Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-09

ALREADY nOlQlnS
seats on the eX- Miles H. Quail.
change, but this is
the first time the matter has ever beef
made an issue. At several meetings o
the governing committe a deadlock re
suited. The tie was finally broken b.
the temporary withdrawal of two mem
bers of the committee and the cleo
ton by the full exchange of two mem
bers to serve temporarily in their places
Miles H Quail. who has been the In
nocent storm center about whom tn
tempest ragged, has wide Acquaintance
in the financial district. He is nativ
of Taunton, Mass, graduated from tn
Georgetown Law School in 1922 and i
a member of the District Bar Associa
ton.
He came to Washington in 1917 anC
was in the Navy Department durin,
the war. From 1923 to 1926 he wa.
connected with Crane. Paris & Co., in
vestment bankers. When Y. E. Booker
and George Hewitt Myers formed s
partnership in 1926, Mr.. Quail went with
the new firm. The new exchange mem.
Der is member of the Washington
Bond Club.
Riggs Bank Stock Leader.
Riggs National Bank stock led trad.
ing on the Washington Stock Exchange
today, five transactions involving 81
shares taking place at $40 One Other
bank stock, Federal American, also ap.
peared on the board, Is shares selling
at $40.
Capital Traction was lower today, 9
single transaction involving but II
shares taking place at 891s, against 9
CHASING Y1rira ohovo Do.
tomac Electric Power 6 per cent pre-.
ferred came out at Ill.,, District Ma
tional Securities preferred moved at 101
and so shares Of National Union Fire
Insurance Co. changed hands at 27l2.
.Mergenthaler Linotype figured in 6
f1pe-share sale at 107. After CALL
shares of Barber & Ross common came
oHt at 10 and 10 shares of Potomac
Electric Power 512 per cent preferred
appeared on the board at 107ss.
In the bond division the first sale
was in Capital Traction SIS, the issue
bringing 1894. There was $1,000 sale
in Potomac Power IS at l0734. A $l0C
Washington Gas 6S, Series B. moved
at. 1884, while two $1,000 Railway &
Electric As sold at So.
= ID. c. Bankers Win Tax Case.
Robert v. Fleming, president of tn,
Riggs National Bank and also of the
District Bankers Association, was heart.
lily congratulated today on the actor
of the United States Supreme Court ir
unfolding the decision of the lower
courts in freeing the banks in Wash
irlgton from paying taxes on income
received fro mtax-exempt Government
securities. The Supreme Court saw no
reason for reviewing the case.
THE test case here was brought by
the Riggs Bank and handled by Frank
JE Hogan, attorney for the bank. As
he is also counsel for the District Bank
ers Association. he also instructed the
oa1er local banks as to procedure in
paying the tax under protest Belief
that the tax should not be paid was
passed on ruling in Wisconsin case.
Bankers here are particularly pleased
With the speed with which the case
was pushed through the courts. It has
bSen less than a year. It now comes
to an end and the banks will soon get
rebates on the tax paid under protest.
y Convention Call" Is Issued,
chairman c. H. Pope has sent out for
the first "call" for the annual bankers
convention to be held at Montauk
Beach, Long Island, June 20, 81, % and
1.-THE business sessions will be held in
tue forenoons and the rest of the time
Will be crowded with sports and the
usual social events. The bankers will
have their own special train as usual
and the entertainment program Is to be
more elaborate than ever.
while the convention is some distance
ahead vet. the committee is already
to make the event the biggest
ever and the best ever.
Insurance Election Announced.
president A. L. Baldwin of the Dis
tact Underwriters Association an
today that the annual election
Of directors will take place Thursday,
April II, at 1890 at the Arlington Hotel
Eight nominations are to be made. from
which four directors are to be elected.
cat recent meeting of the association
these new members were elected: Leroy
Il Myer, Mutual Life; William D. Por-
ter, Mutual Life; Mark Plavnick, Equi-
table Life Assurance Society,", Raymond
v, Shepler, Equitable Life, and Roger
M. Stuart. Connecticut Mutual.
Local insurance men are taking much
interest in the annual sales congress
of the Maryland and District Of Co.
lunbia Life Underwriters, which takes
place on May in Baltimore. Some of
the leading insurance authorities of the
country have been secured as speakers.
9 Heard in Financial District.
e. E. Mountjoy, deputy manager of
the national bank division of the Amer
lean Bankers Association, will be in the
Washington delegation attending the
Spring meeting of the executive council
of the association at Biloxi
George o. Watson, president of the
liberty National Bank and of the
Washington Stock Exchange, will at
tend the Spring American Bankers As
sqciation meeting at Biloxi, which opens
ct the Mississippi resort on April is.
Frederick P. H. Siddons, chairman of
the program committee of the conven-
ton, has notified D. G. bankers that the
date for the next meeting has been ad-
vanced from Friday to tomorrow after
noon at 4:10 o'clock, at the associations
rooms.
THE American Stores Co. reports sales
for March, 1929, of $1l III, 800, as COM
pared with $10,851, 919 sales for March,
1928, an increase of SO per cent.
g Commodity Prices Lower.
EFor each Of the past five weeks COM
modify prices have declined, according
to the wholesale price index Of the Ma
tional Fertilizer Association. The de-
cine for the week ended April was
4 per cent and for the past five weeks
1s3 per cent. During the latest week
81 declines and II advances occurred.
The chief declines were in fats, other
foods. grains. feeds, hogs and cotton,
an of which are sensitive markets. The
chef advances occurred in pig iron,
steel and zinc.