Evening star., 1936-08-11
STORE SALES GAIN
IN FIFTH DISTRICT
Richmond Reserve Reveals
July Volume IS Per Cent
Above 1885.
BY EAROLD b. ROGERS.

year. and exceeded the average of
IA per cent gain for the country as
q whole, according to the Federal Re-
serve Boards index made public to-
day.
The Richmond district for the
seven months from January to July
81, showed gain of 10 per cent
over the same period year ago,
as compared with an II per cent
gain for the country.
In a statement explaining the situ-
alton, the board said department store
sales were better sustained in July
than is usual in that month and
the boards index, which allows for
q seasonal decline, increased from 88
per cent of the 1923-25 average in
June to 81 per cent in July. This
level is the highest since the middle
of 1881 and compares with an aver
age of 70 per cent during 1885.
Acacia Program Under Way.
The dedication convention of the
Acacia Mutual Life Insurance Co. Is
under way. with program planned
to come to climax Wednesday night
when the new home office building of
the company is dedicated.
Branch managers of the company
already are in session, to be followed
by the agents convention opening to-
morrow with registration, sightseeing,
and a luncheon for active members
of the William Montgomery Quality
Club. Thursday and Friday, educa-
tional conferences and discussions will
be held in the auditorium of the
Acacia Building.
Several thousand persons are ex-
pected to attend the dedication exer-
cises tomorrow night. The building
will be dedicated by j. Balch Moor,
superintendent of insurance for the
District of Columbia, and the trust
will be accepted by President William
Montgomery. DR.. Bernard Braskamp
of the Gunton Temple Memorial Pres
byterian Church will ask the invoca-
tion, and the dedicatory prayer will
be offered by DR.. Thomas E. Green
of the American Red Cross. The
ceremonies will be presided over by
President Montgomery.
A feature of the agents convention
Thursday will be an address by A. R.
Jaqua, associate editor, Diamond Life
Bulletins of Cincinnati. Ohio, who
will speak on prospecting Cpportu-
mites"
Agents attending the convention
won that honor in Nationwide con-
test sponsored by Acacia.
Bank Liabilities Attacked.
While stockholders Of open" banks
in this city are either freed from dou-
BILE liability now or will be after July I,
1887, much interest is being shown
here In the fight elsewhere to elm
mate bank stock double liability from
State constitutions.
Following the example of several
States which have eliminated such a
principle, New York State last year
struck it from its constitution by a
vote of three to one. Now bankers
in Maryland and in Ohio are in the
midst of fight to amend their con-
stitutions. A vote will be taken in
November on the issue.
Reviewing the situation, S. II.
Squire, State superintendent of Ohio
banks, recently said "22 States of the
Union are without laws on the subject
some never imposed double liability.
and others who had it have done away
with it."
Deplores Hardship.
Squire criticized double liability as
working an unnecessary hardship and
as mo longer necessary factor" in
the light of Federal insurance of bank
deposits.
Homes of the widow and the
fatherless have been Sold" he said,
reviewing the Ohio situation, "estima-
BILE people have been thrown into
bankruptcy, untold suffering has been
caused our citizens, and the net re-
suit of composite collection yielded but
q small percentage as dividend
upon the 300 million deposit liabilities.
-. We all agree that the banks
should be made safe for the depositor.
but the time has come when double
liability need no longer be considered
as a necessary factor"
With double liability hanging over
Ohio banks, he said it was difficult to
sell bank stock, or to fill vacancies on
the DOarQS OF directors.
d. c. Action Completed.
Here in the District legislation has
been completed to eliminate double
liability entirely by July l, 1887, pro-
vided banks conform to requirements
of the banking act, as to giving no
tice by publication. One of the first
steps was taken in the banking act
of 1888, supplemented by further pro-
visions in the banking act of 1885.
Under the 1888 provision all new ma
tional bank stock issued after June 16,
1888, was free of double liability. New
State bank stock was exempted in
February. 1884, here.
The question of double liability on
stockholders of closed banks here is
different and has been one of con-
tention in the courts in many cases.
In some closed banks here the receiv-
ers are assessing and collecting, in
others no assessments can be made,
and in others it has not been neces-
sary to assess.
The new legislation to eliminate
double liability of stockholders in
"going" banks has no effect upon the
liability of stockholders in CLOSED"
banks. All going" banks here are
insured under the F. D. I. c.
Foreign Outlook Dark.
DR.. Max Winkler, investigating Eu-
Sopean conditions for the Independ-
ence Fund of North America, Inc,
has cabled that because of the un-
satisfactory current conditions and
gloomy outlook in France there seems
little opportunity for investors or
spectators. American brokerage rep
resentatives," he adds, "are actively
sponsoring American speculative
shares, but this is to be regretted be-
cause it helps create a vulnerable
position in this class Of securities.
However, Europe continues to feel
safer holding American issues, even
though of the more speculative va