Bonds Are Popular.
On the Washington Stock Exchange
today there were nine 81 900 sales in
Washington Railway & Electric As, all
made at 10, same as the last recent
sales. Another bond sale was a $500
turnover in Georgetown Gas IS, at SO.
The only stock transfer was Washing
ton Railway & Electric preferred, 10
shares changing hands at TIA.
Bradstreet'S Failures Index registers
slight decline this week after several
weeks of rapid rises. 1t now stands at
1872 of the 1928-1930 average and COM
pares with 1886 last week, the high
point of this year; 1886 two weeks ago,
and 1913 for the corresponding week a
year ago. The actual number of fall
ures for the week ending July was
sos, compared with 625 last week and
362 a year ago. Liabilities fell more
rapidly than the number of failures,
the decrease in the week being q per
cent, and last week in turn showing
408 per cent drop from the preceding
week Retail failures decreased in all
districts from the unusually high figures
of a week ago Wholesale, manufactur-
ing and commercial service failures also
declined
Noted in Financial District.
The Washington Office has received
word that the directors of Campania
Swift International, meeting in BuenoS
Aires, elected Charles H. Swift presi-
dent in place Of Edward F. Swift, de-
ceased
The Virginia Railway has declared
the regular quarterly dividend OF Sl.5O
On the preferred stock, payable August
l. to stock of record July 16.
Loose-Wiles Biscuit Co. has declared
a quarterly dividend of so cents on the
common stock, payable August l to
stock of record July %. Previously the
company paid IS cents quarterly and
10 cents extra quarterly.
The regular quarterly dividend OF
SITS on the preferred stock also was
declared, PAYABLE October to STOCK
Ol IeCOlu oSpICH!OCl -.
The House Rules Committee has
postponed until December any action
on proposals to investigate the Treas
ury. the office of the controller Of the
currency and the Federal Reserve
Board.
LC. C. Starts Rate Inquiry.
The Interstate Commerce Commis-
Hon at the beheSt of railroads operat-
ing in West Virginia has launched an