Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-19
BRAGG TO ADDRESS 1
D. c. UNDERWRITERS
Life Insurance Company Off.
ciaI on Program for Meet
ing Tomorrow.

The August meeting of the District
of Columbia Underwriters Association
of which Harold D. Kraft is president,
will be held as a luncheon meeting to-
morrow at 1890 at. the Arlington Hotel.
The speaker of the day will be James
Elton Bragg, general agent for the
Union Central Life Insurance Co. in
Philadelphia, and chairman OF the pro-
gram committee of the. National Asso-
ciatfon of Life Underwriters.
The convention committee of the as
ISOLATION, under leadership of John Gre
men, is working hard to complete ar
rangements for the national convention
to be held in September at the May
flower Hotel BY way of entertainment
during the convention 1t is announced
that plans call for breakfast session
one day, reception and ball, a BAN
quet, and trip to Mount Vernon.
Tri-Continental Allied Co.
Tri-Continental Allied Co.. the new
$50 600 600 concern, whose stock went
into trading on the Boston Stock Ex-
change and the New York Curb for the
first time this morning, Is largely nelo
in Washington, by investors many OF
whom owned shares of the parent COM
pany. Tri Continental Corporation.
Both concerns are known now as tne
j. & w. Seligman Tr1-Contlnentai NO
! and No. 2, as their purposes are iden-
tical and they are both administered py
the same management. This manage
ment includes not only the seventeen
directors including six partners OF y.
& w. Seligman, but includes also Sucn
men as: A. H. Wiggin, chairman OF the
board of directors, Chase Natlonal
Bank; David Sarnoff, executive vice
president of the Radio Corporation OF
America: C. E. Groesbeck, presloent
Electric Bond & Share Co.; Arthur r.
white vice president Canadian Bank
of Commerce; George G. Fraser OF
Fraser. Speir & Meyer; William S. Gray,
vice president Central Hanover Bank d
Trust Co., and Homer B. Vanderplue,
director of the economic service OF the
Harvard Society, and professor OF pusl-
ness economics at Harvard.
Prices of commodities during the Week
ended August II declined one-tenth OF
l per cent. according to the wholesale
price index of the National Fertiilzer
Association. twenty-five items declined
and twenty-five advanced. Seven groups
showed declines and only one SngnC
advance. The chief declines occurred
in the groups of textiles, fats, otner
foods, metals and miscellaneous COM
modities. An advance occurred In the
group of grams, feeds and live STOCK.
Branch Banking.
Interest in branch banking on
larger scale has brought some specialists
to the point where they hope to see IN
the next Congress consideration OF
legislation to permit banks 10 open
branches throughout their own State
and possibly throughout the Nation.
This view is expressed by Gilbert Ell
~ inI1 Snpcl0I
study of the possibilities of the adoption
of the chain store" banking operations.
Although the past decade has W.T.
messed great strides in banking expan-
SION" says the review, this step would
be the most far reaching that banking
has ever seen and would open practl-
cally unlimited possibilities.
THE last comprehensive banking
legislation was the McFadden act of
1927 which permitted national banks
to establish branches within their own
city limits in those States where State
banks already had this privilege.
During the past two months, there
has been ample evidence that branch
banking is to receive influential support
The comptroller of the currency, the
chairman of the House banking and
State Bankers Association and the
Illinois Bankers Association. have,
within a few days of each other, IN
dorsed or recommended such measure.
Recent years have witnessed I'M
paralleled banking progress;
1T is not generally realized that bank
ing is practically the only large in
dustry not run on the chain or branch
system. The disadvantages OF the unit
system we're demonstrated graphlcally
in the postwar depression when thou
sands of banks failed throughout the
country. That most of these failures
were country or small town banks en-
phasized the need for stability and bet
ter management which can only be
secured in large institution, operating
over a sufficiently wide territory to af-
ford Investigation Of risk. Bank man |
agement, in the larger cities, is today
better than ever before and recent mer-
gers have centralized powerful groups |
of the countrys financial leaders"
Heard in Financial District.
B. o. Harper, partner of Crane. Par |
ris & Co.. has gone to Canada on va
cation.
M. F.. Calnan, cashier of Liberty Ma
tional Bank, has returned to his desk |
after a two-week vacation.
George Bowie Chapman, resident |
partner here of Hartman 81 Co.. has |
to New York from his Sum- |
mer home at Castine, Me-, and Is ex-
pected at the local Office sometime this
week.