Evening star., 1936-08-08

Iarge toll tele- -
phone cable prof.
ect, started soon n..,-
after the World u A. n00'"''n'
War. He entered the service of the
Bell system in July, 1906.
Subsequently he was connected with
the engineering department of the
New York Telephone Co. until he was
transferred to the engineering de-
partment of the American Telephone
e. Telegraph Co., where he handles
transmission matters.
Mr.. Robinson is graduate Of Johns
Hopkins University, class of 1908,
with B. S. degree and of Cornell
University. class of 1906, as q
mechanical engineer.
National Bank Rules Studied.
1t is reported that experts in the
comptroller of the currency's office are
making a study of 9 issues of bonds
carrying stock purchase warrants and
I8 issues convertible into stocks, with
view to determining whether re-
vision of the regulations covering
purchase of investment securities by
national banks should be made to
clarity the status of these securities.
Comptroller of the Currency j. F.
T. OConnor has interpreted the latest
regulations, issued under provisions
Of the banking act of 1885, as pro-
hibiting the purchase Of either class
of security by national banks which,
under the law. are barred from in
vcsting in stocks But it is said that
there are cases where these bonds are
purchases by banks for strictly in
vcstment purposes, without regard
10 their convertibility and stock
warrant features which offer a specu-
le i've inducement.
The regulations themselves have not
ocan modified to meet the interpreta-
ton placed upon them by the comp
troller because of the studies to de-
tc-mine whether some of the issues
m ght not be eligible for bank invest
ment, and to determine where to
d"2W the line.
The outstanding issues of securities
ee-rying stock purchase warrants,
which are now under study. total, it
Is said about S50000000 and those
.9rrying convertibility provisions
about s30O,OO0,0OO
Premiums Now Paid Monthly.
A large number of life insurance
rcnpanies now accept monthly pre-
NUNS, a survey conducted among
A-:lerican Life Convention companies
ELiicates. In past years ordinary
companies for the most part felt that
ncnthly premium policies were semi
Industrial, involved additional book
k-aping expense and increased the
OPPORTUNITY for lapse.
However. the depression brought
about a great change in the attitude.
Ten monthly premiums gave IL
times as many chances to keep in
tc-ce the policy of an individual hav-
ng financial difficulties and to tide
hin over until his circumstances
e. ed.
Tor this reason Col. C. B. Robbins,
n nager and general counsel of the
A. L. c., stated, companies Offering
q monthly method of premium pay
ncat have maintained in force busi-
q 5 that en- annual, Semi-annual or
e,on quarterly basis, would have gone
o. the books.
Richmond Trails Other Areas.
The fifth reserve district reported
Ec gains in wholesale hardware
s. IS IN the first half year, but trailed
tl,9 other districts in percentage i'm
pavement.
Further gains in wholesale hard
V-re sales during the first half of the
cf,rrent year are reflected by the fig
u1oS gathered by Federal Reserve
b .lks throughout the country and
rtnpiled by Hardware Age. The GU
nulative gains for the Nation as
U.ole averaged 1873 per cent for the
fist six months of 1886, as compared
VIII 1872 per cent for the years first
q.2rter.
The sales increase, by Federal Re-
serve districts, in respective order OF
IT, improvement shown are: Dallas,
2C5; Chicago, 22.8; San Francisco,
2l5; Cleveland, 210; Atlanta, 1877;
kcnsas City. 1876; Philadelphia, 1910;
NV York, go; Minneapolis, go; st.
Luis, 80, and Richmond, So.
Heard IN Financial District.
Norman Towson, assistant treas
i.-er in charge of the foreign and GUS
te-ners' securities departments of the
Washington Loan g. Trust Co., left
here yesterday for a vacation of sew
e2al weeks, which he will spend Wis
iS:ng friends on Georgian Bay, On
tsyio.
The fourteenth annual convention
of the Association of Bank Women
viii be held in San Francisco Sep
tc.nber 1924, Miss Susan B. Sturgis,
p.csident, announces. Several Wash
1ngton bank women are members of
t.,e organization, but nobody has yet
s.ranged to take the trip.
The final session of the week on
tie Washington Stock Exchange found
Capital Transit again selling at II on
several small lot sales. Potomac Elec-
trio Power per cent preferred closed
at 112. while Washington Railway &
L,ectric preferred moved at Ill.
Orders booked by 90 manufacturers
CT conditioning systems and equip
n.ent had a value of $4,3S6,636 in
J1ne, compared with $4,412,681 in
May, decrease of 1T per cent, the
Department of Commerce reports.
June orders brought the total for the
first six months of the year to $780,
4I5.446.