Evening star., 1939-06-21


long period; Albert S. Galley.
also extending the gratitude of the
association for such capable service.
Mr.. Galley is one of many bankers
who climbed to fame by starting as
messenger Born in Washington
and educated in the public schools,
at an early age he entered the en-
ploy of Palais Royal, then located
at the corner of Twelfth street and
Pennsylvania avenue, the present
site of the Raleigh Hotel. Later he
went to Woodward & Lothrop's S
where he had charge of the C. o. D.
department.
His third employer was, and still
Is, the Lincoln National Bank, with
which he has been connected 49
years. He Joined the staff shortly
before the bank was opened, back in
1890. He filled practically every posi-
tion in the bank before being elected
vice president in 1922 He has also
been director for many years.
Mr.. Gately was one of the organ
izers of the Dime Savings Bank, in
1907, now the Bank of Commerce &
Savings, and has been on the Board
of Directors and the Finance Com
n1ittee ever since the bank opened.
His brother, H. Prescott Galley. is
president of the National Savings &
Trust Co.
Mr.. Galley is a member of the
Board of Stewards of the Emory
Methodist Episcopal Church, to
which Office he was elected more
than a quarter of century ago.
Building Permits Mount.
Building permits issued in the
Fifth Federal Reserve District in
May amounted to s11,525 ,997 against
S6630,214. the Reserve Bank of
Richmond reports.
For the first five months of this
year the total for building permits
issued was SAG ,493066 against S34.-
367 ,545 in the same period a year
ago.
The present building boom is not
confined to any particular section,
the Richmond bank said, but is
spread evenly over the five States
and the District of Columbia. The
best showing, however, was in the
District of Columbia, followed by
North Carolina in second place.
The Richmond bank reports that
resort business in the fifth district
got an extra early start this year
the improvement over last year be-
ing due to several weeks of warm
weather. In the agricultural dis
trlcts recent rains have allayed fears
OF drought for the time being at
least.
ID. c. Underwriters to Meet,
Members of the District of Co.
lumbia Life Underwriters Associa-
ton will hold an all-day sales con-
ference at the Willard Hotel tomor-
row. Members of the Baltimore
association have been invited to Join
In the congress. The June luncheon
will be held at noon when the re-
Gently elected officers for the coming
year will assume their duties Joseph
A. Marr taking the gavel from
Richard w. Griswold.
Members of the Investment Bank
erS' Association have added their
opposition to the Mead Bill now
before Congress, which provides for
the insurance of loans to business
by the Reconstruction Finance Corp.
The investment dealers declare that
under the insured loan plan, the
Government would only be called on
to make loans on inferior credits
involving large element of risk
Elimination of the present system
Of private enterprise" is also feared
Longer Hours Doubted Here.
Washington brokers said today
that they doubted if the New York
Stock Exchange sessions would be
heightened at present. All the busi-
ness now being done could be trans
acted in one hour, they said, adding
there seemed to be little reason for
extending the sessions to six hours,
as proposed Should Saturday clos
ing eventually be adopted there
might be change in hours on other
days.
The June meeting of the District
of Columbia Building and Loan
League will be held at the Raleigh
Hotel next Tuesday. The Council
yesterday announced that many
members of the league will attend
the testimonial dinner for Commits
sioner Melvin c. Hazen, who is an
officer in one of the building and
loan associations. c. Clinton James
talked on legislation and Edward c.
Baltz spoke briefly of the July
outing.
Martin A. Cook, secretary of the
Enterprise Building Association, be-
gan his 26th year of service with the
institution today. He has seen the
firms assets increase from less than
$500,000 to more than $l600,000.
Two Dividends Declared.
Directors of the American Sc
curity & Trust Co. have declared the
regular quarterly dividend of per
cent, payable July 10 to stockholders
of record June 30. it was announced
in the financial district today
Directors of the Firemens In
surance Co. have voted a semi
annual dividend of 3ls per cent
payable July to stock of record
June "a. his is an increase, as
the last semi-annual payment was
3 per cent.
Washington. Gas Light common
stock sold at 80 on the Washington
Exchange today and small sale
of Mergenthaler' Linotype was reg
istered at TO-, unchanged from other
recent transfers.
The Chesapeake & Ohio Ry. re-
ported today that earnings in the
first five months of this year
amounted to "a cents per share on
the common stock, against 50 cents
share on common in the like
period last year.
Smith, Barney a. Co. was one of
the firms offering new issue of
$8,325,000 Rochester Gas g. Electric
Corp. 3A per cent bonds today at