Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-23

moved at iO01s, Potomac Electric Power
8 per cent preferred at ia, and Column
bia Sand e. Gravel at 9ls4 and Sl9s.
Two bank stocks we're out, Al shares
Second National selling at 270 and Sc
shares of Federal American National
moving at 1886. The bond market was
much neglected.
| AS soon as the price Is fixed tbs
governors of the exchange will meet to
arrange for. trading in Riggs National
4 Bank stock rights or warrants, in con-
nection with the coming consolidation
of Riggs and the Farmers & Mechanics
of Georgetown.
Trust Agreement Forms Prepared.
1t happens that just as the District
Bankers Association has added a
fiduciary section. special form for
unfunded life insurance trust agree
merts has been prepared by the com
n1ittee on insurance trusts OF the
trust company division, American
Bankers Association. to serve as a
guide to life underwriters, attorneys,
trust officers and customers of trust
companies and banks.
| THE life insurance trust Is modern
plan for protecting and conserving
wealth." says a statement by the divi-
sion. by the simple means Of trust
4 agreement the proceeds of life inSur-
ance policies are made payable to a
bank or trust company as trustee. The
money is carefully inveSted-the income
and principal are paid out in accord
ance with the directions given by the
creator of the trust. It may be shaped
to fit the particular needs OF any
situation.
THE life insurance trust Is one of
the most popular forms of trust SER
vice. In order that life underwriters,
lawyers. trust officers and the custom.
ers of our banks and trust companies
may become more familiar with its uses
and general provisions; this specimen
insurance trust agreement has been
prepared. This outline is not intended
for use as a legal instrument, but
merely for guidance and information. !"
The committee states that 1t has had
the benefit of the experience and criti-
cisms of more than Is active trust OFF,
cials of prominent trust companies and
that the specimen agreement represents
many months of study and careful re-
view of the forms now used by mum.
Der of trust companies and banks, con-
tanning features common to virtually
all life insurance trust agreements
! whiting Reports Great Prosperity.
Secretary william F. whiting OF the
Department of Commerce announces
that business in the United States is
now at the highest level in history,
with the single exception of the textile
industry" Reports to the department.
he says, reflect wide prosperity in the
automobile, Steel building and other
LEADING industries. Check payments,
he added. were the highest on record
in the week just closed. Building con-
tract awards In 81 States during the
third quarter amounted to $1,700 ,OO0,-
600, or per cent more than in the
corresponding period year ago.
/ Title Company Elects Director.
The board of directors of the Title
g. Investment Co. of Maryland has
elected Robert Dodge Hagner mem
Der of the board to succeed the late
Louis r. Peake.
Mr.. Hagner for, a. number of years
vas connected with the National Metro
politan Bank and is now engaged in the
real estate business. He is director
in the Bank of Bethesda and is au-
ditor for Montgomery County.
Bankers Again Invited to Montauk.
President Robert ". Fleming of the
District Bankers Association has receiv-
ed a letter from Carl c. Fisher in
viting the association to meet at Mon
tauk Beach, Long Island, again next
June He states that, In addition to
the Montauk Manor Hotel. another
much larger hotel is being erected and
will be available for the local bankers
for the next convention.
While the other hotel proved perfect
iy satisfactory, the new hosiery will
! az at
are to be new swimming pools and
tennis courts and the golf course has
been much improved. Mr.. Fisher prom
ises to have the entire hotel at the
disposal OF the Washington party. He
adds thai since last June a further
outlay of 100000 has been made
on the general development.
President Fleming has already reserv-
ed optional dates at Hot Springs White
Sulphur and Montauk Point It will be
dificul5 choice that the next conven-
ton chairman and his committee will
have to make by the middle of Fehru-
airy
Joins e. A. Pierce & Co. Stan.
Frank Hyatt. jr., has joined the staff
in the Washington ONCE Of E. A. Pierce
g. Co., according TO announcement By
Manager Snlythe. Mr. Hyatt has Ions
been Identified with the brokerage bust.
ness in this city. He was formerly as.
ISOLATED with the local ONCE of Harri.
man g. Co., and later with Eastman
Dillon g. Co.
Commodity Prices Slightly Higher.
Prices of commodities during tbs
week ended October 20 advanced one.
fifth of ! per cent, according to the
wholesale price index of the Nattona
Fertilizer Association. The chief adj
vances occurred in the groups of tex
tiles, grains, feeds and live stock anc
fuel. Slight declines occurred In fat
and miscellaneous commodities
Reviewing the past three months, thu
high point of 95.8 was reached on july
] 7 and the low point of 94.4 on Angus
Ii. From that date until September /;
an advance of IL per cent occurred
and since that date a decline Of 0.6 pc
cent mas taken place.
$4,000, 600 Gain I'm Investments.
The Federal Reserve Boards condition
statement of 632 reporting mernbe
banks in leading cities as OF october 1
shows increases for the week of $1l2,
600, 900 In investments, including $102,
000,0 900 In Government securities, o
$37, 000, 900 in loans and discounts, o
SIPS. 900 In Government deposits, 0
S94. 10000 in net demand deposits ant
of $i5,000,000 In time deposits, and
decline of S50,000000 in borrowing
from the Federal Reserve banks.
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