Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-20

UllO, anu WdSIlu1k~ IN &%E$&&Y
ton Loan & Trust
third. Ch.r,.. r Mitchell
Capital Traction
and Washington Gas divided interest
during the session. The weeks trading
opened with so shares of Capital Trac-
! ton selling at l04 Later shares
more came out at the same figure. The
market in Washington Gas opened with
I 10 and share lots. selling at 90, The
stock then turned a bit stronger. 10
I shares moving at 93i4 and another
/ 10 shares changing hands at 93Ss, the
/ closing price.
board a 10-Share lot changing hands
at i0nfa. The only other stock sale
was in Chestnut Farms Dairy pre-
ferred. II shares selling at l04.
Sales in the bond division we're con-
fined wholly to the Washington Gas
issue. Gas SIS figured in $1,000 sale
at l04i, and $500 turnover at l0434.
baby Gas 6. series A. brought lo4l2.
Lauds Federal Reserve Policy.
Charles E. Mitchell president of the
National City Bank. who is a personal
friend of several Washington bankers
Federal Reserve Board is fully justified
says among other things:
In my opinion the Federal Reserve
authorities are fully justified IN the
policy they are pursuing IN imposing
restraint upon further expansion OF
bank credit. We have had very great
expansion of credit in this country in
the last five years. obviously made pos
sible by continuing importations of gold.
This gold movement has been reversed,
and the sum of net exports in the past
II months is approximately $500, 100000
There can be no question among
bankers that this loss of gold is bound
to affect banking policy. We cannot
go on expanding credits as though
reserves we're still increasing.
The Reserve Banks have not de-
liberately made money tight: on the
contrary, they have modified the
natural effects of reserve losses TO
member banks by releasing reserve
credit. There is nearly $1,000, 100000
more of reserve credit outstanding now
than there was at this time last year
In the event of business revival. even
such as usually occurs in the Fall, these
funds are likely to be largely with
drawn, in which event there will be no
funds to replace them unless Reserve
funds are released"
July Insurance Report Out.
The volume of ordinary life insur-
ance sold during the month of July
amounted to 500, 939, 600. New business
| for the year TO date Is 4 per cent bet
ter than during the corresponding period
| last year. The extent of the monthly
increase is indicated by the fact that
SIS per cent of all the reporting COM
panies experienced increased sales over
last July. Most sections share the
country's gain for the month of July.
Sales In the middle Atlantic section
increased 3 per cent over last July's
volume New Jersey continues TO lead
with a 10 per cent increase. The rec
ord for the first seven months of this
year is 3 per cent better than the sales
over the same period In 1927. New
Jersey leads both for the year to date
and the I2-month period just ended.
The South Atlantic section records
slight loss in sales for the month, its
record being per cent under business
last July. A / per cent increase is re-
ported for the first seven months OF this
year. as compared to the same period
in 1927. Sales in the l2-month period
are / per cent better than last years
record. North Carolina leads for the
month and year to date.
Cleaned i'm Financial District.
Victor B. Deyber president of the
Second National Bank, resumed work
today after a 1,900-mile motor trip up
the coast and through New England.
He toured the White Mountains, took
in the Mohawk trail and many otner
nationally known highways.
Charles p. Light of the Washington
office Of the National City Co. leaves
/ The Capital this afternoon for snort
vacation in Canada, planning to visit
Toronto. Montreal and Quebec, where
/ the company has Offices. He VIII b.
accompanied by Mrs. Light ano ms
son. Charles. jr.
Francis G. Addison lr.. vice preSi-
dent Of the Security Savings COM
/ nerciai Bank, has returned from
/ short vacation passed at q resort on
! the New Jersey coast.
! E. A. Pierce, head OF f. A. Pierce IL
! Co was a recent visitor TO the Wash
! ington Office OF which Bernard A.
Smyth is manager
! Institute Plans Announced.
! President James A. Soper Of the local
/ institute chapter will preside at the
first gathering OF institute menlners
/ this Pail. which will be dinner given
f, b the board Of consuls on September
III. This will be followed on Septem-
| Der Is by a dinner rendered the faculty
| Of the chapter by the educational COM
n1fttee and the annual open meeting
of the chapter will follow on September
10 At this meeting graduate certif1-
| Gates and elementary certificates won
In last years courses will be presented.
The meeting win be held al the New
Willard Hotel
Joins Investment House Here.
Augustus De Zavsla has joined the
staff OF l.. 3. Carter a. Co. investment
bankers of Washington and Baltimore
Mr. DE Zayals held a captaincy In the
Spanish War and after his discharge
entered the financial world. He has
been . bank examiner In Texas and
vas vice president Of the Houston Ma
tionaI Exchange Bank After helping
organize the Public National Bank IN
Houston he was appointed Federal
land bank examiner by the Farm Loan
Board More recently he has been eH'
sminer If intermediate credit banks
and Joint stock land banks,