Evening star., 1927-09-25
BOND CLUB PLANS
BROADER ACTIVITY
Intangible Tax Big Issue With
Organization Banking
Education important.
BY EDWARD c. STONE.

The Washington Bond Club soon
will start Fall and Winter activities
which this year are to be made some
what broader than they have been in
the past, according to Winslow B. Van
Devanter, manager of the local office
of the Guaranty Co, who was elected
president when c. c. Morgan COM
pleted his years work. The club
was organized in June, 1925, having
as charter members representatives OF
10 investment houses. 1t has grown
rapidly in regular and associate mem
hers, and now has representatives
from 20 financial concerns.
The other officers for the coming
wear are Kenneth 5. Wales, manager,
Bonbright & Co, vice president; and
Franklin IL. Ellis, manager of h. ii.
Rollins & Co, secretary and treasurer.
New members of the board of gov.
ernors are Sidney T. Thomas. man
aRer, Gillett & Co.. and l.. nj. Proctor
of Alexander Brown & Sons.
Taxation will be one of the special
problems studied by the local club
during the year. 1t will be recalled
that a special committee consisting of
Charles Carroll Morgan, Y. Z. Booker
and Sidney T. Thomas was appointed
last Spring to consider all tax matters
so far as they pertain to the District.
The intangible tax. however, is the
matter in which the bond men are
most interested.
Definite announcement Of the first
meeting of the year will be made in
a few days, the president deciding to
have the opening meeting as soon as
all the members are back from their
vacations.
Urges Watch on Bank Costs
8. NJ. Ham, vice president OF the
Fidelity Trust Co. of Baltimore, who
was a bank examiner in this territory
for several years, was a special guest
at the local bankers luncheon last
Wednesday. Mr.. Ham was greeted
by many personal friends who still
remember his visits to their banks and
the thorough manner in which he
made his examinations.
In a splendid short address, Mr.
Ham discussed banking problems in
general but stressed in particular the
Importance of watching and keeping
down banking costs. He is a strong
advocate of banks closing all their
improbable accounts, regardless Of
the depositors' future prospects or
any other factors that often figure
In keeping these accounts open.
Riggs Bank Gets Valued Letter.
President Robert V. Fleming of the
Riggs National Bank has been pre-
sented with letter written by w. w.
Corcoran in 1850 and which, of course,
has Mr.. Corcoran's authentic sigma
ture.
The letter was obtained by Thomas
w. Brahany from collector Of rare
letters and signatures, who turned it
over to the Riggs bank official because
OF Mr.. Corcoran'S close association
with the founders of the institution.
Mr.. Corcoran wro' the letter to a
friend, relative to national financial
conditions, conversations which he had
with Treasury officials and to action
which Congress might take at a ses-
sion soon to open. The value Of the
letter, however, is really in the sigma
ture. Mr.. Fleming and Charles c.
Glover, chairman of the board, prize it
20 highly that it is intended to have it
framed for permanent preservation.
Banking Essentials Made Clear.
DR.. Samuel w. Graflin, in his ad-
dress the other evening before the
local institute chapter, gave the young
bankers some gripping advice on the
necessity of education in banking.
You start an education but never end
it," he said. "If you don't know
little more each day than you did the
day before. you are falling behind the
times. Honesty, energy, ambition,
courage, persistence and high ideals
are the fundamentals beneath success
in the banking profession" DR.. Graflin
asserted.
The speakers humor was as good as
his sound advice. He stressed the i'm
portance of economy but added that 1t
could be carried too far and often is.
As an example Of too rigid economy
DR.. Graflin referred to q woman who
was so close with her money that she
knew the name of the Indian on every
penny she had.
Many friends greeted DIR. Grafiin at
the conclusion of his address. Before
going to Brooklyn to engage in
Y. N. c. A. work, he was pastor Of the
Anacostia Methodist Church for 10
years. Recently he completed a long
lecture tour on the Redpath circuit.
Insurance Men to Meet Here.
Showing % per cent gain over last
year, the Washington office of the Mu-
tu i Benefit Life of Newark, n. j.,
recently passed the $2,000,000 mark in
production and is expected to double
by December 81 the yearly business
of only three years ago.
The five-day convention opening
here tomorrow is primarily for local
men, but the unusual program has at
tracted delegates from IA other
agencies of the company from Okla
homa to Rhode Island and from New
York to Georgia.
Heard in Financial District.
Washington bank clearings for the
week ending September % totaled
$24,S69 900, the figure being under the
same period last year and also below
the previous week.
The local Offices Of Henry L. Doherty
& Co. VIII be moved to larger quarters
in the Southern Building on October l,
according to announcement by ]. j.
Burnett, district manager.
Moody's Weekly Review says that in
spite Of cautionary signals, the public
Is increasing it's buying in the stock
market, the increase having been very
evident during the past week.
Enrolment at the institute has
passed last years mark, which was
record up to that time.
Virginia showed a gain Of rs per
cent in the sales Of ordinary life In