Evening star., 1937-04-22


he gathered on a recent extended
agency tour.
Nominations for the board of di-
rectorS of the association for next
year were also made President
LaWrance n. Riggles presided. Spe-
cial interest in the nominations was
one factor in an extra large attend
ence. Tn election takes place in May.
Firm Considers Liquidation.
Stockholders of the Corcoran Fire
Insurance Co. of the District of Co.
lumbia, one of the oldest insurance
concerns in the Capital, have been
notified by the directors that the
company is considering the advisa-
bility of liquidation, special meeting
having been called for Wednesday,
May 10, to obtain an expression from
the stockholders.
The letter states that three-fourths
Of the shareholders have already ex-
pressed the opinion that the business
should be terminated. In the notice
the directors report discussion at
their meeting on May of the con-
ditions affecting the fire insurance
business in the District of Columbia
and elsewhere"
Your board of directors after care
ful consideration believe, under all the
circumstances, that it would be for the
best interest of the stockholders that
the business of fire underwriting be
discontinued and all outstanding risks
relnsured; that, pending expiration or
cancellation of all outstanding policies,
the company's organization be main
tanned and its funds kept invested the
directors directing the payment from
time to time of such dividends from
earnings and surplus therefrom as may
be deemed advisable"
Instead of any losses, the stock
holders will have substantial profits.
the statement adding that the COM
pany is incorporated for 100000, evil
denced by 1000 shares of stock of the
par value of $50 per share. The sur
plus is more than S35O,OO and it is
relieved that upon liquidation in this
manner each stockholder will receive
5000 per share
The officers are Frank McClelland.
president; R. P. Hollingworth, vice
president; Franz H. Ridgway. secre-
tary, and j. Clarence Welch, assistant
secretary. The stock has been listed
on the Washington Stock Exchange
Tor many years, the bid recently being
raised from s1o0 share to $3.50
share.
Convention Opens Tomorrow.
First delegates arrived here today
Tor the fifth eastern regional confer
ence of the National Association of
Bank Auditors and Controllers. to be
held tomorrow and Saturday at the
Wardman Park Hotel About 300 are
expected to the conference, which is
sponsored by the auditors section of
the District Bankers Association.
The convention will be called to
order at $50 am by General Confer
ence Chairman Raymond G. Marx Of
the Riggs National Bank. H. H. Nc
Kee, chairman of the Washington
Clearing House Association, will greet
the visitors.
The tWo-day program calls for a
discussion of a wide variety OF sub
jects OF special Importance to all bank
auditors and controllers. Both general
addresses and round table discussions
are included
The national president is Charles
II. Gordon, controller, Seattle First
National Bank, Seattle Wash. The
chairman of the Washington, D. c.,
conference is Millard S. Yeatman,
auditor, Hamilton National Bank;
vice chairman, Harry L. Downey,
Washington Loan g. Trust Co., and
secretary-treasurer, Gerald E. Keene,
assistant cashier, Second s-ational
Bank.
Virginia Bank Makes Record.
The twentieth anniversary of the
Farmers & Mechanics National Bank
of Stanley, Va, is being celebrated this
month. A glance at the records show
that during this time the bank has
enjoyed a gain of more than 100 per
cent in capital funds, more than 200
per cent in total resources, and nearly
300 per cent in deposits. During the
two decades the bank has paid to
stockholders more than $4,000 in
dividends besides adding a share of
earnings to capital account. D. H.
Modesitt is president and c. c. Lauder
back, member of the Virginia House
OF Delegates, is cashier.
Anaconda Copper Mining Co.-Sub-