Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-23

was 1IOJ luA bNAAhANAs
reporting an in
crease of Is per
cent in policies Harry L. selby.,
written in Novem-
Der. The average gain for the whole
United States was per cent.
Virginia fell below the total for the
Nation, writing only per cent more
insurance In November than last year
South Carolina wrote per cent les
than a year ago and North Carolina
per cent less. Georgia insurance sales
fell of per cent and Florida revealed
a decline of Is per cent, being next tc
the bottom of the list. Nevada made
the poorest showing of any State In
the Union with loss in business OF 1t
per cent.
Life insurance sales for 1929 will
show unprecedented growth the lull
wear is expected to reveal an increase
for the Nation as whole. This is
considered the more interesting when
it Is known that sales in 1928 were 5
per cent over the 1927 volume. The
1929 volume will be about 90 per cent
larger than the record for 1921.
It Is declared that the crash in the
stock market stimulated sales in life
insurance. Many who lost money in
Wall Street turned to life insurance as
means Of rebuilding their estates,
the report asserts.
Bank Merger Here Year Ago.
Harry L. Selby has just completed
his first year as manager of the
Farmers & Mechanics Branch Of the
Riggs National Bank. It was Just IL
months ago that the consolidation of
the Farmers & Mechanics National
Bank, in Georgetown and Riggs Ma
tionAl was carried out, the GEORGETOWN
banks Friendship Branch being in
cluded in the merger. Mr.. Selby, who
had been cashier of the Farmers g. Me-
chanics National for several years, was
retained by the Riggs directors as man
ager Of the branch. Mr.. Selby has had
an active and successful year and the
Georgetown unit has become one Of
the most important branches that
Riggs National controls. After start
ing his banking career at the bottom
as q runner, Mr.. Selby forged his way
forward by hard work, ability and
Judgment through many steps to his
present position Of responsibility.
Another December Dividend.
Cashier John D. Howard reports that
the board of directors of the Seventh
Street Savings Bank have declared the
regular semi-annual dividend Of So per
share. The disbursement Is payable
December 81 to stockholders of record
on December %.
The Federal Reserve Board reported
today that department store sales in
November were in larger volume than
q year ago, but industrial level was
below the 1928 level. Retail sales in the
leading cities of the country were about
i per cent ahead Of the same period
last year.
Holiday trade in washington is be-
lieved to be on q par with last year and
may prove better when the Christmas
figures come in. The weather today
was disappointing to shoppers planning
to make grand rush for gifts. The
stores, however. were crowded to the
doors and the same amount Of business
is expected for tomorrow, regardless of
the weather.
The Federal Reserve Bank Of Rich
mond finds that business in Baltimore,
Norfolk. Richmond and other cities in
the district also appears to be keeping
UP with last years holidays records.
Funds from the Christmas savings clubs
are still cited as most helpful factor.
Old Banking Rules StiH Good.
when the joint responsibility of the
Federal Reserve and the member banks
is clearly recognized, appropriate steps
should be taken to make more difIlcult
the Bankers Magazine.
Those who have been proclaiming
that old principles are outworn, and
that past experience affords no measure
OF judging the present, may now see
that their modernistic views are subject
to revision. There is still a law of sup
ply and demand, the strain on credit
goes only so far before reaching the
breaking point, and stock prices that
go up to the sky are still likely to
come down to the earth. What is has
been before.
History may be all bunk, as a great
manufacturer is quoted as declaring
but after all it contains a few lessons
that may be probably studied"
LanstOn Local Market Feature.
There were no sales in Lanston Mono.
type on the Washington Stock Exchange
today. yet 1t was the market feature
The stock sold recently around lO6
Saturday 1t was announced that thu
directors had raised the dividend from
So to So year. The stock closed to-
day with liz bid and 125 asked.
Capital Traction sold today at IS OF
way & Electric preferred came out a
94S4 on 1O0-share sale. Commercial
National Bank stock figured in a trans
fer of los shares at ass, ex-dividend
the same price that has prevailed TO
several weeks.
Riggs National sold at 535. up II
points, and Potomac Electric Power 81:
per cent preferred changed hands a
los. The ex-dividend list is the longes
1t has been in many months.
Heard In Financial District
The District Bankers Association
I'ncheon group will have their weekly
- H..
instead of Wednesday which is tn,
usual day. Next week the usual lunch
con will be omitted.
The Liberty National Bank officer
end employees will have their annua
Christmas banquet and dance at tn
bank this evening. The lobby has al
ready been handsomely decorated 70
the occasion. The directors have al
ready voted the usual extra compen
sation for the employees.
The council Of administration of tn
District Bankers Association will NEE
at headquarters next Friday afternoon
The most important matter to com
up for settlement is deciding on tn
place for the next convention Ash
and the local bankers are very apt +
wend their way southwark in June
The directors of the Columbia San
and Gravel Co. have declared the quar-
terly dividend Of 134 per cent. It
payable December 81 to stockholders o
record on December %.
The Atlantic Coast Line has ordere
900 tons of 100-pound steel rails Il
delivery. distributing the order
Bethlehem Steel and to Tennessee Coz
Iron and Railroad Co.
Washington Chapter, American Ir
stitute of Banking, is making an effo
TO get New York Stock Exchange on
cial to speak at ;Sle first forum dime