Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-06-08

largely upon the E t#M$M
business men Of E 4 4
the country with
the advice an q .ssSss. 81
help of the bank
erS to create rsu;n T. Graham
volume of COM
mercial credit that can be bought by
the banks and money thus released for
productive purposes in an effort to
stimulate business and employment.
Gov. Seay PresideS.
Gov George j. Seay of the Federal
Reserve Bank of Richmond presided at
yesterdays meeting which was held at
the Richmond Bank.
Eugene Meyer, governor OF the Fed
eral Reserve Beard, went down from
Washington to attend the meeting.
The organization plans are similar
to those already carried out in the
New York Federal reserve district and
mittee members announced yesterday
include c. E. Michael and Robert p.
Beamon for Virginia; II. NJ. Victor and
Mr.. Cannon, for North Carolina; A. l..
NJ. Virgins and James c. Self. for
South Carolina; John NJ. Crawford and
H B. Lewis, for West Virginia and A.
Hamilton Post and Charles M. Cohn,
fer Maryland.
Announcement that Mr. Fleming had
been selected to represent the banks IN
the Washington Clearing House AssO-
citation, was made by H. II Mckee
chairman of that organization and
president of the National Capital Bank.
Chairman Mckee believes that fact
should be stressed that the banks do not
create credit. Business has to create the
demand for credit and the banks then
supply that need.
The banks all over the country have
a vast amount of Money ready to loan
when business and industry need it. The
idea that the banks are holding up
credit is said to be unfair and untrue
The present trouble is with the demand
for credit and not with the bases of
supply Chairman Mckee asserts.
When all the Federal Reserve districts
have completed their committees, it Is
expected that the different groups will
be invited to the White House for a con-
ference with President Hoover SO that
the work in the y reserve districts may
be properly co-ordinated. Al least, that
was the idea when the plan was first
announced.
AutOmotive Firm Re0rganized.
The board of trustees Of the General
Auto Truck Co, TWenty-firSt street and
Virginia avenue northwest, at a recent
special meeting for the consideration of
executive reorganization, elected the
following stockholders as officers for
the current year:
William H. Staples, president. tc sue
coed B. c. DoWney whose resignation
was accepted last January; E. Austin
King, vice president, and Albert George
Keen, secretary-treasurer.
William H. Staples and Mr.. E Austin
King are two of the original stockhold-
ers, and have been actively engaged IN
the conduct of the companys business
since its organization in 1919.
Albert George Keen, an accountant
by profession, has been associated as ar
executive with two of Washington's
Leading department stores for the past
six years.
Semi-Annual Dividend Voted.
AT meeting of the directors of the
Jacobs Transfer Co. Inc. the board
placed the dividend on a semi-annual
basis, the first semi-annual installment
Tor 1882, amounting to So so a share,
being voted. The dividend is payable
TO stockholders of record on June 3.
In a letter to stockholders President
w. E. Humphreys adds
ms step was taken because there
hao been accumulated a considerable
amount of cash in excess of current
operating needs, and the company hav-
ing no unpaid current liabilities, there
was no reason to withhold payment of
the dividend until December.
Net profits so far this year exceed
the amount necessary for the full year,
o awe ma Tonnage handed exceeds
that Tor the corresponding period of
1881. Gross income is slightly lower
because of lower rates necessary to
meet competition. but this has been
much more than offset by lower operat-
ing costs.
The company is operating on a
strict system of budgetary control, and
no month has shown a loss since June
of 1890"
Underwriters Hear Dr. Huebner.
DR.. S. S. Huebner. dean of the American
College of Life Underwriters, addressed
the District Underwriters Association
at the June meeting at the Washington
Hotel this noon. He is on the faculty
OF the University of Pennsylvania and
is one of the best known authorities on
insurance matters in the country. His
address today was most inspiring and
informative
DR.. Huebner attended breakfast
this morning given in his honor by the
District of Columbia Chapter, Chartered
Life Underwriters, at the Racquet Club.
After the meeting this noon he met a
group of 80 life insurance men who are
interested in securing the degree of
chartered life underwater
Cleaned in Financial District.
The board of directors OF the Bank
of Commerce &, Savings late yesterday
declared the usual Semi-annual dividend
of per cent, payable July to stock
holders of record on June 90
David Samakow has been elected
chairman of the New York Life Agents
Club for the second six months of the
year. G. L. Stabler has been chairman
during the first half year.
Charles L. Taylor and c. Louis Eckloff
have been designated to represent the
National Metropolitan Bank at the Hot
Springs convention. At one of the re-
cent conventions Mr. Taylor surprised
his friends by carrying off the top
spinning honors against field of re-
markable spinnerS. p