Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-12-02
ANNUAL INSURANCE.
MEETING SATURDAY.
Attendance Expected to Be
150-MuCh Interest Shown
in Financial Circles.
BY EDWARD C. STONE.

BANKERS ASSOCIATION 10 DC uelu . lul -
day night at the Willard. The attend
ance last year reached that number
and II is anticipated that as many
or more people will be present this
year.
David S Bethune, president of the
Underwater Association. said today
that unusual interest is manifested
among the citys insurance leaders
over the yearly meeting with the
bankers. At the same time b L. Col
ton. trust officer Of the District Ma
tional Bank. and chairman Of the Din
ner Committee. asserted that the same
amount Of enthusiasm was being
shown by the bankers, especially by
those connected with the trust depart
ments Matters Of mutual concern to
both these organizations will be dis
cussed.
Frank L. Jones. vice president of the
Equitable Life Assurance Society Of
the United States, is speaker. Mr..
Jones is an outstanding man in the
insurance field with many years eX
perience in the business, having served
as an underwater, agency manager
and vice president of the Equitable
He is a past president of the National
Life Underwriters Association and one
OF the prime movers in the plans for
the American College of Life Under
writer's.
There will be an entertainment pro-
gram featuring one Of the outstanding
radio entertainers and one Of the
younger stage stars.
Calls Gold Outflow Harmless.
During the past two months our
stock of monetary gold has been re-
duced by about quarters of a
billion dollars, says Col Ayres In Trust
Companies Magazine. In September it
reached the record high volume Of
$4,000 900 900, and then following the
British financial troubles there ensued
a panic demand for gold in Europe
that resulted In the sudden with
drawal from this country of more than
1000 900 of the metal The de-
mands upon our gold supply were char
acteriZed by Suddenness and magni-
tude which are without previous prece
dent but they were met easily and
calmly by our banking system, and they
pass into our economic history as a
record of raid that failed.
A curious development of the situa-
ton is that our Reserve system still
holds virtually as much free gold as it
did before these spectacular exports
began, he says.
Christmas Club Funds Galore.
Virginia leads every Southern State
in its Christmas savings accounts, and
of the South Atlantic group, extending
from Delaware to Florida, 1t is second
only to Maryland, which is at the top
with deposits of 100000. while the
District Of Columbia follows Virginia.
Christmas savings accounts in Virginia
total SO, 900, 900, while those Of the Dis
trict Of Columbia amount to $4,000, 900.
More than 5000 Richmonders will
share in the club distribution on De-
cember l. While there are slightly
fewer accounts in Richmond than in
1880, the amount will be larger than
the distribution of last year.
New York leads the Nation with
sl23,000,000. with Pennsylvania second
with S66000,00o and Massachusetts,
third with $4,000 0O0
Twelve million Americans, members
Of Christmas clubs throughout the ccun-
try, will have 1892 ACC, 900 to spend dur
ing the holiday season this year.
Herbert F. Rawll of New York,
Christmas Club president, said with
drawals had reduced this years total by
6 per cent, as compared with 1880. but
that substantial increases had been
made in many communities The funds
are handled by about 5000 banks and
other organizations.
The 1892, 10000 total announced by
Rewll does not include sums in several
hundred banks which have similar
plans, but which are not associated with
the Christmas Club
Capital Traction Improves.
Capital Traction stock showed i'm
provement during todays trading ses-
sion OF the Washington Stock Ex-
change. The stock opened at 201b.
same as yesterdays closing price. then
advanced to 205s and closed at 81
The days turnover consisted of five
10-share lots
Potomac Electric Power Consolidated
5s moved in 81 900 sale at 1912 and
Washington Railway & Electric As fig
ured in a 81 900 sale at 852,. Three
81 900 sales in Washington Gas Light
IS were recorded at 100, while Wash
lngton Gas Is, series B, figured in one
1000 sale at 1882.
Recent activity on the local bond
market has caused considerable COM
ment among members of the exchange.
Bond sales have far exceeded the in
terest lately shown in the stock divi-
sion.
Mergenthaler Takes Service.
The Wall Street Journal today an
nounces that among the first leading
companies to take advantage of the
new teletypeWriter service offered by
the Bell System is the Mergenthaler
Linotype Co. The equipment is already
installed in the Companys headquarters
at 29 RyerSOn street, Brooklyn, and will
Immediately connect with the COM
pany's offlces in Chicago. San Fran
cisco, Los Angeles and New Orleans.
Later the Canadian Offices will be con-
nected.
Mergenthaler Linotype stock was
quoted eX-dividend today, following the
the recent declaration Of the quarterly
dividend Of $3.50 per share.
Safeway Stores, Inc, with which the
Sanitary Grocery Co. is affiliated has
declared regular quarterly dividends of
Sl.25 on common, 81 81 on the 7 per
cent preferred and $3.50 per share on
the per cent preferred stock, ell pay
able on January l to stock of record
December 10.
Heard in Financial District.
Word has been received here that
oepoSltors and creditors of the Chesa-
peake Bank Of Baltimore will receive
an initial payment Of 22l2 per cent Of
their claims before Christmas the an
!IOuI4CeHehI pelng maze by George w.
rage, State bank commissioner and re-
ceiver for the bank.
An amendment TO the charter Of the
Virginia Life g. Casualty Co., Inc, of
Richmond reduces the par value of its
shares from $40 TO SIS and reduces its
actually issued and outstanding capital
stock to $4,000 from 100000.
The date for the observance of Life
insurance day in connection With
Thrift week, has been set as Thursday.
January 81, 1882, throughout the United
States and Canada.
National City Bank has declared the
regular quarterly dividend of 81, pay
able January 70 stock of record De-
cember H.
Directors of Bankers Trust Co. of
New York have declared the regular
quarterly dividend of ~ per cent. pay
able January 2, to stockholders of rec
ord December IL.