Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-04-19

HIS SuDJcCL Wuo
''There Are No Strangers.
John P. Lynch, president OF the
local association, presided, the attend
ance being unusually large. An I'M
nortant part of the meeting was the
nomination of candidates for directors
of the association for next year. lhey
will be elected at the May meeting;
President Lynch gave most inter-
esting address over the radio last eve
ming explaining the aims OF lnsul
ance week" and pointing out the Vaiue
of insurance from both protective anu
investment standpoints.
Partnership insurance has 1ulnleo
demand long in existence, ne saiu;
In the event of the death OF one VI
the partners, the proceeds OF the oe-
ceased partners policy would be turned
over to his widow, with his interest IN
the business going to the surviving
partner. BY this procedure both par
ties are well taken care OF. Inc sur
yiving partner has the business ana tne
widow has her husbands share con-
verified into immediate cash at par
value.
SALARY and wage earning women are
great believers in life insurance. Thelr
object is primarily a savings invest
ment to build fund for use IN middle
age. They usually take endowment OF
retirement income policies. ;,
Life insurance, as you nave seen;
he concluded, really covers the whole
range of financial human activity. 1t
saves, invests, indemnifies, protects
from loss or irreparable disaster.
Mills on Mergenthaler Board.
Ogden L. Mills, former Secretary OF
the Treasury, was elected to the dlrec-
torate of the Mergenthaler Linotype Co.
at a meeting held in Brooklyn yester-
day. Mr.. Mills was valued member OF
the board at the time Of his appoint
ment as Secretary of the Treasury. he
resigned from all his directorshlpS al
that time His return to the board Will
be pleasing news to the large number
of Mergenthaler Linotype stcckholoerS
in this city.
Frederick D. McKenney and George
Hewett Myers, both of Washington, are
members of the same board of directors,
Mr.. Mckinney also being attorney Tor
the company.
Would Keep Bond Departments.
The proposal now being so widely dis
cussed, which favorS doing away with
all bank affiliates, was given Its snare
of attention at the Executive Council
meeting of the American Bankers
Association at Augusta, Ga. last week.
In recent weeks this suggested move In
banking has met with very general ap-
proval and many prominent bankers
have taken the ground that all afhllateS
should be divorced forever from tne
parent banks.
At the Georgia meeting the council
took no direct action in the matter.
Since there was a division OF opinion
at the last national American Bankers
Association convention, the members OF
the council did not feel that they should
take any definite stand at this time.
The bankers did, however, express the
opinion that if affiliates are eventually
placed under the ban the banks should
BE- permitted to operate their bond de-
partments for a considerable time so
that the new conditions may be met
gradually.
The Washington banks do not have
afflliates so the issue is not as I'M
portant here as in New York and Chi
cago to bankers but equally vital to
investors. Most local bankers believe
the banks should not be involved in
the sale of new issues. Investors hold
ing certain foreign bonds express them
selves r1uch more strongly on the sub
ject.
Takoma Bank Nearly Completed.
Construction of the new Citizens
Bank Building in Takcma Park has
advanced so rapidly that it is now ex-
pccted the structure will be ready for
occupancy by the end of May. In ad-
dition to the space needed by the bank,
the building will contain good-sized
hall and many Offices and four stores
n bank vault is now being constructed
which will have $50 safe deposit boxes
The present officers OF the Citizens
Bank are L. S. Cannon, president; l.. "
secretary; A. L. Votaw, cashier, and
H. L. Carr, assistant cashier.
C. & o. Share Net So Cents.
The Chesapeake g. Ohio Railway re-
ports for quarter ended March 81, 1888
net income of S4,487,470 after taxes
charges and sinking fund appropria-
tions, equivalent. after allowing for div
idend requirements on preferred stock
to So cents share (par $3.50 on 1852
813 shares of common stock. This COM
pares with $4,750,346, or 81 cents a
common share, in first quarter of 1882
March net income was $1,220,955 after
taxes, charges, etc, against net income
Ol SZ,Uoo,lfO al
At the annual meeting held in Rich
mond, all the directors were reelected
j. w. Harahan, senior vice president
presiding.
Treasury Meeting Stirs Interest
The banking situation in Washington
has remained unchanged SO far this
week. The meeting of the governors
of the Federal Reserve Banks at the
Treasury in an effort to stimulate
business and free funds in closed
About S40,0O0,000 is tied up in the
local banks which have not yet re-
ceived any licenses to reopen. Releas-
ing of any part of these funds would
be of great assistance to hundreds Of
bank depositors.
Today's Trading on Exchange.
On the Washington Stock Exchange
today $1,000 Anacostia & Potomac
River SIS changed hands at 81, Wash.
ington Gas SIS, 1858, figured in a $1,00(
moved at 1903 and washington Gas IS
Series B, recorded a 500 sale at 104
Mergenthaler Linotype stock sold a.
2312, Potomac Electric Power PEI
cent preferred at 107A and Washing.
ton Railway & Electric preferred at 81
Financial District Comment.
Locel brokerage houses were crowded
today when the New York stock marke
opened. The general advance In quota
lions caused wide satisfaction. Infla'
ton has been the subject most discussed
in the ticker rooms here during thu
past few days.
The Union National Bank and En-
pire National Bank, both of Clarks
burg, W. Va, have reopened on 10t
per cent basis, according to Hugh
Leach. manager Of the Bal:imor'
branch of the Federal Reserve Banl
of Richmond.
West Virginia Pulp & Paper Co. ha'
declared the regular quarterly DIVIDEND
of $3.50 on the preferred stock, pay
able May is to stock Of record May !