Evening star., 1935-02-20
LEADERS NAMED
BY CREDIT CHIEFS
.TaIIey Is Elected Regional
PreSident-D. c. Secre-
tary Is Honored.
BY EDWARD C. STONE.

Columbia, Delaware, Maryland, New
Jersey, Pennsylvania, Virginia, West
Virginia and North Carolina, held here
yesterday, these officers were elected
for 1895:
President, William H. Talley of
Wilmington, DEL; vice president,
George C. Robinson, Richmond, Va;
secretary treasurer, Mrs Mildred
White of Huntington, w. Va; direc-
tors, James D. Hayes of Harrisburg,
Pa; William F. Galloway, Newark
N. j.; Virgil c. Powell of Cumberland.
Md; Vincent A. Rogerson of Clarks-
burg, w. Va, and Stephen H. Takes
of the District of Columbia.
Mr.. Takes, secretary of the ASso-
ciated Retail Credit Men of Wash
ington, Inc, and honorary president
of the conference, was presented with
handsome chair by the members of
the organization as a token of esteem.
j. Bert Easley of the Federal Hous-
ing Administration was the featured
speaker at the annual banquet on
Monday night, attended by about 200
members of the local association and
delegates to the regional conference
At the concluding session here yes
terday, DR.. Norris A. Brisco, dean of
the School of Retailing. New York
University, made the outstanding ad-
dress on the subject, What the Re-
taller Will Expect of the Credit Bu-
reau in 1885"
Hecht Finds Banking Sound.
Rudolf S. Hecht, president of the
American Bankers Association, who
left Washington yesterday after an
interview with President Roosevelt at
the White House. declared while here
that 1885 finds the banking situation
all over the country in the soundest
position it has enjoyed for many
years. AS head of the A. B. A., he
keeps in the closest possible touch
with banking developments and condi-
tions and his optimistic views must
be accorded more than ordinary i'm
portance.
In speaking of the banking legisla-
tion now before Congress which makes
the central bank" proposition loom
so large, President Hecht said he Is
opposed to the Federal Reserve Board
being given too much power. He be-
lieves the Federal Reserve banks
should be privately owned and organ
lied by regions as they have been in
the past. He would leave great deal
of the control of the II Reserve banks
in their own hands. In this he holds
the same views as those prevailing
among host of other leading bankers
throughout the Nation who have al
ready registered strong opposition to
certain features of the banking bill.
The president of the A. B. A. made
Tolly ot Ioa Nf
Washington Chapter, American 1nsti-
tute of Banking. He told the junior
bankers that they must keep up with
the new era in banking. Great
changes are taking place, bringing new
responsibilities. Whether bankers like
the changes or dislike them, they can
not be ignored.
1t developed at the dinner that the
A. B. A. chief was leader in the
American Institute of Banking many
years ago. He was one of the first
officials to demand that women should
be admitted to courses in banking.
Told convention in Chicago that the
institute had been all wrong in refus-
ing to admit women to the classes and
won his point.
SOHCeTH DOOotS 1HCUluC.
The annual report of the Texas
Gulf Producing Co. has been received
here by securities dealers, who have
distributed the stock quite widely in
this city. The 1884 figures show
net income of S800,S72 after all
charges and provision. for Federal
taxes. This was equal to 80 cents a
share, as compared with So cents per
share in 1888.
The net production of crude oil from
the companys properties last year was
1,787,777 barrels, compared with O.
466, ,679 barrels for the preceding year,
a decrease of 678, 1902 barrels, or 275
per cent. N. w. Hunter, president,
said the reduction was due to the re-
strictions incident to the proration
program of the Railroad Commission
of Texas
The balance sheet of December 81
shows cash of $25,123, current assets
of S183,12 and current liabilities of
$264,549. At the close of the previous
year cash stood at S120,014, current
assets $254,552 and current liabilities
$197,110.
Defends Holding Companies.
]. F. Fogarty, president of the North
American Co., of which the Washing
ton Railway g. Electric and Potomac
Electric Power companies are SubSidi-
aries, has come out with strong plea
against the bill in Congress aimed at
wiping out all holding companies. He
tells customers, security holders and
workers in the public utility industry
that the bill would compel liquidation
or sale of billions of securities under
conditions which would make such
sales impossible without tremendous
sacrifice. He adds:
by far the preponderant part of
the public utility industry is sound
and constructive. Utility companies
have promptly and openly expressed
objection to the bill in its present
form and announced readiness to CO.
operate to the utmost in the enact
ment of sound regulatory legislation.
Propaganda for the bill makes it diff
cult to distinguish between practices
since abandoned or corrected which
were followed by some companies;
practices which the Federal Securities
act and the Securities Exchange act
make impossible, and practices which
may still require correction or pre-
vention and can be provided for by
constructive regulation instead of the
destructive legislation now proposed %
The bill would discourage the ex-
penditures of $1,000,00 1000 each year
normally made by the public utility
companies for purchase of equipment
principally from the heavy goods in
dustries now suffering acutely from
unemployment" the North American
official asserts.
Insurance Leaders to Meet.
Strickland Gillian, humorist. writer
and radio commentator, will be the
speaker at the luncheon meeting of
the District of Columbia Life Under
writer's Association tomorrow at the
Willard Hotel. He has written much
on the subject of life insurance and
is an enthusiast on the subject. While
l. L. L.