Evening star., 1938-08-16

..,Io.o1,, u,,oa John H. Royer, Jr.
and managed by the members. A
charter has been issued by the Insur-
ance Department of the District Of
Columbia and reserves have been set
up to cover the protection effective
on the 29th of August. The coveraee
effected provides for $1,000 of property
damage and is limited to $4,000 and
$4,000 of personal liability for the
cab drivers.
Savings at New Peak.
The number of savings accounts in
Washington banks climbed to new
ell-time high of 267, ,391 on June 30
a gain of more than $500 over the
same date year ago and an increase
of 2,100 over March this year, the
office of the controller of the currency
announced yesterday.
Thrift deposits in the % District
financial institutions amounted to
Ss6,47 900, or an average of approx
mately $3.50 to a passbook. Bank
managers consider this as an unusu-
ally high average and in certain quar-
ters these figures were regarded as
sefuting the statement that thousands
Of Washingtonians are forced to with
draw funds in times of declining busi-
ness to help their unemployed relatives
In other parts of the country.
The volume of savings deposits
compares favorably with the peak
levels of March when they stood at
s99,972 900 and with the total on
June 80, 1887, of $97, $4,000.
Agents Win Trip.
New business produced in Washing
ton over the past Is months by r. M.
Flake and C.. c. Potter representatives
of Northwestern National Life Insur-
ance Co., entities them to leave Friday
August 19) for trip to Alaska as
company convention guests. 0. j.
Arnold, president, announced today
Mr.. Plake, who is the company's
general agent in Washington, also
qualified Mrs. Plake for the trip.
New Firm Organized.
A new Washington firm, the Bank
FRS Acceptance Corp, this week filed
with the Securities Exchange Commis-
sion a registration statement cover
ing $500,000 of Z per cent 10-year
debentures, priced at $100, and 77,000
shares of common stock, 10 cents par
value. The company has been incor-
porated in Delaware to do a general
discount business.
Robert H. Mcneil is president; Har-
ry Watkins, vice president; William
w. Barker, secretary-treasurer, and
Nathan D. Williams, general counsel.
The officers form the Board of Direc-
tors.
The registration statement carries
the provision that the purchaser of the
first 100000 principal amount of the
debentures will be given a bonus of
1000 shares of the common on the
basis of one common for each 500
principal amount of the debentures
by the underwater. 1t also provides
that the underwater shall receive as
commission 10000 shares of the
common and that directors shall re-
ceive 5000 shares of the common for
their services. Hertz g. Co., Inc, will
be the underwater
Air Travel Gains.
United Air Lines flew a total of
11,0O3, 3,486 revenue passenger miles
during the month of July, representing
an increase of 1Ha per cent over
June, when 1O,853, 795 revenue passen-
ger miles were flown. w. A. Patterson,
United's president, said that summer
vacation travel and new low air fares,
including half fares for children, ac-
counted for a portion of the traffic
gain.
Financial District Notes.
Frank r. Ullmer, treasurer OF the
National Savings g. Trust Co., will
leave today for a two-week rest
John M. Boteler, assistant secretary of
the bank, returned yesterday from New
England. Charles w. Fitzgerald, as
sistant trust officer, also returned
yesterday.