The Washington times., 1928-01-23
BANKERS. STUDY
INSURANCE
BY RICHARD HATTON

It has been evident for some time
that trust companies and banks
having trust departments and ex-
ercising trust functions were taking
deeper interest in the matter or
life insurance and that there Is a
growing community of interests and
growing cooperation between life
insurance companies and financial
institutions. The Importance or
this cooperation has been set forth
from the standpoint of the bank In
recent letter addressed to the
members of the District OF Column
bia Life Underwriters Association
by George w. White, president OF
the National Metropolitan Bank. in
which he says:
''The Importance Of cooperation
between the Life Underwriters AS
ISOLATION and the banks Of Wash
ington in protecting and conserving
the vast capital being daily created
in the District of Columbia through
life insurance cannot be overesti-
mated.
Insurance upon lives grows
steadily as the people realize that
asset which should be protected;
that cash which an insurance COM
pany pays upon q policy is so much
capital with all the virtues and
potential values which other forms
of capital possess, but with all the
infirmities and hazards to which
such capital is likewise subject.
Unless the proceeds of life In
surance by sane and safe invest
rnent replace the earning power of
the head of the family and provide
a steady income for the beneficial
ries of the policy, the Insurance.
fails to accomplish its primary pur.
pose. It need never so fail!
Completely Equipped
1.-THE insurance trust affords a
plan whereby your association and
the National Metropolitan Bank.
| through its completely equipped
trust department, may work together
for the protection Of this form Of
capital from the hazards Of waste
fitness and loss.
I'VE shall welcome your co-opera-
ton in this important work"
At the recent meeting of the board
of directors of the Washington VIM
sett Company. Charles D. Hamel of
Hopkins, Starr, Hopkins and Hamel,
corporation lawyers was elected a
director. Hamel for several years
was chairman of the II. s. Board
of Tax Appeals. At the present
time he is counsel for the joint
congressional committee on Inter-
nal Revenue Taxation. At the same
meeting Richard ID. Daniels. of
Forbes and Daniels, was elected to
the board OF directors. Daniels Ii
a member of the advisory board OF
the Merchants Bank and Trust Com.
pany and counsel for the Riggs
Market investment Company.
The Washington Wimsett Com.
pany will open its office at Ninth
and New York Avenue, directly
across Ninth Street from the Pub.
lie Library Alterations will com
Tnence on this building in a few
days ant. a modern banking room
| will be installed.
Come Closer Together
Thomas e. farrell, president of
the Washington Savings Bank, re.
Gently was host at a dinner to
| the officers, executive and finance
committees and employees of the
bank at his home, 1920 Ingraham
st. N. w. He said the dinner
and meeting were for the purpose
of bringing the officers, employees
and committees closer together.
| The international Brotherhood of
Electrical Workers controls and
| operates two insurance organiza.
tions. Both of these concerns are
incorporated in the District of
| Columbia.
| The Electrical Workers Benefit
Association has just completed its
sixth year of business. 1t has
assets of $2,073,923.41. 1t has paid
death claims amounting to $780,.
965.25.
The Union Cooperative Tnsur.
ance Association is a legal reserve
old line life insurance company,
the stock Of which ($1OO, 000) is all
owned by members of the Inter.
national Brotherhood Of Electrical
Workers. .
At the end of it's third year
Of business, December 81, 1927,
this association had cash assets
in excess of $275,000, and its
surplus stood at $4,000.