Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-07

Gray Line Sight
seeing Tours, Inc; member of the
Board of Directors of the Jewish Com
Ynunity Center also Park d Shop Stores,
Inc. and Gray Line Owners Associa-
ton, Inc He is a member of the Wash
ington Hebrew Congregation and OF the
Brotherhood Of the Congregation.
Some Business Sunshine.
That Pennsylvania Railroad has an
nounced that it will spend 10000, 900
for new construction that American
Telephone & Telegraph will disburse
$500, 100000 for new construction and
improvements; annual OUTLAWS by United
States Steel of from $75,000,000 to
100000 0o for new construction, and
proportionate appropriations by other
steel companies; expenditures of $20,-
100000 or more by the can manufac-
turing companies annually for new con-
struction, and OUTLAWS of billions an
nually by industry in general for con-
struction and improvements are the real
big bull arguments. Those projects,
comments the Wall Street Journal, will
make business for the companies that
supply material for new construction,
and jobs for millions of additional men.
ssTrade Area" Branches Scored.
The opposition which exists among
many bankers toward the introduction
of branch banking in trade areas" and
regardless of State lines, as advocated
by Controller of the Currency Pole, is
well summarized in statement by the
bank commissioner of New Hampshire,
John e. Sullivan, who says:
The judgment OF one man or OF one
small group Of men is inevitably
susceptible to mistake or prejudice. The
shrewdest financier may err. If his
wrong guess affects only q single bank,
consequences may not be calamitous
II, however, his authority has extended
over q dozen or more subordinate insti-
buttons, the whole structure may be
undermined
Control of great chain of banks is
too large q responsibility to be shoul-
dared by one man or one clique. It
preSumeS intellectual infallibility and
moral perfection. believe that indie
pendent banks, banks privately owned,
banks closely in touch with the needs
and resources of their own communities,
are the banks which should be en-
couraged. Their presidents and their
trustees become men of shrewd and
penetrating judgment, One man here
or one man there may think wrong,
but the majority think right. That
makes for the public good. There Is an
advantage for the business man, too
in banks which are independently
owned rather than centrally controlled"
Treasury Rules on Cheques.
States Treasury Department in regard
to section CAB Of the new tariff act. col
lectors Of customs Of the United States
are authorized by law to receive at
their discretion uncertified checks, in
GLIDING travellers cheques, in payment
of duties. The decision prohibits them,
however, from receiving checks on for
eign banks, or travellers cheques issued
by foreign organizations. According to
George Weston, vice president and
treasurer of the American Express Co,
this decision clarifies the situation and
authorizes the acceptance in payment
Of customs duties of travellers cheques
issued by recognized responsible Ameri-
can institutions This will be welcome
not only to travellers returning from
overseas, but to the large number of
tourists who by rail and motor cross the
Canadian and Mexican boundaries"
Insurance Firm Elects Officers.
All officers of the Union Corpora
tive Insurance Association of Washing
ton 1900 Fifteenth street, were re-
elected at the annual meeting. They
are Charles P. Ford, president; William
7. Kelly, vice president: G. M. Bug
niazet. secretary treasurer; DR.. J. Ro-
zier .Biggs, medical director; E. r.
Crowson, actuary: C. F. Nesbit. insur-
snce counselor: G. L. Moves, assistant
manager; Ivan N. Fuqua, superin-
tendent Of agencies.
Directors reelected are D. F. Clsary,
O. NJ. Bugniazet, William F. Kelly,
James s. Meade, T. c. Vickers and
Charles P. Ford.
Investment Firm Locates Here.
Knapp 81 Co., Inc, investment Sc
curities firm, are opening a local Office
in the Shoreham Building and will
move their main Office, now located in
ParkeTsburg, w. Va, TO this city. The
company has branch Offices at Clarks-
burg, Charleston and Morgantown,
w. Va, and Marietta, Ohio.
Fleming to Address Bankers.
President Robert v. Fleming OF the
Riggs National Bank is on the progrem
to address the Association of Reserve
City Bankers which holds its annual
meeting this year at Richmond, Va,
April l9 and 20. The matter he will
discuss Is Should the Association Set
Up Permanent Federal Reserve Com
mittee?" Tha convention will be held
at the John Marshall Hotel and many
side trips have been planned.