Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-20

that stocks are OnAf'eS H. DOME
likely to sell even more out of line with
values than they did before the recent
break, he said. However, he favored
the purchase of common stocks of the
highest type and management.
+. N. Bancroft of the Colorado Ma
tional Bank Denver, took opposite
ground, stating that "the creator of
a trust during his lifetime may specu-
late in order that those designated in
his will may profit thereby, but it is
the province of the trustee to conserve
and not to speculate unless specific ref
erence to stock purchase is made in a
will"
W. M Baldwin, vice president of the
Union Trust Co., Cleveland, stressed the
point that it is improper TO- a trustee
TO take risks, adding that If a loss is
sustained through the purchase of
stocks the only way to recoup is by
further speculation.
Scores of other bankers spoke for and
against common stocks in estates, some
claiming that none should be carried
and others that common stocks are
often better than some bonds.
Insurance Club Adds Members,
The Insurance Club of washington
held its regular monthly luncheon
meeting yesterday at Hay-Adams House.
Sidney F. Taliaferro, Commissioner of
the District of Columbia, was the guest
of honor and made a particularly in
teresting address. Mr.. Taliaferro was
at one time in the insurance business
and is thoroughly familiar with the
subject.
L. Bert Nye, manager American
Surety Co.; r. S. dEspard, man.
ager General Adjustment Bureau, and
II. r. Quinter & Co. were elected to
membership in the club.
The attendance yesterday was I'M
usually large.
Doing Heads Publicity Committee.
Charles H. Doing, manager of the
branch office of the Washington Loan &
Trust Co. at Seventeenth and F streets
northwest, has been appointed chair
man of the District Bankers ASSocia-
ton publicity committee in connection
with the coming annual convention to
be held at Asheville, President w. j.
Waller announces. Mr.. Doing was
chairman of the associations taxation
committee last year.
He has been in charge of the trust
company's branch bank for several years
and is widely known in financial circles.
Incidentally, Mr.. Doing has already
served on several convention commit
tees. his work as chairman of the sports
committee being of particular value.
His selection completes the committee
chairmen for the coming conclave. The
complete personnel of those committees
viii be announced later.
Banquet Plans Move. on Rapidly.
T. Runton Leith, chairman of the
Institutes general banquet committee,
said today that plans are practically
completed for the big annual event.
Mr.. Leith believes the banquet may not
be the largest, but at the same time
viii be the best one yet held. 1t is
worthy OF special mention that four
past national presidents will be present
as well as the present national presi-
dent. Among the guests will be such
distinguished bankers as Gov Roy A.
Young of the Federal Reserve Board
and w. w. Hoxton, chairman of the
Federal Reserve Bank of Richmond
II. F. Kmball, chairman Of the en-
tertainment committee, has secured
some exceptionally fine professional
talent, several surprise numbers being
included. The American Security Glee
Club will also be heard.
New Treasury Financing Planned.
The Federal Reserve Bank Of Rich
mond issued yesterday a preliminary
notice Of the approaching quarterly A.
nancing for the Federal Government.
The details of the financing have not
been decided upon, but it is generally
thought that issues of both certificates
OF indebtedness and of non-interest
bearing Treasury bills will be offered.
Certificates amounting to $404, 209, 500
mature March IS, and Treasury bills
totaling 500, 900 900 fall due March II.
Simultaneous offerings of the. two types
OF securities would not be compulsory.
The decision in such a matter would
rest with the Treasury Department.
The recent $50 900 900 bill issue was
put out by the Treasury for the benefit
OF the Farm Loan Board Funds from
the next financing will be needed for
other Government purposes.
Heard in Financial District.
Kark w. Corby, partner in w. B.
HibbS & Co., has returned to Washing
ton from a three weeks outing in
Florida.
P. P. H. Siddons, secretary of the
American Security & Trust Co., has
returned from business trip to Boston
and New York.
DR.. H. Parker Willis, economist. well
known in this city, has become asso-
ciated with Shields g. Co. as chairman
OF the investment advisory board.
Edward j. McQuade, vice president
OF the Liberty National Bank, attended
the trust conference sessions in New
York on Tuesday. He also attended the
meeting OF the directors Of the Mergen-
thaler Linotype Co.
Lloyd B. Wilson, president of the
chesapeake 81 Potomac Telephone Co.,
was elected a member of the board Of
directors OF the United States Fidelity
q Guaranty Co. in Baltimore yesterday.
w. w. Spaid, Francis G. Addison, jr,
ana FRANK Stetson, viii leave the bank
ing district Saturday for Florida for
an outing on the golf links.
Wins Insurance Honors.
Charles w. Crowell, manager of the
Acacia Mutual Life Associations branch
at Charleston, w. Va, has been awarded
the medal Of the International Weekly
Production Club for 100 consecutive
weeks Of production, it is announced
here. This organization Of insurance
men extends throughout the United
States, the United Kingdom, Canada
and Hawaii.
Trading on d. C. Exchange.
On the Washington Stock Exchange
today Potomac Electric 515 per cent
preferred stock sold at 1071k, ex-divi-
dend; Washington Railway & Electric
Storage Co. sold at lis.
Federal American National Bank
stock came out at 200 and 10 shares of
Continental Trust Co. stock sold at l27.
against the last previous sale at 1873.
This was the first time this stock has
appeared on the board since the re-
cent merger with the Commercial Ma
tional. It closed 127 bid and 140 asked.
Bonds were in quiet demand at re-
cent levels. On account of Washing
tons birthday. the exchange viii close
on Saturday.