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dent's chair for 12 years at the time of his death The election took place at the July meeting of the directors, Mr. White at that time being one of the vice presidents and cashier of the bank. Born in Washington and connected with bank almost since boyhood he had long been in direct contact with every phase of banking. He entered the banking business on June 8, 1885, at the age of 18 years. Starting as a clerk, he was soon called upon for general utility work, then filled the positions of pay and receiving tellers and of note teller. After being assistant cashier for three years he was elected cashier in July 1923, taking on the additional duties of a vice president in 1933. From the time of his graduation at Gonzaga College, he has always been a close student of finance, always keeping up with the latest developments in banking. He is an unusually good example of what enthusiasm, application to business and ability can accomplish over a period of years. Second National 65 Years Old. The Second National Bank obtained Its charter just 65 years ago tomorrow. July 24, 1872, it was noted by officials today. The bank opened its doors for business on September 11. For many years the main office was on Seventh street, but on the election of John A. Reilly to the presidency, in 1936. the head office was moved to the branch at 1331-33 G street Victor B. Deyber, now chairman of the board, was president of the bank for many years. The first president was J. C. McKelden. he being succeeded by Mathew G. Emory. who held the office 25 years and had the distinction of being known as the "last Mayor of Washington Aside from Chairman Deyber and President Reilly the other officers are William M. Hannay. Jacob Scharf and Julius E. Loh, vice presidents; Edward F Colladay. counsel and trust officer: William B. Wolf, assistant trust officer: Frederick F. Beyer, cashler: Gerald E. Keene and Stuart S Ogilvie, assistant cashiers, and John R. Higgins, controller Steele Wins Spaid Trophy. Lundeen V. Steele of the Washington Loan & Trust Co. won the W. W Spaid Cup golf tournament of Washington Chapter, American Institute of Banking, by defeating Aubrey o Dooley of the Hamilton National Bank 2 up in the final match, played July 21 at Indian Spring Country Club John M. Christie, Riggs National Bank, turned in low net score for the tournament. Steele, in winning the cup this year, retains permanently the Spaid trophy, inasmuch as the new champion had previously won it twice. All arrangements for the tourney were made by George M. Rowzee, jr., of the Lincoln National Bank. D. C. Bank Clearings Mount. The Washington Clearing House reports clearings of $25,842,778.32 for the week ending July 21, as compared with $21,604,788.83 in the same week a year ago, or a gain of 19.56 per cent. Clearings also showed an increase of $519.509.64 over the previous week this year Wrendo M. Godwin, Bloxom. Va., attorney, has been named receiver for the People's Bank of Bloxom by the Circuit Court of Accomac County. The bank was placed in receivership at the instance of the Virginia Corporation Commission. Its deposits are insured Paul Primm, president of the District Life Underwriters Association, and James A. De Force are making up a delegation of underwritters to attend the forty-eighth national convention to be held in Denver August 23 to 27. The program calls for addresses and discussions of every phase of life insurance. Acting Secretary Magill has asked for tenders on two series of Treasury bills which aggregate $100,000,000 and which will be sold on a discount basis to the highest bidders. Tenders will be received by Federal Reserve Bank and branches until 2 p.m. Monday. Insurance Sales Go Higher. Life insurance in Washington in June were 17 per cent higher than in June, 1936, and 13 per cent better in the first six months of the present year, compared with the like period a year ago, the Life Insurance Sales Research Bureau, Hartford, reported today This was better than the national average gain of 2 per cent for June and 8 per cent for the six months. Potomac Electric Power 6 per cent preferred stock sold at 113 on the Washington Stock Exchange today and the 51/2 per cent preferred at 113 1/2 Capital Transit opened at 101/4 and closed at 10 flat The new listed Columbia Country Club first 41/4 again saw a bid of 103, with none offered. The recent report of the Federal Deposit Insurance Corp. for the year ending December 31, 1936, reveals that on December 31 the corporation was insuring more than 21 billion dollars of deposits to the credit of more than 50 million depositors in 14,029 banks. Total deposits of these banks amounted to more than 50 billion dollars. Net earnings of the Capital Transit Co. showed improvement in June, when profits reached $37,538.45, a gain of $2,828.52 over June, 1936, according to the monthly statement filed this noon with the Public Utilities Commission. Revenue passengers carried on the company's street cars and buses in June numbered 13,932,047, as compared with 14,606,564 in June, 1936, a drop of 674,517, or 4.6 per cent. Capital Transit's net income in the first six months of this year totaled $122,185.77. a gain of $98,070.39, or 406 per cent, the report said. NEW YORK BAR SILVER. NEW YORK July 28 (A).BER silver
