Evening star., 1924-07-16
BANKS CONSIDER
BETTER INSURANCE
Many D. c. Institutions Re-
vlslng PoIicies-Prices
Strong on Local Board.
BY CHAs. p. sHAEFFER.

Local banking institutions, indi-
Vidually, are giving ardent considera-
ton to and, in many cases, revising
insurance policies embracing their
functions.
The movement is the aftermath Of
lengthy report submitted at the an
nual convention last month by Francis
u. Addison. jr., who, after making an
exhaustive study of every known plan
OF protection. outlined to the mem
bers OF the convention the salient fea-
lures Of every form. SO concise was
Mr.. Addison's report that this impor-
tant phase of banking efficiency,
heretofore considered merely perfume
tory. has assumed the proportions of
an intricate problem from which
banks can obtain great benefit.
Washington bankers are giving
greatest consideration to the three
major forms of bank insurance. name
surance plan and the forgery policy.
Mr.. Addison in his report explained
the working conditions of eighteen
Earious forms of protection which
could be applied locally These in
cluded tornado insurance, to which
small local banks in outlying dis
tricts are. of course. liable. Data
governing the report was accum-
uiated from twenty-five representa-
tive nv institutions located throughout
the country. Instances were cited
where for a nominal fee certain in
stftutions were spared stupendous
liability arising from unusual oc-
currences through the medium OF
No concerted effort to obtain stand
ard forms of insurance will be at
tempted by the local association, due
to the varying conditions surround
ing the different institutions.
Insurance Firm Names Directors.
Stockholders of the National Union
Fire Insurance Company of Washing
rectors for the ensuing year: Floyd
e. Davis. Albert F. Fox, w. Il. CALI
her. Holcombe G. Johnson, j. Leo
kolb, John B. Larner. Philip r.
Larner, waiter 8. Pratt, 1r.; .B. r.
Saul. George Spransy and John G
Weldon.
The board organized subsequently
as follows: Albert F. Fox. president:
B. F. Saul and w. T. Galliher, vice
presidents; Philip F. Larner. secre-
tary, and William H Somerville, a.
sistant secretary.
Trading on Local Exchange.
Prices on the Washington Stock Ex-
change this morning held even To
f1rmer, with trading restricted, and
confined to market favorites. Railway
common, recent market leader, was
bid up to son, with none offered Ten
shares of the preferred sold at IS, its
recent high. Capital Traction was
slightly frmer at 93h, as was Lans-
ton at 72A, with an odd lot selling
at 73A. Merchants Bank and Trust
Company brought 130, and National
Mortgage and Investment preferred,
was unchanged at 8.
Capital Traction 5s at SO and Gas
6s at 1014, were the only bond trans
actions.
Rediscount Rate Reduced.
The Federal Reserve Board has ap-
proved the application of the Dallas
Federal Reserve Bank to lower its
rediscount rate from AZ to 4 per
cent on all classes Of paper, effective
Immediately.
The financial district of New York
present rediscount rate of the Fed
eral Reserve Bank of New York when
the board meets this afternoon. ac-
cording to well founded rumors
emanating from the metropolis.
Desirability of such step has
bankers. Some hold the view that
reduction in open market rates
justifes another federal reserve rate
cut. while others maintain the insti-
tuition Mould proceed slowly in face
of the expected increase in money
demands next month.
The Guaranty Company Of New
Utica Gas and Electric Company Z
per cent cumulative preferred stock
at 102 and accrued dividends to yield
over SIS per cent