Evening star., 1934-08-08
INSURANCE FIRM
ELECTSD|RECTORS
Stockholders of Potomac
Company Name IL at
Meeting.
RY EDWARD c. STONE.

N4EE ESAs3H @AN NA %%NsAr@ @%f +%-N~ @|%"N-@"A
year:
A. A. HoehIing, Charles e Hood
o. ". p. johnson, J. w IaEhr,
Thomas c. Moore, r. Forie-Miller
s. NoTie- Miller, g. r r. OgiIby,
Alexander X. Phillips, Douglas r
Phillips. Frederick Richardson and
George W. White
The Potomac Insurance Co vas
chartered by special act Of Congress
on March 2, 1881, and issued It's l05d
annual financial statement this year.
The paid-up capital was increased 70
8I 900 600 last January. The nnan-
ciai statement as Of December 81,
1893. shows assets and liabilities Of
s3.437, 1886. The assets include s2.-
o2B.e44.5s in bonds.
MARYLAND Bonds offered.
The high premium bids submitted
on the s2.35O 900 State Of Maryland
per cent bonds caused much interest
In the financial district here today.
As already noted In The Star, the
Firit National Bank OF New York
and associates were awarded the issue
on their bid Of l09.079
Associated in the purchase are
Stone g. Webster e. Blodget, Inc. I:
r.. w. Pressprich a. Co. Phelps. Fem
81 Co. Darby a. Co, First National
Bank OF Baltimore, Mercantile Com
merce Bank a. Trust Co. and Macku-
bin, Legge a. Co
Reoffering of the Maryland bonds
is being made as follows: 1885 ma
4tts 20. .sfatA -
l.25 per cent; 1887, It's per cent;
1888, per cent; 1899. 225 per cent:
l940-4l, $50 per cent: 1912, 2.6o per
cent: 1943, 2.70 per cent; 1914, ais
per cent; l945, 2,eo per cent: 1916.
2.35 per cent; 194T-49. 2.90 per cent.
During the afternoon two-thirds of
the issue was resold, dealers reported.
OF the total. 100000 consisted of
relief and $35o,ooo Of general purpose
bonds.
Assistant Cashier Elected.
VIII r. Swetnam was elected yes-
terday an Assistant cashier OF the
Bank OF Commerce and Savings. Mr.
Swetnam joined the staff Of the bank
in June, 1920, as a bookkeeper. He is
a native Of Virginia, having been born
in Fairfax County. He is q graduate
of Central High School and served
two years with the American Expedi-
tionary Forces In France, according to
announcement made by John M.
Riordon, executive vice president Of
the bank
A total OF 81 SOC, 900 has been loaned
during the last five months to home
owners in Washington and nearby
Virginia and Maryland by the Acacia
Mutual Life Insurance Co, officials
OF the company announced today.
The plan also has accomplished the
purpose Of giving employment to
hundreds of artisans in the building
trades and in general Of further
strengthening the steadily improving
local economic situation.
Whitney Visits Kennedy.
Richard whitney. president of the
New York Stock Exchange; j. NJ B.
Hoxsey, executive assistant to the
Committee on Stock List; Frank
Altschul, chairman Of the committee.
and Roland l.. Redmond. of counsel,
had their first formal meeting yester-
day with Joseph P. Kennedy, chair
man OF the Securities and Exchange
Commission, and commission mem-
bers.
Mr.. Whitney said regulations to be
promulgated for the registration of
exchanges and securities as provided
In the law were discussed, and that
further conferences would be held be-
fore final adoption of such rules. He
indicated he was in accord with
tentative regulations submitted.
Mr.. Kennedy promised If possible
TO make public next Tuesday the first
batch OF the commissions REGULATIONS
Today's Trading on Exchange.
Washington Railway g. Electric
again sold at 100 on the Washington
Exchange today. Potomac Electric
Power registered ll3 and Mergen-
thaler Linotype moved at 81. Bonds
were quiet, the only sales being in
Washington Gas 6s, series B, which
brought lo3
w. w. Spaid, partner in w. b.
Hibbs a. Co. and vice president Of
the Association of Stock Exchange
Firms. has returned from the meet
ing of exchange members in New
York, at which methods of increas-
ing activity in the securities markets
were discussed. The general opinion
prevailed at the meeting that definite
improvement in the business win do
more than anything else to bring
about a substantial increase in the
volume Of trading.
Auchincloss, Parker g. Redpath
made official announcement today OF
the firms admission to membership
in the Chicago Board Of Trade Alfred
Putnam. one of the partners, will hold
the grain exchange seat
President Corcoran Thorn of the
American Security a. Trust Co, is
taking his vacation, a part of which
will be spent at his Summer home in
New Hampshire.
Controller Opens % Banks.
The controllers office announces
that % national banks, with over
$24,000,00 in frozen deposits were
opened or reopened in July. bringing
the number licensed in the past seven
months up to SAP, involving frSzen
deposits of S2e4 28S .ooo. In june 40
banks were reopened. The number OF
unlicensed national banks has now
been reduced TO 66, and SO per cent
Of these have received approval Of
plans for reorganization.
The weekly reports of condition of
member banks in leading cities to the
Reserve banks will be made on new
forms, beginning September 5, which
give a more detailed classification of
loans and deposits, as well as to in
clude additional items of assets and
liabilities. There is no indication that
the enlarged information win be pub
lished by the Federal Reserve Board.
Offering OF $4,000 900 Federal In
termediate Credit Bank lI2 per cent
debentures, dated August Is and due
December IS. is announced by Charles
r. Dunn, fiscal agent. About $4,000
600 of the total viii represent new
money.