Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-10
UNION INSURANCE
ENDS FIFTH YEAR
Association Plans to CeIe-
brate Anniversary at
New Building.
BY EDWARD C. STONE.

Association, located in a fine building
Of its own, at 1900 Fifteenth street
northwest, will celebrate its fifth ami
versary during the present week. The
company was incorporated on Novenl-
Der 10, 1924, and has made such rapid
expansion during the past five years
that 1t now has over $6l $780, 900 In in
surance on its books, according to
General Manager Charles F. Nesbitt,
formerly superintendent OF insurance
in the District of Columbia.
James p. Noonan is president OF the
association. The company started busl-
ness with 100000 paid-up capital and
100000 contributed surplus. When the
first policy was written this 100000
remained intact, none of it having been
paid out for promotion purposes. While
expenses of getting started are always
heavy. for any new concern Manager age,
able to add $l5o,000 to surplus in spite
Of the costs involved in obtaining new
business and other extensive OUTLAWS.
The firm writes all classes Of insurance
for union members and also has new
group policy.
According to officials, most of the
company's investments are made IN
washington, being confined to f1rst
mortgages on approved real estate, and
to high-grade bonds. The greater part
of the payroll is naturally spent here
as are large sums for printed matter,
stationery and supplies. The officials
consider these facts significant as
showing the importance of the growth
this and similar companies bear to the
welfare Of the city. The official person.
mel of the company follows:
James P. Noonan, president; Charles
p. Ford, vice president; Gustave M.
Bugniazet, secretary-treasurer; Charles
r. Nesbit, general manager; j. r. Biggs,
NJ. D., medical director; J. S. Easily
smith, general counsel; Arthur M.
Sierk, consulting actuary; E. r. Crow
son, actuary, and Clara L. Noyes, as
sistant manager.
Investors Again Study Yields.
Investment, as distinct from purely
speculative buying, may be expected TO
nlay a larger part in determining prices
than has been the case at any time this
wear, states a bulletin of the Standard
Statistics Company. The bulletin con-
tinues
facts-yield, earnings and hnanclal
condition-to a much greater extent
than run1ored mergers, split-ups, STOCK
dividends. or rights
'It is altogether likely, therefore, that,
at least for the next six months or SO,
securities which offer an attractive in
come return, or for which earning power
is sufiicient to warrant an increase IN
dividends to a basis which would render
income return attractive, will afford the
most satisfactory profits. On the other
hand. stocks which currently afford a
low income return, and which are not
likely to receive larger dividends, appeal
to us as occupying much less favorable
position.
Furthermore, with investment buying
as an important factor. the market is
likely to move in a much narrower
range than has been the case in the
immediate past. The investor, generally
speaking. is content to wait in order
to make his commitments at satisfactory
prices. Only the speculator, hoping to
dispose of his stock within relatively
short time, will make his purchases at
an Unfortunately high level"
Fleming Enters Sixth Year.
Robert ". Fleming commences his
sixth year tomorrow as president of the
Riggs National Bank, having completed
his fifth years service yesterday 1t
was Just five years ago today that he
was chosen president of the big financial
institution to I'LL the vacancy caused
by the death Of Milton I. Allies.
Backed by the hearty cooperation
of the Riggs organization, Mr.. Fleming
has used all his energy. ability and
broad experience in pushing the institu-
ton forward and under his leadership
the bank has enjoyed a period Of I'M
usual prosperity and expansion.
The banks most important move
during the past year was the acquisition
through consolidation Of the Farmers
and Mechanics National Bank. of
Georgetown, and of that banks branch
in Friendship.
The Riggs Banks total resources at
the time Mr.. Fleming took the helm
we're over S41, 100000. They are now
$6o,085 ,469 so. On october 4, the date
of the last controllers CALL the de-
posits totaled $5l ,820,079
New Reserve Board Ruling.
The Federal Reserve Board has ruled
that under certain conditions a draft
drawn by a purchaser of goods is eligi-
bic for acceptance by member banks
when 1t has a maturity consistent with
the usual and customary credit time
prevailing in a particular business.
The new ruling is in some respects in
consistent with previous rulings that
bankers acceptance credit should not
be used for the purpose of furnishing
working capital. but the board says
that these previous rulings should be
regarded as superseded only in so far as
they are inconsistent with the new
ruling.
Heard In Financial District.
Total circulation of United States
money on october 81 was s4.837 .987,-
1894. or $4023 per capita, as against
S4,819,274941 or $4011 per capita on
September 80, and $4,S06, 22s, 636, or
$4044 on October 81 year ago, ac-
cording to the Treasury.
October sales of Schultz United
5-cent-to-$1 stores. Inc, amounted to
in September.
The Potomac Savings Bank in
Georgetown Is installing a night de-
pository. The device, similar to others
already in use in the CITY, is located on
the Wisconsin avsnue and M street
corner of the bank.
The weekly tabulation of prices of
local bank stocks shows more changes
than have taken place in long time.
Some of the local stocks have also
moved over a considerably wider pric-
range than usual.
The special committee of the Wash
ington Stock Exchange is looking into
several different locations for the ex-
change when 1t has to move on ac-
count of the extensive building program
carried out by the American Security
g. Trust Co.
Stocks on New Selling Ratio.
Over the last few weeks there has
been a drastic decline in ratio of SELL
ing price to earnings. Looking over
the various stocks one can find many
that are now selling five to ten times
earnings a share. compared with 10
to 20 times when these same stocks
were making new peak prices. No one
can guarantee, says the Wall Street
Journal, which way the market will go
over the next few weeks, but II there
{e ~ dacIiV,a IN earnings pertain stocks