Evening star., 1928-08-03

the washington Gas Light issues AT re-
cent levels. Very few changes were
noted when the unlisted stocks were
called off.
Eank President Has Birthday
John Is. Larner, president of the
Washington Loan & Trust Co, is cele-
brating a birthday anniversary today at
his Summer home i'll Miffintown, Pa.
Officials of the banks wired congratu-
lationS and it wa expected that many
friends in the vicinity of his Summer
place would call on him. among them
being Charles z. Howe. treasurer of the
American Security 81 Trust Co., who is
passing months vacation in the same
/ town.
/ For a man of his advanced years, Mr..
| Larner is one of the wonders of the To-
/ cal financial district. He turns out an
immense amount of work, is as energetic
! as he was at so, and his advice is
widely sought on financial matters
i The past year has been one of the
/ most important in his career as a big
addition to the trust company building
/ made it one of the largest banks in the
/ city and one OF the most attractive Mr..
Larner was naturally a vital factor in
/ the expansion program.
Bank Changes Progressing Rapidly
| The extensive changes being made by
| the Columbia National Bank on F
! street are progressing rapidly The
/ new front is practically finished and the
/ work on the interior is going forward in
a satisfactory manner. Wnen the addl-
/ tons and alterations are completed. the
/ bank will have great deal more floor
/ space, be most conveniently arranged
and Join the long list of local financial
j NIB iah h-. L..
large outlays on their plants.
] President Frank j. Stryker expects
the bank viii be ready for occupancy
some time in October
Reserve Discounts Increase.
The consolidated statement of condi-
! ton OF the Federal Reserve Banks on
! August ! shows increases for the week
OF $50, 100000 in holdings of discounted
bills, OF S4,000,000 in Government Sc
| curitles, OF $43, SOC, 900 in member bank
| reserve deposits. and of s6,l00000 in
/ Federal Reserve note circulation and de-
/ creases of $3,200.0O in bills bought In
! open market and of S5,600,0 in cash
reserves. Total bills and securities were
/ SCI, 100000 above the amount held on
/ July 25.
| The principal changes in holdings OF
! discounted bills for the week were in
/ creases OF S29, 500 900 at the Federal
/ Reserve Bank Of New York, $3I 300, 900
/ at Chicago and S7,000,0 900 at Philadel-
| phia, and a decrease of $9,4o0,0o0 at
/ Cleveland
Brokers Loans Reveal Increase
/ Loans on stocks and bonds to brokers
/ and dealers by reporting Federal Re-
serve member banks in New York City
/ on August showed an increase of
/ SIS, ATT 900 TO a total of S4.529 1896, 900,
/ compared with S4,163, ,919, 900 on July
! 81, and S3,17l ,845 900 on August 3, 1927.
/ New York Stock Exchange reports COL
| lateral loans TO members at close OF
! business July 81 totaled S4.837 .347 .579.
/ a decrease of S6i ,003 ,908 from June 30.
| when loans were S4.89S.35l ,487. On
| July 80, 1927. loans totaled S3,64l,-
| 695, 200.
Young Visiting In New York.
/ Roy A. Young governor OF the Fed
| eral Reserve Boahd, has returned from
/ his vacation IN the West and Is now
! in New York. No significance is at
tached to the governors being in Wall
street at this time AT the New York
Federal Reserve Bank 1t was stated
| that Mr. Young was merely carrying out
a previously announced plan Of making
- AAA2EN@~A2Ae
various Federal Reserve Board districts.
Largest Group Insurance Policy.
| The largest group insurance policy
ever issued, amounting to approximate
| ly $400 900 900 in life. sickness and ac-
] cident coverage, will be taken by the
| General Motors Corporation for the
| benefit of its 200, 900 employees under
| a contract signed with the Metropolitan
! Life Insurance Co, yesterday. In max
ing the announcement, Alfred p. Sloan,
! ir., president OF General Motors, as
| cribed a large part Of the success OF
his corporation TO the relationship ex-
isting between the company and Its
employees.
This life policy Is more than double
the face Of the largest previous one
and the sickness and accident dement's
aggregate more than two and one-haif
times the previous record. The plan is
cooperative, the corporation assuming
a substantial part OF the premium.
Heard in Financial District.
Ernest E. Herrell. president of the In.
ternational Finance Corporation, is TAX
ing motor tour through historic sec
tions of Virginia. Just now he Is In Roa-
noke.
Edward J, McQuade. vice president oi
the Liberty National Bank, leaves here
Sunday for months vacation. most oi
which he will spend at North Harwich
Mass.
A. Elzey Waters, partner In the In
Vestment banking firm Of Townsend
Scott s. Son, visited the Washington Of
fice yesterday and called on seyera
friends In the financial district, Mr.
Waters still recalls the recent bankers
convention at Montauk Point mos
pleasantly
Lawrence II. Leeby. manager Of tn
Washington Office ri John Nickerson
Co, is leaving the city for trip TO tn
. West Coast. He will be away about |
j month.
William r. Fowler. formerly presiden
OF the Guaranty Co, Of this city ant
now living in Los Angeles, lis visiting tn
financial district lie still has real estat
interests here.
Other Financial Notes.
Joseph w. Brooks IL Co, genera
agents OF the Sun Life Insurance Co
Of America announced yesterday tina
Sun Life viii enter the mortgage flel
m the District of Columbia and nearb
Maryland.
Because ~ crowded conditions in tn
I real estate department, the insuranc
department Of the American Security
Trust Co has taken adjoining groun
fioor Office space at 730 Fifteenth stree
William r Reed is manager Of the dc
partment
4 J. T peit0n and George 7. crosswel
Doth we'll known IN the financial dtstrlc
have Joined the securities staff Of Wac
g4uznF T. EraYpNF fTnn I gfreat north