Evening star., 1935-04-17

nresident was Chauncey Parker. Jr
born in Hagerstown, Md. but has
lived most of his life in Washington.
He became associated with Mackubin,
Legg & Co. in 1928 and has been
manager of the Office for the last five
years.
Chauncey Parker is a native of
New London, Conn. Harvard grad
uate and served in the United States
Marines during the World War. He
was at one time manager of the j..
A. w. Iglehart offices here, later as
sistant manager of the National City
Co.'S Office and became a charter
member of AuchinclosS, Parker e.
Redpath in 1890 He is on the gov
erning board of the Washington Stock
Exchange.
John E. Parker is one of the three
managers of the G. M. P Murphy
brokerage Office here He is a grad
uate of the United States Naval
Academy and obtained his first
financial training in the New York
Office of Hornblower g. Weeks. He
started his Washington career with
the late John L. Edwards, remaining
on the staff when G. M. P. Murphy
bought out the Edwards firm.
Insurance Leaders to Meet.
Three new directors will be nomi-
mated at the April meeting of the
District Life Underwriters Associa-
tion tomorrow noon at the Willard
Hotel. The guest speaker for the oc-
casion will be Arthur Youngman of
Newark. N. j.. connected with the
Mutual Benefit Life Insurance Co.,
who will talk on Getting Down to
Hard Pan Again" One of his COM
pany's leading agents. he has per-
sonally produced a half million dol
lars in new business every year for
the past 10 years.
The three directors whose three
year terms of office are now expiring
are Thomas P. Morgan, jr., general
agent of the Mutual Life Insurance
Co. of New York; Horace Winter,
manager Of the Travellers Insurance
Co., and Carl Smith Dow, general
agent of the Pacific Mutual Life In
Surance Co.
j. E. McCombs, chairman of the
Membership Committee, will announce
the results Of the very successful men,
bership campaign, which has brought
the association membership above
that of last year.
Hecht Notes Banks Safety.
President Rudolf S. Hecht of the
American Bankers Association told
the delegates at the Spring council
meeting at Augusta. Ga, that not
in many years has there been such
a sense of security in the banks as
now prevails in all parts of the
country
He reiterated the opposition of the
association against Title II in the
proposed banking act of 1885 now
before Congress and condemned poll
tlcal domination of the country'S
banking system. He lauded the re-
port of the associations special COM
mittee on banking studies and said
the organization would oppose the
passage of the pending bill until the
Observation-Disclosures lldu
been adopted.
President Hecht is very anxious
that Congress accept the suggested
changes and that the amended bill
be passed at this session. He is
strongly opposed to carrying the mat
ter over until presidential year."
First Vice President Robert v.
Fleming presided at memorial ses-
sion in honor of the late John, H.
Puelicher and the late Rome c. Ste
phenson, both former presidents of
the A. B. A. Glowing tributes were
paid both financiers for the great
service rendered the association.
Capital Transit Goes Lower.
Capital Transit stock sold at 1885
on the Washington Stock Exchange
today, new low mark on the present
move. Only five shares changed hands.
The stock closed with 1917 bid and
19 asked.
Riggs Bank common and preferred
stocks both appeared on the board to-
day. The common opened at 215 and
closed at ZIG on light turnover. The
preferred stock moved at Ill.
Mergenthaler Linotype was the most
active stock on the list, six consecu-
tive 10-share sales being recorded at
30, unchanged. In the bond division,
there was a $1,000 transfer in Barber
e. Ross 61zs. The bonds closed with 20
bid and 80 asked. The sale was the
first since the present position of the
firm was announced. No bid or asked
price was quoted on the common stock.
Washington Gas 6s, series B, were
again strong at l03$.
Financial District Notes.
Detailed figures from the monthly
report of the American Stores Co.
show that March sales totaled
$9,048,869 against $9,234,926 a year
ago, an increase of $186,057, or 2 per
cent. For the first quarter sales TO-
tailed $29 9,09S, ,397 against $2s,912,226
o