Evening star., 1926-10-05

eral Reserve Bank; DR.. w. j. Butler,
State veterinarian, and his assistants,
DR.. Hadleigh Marsh and DR.. Emil
Starr.
Insurance Company Branching Out.
Establishment of branch office in
Chicago, which will act as hub OF
operations for II States, is the object
of trip upon which Representative
Frank F. Reid, president of the Great
National Insurance Co., a local enter
prise, has started. Representative
Reid stated that establishment CT the
Chicago branch is the first move of
long series which, when we'll under
way, will give to the Great National
string of active branches in leading
centers throughout the country.
Washington is the home office of the
company and will remain so. Practi-
cally all stockholders are Washington
mans, and the list of share purchas-
ers includes many prominent persons
in civic, business and financial life
here.
However. the establishment of out
side branches is considered necessary
to greatest growth That the COM
pany is making marked progress in
the Washington insurance field was
asserted by Spencer b. Curry, vice
president, in charge of underwriting
Mr.. Curry explained that since
the granting of a license by the
District of Columbia insurance com
missioner a constant flow of business
has come into the office. With
Washington as our base and the
United States as our field we are we'll
intrenched and can expect gratifying
results" he said.
Officers, in addition to Representa-
tive Reid. include Representative
Frederick n. Zihlman, secretary; Will
liam II. Webb, treasure Spencer b.
Curry, vice president, and Daniel o.
Davis, controller. These officers make
up the directorate.
President Hanna HOnOred.
President John II. Hanna of the
Capital Traction CO. was elected
fourth vice president of the Ameri-
can Electric Railway Association in
it's session at Cleveland today.
w. II. Sawyer, president of the
East ST. Louis Suburban Railway Co,
was elected president, succeeding
Frank r. Coates of the Henry l.. Do
herty Co., New York. Barron G. Col
lier of New York again was elected
treasurer.
President Hanna long has been
deeply interested in the work of the
association and his election is con-
sidered a reward for his frequent at
tendance at the annual sessions.
No Dividend Increase Near.
Fairfax Harrison, president of the
Southern Railway; said today in New
York no official statement concerning
the common stock financing plan of
the company would be made until
after the meeting of directors in Rich
mond on October II, but he thought it
desira BILE at this time to state that
the plan under consideration did not
contemplate the payment of an in
creased dividend on the preferred
stock. 1t included. however, an eXten-
sion of subscription privileges to both
preferred and common shareholders.
North American Builds Cable.
The longest 11.OOO-voIt submarine
cable of it's capacity in the world will
be laid across San Francisco Bay by
the Great Western Power Co. of Cal
ifornia, a North American subsidiary.
the Great Western bringing hydro
electric energy from the Feather
River into San Francisco and will be
approximately al, 900 feet in length,
stretching from Pier 50 to Point Isa-
bel on the Contra Costa shore. The
cost of this cable and the necessary
equipment and tie lines at each shore
end is estimated to be more than
$275, 900.
Branch Banking Fight Begins.
T. With the opening of the Bankers
Convention at Los Angeles, the fight
over branch banking quickly got un-
der way. The foes won the first tilt,
which was merely a test vote. but
showed how complex the situation
really is. The test vote. which called
for the ratification of the McFadden
banking bill without the Hull amend
mentS, was overwhelmingly defeated.
In arguing against having the as
sOciaton indorse the McF'adden bill
without the Hull amendments the
Committee of One Hundred, through
it's spokesman on the floor, called into
action Otis Wingo, member of Con-
gress from Arkansas and also a mem
Der of the House banking and cur
rency committee. He left a sick bed to
:,
the problem he said that if the Hull
amendments were eliminated, then
there was only one suppoSit1on-that
the Senate amendment was favored,
and it was his Interpretation that the
Senate amendment would perpetuate
branch banking instead of curbing it.
Bank Loans Gain $136, 100000
The Federal Reserve Boards condi-
ton statement of 694 reporting mem
Der banks in leading cities as of Sep.
tember 80 shows increases for the
week of $136 100000 in loans and dis
counts, $13,000,000 in investments
S1O4 600 900 in net demand deposits and
$39, 900. 900 in borrowings from the
Federal Reserve Banks. Member
banks in New York City reported in
creases of $107 100000 in loans and
discounts, $4,000, 900 in investments
and $126,000,0 900 in net demand de
poSits.
CIearings Above August Total.
Bank clearances at 1875 cities for
2O3, 900 by BradstreetS, a gain of half
of l per cent over August, but a de
crease of ! IS per cent from September
! last year, which had shown a gain OF
l12.8 per cent over the same month OF
the month were s21 ,260, ,019,00O.
PRICES ON PARIS BOURSE.
PARIS, October 5 CP.-Prices were
heavy on the BourSe today. Three
per cent rentes. AZ francs 90 centimes
fro