Evening star., 1932-04-01
BANKERS PLANNING.
! RICHMOND PARLEY.
Federal Reserve StockhoId-
/; ers' Meeting to Be Held
+ on April IS.
BY EDWARD C. STONE.

BY EDWARD C. STONE
& Word has been received by local men,
lbers Of the Stockholders Association of
Ithe Federal Reserve Bank of Richmond
Stating that the annual meeting will be
held in the Virginia capital on Friday,
April IS. Complete details of the pro-
gram are to be announced soon.
About 200 bankers from all parts of
the fifth Federal Reserve district, which
includes Washington, Maryland, Vir-
ginia, West Virginia, North Carolina
and South Carolina, usually attend the
annual meeting at which vital banking
problems are fully discussed
The association makes recommended
tions to the Federal Reserve Bank OF
Richmond. These suggestions do not
have to be adopted as the association
has no direct power over the manage
ment of the bank However, the dis
cussions are SO helpful, as well as IN
formative, that the meeting is always
very largely attended.
George j. Seay, governor OF the Fl1tn
District Bank, is always one OF tne
speakers. No doubt his remarks TINS
year will be of special interest. Ihe
notice of the coming meeting is signed
by r. H Mckee, president OF the Ma
tionNl Capital Bank of this city, VINO Is
president of the association.
Light Re-Enters Insurance Field.
Charles P. Light, for many years
ronnected with the washington ONCE
of the National City Co., has resigned
his position to re-enter the insurance
field as special representative here Tor
the Fidelity Mutual Life Insurance 20.
of philadelphia. He has been IN
washington 20 years and is a member
of the Alfalfa Club, the Army ana
Navy Club. the Metropolitan CLUB, the
RACQUET Club and the National Press
Club. as well as the Blue Ridge Roo
and Gun Club. the Maryland Club OF
baltimore and the Commonwealth Club
of Richmond.
At one time he was secretary OF
the American Highway Association.
Following this he became repre-
sentative of the Fidelity Mutual Lie
Insurance Co, at Martinsburg, w. va;
In 1912 he moved to Washington ana
in 1916 became district manager mere
for the Fidelity.
loan drives and other war activities
and was offered a connection in WASH
inpton with the National City GO. OF
New York in 1918, which he accepted.
Mr.. Light. however, never gave up ms
interest in life insurance. HIS oe-
cision to return to that company
therefore, does not come as surprise.
Fifth District Mills Active.
Further details from the February
and early March review Of the Feoerai
Reserve Bank of Richmond snow thaC
the textile industry in this territory
is operating at higher ,raee -s
production than year ago. FurInsI
more fifth district mills consumed
more cotton last month than IN efther
January. 1882, or February, 1881.
Labor conditions showed no material
change up to the last half of March.
Biturninous coal production In Feoru-
ary exceeded January production, put
was approximately II per cent below
production in February last year. Farm
work is reported as well advanced Tor
the season, but the outlook is uncertain
as to prices.
Most of the auction tobacco markets
in the district closed during February
after selling smaller crops for much
lower prices than were sold last year from
the yield c. 1880. Tobacco manufac-
tured in February was less than in
Febrllary, 1881, but the decline in this
industry was much smaller than de.
creases in output shown by nearly all
other industries.
Building work provided for in Feb
ruary permits issued and contracts
actually awarded was in smaller volume
than in Febraury, 1881, and there were
no indications that pointed to much
increase in construction work in the
near future.
Prince Georges Pays Dividend.
The directors of the Prince Georges
Bank & Trust Co. recently declared the
regular quarterly dividend Of IL per
cent on the outstanding stock, the pay
ment being made today. This banks
stock is listed on the Washington Stock
Exchange and pays 6 per cent year:
1t is announced that Saks & Co. will
have a temporary Office for the collec-
tion and adjustment Of accounts, at
$50 Indiana avenue northwest, over the
National Bank of Washington, Isaac
Cans and o. B. Vogel being in charge.
w. w. NARROW, cashier of the Second
National Bank, has been confined to his
home for several days with an attack
of the prevailing grip.
Irving Zirpel, secretary and assistant
trust officer of the Union Trust Co., Is
back at the bank after weeks illness
with the grip.
Directors of the McCrory Stores
quarterly dividend of $1.5O per share
on the preferred stock, payable May to
stock of record April 20.
Two-Year Premium Required.
Local representatives of Virginia in
surance companies and other workers
in the same field, are much interested
in the announcement that Gov. John
Garland Pollard has signed the bill
requiring the payment of two years
premium, instead of one year, on in
Surance policies collectible by the heirs
of suicides. Agitation for this change
in the law was centered largely in
Richmond, where, during the last two
years. two suicides had caused a ST.
800 900 loss to the various companies
operating there.
Light Trading on Exchange.
Mergenthaler Linotype opened busi-
ness on the Washington Stock EX-
change today with a small sale at 40.
Five sales of Potomac Electric Power
5l2 per cent preferred, totaling 40
shares, was recorded at los.
Riggs National, American Security
& Trust, and Union Trust Company
stocks have been added to the list now
quoted ex dividend. Many other issues
paid dividends today, the checks hav-
ing Deen received IN the morning mall
Local brokers. as well as bankers, were
watching with intense interest the re-
suits Of the new ruling on loaning of
stocks in connection with short sales
on the New York Stock Exchange, which
went into effect today.
Title Convention in West.
The American Title Association will
hold its twenty-siXth annual conven-
ton in Del Monte. Calf. June %, 2G
and 80, 1882, according to an announce
ment issued by its executive Offices in
Chicago today.
The American Title Association is
composed of $500 trust. title and alb