Evening star., 1936-08-04

the Security Saw ~
ings g. CONNER poho,, 4, E,.m;r,
cial Bank; Ron
aid Ransom. another governor in the
Federal Reserve System, who has been
very prominent in the American Bank
ers' Association F. Gloyd Await. Tor
manv years an official in the office OF
the controller of the currency, who is
now engaged in private law practice;
James A. MeSser, vice president OF the
Columbia National Bank; E. E. Mount
Joy, Washington representative OF the
A. B. A: w R. Huff, also connected
with the Office of the A. B. A. here,
and Miss Catherine M. Krieg, secre-
tary to Robert V. Fleming, president
of the A. B. A.
Members of the delegation from the
Capital already announced, include
Mr.. Fleming, nj. F. Calnan, Karl w.
Corby, Thomas j. Groom, John A.
Reilly, George o. Vass and Wilmer j.
Waller.
Program details have not yet been
announced, but it is likely that sew
eral Government officials will appear
in the list of leading speakers. The
delegates from here will go on special
trains and do good deal of sightsee-
ing on the way out and back.
Insurance Directors Elected.
Stockholders of the Potomac InSur-
ance Co. elected the following directors
for the coming year at the annual
meeting held yesterday at the head
Offices in the Washington Loan G.
Trust Building:
A. A. Hoehling, Charles E. Hood,
o. H. P. Johnson. James F. Mitchell,
Thomas c. Moore, F. ie-Miller,
S. Norie- Miller, c. F. r. Ogilby, Alex
ander K Phillips, Douglas r. Phil
lips Frederick Richardson and George
w. White.
The annual financial statement was
presented at the meeting and showed
substantial gains in business during
the past year. resulting in material
increases in surplus and reserves. The
company, chartered in March, 1881,
already has an excellent start on its
second century.
Election of officers will take place
at the next regular meeting of the
board of directors. The present Off
GERS include George w. White. chair
man of the board; Frederick Rich
ardson, president; Thomas c. Moore.
vice president and general manager:
A. A. Hoehling, second vice president,
and A. K Phillips. secretary.
Railroad Earnings Improve.
Glass l railroads in the Southern
district for the first six months of 1886
had a net railway operating income
of S32 1868 which was at the an
nual rate OF return of 207 per cent
on their property investment. For
the same period in 1885, net railway
operating income amounted to S24,-
425,O31, and 1.55 per cent on property
investment.
Gross operating revenues of the class
railroads in the Southern district for
the first six months in 1886 amounted
TO 40,0l0,929, an increase of 1873
per cent. compared with the same
period in 1885. while operating ex-
penses totaled s182, ,712, ,154, an increase
of 81 per cent
Class l railroads in the Southern
district for the month of June had a
net railway operating income of s4,-
683953, compared with s3,532,295 in
June, 1885.
Glass l railroads in the Eastern dis
trict for the month of June had a
net railway operating income of $30,-
040,172, compared with S27,706923 in
June. 1885.
Fifth District Crops Helped.
Crops in the fifth Federal Reserve
district have been helped by frequent
rains in the past 10 days, according
to the latest reports from Richmond.
Much of the damage suffered during
the long drought may now be SAL
vaged, the report adds.
The commercial apple situation is
much better and cotton and tobacco
are improving. The poor conditions
Of the crops was the only unfavorable
factor mentioned in the Reserve banks
July review, which stated that it was
too early in the season to determine
just how badly crops had been injured
by the lack of moisture The rveiew
concluded:
Crops on the whole are very late,
and condition figures on July l were
therefore low. but favorable weather
during the balance of the season could
easily overcome considerable part of
the disadvantage under which crops
started, and could produce materially
better yields than those indicated by
present condition percentages"
Failures Reach Low Point.
The Federal Reserve Bank of Rich
mond reports that failure records in
this district in June we're better than
the records for either June, 1885, or
June, 1894.
The fifth reserve district showed
decrease of per cent in the number
OF bankruptcies in June, 1886, in COM
parison with June. 1885, and liabilities
In June this year were % per cent
below June, 1885, liabilities, while the
national totals showed a decrease of
18.l per cent in number OF failures
and drop of 29 per cent in aggregate
liabilities involved.
There were 40 commercial failures
IN the fifth district in June this year,
involving total liabilities of S266,0OO.
In June. 1885, there were 43 failures
with total liabilities of $272,000, and
in June, 1884, failures numbered IS,
with liabilities of $565.00O.
Heard in Financial District.
The final sale of Washington Gas
bs, 1850. at 1915 on the Washington
Stock Exchange yesterday was a new
high for the year. The previous high
mark was 120 fiat. Potomac Electric
Power 5l2 per cent preferred stock
also made new 1886 high yesterday,
when five shares sold at 112.
Washington bankers look for a re-
quest to be made on the next Con-
gress to cut down the assessment of
the Federal Deposit Insurance Corp.
The banks new pay one-twelfth of /
per cent. 1t is claimed that the in
surance fund is now accumulating
more rapidly than is necessary.