Evening star., 1938-06-09
INSURANCE MEN
ARRANGE DINNER
Ralph Van 0rsdeI, General
Counsel for Telephone
Company, to Speak.

Ralph Van Orsdel, vice president and
general counsel of the Chesapeake g.
Potomac Telephone Co. will address a
dinner of the local chapter of the
Chartered Life Underwriters Monday
night at the Cosmos Club.
He will discuss the interest which
life insurance policyholders have in
the financial stability of public utili-
ties. Dwight Scott, recently elected
president of the local c. L. U. chapter
will preside.
Today, tomorrow and Saturday are
the days scheduled for candidates for
the c. L. U. designation to complete
examinations throughout the country
given by the American College of Life
Underwriters. Local officials are hope
ful that four or five more local under
writers will attain the designation in
order to become members of the local
Chartered Life Underwater Chapter.
A. 1. b. Hears Hedin.
Washington delegates to the annual
convention of the American Institute
of Banking today heard Herbert G.
Hedin of the First National Bank of
Chicago. declare that thrift is a prob
lem of nations as well as individuals"
mo nation has ever become great"
he said, ''or sustained its greatness
for an indefinite period of time with
out an appreciation of the principles
of thrift. AS soon as these principles
have been abandoned in favor of un-
controlled spending, its disintegration
starts"
ID. c. Bankers in Session.
Much interest was expressed in local
financial circles today in the annual
meeting of the District Bankers Asso-
citation at Hot Springs, Va. Reports
from the convention were eagerly
scanned throughout the financial dis
trict, and there was much discussion
of the convention, which is being at
tended by many leaders of Washing
ton banks and trust companies.
AS noted elsewhere in The Star
today, Thomas j. Groom, president
of the association, delivered his an
nual address, dealing with both local
and national financial conditions.
More than 23o delegates are in at
tendance.
Bonds in Demand.
Quick sale today of the $4,000 900
issue of 30-year debentures by the
Mountain States Telephone g. Tele-
graph Co., subsidiary of A. T. & T.,
was, interpreted by local dealers who
participated in the issue as healthy
indication of the demand for high
grade securities. The issue went at
l02 and up. being Immediately bid
at a premium. 1t was underwritten
by syndicate headed by Morgan
Stanley e. Co. This is further in
dication of the condition of the mar
ket as shown within the past 10 days,
when it absorbed the S100, 600, 900 31s
debentures of United States Steel, up
to price of 1922 This was new
money, not a refunding.
Street Cars Ordered.
Financial circles here are inter-
ested in the forthcoming so new
streamline cars ordered by the Cap
ital Transit Co., to be delivered about
July l. They will be placed on the
Mount Pleasant line, where loop is
soon to be constructed to provide a
turn-around on the northern termi-
nus.
Financial Notes.
On the Washington Stock Exchange
today Washington Railway & Electric
preferred sold at 1l2, and Potomac
Electric 5la per cent preferred went
at 1872.
c. H. Pope continued today to re-
ceive many congratulations from
friends on his election as president of
the Munsey Trust Co. For years he
has been vice president.
The Federal Housing Administration
announced that mortgages selected for
appraisal in May reached a new high
record of s96,111, 900. as compared
with s94,l0o,ooo in April and with
s5s,233, 900 in May, 1887.
Federal Housing Administrator
Stewart Mcdonald said that the pro-
portion of new homes in current busi-
ness continued to show considerable
gains over all preceding business.
The board of directors of Esquire
Coronet, Inc, publisher of these mag
dividend of 80 cents per share, payable
IN cash June 80 to stockholders of rec
ord at the close of business June 20.