Evening star., 1941-05-06
Shoreham Is Paying
Holders Of Second
Trust in Full
Approximately $500, 900
Reported Already
Distributed
By EDWARD c. STONE.


originally financed by Swartzell,
Rheem g. Hensey, an investment
frm gone from the financial district
for many years, are being paid in
full, it was learned today.
On May l the Shoreham Hotel
Corp. deposited with the National
Metropolitan Bank sufficient funds
to pay off the notes and this is being
done as fast as the money is re-
ouested. 1t is said that about
S500,000 has already been distributed
to noteholderS. The original invest
ment, together with claims, involved
approximately 100000.
After the failure of the invest
ment firm of Swartzell. Rheem g.
Hensey, the Shoreham Hotel note
holders formed a Protective Com
mittee made up of Walter B. Guy,
c. F. R. Ogilby, H. L. Rust, ST., now
deceased, and Edward F. Colladay.
The notes were held by more than
300 Washingtonians.
In July, 1884, the Shoreham Hotel
Corp. issued new notes to the holders
and paid off 10 per cent in cash, this
plan being agreed upon by the Pro-
tective Committee. The new notes
were to pay per cent for the first
five years and 4 per cent for the
second Ave years.
In paying the notes in full, the
National Metropolitan Bank is act
ing as trustee. Harry NJ Bralove is
president of the Shoreham Hotel
Corp.
Fifth District Indices Soar.
Debts to individual accounts in
IS cities In the fifth Federal Reserve
district in March totaled S1674,633,-
600, a gain of Is per cent over the
previous month and 25 per cent over
March, l940 the Richmond banks
monthly review states.
Sales in 79 department stores to-
tailed $l3,995 ,665, an increase of 33
per cent over February and 10
per cent over March, 1910. Fur
niture sales were 80 per cent ahead
of last year.
Sales by 1873 wholesale firms to-
tailed s12.656 900. a gain of IL per
cent over February and sharp
advance of "a per cent over March.
1910. There were 26 per cent fewer
business failures than in February
and 20 per cent fewer than in
March, 1910, the review says.
Building Permits Climb.
Building permits in 80 cities in
This district totaled S12,172 1923, 48
per cent better than February and
) per cent ahead of last year in
March. Value of contracts awarded
was $57017,000, jump of SO per
cent over February and 81 per
cent over March a year ago.
Washington led in March, 1941,
building permits, the report states,
with 1926 ,450. Total contract
awards in the fifth district in the
hrst quarter Of this year were the
highest on record.
Automobile sales held their lively
pace of many months. Sales in
Washington, according to the R. L.
Polk figures, numbered 1896 cars,
against 3,087 a year ago, gain of
26 per cent. Sales in the Capital
IN the first quarter numbered 8,3ll
ears, up 29 per cent over the same
1e40 period.
March sales in the whole fifth dis
sr1ct were up 40 per cent and in
the first quarter Al per cent.
From February to March the
number on Washington pay rolls
increased 2 per cent and the
amount of pay rolls IT per cent
the report says.
S2,223,000 in Insurance Paid.
District of Columbia life insurance
policyholders and their families re-
ceived an aggregate of 50 223 900 in
death benefits from life insurance
companies in the first quarter OF
this year, the Institute of Life In
surance announced today. These
payments were made on 2,347
policies
OF these benefit payments, the
bulk Of which went to workers and
their families, 81 ,637 900 was in set
tlement of ordinary policies, $242 OOC
m payments on group insurance
certificates and $344 900 in claims
on industrial policies.
Indicating the continued improve
ment in family finances Nation
wide, the emergency use of cash
surrender values showed a decline
OF approximately II per cent from
the 1910 rate. the March total being
considerably lower than in February
Acacia Opens Miami Office.
Opening of a new branch Office oi
the Acacia Mutual Life Insurance
Co. in Miami, Fla, was announced
today by William Montgomery
president.
Manager of the new branch is
Albert Starner of this city, who ha,
been serving as field supervisor witt
headquarters at the Acacia home
Office here.
Acacia has branch offices in more
than so principal cities throughout
the country.
Riepe Joins Alexander Brown.
J. Creighton Reipe. for eight years
associated with w. w. Lanahan &
Co. of Baltimore, has been appointed
manager of the municipal bond de-
partment of Alexander Brown &
Sons.
Mr.. Reipe, who entered the invest
n1ent banking business in 1921, is
president of the Bond Club of Bal
timore and a member of the Ma
tional Municipal Securities Com
mittee of the Investment Bankers
Association of America
He has served continuously since
1885 as chairman of the Municipal
Securities Committee of the South
eastern Group of the I. B. A. For
several years he was in charge OF
the investment department of the
Union Trust Co. of Maryland.