Evening star., 1933-05-21
Acacia's Regional Conven-
tions Have Stimulated Busi-
ness Throughout Nation.
EXNICIOS JOINS FIRM
OF INVESTMENT BANKERS
Proposed Blue Sky Law Praised by
Former Senator Sutherland
as Confidence Builder.
BY EDWARD C. STONE.

OEUeI IllE SlUIlQluS VI 1CSlOlldl IOll
ventions attended by President William
Montgomery of the Acacia Mutual Lift
Insurance Co.. agents in all parts of th'
country, are establishing new high rec
ords for business volume.
At each convention President Mont.
gomery's colorful story of Acacia's de-
velopment over period of four decades
from 1893, has brought an enthusiastic
response resulting in a remarkable in.
crease in applications and total busi-
ness. This week two regional meetings
are cheduled-Atlanta, Ga, and Dallas
Tex
The first regional meeting was held
prior to the bank holiday, at San Fran
cisco, despite the extremely adverse
conditions existing at that time, the
121 agents wrote approximately $780,
600 of business.
Rejecting the improvement in the
general situation is the result of the
Atlantic City meeting, which came after
the moratorium, when 101 agents wrote
$1,853 900 of business on more than 55C
applications The Chicago group oi
branches, meeting next, wrote 81 ,944, ,89C
from the stipulation period of April IL
to May 10. The 124 agents brought in
more than 665 applications.
The next meeting was at Columbus
Ohio, where 83 agents succeeded In
writing S1,144,800 of business on 38s
applications.
Exnicios Joins Jones Firm.
An announcement of interest to the
financial community was made yeSter-
day by Robert c. Jones, head of the
investment banking firm of Robert C.
Jones & Co., that Marshall o. EXnicios
had become associated with his firm
as vice president.
MFR. Exnicios has been in the invest
ment banking business in Washington
for the last 10 years. During this
period he has been connected with some
Of the large financial houses of the
country.
In 1929 he opened the Washington
Office of Chase Securities Corporation
of New York, as sales manager for this
territory Since the merger of Har-
ris. Forbes & Co. with the former he
has been resident manager of Chase,
Harris. Forbes Cooperation.
Mr. EXnicioS is graduate Of Dart
mouth College and the Amos Tuck
School Of Business Administration at
that institution. Prior to entrance
into business in Washington he was
for two years with the National City
Bank Of New York. He has large
acquaintance here, is a member of
Chevy Chase, the Racquet and the
Riding and Hunt Clubs.
Sutherland Lauds Blue Sky Law.
United States Government super
vision of the issuance of securities un-
der the new securities act will hasten
the return of confidence in the finan-
cial leadership of the country and will
make possible new capital flotations
many months before it would have
taken place if the Government had not
intervened, in the opinion of former
Senator Howard Sutherland, who re-
Gently resigned as Alien Property Gus
todian to accept the presidency of the
Fidelity Investment Association.
The national blue sky law" says
Senator Sutherland. will divert mil
lions of dollars from the hands of un-
scrupulous promoters into the channels
OF legitimate investment and will dc
as much to bring money out of hiding
as the establishment of the banks OF
the country on a sound basis"
Mr.. Sutherland has just returned
from trip to London, where he OBJ
served the working of the British Sc
curities' act and came to the conclusion
that it aided, rather than hindered
only a fair profit for his work. ''The
United States act" he added, will pre-
vent tying up the public's money in
highly speculative projects, which are
better financed by private subscription
until they have reached the point
where an earnings record can be fur
nished"
Merger Plans Progress Steadily.
IL - c;y y
local financial institutions into one new
bank to be known as the Hamilton Ma
tional moved rapidly during the week
Headed by F. C. Graham, this con-
solidated bank hopes to open for busi-
ness in a short time and free so per
cent Of the present frozen deposits.
The merger campaign started by the
District National Bank. also includes
the Potomac Savings Bank, Federal
American National Bank & Trust Co.
Washington Savings Bank, Northeast
Savings Bank and the Woodbridge
Langdon Savings & Commercial Bank
AS noted elsewhere in the Sunday Star
these six banks will push the sale o.
the new stock hard during the coming
week. A particularly interesting fact II
this connection is the statement that
the unit banks will not have to raise
as much new capital for the merged
institution as would have been re-
quired to kept their identity. This
should make it much easier to meet
the new capital structure requirements
The supporters of the consolidated
bank hope to get one or two more
banks into the fold soon. The Frank.
lin National Bank is still pushing it:
own drive to reopen. The Industria
Savings Bank is anxious to become ma,
and continue
institution. Others are hard at Worl
on their own problems. The next few
days, probably the present week, shoulc
determine exactly what banks are Il
compose the Hamilton National.
Treasury officials have declared TO
years that there are too many bank
in Washington. Putting six or NOR
into one institution will cause wild
Government satisfaction.