Evening star., 1941-02-21
Leaders 10 Attend
Annual Banquet Of
A. I.B. Chapter
Finunciers and High
Government Officials
Will Be Guests
BY EDWARD C. STONE.


Willard Hotel tomorrow evening. it
was announced today by j. Earle
McGeary, banquet chairman. Among
those who have accepted invitations
are:
Mariner S. Eccles, chairman
Board of Governors of the Federal
Reserve System; Jesse H. Jones,
Secretary of Commerce; Preston
Delano, controller Of the currency;
Emil Schram, chairman Recon-
struCtion Finance Corp; Robert V.
Fleming, president Riggs National
Bank and former president of the
American Bankers Association;
Representative Thomas Rolph,
member House Banking and Cur
rency Committee; Edward F. Mat
theWs and J. A. Reagan, members
of the Executive Council of the
American Institute of Banking.
Leading officials in nearly all the
city'S banks will join the junior
bankers in the festivities. More
than 1000 members and guests will
attend the dinner, said to be the
largest affair of the kind during
the winter season in Washington
Edward M Blaiklock, chapter presi-
dent, will preside.
William A. Irwin, national direc-
tor of the Institute of Banking, will
be the chief speaker, the program
also including light entertainment
and dancing. A reception is to
precede the dinner.
Hotel Report Shows Gains.
William L. Miller, president of
the Raleigh Hotel Co, mailed the
annual report to stockholders today,
along with the dividend checks for
81 per share recently voted by the
directors.
The report discloseS marked prog
resS during 1910. AS of December
81. 1910, current assets amounted to
S11OO7334 and current liabilities to
73,726.79, leaving working capital of
$50 1869. Cash on hand and in
banks amounted to S79,73476.
Gross income from operations in
the year 1910 was 1898, 1872 COM
pared with S755 9615 ST for the year
1899. the report states. Operating
costs and expenses were S728 675 84
compared to s72O, 1876 90 in the pre-
vious year.
Net profit after interest and de-
probation amounted to 50,233 "a
before provision for Federal. Dis
trict of Columbia income and capital
stock taxes. Net profit after pro-
vision for income and capital stock
taxes amounted to S36 l0308.
During the year $4,000 was paid
IN mortgage reduction and subStan-
tial improvements were made to the
hotel property, Mr.. Miller says.
Total assets now amount TO $685.
92485.
Insurance Vital to Defense.
Both fire and casualty insurance
companies are in excellent condi-
ton to write new insurance on
huge scale in connection with ma
tional defense, Louis H Pink, New
York State insurance Superintend-
ent, told the Insurance Club of
Washington at the February meet
ing at the Lee Sheraton Hotel
Wednesday. Insurance, the bull
wark and cushion of all industry,
is most important defense factor,
he asserted.
He pointed to the great amount
of interest shown recently in the
home owners loan contract, an
elyZed the contract in detail, in
Guiding services to be rendered and
the costs. The problem of whole
sale insurance. which the home
owners loan contract has raised,
presents problem that is being
carefully studied by insurance SUI
pervisors. by the big companies and
by agency forces.
The speaker declared that State
regulation of insurance, while it
has proved efficient and should con-
tinue, must not be narrow or selfish
and must realize that insurance is
national and international.
In a broad survey OF the fire in
surance field Supt. Pink said there
are too many agents, too many
brokers, and the compensation is
not properly apportioned, yet bro
kers and agents who render real
service are not overpaid. In con-
clusion he predicted that the future
volume of insurance will far exceed
that enjoyed in the past.
Howard Eales, club president, pre-
sided.
Currency Bureau Costs Listed.
Total expenditures of the Cur
rency Bureau of Comptroller De-
lano's Office, for the year ended
June 80, 1910. were S5.846. TAO, of
which S5,573,554 was reimbursed by
the banks. Total expenses paid by
appropriation were $273186, the
regular pay roll accounting for S243,-
230 of this amount. Among expenses
reimbursed by the banks, those on
account of examinations were largest
at S3,403,489 Printing Of Federal
Reserve notes cost S627, ,723. Insolvent
national bank pay roll, including
retirement deductions, aggregated
$707441.
Seven hundred and one shipments
VI L CltCI al IOCSClNC CuI City "CIC
made from Washington during the
year ended October 81, 1910, to the
Federal Reserve banks and branches,
aggregating $2,076,800,000, and in
addition IA deliveries were made to
the Treasurer of the United States
aggregating $41,20O,OOO
Heard in Financial District.
Washington banks. building and
loan associations, Washington Stock
Exchange and New York Stock Ex-
change Offices will be closed tomor-
row for WaShingtons birthday.
The Federal Reserve Board an
nounced today that retail trade in
the Richmond Reserve District for
the week ended February Is was
9 per cent ahead of the like period
a year ago and for the four weeks
ending on the same date was 20 per
cent ahead of last year For the
year to date, trade in this area is
II per cent better than a year ago.
Fifty shares of Garf1nckel common
stock sold at II on the Washington
T