Evening star., 1932-02-15
CREDIT MEN HOLD
CONFERENCE HERE
January Chain Store Sales
AnaIyzed- Local Bankers
at Trust ParIey.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
The Associated Retail Credit Men of
Washington. affiliated with the Ma
tional Retail Credit Association, Is in
conference with the Columbia Regional
Unit of Credit Bureau Executives, in
a tvO-Gay session which opened at the
MayfOWc. Hotel this forenoon The
progidCnt Of the conference is j. Will
lam Ponncll. OF the Camden Credit As
soci2ticn Emong the speakers on to-
GaT'a program were Harry V. Oster-
meyer, credit manager of Woodward g.
Lothrop; James D. Hays Harrisburg
Cgedit Exchange; Stephen H. Takes,
secretary of the Washington associa-
tion E. Emerson Snyder. credit man
ager Raleigh HaberdaSher, and Davis
Weir Mount Rainier Md What the
credit man expects of the bureau and
ether credit topics were fully discussed
at the morning session.
Four addresses were on the after
noon program to be followed by ques-
tons and discussions. The annual
banquet will be held this evening.
Clain Store Sales Analyzed.
According to a compilation by Merrill,
lynch 81 Co. 80 chain store companies.
including 3 mail order concerns show
tCtal sales for the month of January,
1882. of S239 086.379. against sales of
$2G6, Gal ,749. in the corresponding period
of 1881. a decrease of 1898 per cent.
Three mail order companies alone show
sales for January 1882, of 33,082 ,282,
against S42 2204 1856 in January, 1881,
decrease of q l6l per cent Excluding
the mail order concerns, SO chain store
companies show sales for January. 1882,
Of s206 6,004.097, against sales of s224,-
437O13 in the same period of 1881, a
decrease of 8.2l per cent.
IndorseS Debenture Bill.
Chairman of the Federal Farm Board
James c. Stone, has indorsed in all OF
its particulars. the Norbeck-S gail
bill making the debentures of the Fed
eraI intermediate Credit Banks eligible
for 15-day loans by Federal Reserve
banks to member banks. 1t is claimed
b. its supporters that this bill will make
it possible for the intermediate Credit
Banks TO charge a lower rate of inter-
est to borrowers. both the farmers CO.
operative marketing associations and
farmers notes with these banks. be-
cause they depend to large extent
upon tie sale of these securities to OBJ
tain funds to loan.
Because Of the present state Of the
bond market and the desire for exceed
ing LIQUID investments these debentureS
lately have been bearing a high rate of
interest. In a letter recently addressed
to Senator Steiwer, chairman of the
subcommittee considering the Norbeck
bill, Mr. Stone indicated that the
amendments would aid greatly in the
sale of debentures because it would be
bnr hop Lc tn
row on them should the occasion arise.
LEGAL Board Rooms Thronged Today.
Saturdays wild session of the New
York Stock Exchange, which brought
back memories of the sensational trad
ing back in 1929, brought a rush of
customers. both spectators and in
vestors, to the local brokerage houses
t-dey. 1t was case of standing room
only at the opening. Prices opened
about where they closed for the week
end. After the soaring prices of Thurs
day and Saturday more or less profit
taking by professional traders was held
certain.
The attendance in the brokerage
houses here in the past few days has
shown ccnclusively that there is still
an intense interest in the moves Of the
New York Stock Exchange securities.
WHIT IL ID SIdltO IIldb lIle puUllC ID
not in the market. yet there are plenty
of people ready to go in when they
think the turn has come. And a mod
crate amount of investment buying is
going on all the time.
Attend Trust Conference.
T Stanley Holland, trust officer of
the American Security e. Trust Co..
and Sidney F. Tailferro of the trust
department of the Riggs National Bank
are attending the Eastern Regional
New York today An unusually good
program has been provided. the trust
business being approached from every
angle. These trust conferences have
been held for several years and are
growing steadily in importance.
Institute Banquet Great Success.
Members of washington Chapter,
American Institute of Banking, today
held Saturday night. There were 531
members and guests present. The al
fair was notable in having so many
national officer here, Mr.. Mergler, the
national president making an excel
lent address Attorney Frank j. Hogan
: was at his best. his wit keeping the
audience in roarS of laughter. The
stage entertainment was also Of high
order All the committee heads were
receiving many deserved congratula-
tionS today.
Coast Line Nets S2.44 Share.
The Atlantic Coast Line Railway Co.
In preliminary statement for year end
ed December 81, 1881, shows net in
come of s2,020.857 after taxes and
charges. equivalent after per cent
preferred. dividends. to s244 share on
823427 shares of common stock. This
compares with S6.254.59l, or S7.58
common share in 1880.
T H Seay has been appointed con-
troller of the Southern Railway System
and Mobile e. Ohio Railroad. succeed
ing E. H. kemper, deceased. w. H.
Luckett has been appointed general
auditor, succeeding Mr.. Seay.
Trading on d. c. Exchange.
Trading was quiet on the Washing
ton Stock Exchange today being con-
fined wholly to bonds. Two 4l000
sales were recorded in Washington Gas
Light IS, series A, at 100 and $500
Capital Traction IS changed hands
a. so.
It was announced that the directors
of the Lanston Monotype Co. have de-
Clared the regular quarterly dividend
OF Sl.50 a share. payable March l to
stock of record February Is.
U. S. TREASURY BALANCE.
The United States Treasury balance
announced today as of close OF business
FEBRUARY II was S56754997475 Gus
toms receipts for the month TO date
c10 S12 605 GE Tot al ordinary