Evening star., 1937-02-06
BANKERS CONFER
0NCORBYV VACANCY
Association Council Makes
Plans for Attendance at
Rites Monday.
BY EDWARD C. STONE.

Rites Monday.
BY EDWARD C. STONE.
Members of the Council of Admin
istration of the District of Columbia
Bankers Association held a special
meeting yesterday afternoon, follow
ing announcement of the death OF the
associations president, Karl w. Corby.
and made plans for carrying on the
work Of the organization.
First Vice President Thomas j.
Groom asked the officers and other
members of the council to represent
the association at the Corby rites,
which are to take place next Monday
afternoon, following arrival of the body
from Florida.
In addition to the first vice presl-
dent, the other officers include Hill
leary G. Hoskinson, second vice presi-
dent; Ord Preston, third vice presi-
dent; Albert S. Galley. treasurer;
Frank J. Hogan, general counsel; Don
aid w. Larson, secretary, while the
other members of the council include
Charles H. Doing, George o. Vass.
c. H. Pope, T. Stanley Holland, c. F.
Jacobsen and A. M. McLachlen.
Vice President Groom will appoint
committee shortly to draw up suitable
resolutions on the passing of President
Corby. The Washington Stock EX-
change, of which Mr.. Corby was vice
president, has already taken action on
his death, President James M. john
ston having named these members to
attend the funeral; Y. E. Booker, c. j.
Gockeler, w. w. Mackall, James
Parker Nolan and Chauncey G.
Parker, jr.
Further Credit Curbs Planned
How the Federal Reserve System
proposes in the future to curb undue
credit expansion was outlined by
Joseph A. Broderick, one of the gov
ernors. in Sn address in Bo: ton.
Having exhausted its power to raise
member bank reserve requirements,
the system will now turn to 'the nor
NAL credit instruments of open mar
ket operations and discount rates"
Mr.. Broderick explained. Open mar
ket operations will be used to "set the
stage for discount rate policy by
eliminating remaining excess reserves.
and the discount rates will be used to
discourage member bank borrowing ii
the system decides to put the brakes
on credit expansion.
Mr.. Broderick traced the change
over the last % years in the conception
Of bank reserves which first were re-
rarded as safeguards against runs but
which now are devices for controlling
the high powered money which lies
at the root of credit expansion ana
contraction.
Insurance Gains Reported.
The Northwestern Mutual Life
Insurance Co. reported today that new
paid-for insurance in 1886 totaled
$3.50, 1922 ,873, an increase of S1l,27o,-
454, or a. per cent over the total in
1885. The number of new policies
was 72,189, an increase of 2,570 over
the previous year. The amount OF new
paid-for insurance per life averaged
$4,213.
Total insurance in force was S3,778.-
14s. 1862. and the total number of poll
cIes increased to l,007,857, as OF
December 81, 1886, a gain of s73,l2S,-
727 in amount, and 20,6SO in number
Of policies in force, compared with the
end Of 1885.
The seventy ninth annual report OF
the Northwestern Mutual, made by
President M. ]. Cleary tc the Board
of Trustees at its quarterly meeting
February 8, showed total admitted
assets at a new high of 81, ,l29,853 ,696,
as Of December 81. The increase over
the total of the year previous was
t57861, TAO.
Sales and Collections Up.
Total net sales and collections on
accounts receivable showed continued
Improvement during December. 1886,
for the group of manufacturers report
ing in the monthly joint study OF the
National Association OF Credit Men
and the Bureau Of Foreign and
Domestic Commerce. Marked gains in
sales and higher rate OF collections
were recorded for each month OF 1885
as compared with the same month In
1885 by this group Of manufacturers
sales being up IS per cent
The Broad Street Investing Co., Inc,
reports as of December 81, 1886, net
assets equal to s35.25 share OF cap
ital stock outstanding. Dividends
declared during the year amounted to
s225 a share, Of which SIPS share
was paid in December out of net prof
its on sales of investments. The gain
in assets for the year including these
dividends was approximately 33 per
cent, based on an adjusted liquidating
value Of $2s.12 share on December
81, 1895.
The momentum which recovery has
now acquired will this year enable
business to overcome temporary recess
sions arising from industrial readjust-
ments, according to the monthly sur
vey Of Fidelity Fund, Inc.
I'm spite Of the tie-up now exist
ing in the automobile industry. busi-
ness at large has not suffered to
the extent which might be expected
on the basis Of the publicity given
to these conditions. Electric power
output and freight carloadings are
still IA per cent and 8 per cent, re-
spectively, higher than a year ago.
Steel ingot production continues at
about the highest point for the re-
covery period so far. Electrical equip
ment sales are continuing to expand
and the same is true of other i'm
portant lines unrelated to the motor
industry.
Heard in Financial District.
A. E. Giegengack. United States
public printer, personally arranged
for the tour of the Government
Printing Ofice by Washington Chap
ter, American Institute of Banking,
on the evening of February 10. The
tour was planned by the chapters
Puhlic Affairs Committee, of which