Evening star., 1933-11-09

trict of Columbia
four and one half times as much as the
amount of the goal for the Community
Chest for 1888. you can see that the life
underwriters position as advance guard
of the charity organizations is we'll
sustained" Mr.. Morgan added.
THAT had to do with death insurance.
In regard to insurance for the living,
the life companies paid to living policy
holders in the District during 1882, S2l,-
1900 in the nature of maturing en-
dowments, payments to annuitants,
cashing in of policies, dividends to pol
\ icy holders and disability payments.
THE companies have made policy
loans to the residents Of the District
to the extent of S30,O00,000 and have
loaned money on various structures,
such as individual homes, apartment
houses Office buildings, to the extent Of
over Sill 400, 600.
Future obligations that will benefit
the residents Of this community-and
the city itself-total the stupendous
sum Of s5ss 600 ooo represented by y, in
these vast sums, naturally, are greatly
reflected in banking deposits and IN
the purchasing power of the conrnun-
1ty," Mr.. Morgan concluded.
Merriam Lauds Life Insurance.
c. B. Merriam, a Kansas banker. who
Is at present an R. F. c. director and
chairman Of the new Federal Deposit
Liquidation Board. and M. A. Linton,
president of the Provident Mutual Life
Insurance Co. of Philadelphia, were the
chief speakers Mr. Merriam opened his
talk by stating that in the past few
DAYS the Deposit Liquidation Board,
through the splendid work and cooper
alton of Robert V. Fleming. chairman
of Fifth Federal Reserve District Board
and IL other Reserve district chairmen,
has allotted 25,000,000 to depositors
in closed banks all over the country.
The report elected vigorous applause.
Mr. Merriam then spoke on The
Value of Insurance" His enthusiasm
was unbounded. He said that insurance
links youth and old age. is needed
protection, a rare investment. He ex-
planned that he had been intensely in
terested in life insurance all through
his business career and stressed what
It had meant to his income during the
depression.
The underwriters were delighted with
his talk Many would like to have him
on their staffs. However, in addition to
his work for the Government in the
present emergency, he is a director In
the Santa Fe Railroad, chairman OF the
board of the Central National Bank OF
Topeka. Kans.,a and is connected with
many other business enterprises. So he
declined all offers with thanks.
Praises Depression Record.
M. A. Linton defended and praised
the record sound life insurance COM
panies have made during the depression
He declared that life insurance COM
,r{t al yuit
security, rather than with high yield
or speculative profit.
1.-THE security Of life insurance rests
upon two basic factors" Mr.. Linton
said. "One is conservative, diversified
investments; the other is the income,
equal annually in recent years to about
20 per cent. of accumulated reserves,
flowing into the company even in periods
of deep depression. The record OF the
steady flow Of premium income through
out the depression will be one OF the
striking phenomena when we come to
chronicle the events Of these stirring
years. 1t is this steady flow of income
that differentiates the life insurance
companies from other financial insti-
tutions.
Life insurance policyholders are
under a constant urge to keep up their
premium payments in order that their
Insurance protection may be maintained.
The man with family realizes the vital
need of keeping his insurance in force
so that it is one of the last things to
be sacrificed. This makes for relative
stability of premium income and con-
tributes directly to the security Of the
institution.
when other forms of investment
were depreciating and becoming less
and less dependable, life insurance con-
tinued on its charted course with amaZ-
ingly few casualties, paying its obliga-
tions on the dot to the tune of six
million dollars day. During the four
years following the market crash of
1929 the life insurance companies in
creased their invested assets belonging
to policyholders by about two billion
dollars"
Several local bankers were present
as special guests, including Robert v.
Fleming, Ord Preston, Victor B. Dey-
ber and Francis G. Addison. George
o. Vass, president of the District Bank
erS Association, was on hand, as was
c. H.. Pope, president of the same as
sociation last year. The leading insur-
Rnce men of Washington were well rep
resented among the las people present.
Hoover Elected Bank Director.
George P Hoover was elected to the
board OF directors of the Washington