Evening star., 1940-12-10

Co., Norristown, Pa. and George T..
Newell. vice president Manufac-
turers Trust Co., New York,
The bulletin gives the full text
of the Assignment of Claims Act OF
1910. which allows the banks to
take Government contracts as col
lateral for loans to industry, the
first time in history that such action
has been permitted.
The bulletin also takes up plant
facilities loans and contains other
important information. Anxious to
get into this new loaning field and
play vital role in the defense pro-
gram, the banks have been clamor-
ing for just the information which
the pamphlet contains.
The Nations banks report that
they have billions of dollars avail
able for this new type of loan.
Many have already been negotiated.
Bank Officers Felicitated.
Corcoran Thorn. president of the
American Security & Trust Co.;
Vice President Howard Moran
whose name was omitted in yes
terday's list of officers due to an
error in printing. and the other
members of the staff received hearty
congratulations today on the trust
companv's 51st anniversary, which
took place yesterday.
Regular patrons were most gen.
erous in their comment. and many
officers from other banking institu-
tions called on the phone to extend
their best wishes. The bank was
opened for business for the first
time on December 9. 1889.
As noted elsewhere in todays
Star. Washington bankers were
greatly impressed by the address
given last night at the Mayflower
Hotel by c. Oliver wellington of
New York, president of the Amer
lean Institute of Public Account
ants. His subject was Enterprise
and Cooperation"
Underwriters Hear COggswell.
Theodore Coggswell, register of
wills, addressed Washington Chap
ter, Chartered Life Underwriters,
last night at the Cosmos Club on
the administration of estates.
MI. CoggsWell, member of the Dis
trict bar, pointed out the advan-
tages of every person having will.
Too often, in cases where there is
no will, law suits and family dis
agreements result, he said.
Turning to holders of life insur-
ance contracts, Mr.. Coggswell spoke
of the advantages and diSadvan-
tages of naming beneficiarieS in
stead of having policies made pay
able directly to estates. Failure to
name the beneficiary often results
in the proceeds of the insurance
going for other purposes than those
desired by the insured. When a
man dies, leaving his policy payable
to his estate, all debts chargeable
to the estate are taken from the
insurance proceeds.
Mr.. Coggswell questioned the ad-
visibility Of keeping insurance poll
cies in safe deposit boxes. In cases
of death, such boxes are sealed
until court order is obtained per-
mitting the boxes to be opened.
Some delays in the payment of in
surance policies have been caused
IN this way.
Hicks Baldwin, president of Wash
mgton Chapter, presided and the
attendance was unusually large.
Mergenthaler Gets Contract.
The Government has just placed
an order with the Mergenthaler
Linotype CO. for fire control equip
ment amounting to s578,960 accord
ing to a list of national defense
contracts.
This is one of the largest of several
contracts awarded the Mergen-
thaler Linotype Co. Recently Gov
ernment estimates placed the total
of these contracts between S5,000,
900 and $6,000000.
While the contracts were not
started in time to have much bear
ing on earnings for the fiscal year
recently ended. they are certain to
figure prominently in the coming
year.
The last sale in Mergenthaler
stock on the Washington exchange
took place at 81. The present bid
stands at 25 with q asked.
Urban Home Financing Jumps.
Urban home financing in October
was 9 per cent above September
and 20 per cent greater than in
October. 1889. with industrial States
in the East and Middle West, where
defense production has been ex-
panded, accounting for most of the
increase. it is reported by the Fed
eral Home Loan Bank Board.
There were 38,482 home mort
cages amounting to S388,973, 900 re-
corded by all types of lenders in the
Nation during October.
In the first 10 months of 1910
1888 204 mortgages with a value
of $3,377 900 900 were recorded.
Today's Trading on Exchange.
On the Washington Stock Ex-
change today 160 shares of National
Mortgage & Investment preferred
stock sold at AS. up an eighth from
the last previous sale.
Capital Traction SIS figured in a
$500 transfer at 1852. unchanged
from the final sale last week Other
bonds and stocks were neglected,
with practically no changes in bid
and asked quotations.
State and municipal financing for
November aggregated s70091,2 as
compared with S88 1858 1895 for No
vember. 1899, according to the Daily
Bond Buyer.
The total for the first II months
of the year was 1869 ,545,550 as COM
pared with 1894, 1888 ,O03 for the first
IL months of 1889.
Frank c. Jude of the Washington
Office of the New York Life Insur-
ance Co. will be the chief speaker
tonight at the dinner meeting of the
Life Insurance Club of Washington,
ct the Parrot Tea Room.