Evening star., 1933-05-29
BENNER TO SPEAK
At MEETING HERE
Insurance Expert Will Be
Guest at Convention
.. of Underwriters.
BY EDWARD c. STONE.

Continental American Life Insurance
Co, will be the guest speaker.
DR.. Benner was formerly connected
with the Brookings Institute in this city
and as an economist has done great
deal of research work. He addressed
the recent Washington Baltimore Sales
Conference in Baltimore. The address
made on that occasion caused the de-
,mand for his service here.
The other officers in connection with
the life underwriters new administra-
,tion include: First vice president,
Horace Winter, Travellers: second vice
president. F. George Clendaniel, North
western Mutual; secretary. Herbert o.
Mclean, Provident Mutual; treasurer,
Loren L. Cluster, New York Life.
New directors are George T. Black,
Sun Life Assurance of Canada;
F. George Clendaniel, Northwestern
Mutual, and P. L. Rogers, Acacia
Mutual.
The other directors still in Office are
David S. Bethune Equitable Life ASsur-
ance Society; Carl Smith Dow. Pacific
Mutual; Alton G. Grinnell. New Eng
land Mutual; Dan j. Harrison. Mas
sachusetts Mutual; Thomas P. Morgan
jr., Mutual Life of New York, and
Horace Winter, Travellers.
At Thursdays meeting President
Morgan will propose the following men,
. bars as chairman of standing COM
mittees during the coming year: Bull
,letin, Karl S. Hoffman, National Life
Of Vermont; Educational, Earle W.
Sapp, New England Mutual; Field Prac-
stice, Roger M. Mccullough, Sun Life
of Canada; Legislative, Herbert L. Bar
dow, Prudential Life; Managers Section,
Frederick v. McNair, Lincoln National;
Program H. Lawrence Choate, Mutual
Benefit; Reception. Ray w. Smith, Mu-
tual Life of New York; Sessions, Henry
S. Baker, Home Life of New York.
The appointments are subject to ap-
proval of the Board of Directors. The
new president also favorS holding the
luncheon meetings on the first Monday
of each month, dispensing with meet
1ngs in July, August and September.
Later Mr.. Morgan may add one or two
more standing committees.
Seven Banks Now in Merger Plan.
With entry of the United States Saw
3ngs Bank into the proposed merger
: TO form the Hamilton National, of
the 13 closed local institutions are now
working toward consolidation. The Or
.ganization committee of the Hamilton
National considers the action of the
United States Savings Bank as highly
Important on account of the bank S
past business record and the location
at Fourteenth and U streets.
The other banks working hard on
the merger proposition are the District
National, Federal-American, Potomac
Savings, Washington Savings, North
east Savings and the Woodridge-Lang
don Savings & Commercial Bank All
report satisfactory subscriptions for the
new capital stock. AS the success of
i. the whole campaign hinges on the sale
of the stock, this will be stressed par
ticularly hard during the next few days.
a. Some of the letters sent to depositors
and stockholders call attention to the
time usually required in the liquidation
iof bank, giving this as an argument
for subscribing to the stock on the new
combined bank. When the merged
bank is opened, SO per cent of the pres
, ent deposits in the seven banks will be
freed In the case of most liquidations
smaller amounts than so cents on the
dollar are paid depositors at first, with
additional amounts later. The letters
some banks have sent out say that sta
tistics show the average time required
in the liquidation of bank is 512
years.
. Bankers View Business Outlook.
The fact that the market for listed
bonds should have given a fairly good
account of itself with the dollar depre-
ciating as much as 20 per cent, COM
modify prices rising daily and much
uncertainty existing over the general
scope and details of the national cur
rency and credit policy, can be taken as
evidence that the great army of in
.Vestors retained much of its faith in
.the financial tradition of this country
sand in the political integrity of its
.present leaders" says the American
Bankers Association Journal.
!, If the investing public were inclined
ito believe that serious use would be
..,made of certain of the infiationary
spowers conferred on President Roose-
welt by Congress. it would have fled
from the money and fixed income Sc
scuritieS and into property and equities
with alarming speed" the journal says.
Discussing general business recovery,
the Journal says that the first milestone
on the way out of depression-that is,
the point when business is sufficiently
liquidated to feel the stir of seasonal
influenceS-WaS passed last Summer
and Fall. The review adds:
!, Since the banking moratorium ended
sin the middle of March both business
land the markets have gained in vitality,
..'and since April 10, when President
Roosevelt Signalized the abandonment
.Of the gold standard by placing an en-
.bargo on shipments of that metal, the
F.. pace of the recovery has been quick
.ened. It has been quickened sharply
.in business and sensationally in the
speculative markets"
!; Today's d. c. Exchange Trading.
I, Trading on the Washington Stock
Exchange today started the week very
squietly, The most important transac-
,tion was in Washington Railway &
/. Electric Is, $1,000 changing hands at
f, ,85l2. Potomac Electric Power 512 per
. cent preferred stock changed owner
oship in small lots at 106 ex-dividend
+, All the local banks and brokerage
,offices and investment houses will be
CLOSED tomorrow in observance of Me-
.morial day. The Washington Stock
Exchange will also be closed.
: George L. Starkey, president of the
National Bank of Washington. was
5back at his desk today after Today
motor trip TO Atlantic City and vi
scinity.
. Vice President A. M Nevius and
Trust Officer Sidney F. Taliaferro of
. the Riggs National Bank are attending
the annual convention of the Reserve
! City Bankers Association at Excelsior
Springs, Colo.
: There was a rush of depositors to
the Commercial National Bank today
following the notice requesting the filing
,Of claims in connection with the pres
Ient receivership proceedings. After
these claims have been proved, the
, Commercial will be in a position to
make its first payment to depositors
A, Brokerage House Crowded.
Fl; Local board rooms we're again crowd
ed to the limit today at the opening
of the New York Stock Exchange. The
approaching holiday was expected to
cause scme pr0fit-taking, which was in
dicated by lower quotations. The mar
ket was extremely active. however.
The New York City bank stock mar
ket advanced sharply during the past
week the aggregate market value of