Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-18

Nalue 10 Inc DA1k-
erS and save much John NJ. Riordon.
time for officials
who have to keep up to date on mat
tiers relating to all securities in whlc
they or their clients are vitality inter
eSted. The new service is mailed fror
the headquarters on F. street and tn
information is furnished by w. B. Hibb
g. Co.
Starting of this service is the fourtl
big move taken by the association dur
ing the present week On Monday nigh
the association voted to include in it
activities a fiduciarieS section. safe de
post section and an auditors section
At meeting of the publicity committee
of which George o. Vass is chairman
late today it is practically certain tina
steps will be taken to enlarge thu
monthly bulletin so that it will INCLUDE
considerably more banking news ant
have a much more pretentious cover.
Convention Honors Local Bankers.
Robert V. Fleming, Howard Moran
and other bankers in this vicinity. were
honored at the A. B. A. convention. &C.
cording to the complete committee ant
commission appointments just made
public. Mr.. Fleming was placed on thf
Federal legislation committee and tht
Federal legislative COUNSEL. Mr.. Moran
was made chairman of the savings bani
divisions committee on Federal legiSla.
ton and is also member of the eXecu-
tive council of the same division.
Austin McLanaham of Baltimore wa!
made vice president of the savings banl
division. William S. Gordy of Sails
bury, Md, and Carroll Pierce of Alex.
andris we're made representatives O.
their States on various committees.
Local Bank Clearings Higher.
Reports for the week ended October
IL show that checks passing through
the Washington Clearing House to.
tailed S34.630000. compared with tn,
lower figure of S32,308,000 in the pre-.
vious week The weeks clearings were
also 1873 per cent ahead Of the cores
ponding period last year. Clearings fol
during the week.
Directors Reward Long Service.
The recent reelection of John M
Riordon as executive vice president o.
the Bank of Commerce g. Savings wa!
reward for long and efficient service
career as bank messenger, was cashier
of the bank for Is years, being elected
to his present Office about two year.
ago. He has been chairman of almos
all the important committees of thu
District Bankers Association and hi
report at the last convention on Wash.
ington's commercial activities durins
the year was considered one of thu
best and most informative ever pre-
sented.
Life Insurance Sales Increase.
Production of new life insurance b.
United States companies was 8.5 pei
cent greater for the first three quar-.
tiers of this year than for the CORE.
spending period of 1927, according tt
Association of Life Insurance Presi
dents. September of this year showed
an increase of 348 per cent over the
same month of 1927.
For the nine-month period new
business written by AZ member com
panies, which have 81 per cent of thu
total life insurance outstanding in al
United States legal reserve companies
totaled $9,059, O8l 900, against SS,352.
$4,000 during the same 1927 period
New ordinary insurance amounted tt
$6,061 ,773 900, against SIS, $50 ,806, 900, al
increase of 81 per cent; industrial So.
009, $4,000, against $1,937, 545 900, ar
increase of 81 per cent. and grour
S936,310,000. against 1852, 900, an in,
crease of 84.8 per cent.
For September total new business o.
all classes was $l,022, 300, 900, agains
$75866l 900 during September, 1927, ar
increase of 34.8 per cent.
Local Securities Strong Today.
Sanitary Grocery preferred went tc
a new high at las on the local exchange
today on sales of Al shares Washington
Gas was strong. selling eX-dividend al
1904 and 1003s. Mergenthaler Limo.
type was the market leader, opening al
l005s and closing at 1007s, 100 shares
changing hands during the session.
Capital Traction figured in three 10.
share lot sales at los. Merchant,
Transfer e. Storage common moved al
1875, while 100 shares of Chestnut Farm.
Dairy common sold at $50. One share
Of the same corporations preferred sole
at 108A.
Federal-American was the only banl
stock out seven shares selling a
1857. In the bond division RAILWAY
g. Electric Is registered 923s and ;
$4,000 sale in Barber & Ross 612s tool
place at "a.
The special meeting of the Sanitar,
Grocery Co. stockholders who will vot
on the reorganization plan permitting
exchange of stock with the Safewa.
Stores Co. has been set for No
vember 8.
Heard in Financial District.
President John Poole of the Federal
American National Bank and Mrs
Poole and Mr.. and Mrs. Herbert A
Poole are motoring through New Eng
land
The stockholders of SafeWay Stores
Inc, have approved an increase in com
mon stock from 10000 to 100000 0
no par value and a f1ve-for-one split
up This is the company soon to merg
with Sanitary Grocery.
The October number of the Sccurit
News, published by the employees o
| the American Security IL Trust Co., ha
a full account of the recent visit t
I Ireland of Charles J. Bell, chairman 0
| the banks board.
| Permission to use trust powers ha
been granted the Citizens Nationa
| Bank of Alexandria, the Federal Re
serve board reports.
Edward 0. Mcdonnell, a partner c
| G. Mp Murphy & Co., has bee
elected a director of Consolidated In
strllment Co. of America.
Resident Manager Richard C. Mar
shall has received word from New Yor
that Charles F. Noyes Co., Inc, ha
I sold to Isador Kahn, president of 13
William Street Co, Inc, to Massa
chusetts Bonding q Insurance Co,
an all-cash transaction, the l2-stor
Insurance Building at 1904 Willial
street, valued at 81 100000.
Controller Grants Charter.
The controller of currency has gual
/ anteed charter for the Straus Nation;
Bank & Trust Co. of New York, tt
second unit in S. w. Straus & Co.
expansion into the banking bushes
The company has a bank in Chicag
The new bank will have $4,000 OF
capital, s5onoO0 surplus and $4,000
special reserve