Evening star., 1935-06-19


Reserve System and to which he is so
bitterly opposed. Bankers in nearby
Virginia expressed great interest to-
day In what Senator Glass may have
to say on the banking bill or other
timely subjects.
Robert " Fleming also will be one
of the speakers. He will attend the
meeting as first vice president of the
American Bankers Association. The
president of Riggs is due to speak
tomorrow on Trends in Banking and
Banking Legislation" 1t is doubtful if
any banker in the United States, in
Guiding President Hecht of the A. B.
A, is keeping any closer to banking
trends than the Washington banker.
Three weeks ago he addressed the
District Bankers Association at Hot
Springs on the same subject.
Brass Tacks" Program.
Virginia bankers will devote their
program most to trust matters and
hank management. Tomorrow'S SeS-
sion will include trust conference
and Friday will be devoted to man
agement problems. They call it a
"hraSs tacks" program.
At the trust conference, Henry E.
Sargent, secretary of the A. B. A.
Trust Division, will speak on "Oppor-
tunities for Activity in the Trust
Field" and Richard C. Stockton of
Winston-S Salem, N. c., will present "a
Statement of Principles of Trust In
Etitutions."
How Can Country Bank Diversity
Its Risks" will be explained on Fri
day by G. C. Mccall, cashier, First
National Bank, Norton, Va. Interest
Rates on Time and Savings Deposits
will be discussed by Thomas H Blan-
ton, president. Union Bank & Trust
Co., Bowling Green, Va.
Another speaker will be Fred Berger
OF NorriStown, Pa, who is to speak on
Bank Management From the View
point of Public Relations" At Satur-
days session Joseph H. Turner, jr.,
senior clerk, Roanoke Branch, Nor
ris Plan Bank of Virginia, will read
a prize winning essay on Customer
Relations" The Virginia bankers
conducted contest similar to vhe one
carried out by the District Bankers
Association for students in the Amer
lean Institute of Banking. George H.
Keesee of the Federal Reserve Bank
Of Richmond was one of the Judges.
Passage of resolutions and the an
nual election of officers will Conclude
the business session Saturday.
District Leads Whole U. S.
The District of Columbia led every
one of the 48 States in the amount of
new life insurance written during
May, according to information re-
ceived by The Star from Hartford,
Conn, this noon, new business in the
Capital soaring 80 per cent ahead of
the total in the same month a year
ago. The amount of new policies
written by agents here totaled S.
i61, 900.
Business in the whole country aver
aged is per cent lower in May this
year than last. Business in West Vir-
ginia was only per cent lower, and
the same in North Carolina. South
Carolina reported drop of per cent,
while new insurance in Virginia was
18 per cent below May, 1884, and suf-
fered a tumble of 20 per cent In Mary
land.
Analysis of the sales of ordinary
insurance show that Maryland's sales
totaled $7,906,000, Virginia business
amounted to $5,775, 600, West Virginia,
e4,231 900; North Carolina, $6,553 900,
and South Carolina, $2,830,000. In
the first five months of this year buSi-
ness in the District of Columbia was
81 per cent better than in the like
period last year. For the South At
lantic States as group business was
2 per cent above last year This COM
pares with national average of only
3 per cent.
The nearest approach to the District
Of Columbia's 80 per cent gain was
made by Arizona with an advance of
% per cent over last year. Nevada
ran third with a pickup of 13 per
cent. 1t will be recalled that in the
recent national insurance week cam
paign Washington agents made a re-
markable showing during the six busi-
ness days Of the drive.
Bank Makes Income Advances.
Bankers in this city will be inter-
ested in novel plan now being car
ried out by the Marquette National
Bank, in Minneapolis, which has
launched policy of making unsecured
loans on promisSory notes, without CO.
makers or indorsers, to employed per-
sns of the city, without regard to
whether or not they are customers of
the bank. The new loans are called
income advances.
The new-type loans are made on
the basis of a S per cent interest
charge, q 2 per cent insurance charge
and, if the borrower is not customer
OF the bank. payment of a 81 charge
for investigation of the eligibility of
the borrower. The pay-of arrange
ment on the loans calls for IL month
1y payments through deposit in the
savings department of the bank, where
accumulated pay-offs draw the regular
savings rate of interest until the date
of maturity Of the loan, which may
not be for more than one year.
MergenthaIer Sells Lower.
Several small lots of Mergenthaler
Linotype stock changed hands on the
Washington Stock Exchange today at
2615, of a point from yesterdays
small sale. The market closed with
26 bid and 271k asked. Potomac Elec-
tric Power per cent preferred moved
at ITO.
In the bond division Washington
Gas IS, Series B, opened at 103h
and closed at 1031s. All transactions
were in $100 bonds. Bank of Com
merce g. Savings stock, National
Union Fire Insurance, Lincoln Ma
tional Bank, Real Estate Mortgage &
Guaranty preferred and both Wood
ward & Lothrop issues are being
quoted ex-dividend.
Hupp Motor Car Corp.-Production