Evening star., 1928-11-08

! 2kzas&zz27A uetlu tIlS pdIlA
uorrv + s.,,v increasing its cap
ital from $4,000 tc
100000. When the matter first came
up for consideration President George
e. Walker sent letter to the share
! holders, stating that the officers and
directors favored the move and urged
adoption of the recommendations
! He said the increase In capital would
be beneficial to the institution in caring
! for its increasing business and that the
stockholders were entitled to the divi-
dend in view of their cooperation with
the officers and directors in making the
| bank successful The last sale of the
stock reported on the Washington Stock
Exchange was made at 95.
Convention Takes Up Live Topics.
The third annual convention of the
Associated Stock Exchanges, in which
| the local exchange holds membership
opened this morning in Cleveland, with
| Eugene E. Thompson of this city pre-
siding and presenting his annual report
Representatives were present from Bal
timore, Cincinnati, Cleveland, Columbus,
| Detroit, Hartford, New Orleans, Phila-
delphia, Pittsburgh and ST. Louis. The
Boston and Chicago Stock Exchanges
and the New York Curb also sent un-
| official representatives.
| Howard B. Smith, president of the
New York Transfer Association, was the
first speaker, discussing Guarantees to
Signatures to Stock and Bond Assign
| ments." Rollin A. Wilbur, president of
the Investment Bankers Association,
/, spoke today, as did j. w. Craig, presi-
i dent Of the National Association of Sc
curitieS Commissioners.
| Tomorrow'S reports will cover taxa
ton, membership, publicity, revision and
amendments to the constitution and
bylaws. listing requirements, ways and
means to stimulate interexchange busi-
ness and floor trading systems. Forums
are to be held on Uniform Commits
| sions," Call Money" "Short Selling
and Lending of Certificates" Clearing
Houses" and other topics.
Sslby Appointed Banks Manager.
Harry L. Selby, cashier of the Farm
ers & Mechanics National, has been
made manager of the bank, now that
| 1t has become part of the Riggs Ma
tional by consolidation The other mem
bers of the staff at the time of the
merger have also been retained in their
former positions in Georgetown, as well
as in the branch at Friendship.
E1r. Selby started his banking ca
reer at the bottom of the ladder and
worked his way steadily upward by his
ability. study and constant application
to business. His first job was that OF
| a runner, which he secured during q
Summer vacation at Western High
School. In February, 1900, he left West
ern High in the middle of his senior
year, when he was president of his
class, to take permanent place in
| the bank.
He has remained with the same in
stitution ever since, having been elected
| cashier on February 81, 1919. He was
born and reared in Georgetown While
advancing in his profession, Mr.. Selby
took many business courses in night
schools and also attended Washington
| Chapter, American Institute of Bank
ing. His outside interests have been
limited largely to activities in the citi-
zens' associations.
Ra3d Insurance Gains in South.
Facts as to the remarkable increase
in the amount of insurance in force
in the Southern States has been laid
before President Coolidge by Julian
s. Myrick, president of the New York
State Life Underwriters Association. as
evidence of the high mark reached by
Southern prosperity.
The report to President Colidga shows
That While the life insurance written
| in the United States increased 32l
per cent from 1900 to 1919. the life
| insurance written in the South in
creased in the same period ATT per cent
From 1919 to 1927 the South increas-
ed the life insurance in force 1928
| per cent, while the United States as
| a whole showed an increase over the
same period of 1853 per cent.
Gas and Bank Stocks Go Higher.
| Four shares of Washington Gas Light
stock reached new high on the local
exchange today when they changed
hands at 1031a. Riggs National Bank
stock, which sold at $50 yesterday ad-
vanced 10 points today when IL shares
moved at $50. Riggs National Bank
warrants also advanced points, selling
at 305. There were several sales ir
the full warrants and several fractional
sales.
Five shares of American Security &
Trust stock sold at 456 and five more
at 454. Potomac Electric Power pei
cent stock sold at 11314, Chestnut Farm:
Dairy preferred at 10oA and AGO shares
of National Mortgage & Investment pre-
ferred at 51a.
Nineteen shares Of Chapin Sacks {
per cent preferred brought lot. The
cnly bond sale was $1,000 Gas 6
series B, ct 107.
Vile Addresses Local Bankers.
Frederic William VILE, distinguish.
ed political writer addressed the di.
rectors and staff Of the Bank Of Com.
merce & Savings at a dinner at Har.
vey's last night, when Alexander Wolf
general counsel and director, wa.
host. Mr. Vile recalled some of hi:
youthful experiences while working Ii
e. Chicago bank before he entered thu
newspaper field, and also presented
an interesting review of the presidential
election.
Several of the directors also spok,
briefly, mentioning the early days O.
the bank and its later progress.
Calls Special Committee Sessions.
F. P H. Siddons, chairman of tn,
District Bankers Association commit
tee on trade activities, has called spe
cial meetings of the four separate sec
tions of the committee in the near fu
ture. 1t Is the committees intention tt
gather valuable information for the as
Sociation during the year instead O
waiting to make one report at the an
nual convention.