Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-14
FOX AGAIN HEADS
INSURANCE FIRM
National Union Fire Insur-
ance Co. Reflects Presi-
dent for 3Oth Time.
RY EDWARD C. STONE.

n BY EDWARD C. STONE.
Albert F. Fox was reelected presl-
dent of the National Union Fire lnsur-
ance Co. of Washington for the thlr-
tfeth consecutive year. at the annual
meeting Of the stockholders held late
Yesterday. The following directors were
chosen for the ensuing year:
Charles r. Brown, Floyd z. DAVIS,
Albert p. Fox, c. E. Galllhsr. j. Leo
Kolb. John B. Larner, Walter s. Pratt.
ir., John Saul. Fritz L. 'Sandoz ana
James P. Schick.
The board subsequently organized by
the selection of the following omcers'
Albert F. Fox. president: john B. Lar
ner. vice president; Walter s. Pratt. IT.,
vice president; William H SomerVille'
secretary, and william H. Marbury, as
sistant seer tary.
The charter of the company bears the
signatures Of Abraham Lincoln ana
William H, Seward, having been organ
lied in 1865.
Six Months Phone Net $4.S9.
The large number Of local stockhold-
ers in the American Telephone q
Telegraph Co. today were receiving the
following comparisons OF earnings IN
IL1e I1TSL Slh VI AOOA oAAA
net earnings for the first half OF this
year being $4.89, against $5.72 IN the
like 1880 period
6mos ending IS mos. ending
June 80. 1880. June 80. 1881.
R T1Sia:. 'is sssss e
Telephone OPP
nu uss"e SCI. 'e' ss,1ss.5s5s5 5osse s41. II
m rsvennes 7s7,s77.7s 77l.o2s IA
Total ..... .$l44,eo4,s1s SO s15o37e,27o. IS
Expenses. includ-
ing taxes. 45,b7S.0Ss4o 4o'olo'So]'% 90
Net earnings 9ss, 72s,6les "a sos, SIT IS
Deduct interest. l6,s29'704'H losoo'4iS'sS
sst !pe9ms ss ses sss g e
Balance ...... si7,4os,I8S.77 ss2277S7.42
Net income per
'subject to minor changes when hnal
figures for June are available.
Security Loans OF s7s.O0o,O 900.
The Federal Reserve Boards condi-
ton statement of weekly reporting
member banks in leading cities on July
8 shows decrease for the week of
$55000,000 in loans Offset by an in
crease of $56,0o0,000 in investments,
also decreases of $84, 100000 in net de-
mand deposits and s38,ooo,0 900 in Gov.
eminent deposits, and an increase OF
$4,000. 900 in borrowings from Federal
Reserve banks. Time deposits show
little change for the week.
Loans on securities declined $751;
600 1000 at reporting banks in the New
York district, $8.0000 900 in the Boston
district and S78.0000 900 at all reporting
banks. "All other" loans increased
$l500o,0o0 in the Boston district;
$4,000, 900 each in the New York and
Chicago districts and $23,o00,o0o at all
reporting banks.
CAPITAL Traction Gains Point.
Capital Traction stock gained fun
point on the Washington Stock Ex-
change today. making a new high on
the present move. Trading was very
light. The stock closed at 81 yesterday.
opened today at 1874 on a l0-share
transfer and closed at SO on another
sale of 10 shares.
Bonds we're in best demand on the
local exchange today, the market open
ing with $4,000 sale and $4,000 sale
in Washington Railway & Electric As
at 9l4
washington Gas Light Sc came out
at lOlaa for baby bond. while 81 1000
Waehington Gas 6, series B, came out
at 1861. Barber 6S Ross 6i2s sold to
the ST 900 at 80.
Potomac Electric Power 6 per cent
preferred stock figured in two moderate
sales, opening at ia and closing at
114A Fifty shares Of National Mort
gage g. Investment preferred appeared
on the board at AS.
Bank stocks we're neglected In today's
market.
Banks Favor Rate Advances.
On the ground that they held upward
of 81 ZOO 100000 in railroad bonds and
equipment trust certificates, life insur-
ance companies with assets of $780,
100000, and mutual savings banks with
assets Of S10,585, 00O,0 900, through their
recently formed committee, the "Emer-
gency Committee on Railroad Invest
ments of Life Insurance Companies and
Mutual Savings Banks" filed petition
with the Interstate Commerce Com
mission to intervene in the railroads
request for an increase of Is per cent
in freight rates.
These organizations wish to intervene
in order to protect their investments,
which, in the case Of the insurance
companies. represent 50000,000 policy
holders and, in the case of savings
banks, a total of 12,775. 900 depositors.
The New York law regulating invest
ments for savings banks prescribes that
a company must earn its fixed charges
one and one-half times for its bonds
to be eligible purchases for such banks.
The Emergency Commuters petition
shows that interest charges of the Glass
/ railroads Of the country taken to-
gether were earned only ala times in
the five calendar years ended Deem
Der 81, 1929. In 1880 these charges
were earned 76 times
Heard in Financial District.
Former President Robert N Harper
of the District National Bank is pass
ing the Summer at his estate at Lees
burg. Va, his son and his family ing
with him. The veteran. banker spends
two days a week in Washington, and is