Evening star., 1937-06-29

in the American
Institute of Banking.
His introduction to Washington
came while he was for nearly three
years secretary to Representative
Harold Knutson of Minnesota. Dur
ing that time he was connected with
number of activities on Capitol Hill
Before taking a position with Repre-
sentative Knutson he had been chief
clerk for two large manufacturing
concerns.
Secretary Larson is a member OF
the State Secretaries Section of the
American Bankers Association. His
work includes oversight of the local
associations Credit Bureau and of
Washington Chapter, American In
etitute of Banking. He also keeps
closely informed on the work being
done by the various State bankers
associations, with view to making
the District Bankers Association of
still greater value to the member
banks
In his annual report Thomas j
Groom head of the association, gave
unstinted praise to Secretary Larson
for the work he has accomplished
since taking his present office He
has made the organization of far
greater worth to the banks and at
the same time lifted a great deal of
responsibility from the shoulders of
the other association officers, Mr..
Groom declared
ID. c. Exchange Trading Off
Business on the Washington Stock
Exchange in May took a slump, ac-
cordng to the latest report from the
Securities and Exchange Commission.
All sales had total value of sl45. .514
against the higher figure in April of
s22o804
The dollar value of stock sales n
May amounted to S95,325. in COMPARE
son with s155,793 in the previous
month, while the number of shares
traded totaled 1900, against 1856 in
April
In the bond division the dollar value
OF sales amounted to S5O,189 while the
April figure reached total of S65, oil
The slump in both stocks and bonds
in May was in line with the general
iet-up in business on exchanges all
over the country, although the drop
here was not proportionately as severe
as in many other cities.
Both Baltimore and Richmond ey-
changes reported noticeable drop in
business. The dollar value of sales on
all registered exchanges in Nav
amounted to s1,474,1Oe197, a decrease
OF 81 per cent from April, but al in
crease OF 2.9 per cent over the value
Of sales in May, 1886. Stocks were off
38 per cent and bonds 35 from the
April figure.
Roper Urges Installment Care.
The potential danger of credit pol
icy whereby the volume of goods sold
IS unduly stimulated through the in
5tallment system, making for a debt
toad on the customer that might be
excessive in case of unforeseen adverse
economic conditions, was stressed by
Secretary of Commerce Roper in a re-
cent address.
Mr.. Roper said there is a tendency
among some retailers to eliminate or
reduce the amount of down payments
IN lnstallment purchases, lower carry
;ng charges, give longer maturities and
enlarge the class of merchandise sold
IN installments. particularly of a nom
durable or readily consumable nature.
In conclusion, he said:
'The practice of installment pro-
cedure should, under all circumstances,
be in harmony with the virtue of the
system, wherein carrying charges are
imposed where they belong and not
prorated to thL cash and prompt pay
customer. Conceivably in time, it is
possible that stores will adopt and
maintain a distinc. two-price system
and thus obviate the likelihood of un-
talr penalty on the cash customer"
Record Farm Income Forecast.
Business prospects for the next few
weeks point to period of considerable
spottiness, says the United Business
Service in its current report. Labor
troubles and seasonal influences are
combining to slow down activity in
several major lines while others con-
tinue to enjoy capacity operations,
with no letdown yet in sight.
Retail sales are running well above
q year ago, except in those areas af-
fected by strikes, and inventories
built up earlier in the year are being
gradually worked off. However re-
tailers on the whole are going slow
on Fall preparations pending some
clarlflcation Of present uncertainties
In the near term business outlook.
Excellent crop prospects and rela-
lively high prices point to the largest
farm income since 1929. This is one
Of the most encoura ging factors in the
present business outlook and will con-
tinue to prove powerful recovery
stimulant.
Home Loan Bank Very Active.
The Federal Home Loan Bank Of
Winston-Salem reported today that
with the recent admission Of the First
Federal Savings & Loan Association to
membership, Washington had 16 asso-
Citations as members on May 81. Mary
land had "a and Virginia 49,
AS of May 10, three Washington
associations had advances aggregating
$535, 900, The bank reports that total
advances in Washington and six
States had reached S12,145, ,40097 on
May 81, an increase of so per cent
over q year ago.
Lively Trading on Exchange.
Trading was active on the Wash
ington Stock Exchange today, with
prices around recent levels. Wash
ington Gas IS, 1859, came out at los
and Washington Railway & Electric
Is moved at 1861
American Security e. Trust Co.
stock appeared on the board at 3Ol u,
Lanston Monotype sold at 90A and
Mergenthaler Linotype at 43, un-
changed from yesterday.
Tho list of bank stocks and others
soon TO pay dividends is the longest