Evening star., 1939-10-23

gained his first banking experience
with the First National Bank of
Marysville in 1909 The following
year he became cashier of a newly
opened bank in Herkimer and held
this position until 1917. During
these years he acquired substan-
tial interest in the Exchange State
Bank of Parsons and in 1917 be-
came cashier of this bank and later
Its vice president as we'll
In 1929 he was appointed bank
commissioner of the State of Kan
sas and held this Office through
three governorshlps, including those
of Clyde M. Reed, Harry Woodring
and Alfred M. Landon. In 1885 he
resigned the commissionership to
become president of the Security
Bank of Ponca City.
Insurance Program Opened.
More than 200 members of the
District Life Underwriters Associa-
ton opened the fall season this
noon with luncheon at the Willard
Hotel when the Message of Life
Insurance. week was also in
augurated.
The feature of the luncheon was
the rebroadcasting from New York
of an address by William Allen
White. An added feature was the
showing of the talking picture.
yours Truly, Ed Graham" which
was produced in Hollywood and has
been widely exhibited all over the
country.
Special announcements were made
on the activities planned for the
rest of the week.
Payne Slated for Presidency.
William N. Payne, lr, head of the
Eastern Building Association, is
slated for advancement TO the presl-
dency of the District Building and
Loan League at tomorrow's annual
meeting, succeeding Arthur G.
Bishop. He has been the leagues
vice president this year.
Mr. Bishop becomes member of
the executive council, along with all
other former presidents. Other
executive vacancies are to be filled
at the meeting, Secretary F. Wilson
Camp announced today.
The meeting will take place at
the Raleigh Hotel, followed by a
buffet supper.
Bond. Stock Sale Planned.
The Virginia Public Service Cen
Grating Co. of Alexandria, Va, has
filed an application with Securities
and Exchange Commission for eX-
emption from the requirement OF
filing a declaration in connection
with the issuance and sale of ST.
100000 of first mortgage per cent
sinking fund bends, $4,000 of per
cent serial bank notes and $500
shares of S10O par value common
stock.
The application stated that the
securities are to be sold privately
at par. The bonds are to be sold to
Northwestern Mutual Life Insurance
Co. of Milwaukee, Wis, the notes to
the Harris Trust e. Savings Bank
of Chicago and the common stock to
Virginia Public Service Co. of Alex
andria.
Net proceeds from the sale of the
securities, it was stated. will be used
for construction of 5,000-kilowatt
steam generating plant at Alex
andrla.
S45,811 900 Building Upturn.
All contracts awarded for building
and engineering construction in the
Washington metropolitan area dur
ing the January through September
period reached 500 591 900, aaglnst
last years corresponding total OF
$50, 3,78O,OO0, an increase of $45 ,8l1,-
900, Henry A. Johns, Washington
manager of Dodge Reports, an
nounced yesterday.
Entering the last quarter with such
a highly favorable margin, Mr..
Johns says that both residential and
non-residential construction will end
the full year with a brilliant record.
His valuations are placed On signed
contracts for materials and labor.
The currant total, he adds, eX-
ceeds the 1888 year-end contract
valuation of $78,6590 900.
Heard in Financial District.
President Ernest E. Norris of the
Southern Railway says that if the
ratio of improvement of the first
two weeks of October is maintained
during the remainder of the month,
operating revenues of the Southern
in October should approximate So
100000, compared with S8,837 096
last year, when the company re-
ported a net income of $95l ,469.
Gross of $9,6O0OOO would be the
largest for any month since 1880,
with the exception of March. 1887.