Evening star. [volume] (Washington, D.C.) 1854-1972, 1934-05-13
OFFICERS ELECTED
BY|NSURANCEMEN
FOR COMING YEAR
F. G. CIendanieI Is Chosen
Head of Underwriters Or.
ganization Here.
THREE NEW DIRECTORS
ALSO ARE SELECTED
Federal Securities Agency Urged
by Chamber of Commerce-Build-
ing Permit Values Climb.
BY EDWARD c. STONE.

F. George Clendaniel, agent of the
Northwestern Mutual Life Insurance
Co., was elected president of the Dis
trict of Columbia Life Underwriters
Association at meeting of the board
of directors. He succeeds Thomas P
Morgan, jr.
Other officers elected to take care
of next years activities include P. l.
Rogers, agent of the Acacia Mutual
Life Insurance Co., first vice presi-
dent; j. E. McCombS, general agent
of the Berkshire Life Insurance Co.
second vice president; Thomas R
Crowley, general agent Penn Mutual
Life Insurance Co., secretary, and
Joseph A. Mari, also general agent,
Penn Mutual. treasurer
Three new directors were elected
at the same meeting. Dwight T.
Scott, agent, Mutual Benefit Life In
surance Co.; j. E. McCombs, the new
second vice president, and Laurence
H. Ruggles, assistant manager of the
Phoenix Mutual
Mr.. Clendaniel. the president elect.
has been second vice president of the
association during the past year, and
is widely known in insurance circles.
having been active in the organiZa-
tons affairs for some time. Induc-
ton of all the new officers will take
place at the underwriters regular
June meeting. Mr.. Morgan will lay
down the presidents mantle at that
time after most successful year.
Securities Agency Urged.
The resolutions passed by the
United States Chamber of Commerce
favored a Federal agency devoted
wholly to securities matters. After
stating that reasonable control of ex-
changes was not opposed, the COM
merce resolution added:
That such legislation should not
be extended into fields where there is
no clear justification should be axio-
matte, and that it should not contain
provisions which are not definite and
understandable by legislators and the
public would seem obvious. However
much additional improvement should
be made in the pending legislation,
the importance to the Government
and the public of proper administra-
ton makes appropriate a Federal
agency devoted entirely to the super
vision OF matters relating to securities.
Upon the earnings of business cor
porations the Government depends
for large part of its tax revenues,
and great part of the savings of the
country are dependent for their Sc
curity. Upon the increased activities
of these corporations the country de-
ponds chiefly for Unemployment. Re-
covery depends largely upon freedom
of issue and distribution of sound
corporate securities"
Reserves to Halt Gambling.
A minimum. per cent, reserve
against net deposits. plus so per cent
of the amount of a banks average
daily debts to deposit accounts would
be required of member banks in the
Reserve system as reserves if the pro-
posal sponsored by the Federal Re-
serve Board to prevent a recurrence
of speculative excuses is enacted into
legislation.
In order to avoid too heavy burdens
in extreme cases, the proposal of the
board provides that in no case would
credit reserves required of a bank eX-
coed Is per cent of its gross deposits,
and in computing reserves the men,
Der banks would be permitted to count
as reserves a certain proportion OF
their vault cash.
A totally inactive account, under
the boards proposal. would carry a
total reserve of only 5 per cent, while
a deposit balance which is checked
out on the average once a week would
carry a total reserve equivalent to II
per cent of its amount. For the av-
erage member bank it is computed by
serves would be equivalent to about
per cent of its deposits.
Washington bankers. who have read
the proposal, opine that if there is any
action that it not needed at the present
time it is a move to prevent specula-
ton. One to start it is more needed,
they assert.
Gossip in Financial District.
The South Atlantic States reported
an increase of 24.8 per cent in total
building permit values during April,
compared with year ago. The gain
for the whole country was IA per cent.
Last months figures were the best
since last September. being far more
than seasonal. according to Dun &
BradStreet.
Reservation requests are continuing
to come in steadily for the coming
annual convention of the District
Bankers Associa ton to be held at
White Sulphur Springs, w. Va, the
last of the month, Transportation
Chairman B. L. Cotton announces.
The West Virginia resort, one of the
finest in the country, has been extern
sively improved since the Washington
bankers convened there in 1924.
On the Washington Stock Exchange
during the week Railway & Electric
common stocks jump of So points
since the last previous sale aroused a
lot of comment. Peoples Drug Stores
preferred with an advance of % points
between sales. also drew special at
tention. Lanston Monotype since the
annual meeting the other day has
been more active. At At it yields $50
per cent
Grayson P. M. Murphy, head of the
brokerage firm bearing his name, was
in the Capital during the week to
present his views on the Rayburn
communications bill.