Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-10-11
Reaches 81 in Heavy Turn
over on Local Exchange.
Railway Pfd. Strong.
BY EDWARD C. STONE.

Lanston moved at 107, Peoples Drug |
Stores at 119. and Potomac Electric
Power sig per cent preferred at 1O59s.
while the per cent shares sold at III.
Columbia Sand Il Gravel came out at
1902.
Bonds were quiet at recent levels,
II was announced that the local mar
ket would be closed tomorrow, Column
bus day.
Burlhart Heads Insurance Firm.
At the first annual meeting of the
Great National Insurance Co., held In
this city yesterday, Joseph A. Burk-
hart, president of the District Bar
Association, was elected president. sue
ceeding Representative Frank r. Reid
Of Illinois. The board of directors
was enlarged by the election of Harry
Wardman, Harry M. Crandall, Mr..
Rurkhart. Mai. Gen. Eli A. Heimick,
Wade Fl. Cooper. president of the
Continental Trust Co. and the United
States Savings Bank, and Joseph II.
Milans.
Spencer B. Curry was reelected gen.
eral manager and also made vice presi-
dent. Eli A. Helmick was elected treas
ured; Representative T. n. Zihlman of
Maryland, secretary; and DR.. D. G.
Davis, controller. These officers are
also on the directorate.
1t was announced that the company
will branch out from Washington and
do business in Maryland, Virginia and
North Carolina. 1t was further
stated that Frank White, treasurer of
the United States, has been appointed
member of the advisory board,
others named to the board being Maj.
Gen. w. A. Holbrook, Maj. Gen.
Charles G. Treat and DR.. Charles w.
Hyde. The finance committee is
headed by Maj. Gen. Kenzie Walker,
chief of finance in the War Depart.
ment; Col. T.. V. Bookmiller and Capt
John F. Unmacht.
Insurance Men Start ROrums. :.
The District of Columbia Life I'm
| derwriters Association will start it's
| Fall meetings Thursday evening at
the Raleigh, at $50, the dinner to be
| followed by an address by George II.
| Harris of the Sun Life Insurance Co.
! of Canada. The members feel highly
honored as Mr.. Harris is making the
long trip especially to give them the
| benefit of his insurance experience.
The Association Bulleton, just pub
| lished, announces that Paul d. Sleeper
os the Aetna Life has agreed to act
as chairman of the program committee
during the rest of the year.
| President John Cremen and his as
sociaties. are pushing a membership
| drive which is expected greatly to en-
large the local organization. Two ap-
| plications to be acted upon at the next
meeting are those of Mary G. Mannix
and William p. Jackson.
Reserve Board Support Urged.
In the opinion of the Alexander
| Hamilton Institutes business bureau
there should be no doubt about the
/ Federal Reserve Boards authority to
| order any one reserve bank to CO.
| operate with the other eleven in sta
biliZing conditions in the country as
4 whole.
| "AlI sections of the country benefit
| from general stability. If the final aII-
thority rest collectively with IL diff
| ferent reserve banks acting independ.
emily of each other, an unsound condi-
| ton will prevail. 1t does not matter
what Congress intended to put into
| the Federal reserve act in 1918, the
important thing is what Congress
ought to put into the Federal reserve
act in 1927.
| 1.-THE Federal reserve act should be
| revised to guarantee alert and intelli.
gent generalship instead of the pro-
crastination which results from the
l
| der the present law"
FOresees ShakeOut i'm Market.
McNeels Financial Service believes
| that surface indications mark prepa-
| ration for~ra substantial technical
| shakeout in the stock market. eff
| this more or less sidewise movement
OF prices, which has been in progress
| for some time, continues with
| CfrnnUfh in Soma 1fioC an6
weakness in Others" McNeel's states,
lit will almost certainly forecast an
important downward speculative
| movement.
"Since September Is there has been
| turnover of stocks on the New
York Stock Exchange of approx
mately 100000 shares, and in one
session alone the turnover was over
| 100000 shares, without any APP
preciable net gain in the average level
of the market"
$3OO,00O,OOO Farm Gain Seen.
Farm cash income for the current
crop year, June, 1927, to July, 1928.
will equal $10,2S0, 100000, a gain of
$500, 100000 over last year, the Brook
mire Economic Service expects. AL
though latest estimates indicate that
all major crops except wheat. potatoes
/
the recent improvement in prices will
average enough higher to compensate
for the smaller yields. Definite in
dication of the expected increase in
income has already been given by the
increased sale of equipment in the
| Spring wheat territory and improved
conditions in the Western live stock
area.
Heard In Financial District.
The Washington banks will be open
as usual on Columbus day.
The Washington Clearing House
committee held meeting yesterday,
attending to much routine business.
TheInterstate Commerce Commits
sion has authorized the Seaboard
Air Line to guarantee $925,000 of
per cent notes of the Baltimore Steam
Packet Co
E. J. McQuade, chairman of the
bankers committee on banking forms.
has called meeting of his committee
for Thursday
The first meeting of the class in
public speaking at the institute will
be held tomorrow evening. Prof.
Charles S. Richardson of the Univer-
sity of Maryland will conduct the
work if there is sufficient interest
shown tomorrow.