Evening star., 1938-10-10
y, NJ Vkek1
Reserue districts.

September figures preliminary; in
most cities the month had the same
number of business days this year
and last year
Public Bond Sales Favored.
Although conceding that private
placement of securities may save The
labor and cost of registration and is
a much simpler job, Charles w. kel-
logg, vice president of Virginia Elec-
trio g. Power Co and chairman of
ENGINEERS Public Service Co., Inc, told
the Securities and Exchange Commis-
sion it is mistake to try to take ad-
vantage of this apparently easy short
cut.
Mr.. Kellogg appeared before the
commission on Virginia Electric's cx-
enption request from the declaration
requirements of the utility act for is
suance of S37,5oo,oo0 of 312 per cent,
series B bonds, due 1858, which have
now been sold.
He said he considered an open mar
ket for the company's bonds as of
fundamental importance; that securi-
ties widely held create better market
for future issues, and that the theoretl-
cal saving in cost which might be
effected by a private sale is largely
illusory
Insurance Institute Opens.
The Life Insurance Institute, con-
Quoted by the District Life Under
writer's Associa ton, is getting away to
a fine start, according to Dean Harold
D. Kraft and Registrar John E.
O'Brien. Registration has been heavy
during the last few days, flrst-term
classes being scheduled to start tonight.
This years faculty includes Robert
W. Burton, H. Lawrence Choate, Leo
pold " Freudberg, Mr.. Kraft, j. Alan
Maphis John E. O'Brien T. L. OBrien,
Walter J. O'Connor, William R. Will
hanson and Bernard L. Wilmer.
Convention Attracts Auditors.
At the first fall meeting of the Audi
tors Section of the District Bankers
Association, next Thursday, plans will
be discussed for the Forthcoming con-
vention of the National Association of
Bank Auditors and Controllers. which
opens at Houston, Tex, November IA.
Arthur j. Linn, controller of the Ham
uton National Bank, is president of
the national organization this year.
T. Stanley Holland, third vice presi-
dent of the District Bankers Associa-
ton, has been delegated to attend all
the section meetings for the year as
the representative of the parent as
sociation
Hans R. Faber. E. C. DesMarets
and A. E. Castle, members of the E. P.
Kern Agency of the Bankers Life In
surance Co., are in Chicago this week
attending school for the better train
ing of agents. Attendance is partly
based on production.
Prospects for the motion picture in
dustry have been improved by the up
turn in general business, United Busi-
ness Service points out in its latest
weekly report With consumer income
again rising box Office receipts should
expand Theater attendance will also
be stimulated during the remainder of
the year by the s25O,0O0 movie quiz
contest sponsored by the industry.
washington NdTkct StTOHX.
Potomac Electric Power per cent
preferred stock was strong on the
Washington Exchange today, small
sale registering lis. Washington Gas
Light preferred opened at 100 on a
10-share sale and three more shares
sold at 1oob. Washington Gas SIS,
1858. appeared on the board in a
$1,000 transfer at 104A.
Robert v. Fleming, president OF the
Riggs National Bank has returned
from New York where he afforded
a two-day session of the Administra-
tive Committee of the American Bank
ers Association. Banking problems to
be presented at the Houston convention
were given special attention.
Robert G. Holloway of w. B. Hibbs
g. Co. has returned from White Sui
phur Springs, w. Va, where he spent
part Of his vacation. He also visited
q number of other high spots in
West Virginia
Washington brokers will get a holi-
day Wednesday. The Columbus Day
notices have been posted in the board