Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-10
January No. Of
Fleming on A. b. A. Commit

Robert v. Fleming, president of the
Riggs National Bank, has been appoint
ed member of a special committee on
the calculation of reserves named bv
the bank management commission of
the American Bankers Association j.
r. Leavall, executive vice president of
the Continental Illinois Trust Co. of
Chicago, Is chairman of the committee
and T. B. McAdams of Richmond is the
other member. John D. Lonsdale, preSi-
dent of the association, requested the
appointment of the committee.
The committee will make a study
and report on calculation of reserves
as follows: Deduction Of cash from
gross deposits before calculating re-
serves: deduction of due from banks"
from gross deposits before calculating
reserves irrespective of whether due
to" or due from banks is larger, to
permit banks to carry their reserve of
Tuesdays for the close of business
Monday nights. 1t will also probably
give consideration to the ACCESSIBILITY
OF carrying average reserves in place
OF daily ones.
The matter of reserves is OF wide
interest to the banks of Washington.
is OF nearly as much concern to the
larger banks and trust companies that
do not belong to the Federal Reserve
as to those that are members MIR.
Fleming has already served on several
special A. B. A committees and when
he was president of the District
Bankers Association made bank man
agement one of the features of the an
nual convention.
Rothschild Warns of Fraud.
- The most pathetic victims of the
get-rich-quick security swindlers are
nenef1c1aries of life insurance, who not
only oftentime lose their entire heritage
put the unwise investment destroys the
aims and ambitions of those who have
.NpeSsed on, declared Louis Rothschild
director OF the Better Business Bureau,
an talk this noon before the District
OF Columbia Life Underwriters AsSo-
citation at their monthly meeting at the
Hay-Adams House
The vultures of finance, who regard
life insurance beneficiaries as prime
candidates for sucker lists, destroy the
good effects of insurance and consti-
tute tangible unfair competitor to
the insurance profession, Mr.. Rothschild
said. citing several instances in which
widows had been f1eeced almost imme-
diately after the insurance check was
received. Insurance companies and rep
resentatives should not only for selfish
competitive reasons, but for the pro-
lection OF their clients, stress the slogan
OF the Better Business Bureau to Be
lore you invest-investigate," the
speaker stated
Compared with other cities, Roths-
child stated, Washington is compare
lively free of such bad practices as
rebating, which is the unlawful split
ting OF commissions by insurance sales
men; Of contract raiding, of high-pres-
sure false promises in selling insurance
ana other unethical practices. The
bureau anticipates working with the
Field Practices Committee Of the assoc
citation TO prevent such standards from
encroaching upon the city and to eIinni-
nate the few who may now be guilty in
Washington.
Capital Traction Stronger Today.
Capital Traction drew chief attention
on the washington Stock Exchange
when the stock climbed from 58A at
the opening % close at 81.
The second and third sales of IO-share
lots were made at so. the next sale of
10 shares registered 6014 another small
sale was made at 60l2, while a final 10
ehares changed hands at 81, the high
. for the day and for several weeks.
washington Railway g. Electric pre-
ferred sold at 98is and SO, Lanston
moved to the extent of 40 shares at lis
union Trust came out at $50, ex divi-
dend, and Mergenthaler Linotype moved
ct 96z. Twenty shares of Merchants
Transfer g. Storage preferred sold at
es, and Peoples Drug Stores preferred
registered 104. Fifty-seven Steamboat
Fights sold at Is.
Fond trading was confined to Potomac
Electric Consolidated IS and Washing
ton C7s IS at recent levels.
Heard in Financial District.
The board of directors of the Wash
tngton Loan e. Trust Co. has declared
the regular quarterly dividend of 3 per
cent payable on August /. Books will
be closed from July % to 81, inclusive.
George A. Garrett, resident partner
Of T. B. Keech e. Co. returned yester-
day from short visit at his Summer
home at Newport r. l.
President John B. Larner of the
Washington Loan e. Trust Co., came
down from his Summer home, at Milf
nintown, Pa, TO attend the monthly
meeting Of his directors.
Sales of the American Stores Co in
June, new stores included, amounted
20 $1O,950,207, gain of l8 per cent
over June, 1929. For the first half wear
they were ST. ,53S,496, an increase of
IL per cent
The F. w. Woolworth Co. has de-
clared the regular quarterly dividend
,of so cents per share, payable Septem-
Der l to stock of record August 8.