Evening star., 1935-05-15

GLlC cAcCuSlVc pO-
sition the benefit of great deal OF
valuable experience. He was elected
by the Board of Governors.
Prior to service as president, Mr..
Simmons for three years was vice
president under President Seymour
Cromwell. He purchased his member
ship in 1900 and became a governor
Of the exchange in 1909. AS chair
man of the Law Committee, probably
the most important committee of the
exchange, Mr.. Simmons has taken
an active part in the adjustment of
the exchanges affairs to meet the
changed conditions incident 10 the
passage of the securities exchange act
of 1894.
Eccles to Address Bankers.
Mariner S. Eccles, governor of the
Federal Reserve Board, will address
the 1885 annual convention of the
Pennsylvania Bankers Association on
June 5, it was announced here today.
The convention will be held at Scran-
ton, Pa.
Robert v. Fleming will be the chief
speaker at the annual convention of
the South Carolina Bankers Associa-
ton, being held this week at the Fort
Sumter Hotel, in Charleston.
Secretary Morganthau has an
rounced that subscription books will
close on May % for the current offer
ing of 27s per cent Treasury bonds
OF 1999-60, in exchange for first Lib
erty bonds called for redemption on
June Is
The report of the Reconstruction
Finance Corp. of its authorizations
and commitments to April 80 shows
loans authorized to 1896 banks and
trust companies aggregating $2,345,-
905,765. OF this amount, $345, ,130, ,495
was withdrawn or Cancelled $142, ,402,-
S48 remains available to the borrow
ers and S1.658, ,423 was disbursed
OF this latter amount, ST 1856 ,666, ,744,
or ~ per cent, has been repaid.
April Insurance Reported.
New life insurance production in
the United States during April by AZ
companies having 83 per cent of the
total life insurance outstanding in all
United States legal reserve companies
totaled $733, 10000, compared with
S790, 900 a year ago. decline Of
rs per cent.
For the first four months this year,
however, new production showed an
increase of So per cent over the cor
responding period last year. Total
new business for the period amounted
to $3,046. 1862 900, compared with S2,-
S95 ,653, 900 last year, according to
figures compiled by the Association of
Life Insurance Presidents.
Detailed figures for Washington will
be announced shortly. AS there was a
gain here in March of II per cent the
April figures no doubt will be above
the national average. The Life Insur-
ance week drive is being pushed vigor-
ously with excellent results reported
for Monday and Tuesday. One agency,
the New York Life, combined the
campaign for two days with a special
drive in honor Of the birthday of Earl
d. Krewson, agency director, 81 appli-
cations being reported.
Permanent Listing Requested.
The Washington Stock Exchange
reported today that another issue
listed on the board had asked for per-
manenS registration with the Securi-
ties Exchange Commission. The latest
application covers Chesapeake & Po-
tomac Telephone of Virginia first IS,
bonds which sell above 100, the pres
ent bid price being los.
On the exchange today City & Sub
urban SIS sold at 871a, a new high, and
there was a $4,000 transaction in
Washington Market first IS at 81, this
also being above recent bids. Capital
Traction IS were in demand at SO.
Norfolk & Washington Steamboat
stock sold at 85, Potomac Electric
Power per cent preferred at 1887
and the 51a per cent preferred al
112N. Real Estate Mortgage and
Guaranty preferred moved to the ex-
tent of IS shares at 31a and 100 shares
at as.
Fred Mckee, vice president OF the
Security Savings and Commercial
Bank, Is on trip to Arizona to visil
yeIattves for q short time.