Evening star., 1926-09-24
BY EDWARD G. STONE.

Representative Frank r.. Reid of
Illinois. president Of the recently or
ganized Great National Insurance Co.
OF Washington, announces that the
new concern has now been fully
licensed and that business is already
under way, the start being decidedly
promising. Representative Frederick
n. Zihlman of Maryland, chairman of
the House District committee, is seq
retary of the new company; William
H. Webb is treasurer, Spencer B. Cur
ry vice president, and Daniel G.
Davis controller. The underwriting
Of the company's business will be di-
rected by Vice President Curry, for, 25
years in the insurance business.
The company was organized to dc
q national automobile and general
casualty business, with 100000 capi-
tai and $150,0O0 surplus. The capital
stock has par value of $50, but has
been sold at $75 in order to create the
surplus fund. The company is said
to number among its stockholders sew
eral local bank presidents and direc-
tors as well as heads of prominent
business houses. Papers of incorpora-
ton under the laws Of the District of
Columbia were filed some time ago in
the Office of the recorder of deeds.
The company has offices in the Den
rike Building, at 1910 Vermont ave-
nue..
For the present the officers plan to
confine their activities to obtaining
business in the District, although it
is later intended to open offices else
where in the country. Granting of the
license by the superintendent of in
surance calls attention to the fact
that Washington is steadily growing
as an insurance field. Reports have
shown for some time that more and
more insurance is constantly being
written in the National Capital. In
connection with the company under
discussion it is interesting to recall
that Mr.. Reid, the president, is the at
tOrney who defended William Mitchell
when the air service officer was court
martialed, coming into unusual ma
tional prominence at that time.
Trading Quiet on Exchange.
Lanston Monotype was the market
leader on the Washington Stock Ex-
change today, being quoted at 81 and
figuring in five transactions, involv
ing Ga shares. Washington Gas Light
stock showed a fractional loss over
night, but closed again at 20. Poto-
mac Electric Power preferred ruled
stong at 1912 for an odd lot, while
a very small sale Of Capital Traction,
now ex dividend q. brought 103.
1t happens that an unusually large
number of other issues on the board
are also selling minus the dividend.
Once more bonds were very much
neglected, Washington Gas 5s being
the only issue traded in, two $1,000
bonds bringing 101A r. f. Claugh-
ton, vice president of the Exchange,
was present at today's session, having
returned from three month stay in
Maine.
Unusual Program Arranged.
Departing from general procedure
the savings bank division of the
A. B. A. has arranged an old pro
gram for the Los Angeles convention.
The program is to be held in the
evening and among the features will
be school savings pageant directed
by A J. Gray, supervisor of tne
School Savings Bank Association in
Los Angeles. B. c. Forbes, magazine
editor, will discuss "How Savings De
positors and Bankers May Prosper,
and the evening will close with a de-
bate on THE Value of Savings Ac
counts"
John NJ. Riordon, cashier of the
Bank of Commerce and Savings, was
named representative OF IIlo DlSlTlCI
Bankers Association for this division
of the national convention, but he will
be unable to attend owing to extern
sive alterations now in progress in
the local bank.
Fifth District Deposits Drop.
The Richmond ratio changed but
slightly last week. standing at 62.64
per cent. Bills discounted declined
$239, 900 to $45,776 900, whereas paper
bought in the open market increased
$S42 900, and as a result total bill
holdings showed an increase Of $685.
900. Member bank reserve deposits
in the fifth district declined S1,207 900.
AS a result largely of a sharp de-
cline in holdings of United States Gov
ernment securities, incident to Com-
pletion of Treasury financing, the ra-
ito Of the reserve system as a whole
moved up from 71.6 to 1871 per cent
Rediscounts We're $106,1O1. 900 larger
than the week before and bills bought
in the market increased $7,927,OO0.
Large L. S. Surplus Expected.
The Government surplus for the
current fiscal year will exceed the
early estimate of S1S5, 100000 Treas
ury officials state. This is indicated
by current tax collections. Internal
revenue collections for the quarter
ending with the last of this month
will be about $535, 900, 900. This is