Evening star., 1927-11-01
CLOSER LAND BANK
| INSPECTION VOTED
Association of Joint Stock In
stitution Plans More Care
full Supervision.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
The American Association of Joint
Stock Land Banks. in session at the
Raleigh with the Federal Farm Loan
Board, has voted to adopt a new
method of thorough inspection for
each of the member banks. In the
past there has been some criticism
that these banks have not been in suf-
ficiently close touch with the Treasury
and it will be one Of the future aims
Of the hanks to have such investiga-
tions made of each bank so that more
complete information will at all times
be available.
The association has also voted to
have a new board of supervisors with
one member from each of the sections
where these banks are located. 1t is
believed that these two moves will
prove Of great benefit to the banks,
the association and the public.
Mondell Lauds Land Banks.
Frank w. Mondell in an address last
evening praised the success attained
by these banks in the past While it
Is true, he said. that some of the
banks had to take over the land upon
which they had made loans, they had
to take not nearly as much as have
other organizations in the same buSi-
ness.
The land banks have a great fu-
ture, he asserted. Land values are
bound to advance steadily. There is
no more free land. The land now in
use has got to supply the food of the
future. That means more intensive
farming and greater values for land,
he said.
The association will elect officers
this afternoon for the coming year.
Local Securities Steady.
Capital Traction advanced fraction
ally to 109M today on the local ex-
change. Potomac Electric 5h per
cent preferred again sold at 1862,
Sand e. Gravel at 103 and Washing
ton Gas at Sly. Railway & Electric
preferred was off a quarter point.
selling at 99&. Mergenthaler sold at
HE.
Federal American Co. common
came out at 391a and 100 shares of
National Mortgage & Investment pre-
ferred sold at 63s Nine shares Of
Norfolk & Washington Steamboat
Co. changed hands at 2S9.
Federal National Bank stock sold
at 339, American Security & Trust
moved at 456 and ass. Bonds were
quiet but firm.
Cooper Elected to Directorate.
Wade H. Cooper. president of the
Continental Trust Co. and Of the
United States Savings Bank, was yes
terday elected a director in the United
States Securities Corporation, which
has headquarters in this city. The
corporation was organized some time
ago under the laws of Maryland to do
general financing business, its Sc
curities being marketed by c. E.
Moran & Co.
The officers include Senator Edward
1. Edwards, chairman Of the board;
ex-senator Nathaniel B. Dial, presi.
dent; Representative Percy c. Quinn,
vice president; James B. Hobbs, treas.
urer, and Thomas A. Walden, secre-
tary. The directorate is also COM
posed OF Frederick /. Cox, George A.
Garrett, Representative Edward w.
Pou, Carleton E. Moran, John G..
Walling, Carville B. Benson, John r.
Waller and Charles A. Douglas.
Insurance Men Meet Here.
Johnson & Adams, southeastern
managers of the Continental Casualty
Co. and the Continental Assurance
Co., entertained the Washington and
Richmond agents of the company at
a sales conference here last Saturday.
About 35 attended. The guest
speaker was w. E. Lord, general
agent Of the Continental companies
at Cincinnati. The conference was
presided over by Eugene G. Adams.
Other speakers were G. M. Wright,
G. l.. Haines, V. A. Nichols, J. H.
Ledger, /. B. Warthen, J. e. Nc.
Combs. P. B. Dunbar and D. E. Win.
stead.
Change i'm Insurance Personnel.
Aubrey J. Voorhees, today assumed
management of the Aetna Co.'S
branch Office and the Government
Service Bureau, succeeding John T.
Jones. who has resigned to become as.
sociated with the II. L. Rust Co. This
company deals in real estate, loans and
insurance and has represented the
Aetna co. for years, SO that Mr..
Jones will still be more or less closely
connected with the Aetna.
Mr.. Voorhees, has been assistant
manager of the Washington office for
about six years. He will now assume
direction of the Government Service
Bureau, in which work he will be as.
sisted by 3. +. Foster, jr.
North Americans Earnings Up.
The forthcoming statement of North
American Co. utilities for the year
ended September 80 is expected to
show gross earnings exceeding $780,.
100000. This would be almost $1,000.
600 more than the year before.
Reserve Bank Heads Confer.
The governors of the Federal Re.
serve Banks again were in conference
today with the Federal Reserve Board.
Operating problems, credit and dis.
count rates were the chief topics ex.
pected to be touched upon today.
The bankers appear inclined to shun
the question as to authority in the
lowering or raising Of rediscount rates
in the II districts. 1t is believed, how
ever, that the Chicago incident will
come up for discussion at some time
during the sessions.