Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-18
RESERVE OFFICIALS
TO ATTEND DINNER
Young and Others Among
Honor Guests Tonight.
Financial Notes.
BY EDWARD c. STONE.

THtdttVtdt NOtCSs
BY EDWARD c. STONE.
Roy A. Young, new governor of The
Federal Reserve Board; William w
Hoxton. chairman: George j. Seay, gov.
ernor. and George K. KaSsee, cashier
of the Federal Reserve Bank of Rich
nond, will be among the honor guests
at the banquet at the Willard tonigh1
of Washington Chapter, American IN
stitute of Banking. The president OF
the national organization. p. r. VIII
liams: w. W. Spaid head of the District
Bankers Association, and Harry v.
HAYNES, chairman of the Washington
Clearing House. are also to be at the
head table. More than 500 guests nave
reservations. a new attendance record.
Approves Trust Cooperation.
John 3. Larner. president of the
WASHINGTON Loan & Trust Co, has
written to the District of Columbia Life
Underwriters Association expressing
fun approval of the effort to encourage
co-operation between the life insurance
and trust companies in the placing OF
life insurance in trust. He believes the
most effective method to promote such
co-operation is to make 1t mutually ao-
vartageouS
1t seems generally conceded. the
banker adds. that the policies issued
By the insurance companies for after
death payments, especially inStaliment
payments. are satisfactory when there
is certainty as 10 the beneficiary. the
amount TO be paid and the time for
payment.
The banker concludes by stating that
he has devoted much time to the laws
Of the District covering such trusts
duration, provisions that may be made
and persons and institutions that may
be made northumberland offers any
Of this information 10 the underwriters,
including printed forms covering diff
ferent clauses in such trust agreements.
Life Insurance Shows Gains.
New paid-for life insurance written by
American companies last month aggre-
gated S65S.240000. an increase of 2
per cent over the corresponding period
same month in 1926. according to a
report forwarded by the Life Insurance
Presidents Association to the Depart
nlent Of Commerce. The report is an
aggregate OF the figures of "a member
companies. having in force 81 per cent
o. the total insurance outstanding In
United States legal reserve companies.
OF the total new business. exclusive
O. revivals. increases and dividend addi-
tons, S575 .o96o00 was ordinary ins,Ir-
aace. decrease of 3 per cent over
the same month in 1927: S236, 1903 900
industrial insurance. an increase Of 275
per cent. and s684i. 900 group insurance
decrease Of so per cent.
Sandy Spring Bank Prospering.
The annual report of the SAVINGS
Institution Of Sandy Spring. which is
II the same building with the Sandy
Spring National Bank. has just issued
very favorable statement for 1927.
Funds on hand on December 81. 1926.
amounted 70 S2.272 ,54628. During the
year S450,253.l4 was received from de-
pos.tors while interest and dividends
on stocks, bonds, loans. etc, reached
sI2s.z574s
The bank paid depositors during the
year, including SiI6o20 interest. the
sum OF Sz24.339 80. Payment of other
expenses, taxes and premiums during
1927 left total funds on hand at the
end Of the year, S2.85l ,2572l. The
bank has assets and liabilities of
s2.z0785097.
u.
chairman OF the board; Alban G.
Thomas. president C. L. Brooks. vice
president; T. L Thomas, treasurer;
Francis Miller. secretary; Salhe p.
Brooke. assistant secretary, and Josiah
". jones. field officer
Cities Service Yearly Net Up.
Cities Service net earnings for the
II months ended January 81. 1928.
amounted 10 s3I,739,7i7. as compared
with s25.688.08 for the IL months
ended January 81. 1927. and is an in
crease Of s6.o5l. s34. or % per cent.
Ne. 10 common stock and reserves
for the y months ended January 81,
1929, was So, 392.0I5. as against
si5,7zi.493, an increase Of $780, 22, or
SO per cent.
The conpanys net earnings were
equal 70 i2.5 times interest and dis
count On the debentures Net TO COM
mon stock and reserves was equivalent
10 1858 per cent on the average amount
Of con mon stock outstanding. or $3.50
Peg share Of $50 par value common
stock
Bank Building Nearly Completed.
Victor 3 Deyber. president Of the
Eecooc National Bank, reports that the
new Office building under construction
q. 1881 33 @ street LIS sufficiently far ad-
yanced that the Office Will be ready for
Use Oh the LIST Of April The bank viii
move into its new quarters about
month later. from the temporary quar-
ters OF. New YORK avenue. AS stated
spn1e time ago, the new bank VIII have
every uloceF1 convenience. the general
layout having been planned 10 give the
best possible service 10 the patrons.
Heard In Financial District.
v.ce President L. W. Hoffman O! the
Central National Bank OF Richmond
vii attend tonightS institute banquet
e. guest ri the Franklin National Bank,
John r. Parker o! q. n. r. Murphy
t. Co has returned from short trip
" New YoYk.
Representative Hastings Of Oklahoma
has re;ntrocUceG z bill in the House
which would require National and State
banks tn2t are members Of the Federal
Reserve system ~ furnish bonds for
ne protection O! depOsitorS
The First Sationa! Co. of Baltimore.
which Is represented here by Col. 6. w.
Pratt. Is Offering $500 900 first mort
gage collateral tsQst 5ilz per cent bonds.
sey3eS o"
The dollar Yolune u trade during the
Meek eEcec February II! as indicated
ssy figures coaer}ng cheek payments.
y a. somewhat lower than In tl3e pfeced-
Ing xeak. bat higher than III the cor
,eEy3g4cing week If 1927, actorcing "
the weekly statement 81 the Depart
gaeg.t q! C,rsaneTee