Evening star., 1934-04-20

during Life In .u ~
Surance week"
The March record in nearby States
was sensational. South Carolina wrote
63 per cent more business than in
March. 1888; North Carolina was 60
per cent ahead of last year and Mary
land and West Virginia boosted their
new business by As per cent Virginia
came behind the National Capital in
the list but reported the fine increase
of % per cent.
For the first time in many, many
months, every State in the Union
scored larger total than year ago.
While the bank holiday in March,
1898. caused a severe falling off in
insurance, the improvement is much
greater than expected. At the head
of the list Mississippi reported a 81
per cent increase, while Minnesota
stood at the foot of the column with
q 4 per cent rise.
District of Columbia agents wrote
S4089 900 in new business in March,
Maryland obtained S8,270,000, Virginia
S6,o05 600, West Virginia s4,341 900,
North Carolina S6.726,oO0 and South
Carolina S6,726,000 In Washington
"a per cent of the companies in the
life insurance field did more business
than in the same month last year, the
Hartford report states.
For the first three months of this
year Washington and Virginia are 9
per cent ahead of the first quarter of
1898 Maryland is II per cent up. West
Virginia %. while North Carolina and
l@t oh
last years marks. WaShington'S 8
pei cent upturn for the three months
is exactly the same as the average
gain for the whole country.
Miller Leads Bank Group.
A group of Capital bankers leave
here this evening for a weekend trip
to the Greenbrier at White Sulphur
Springs to perfect arrangements for
the convention of the District of
Columbia Bankers Association. to be
held next month at that resort.
The party is headed by S. William
Miller. assistant treasurer of the
Union Trust Co., chairman of the
Hotel Committee. Accompanying him
are George o. VaSs, vice president of
Riggs National Bank and president of
the bankers association: Thomas j.
Groom. vice president. Bank of Com
merce and Savings and general con-
vention chairman; Wilmer J. Waller.
vice president, Hamilton National
Bank and chairman, Program Com
mittee; Barnum L. Cotton, real estate
officer, National Savings and Trust
Co. and chairman, Transportation
Committee: Hileary G. Hoskinson.
vice president, Riggs National Bank
and chairman. Entertainment Com
mittee; T Stanley Holland. trust Off
GER, American Security and Trust Co.
and chairman. Sports Committee;
Archibald McLaChlen, secretary, Nc
Lachlen Banking Corporation and vice
chairman. Transportation Committee.
The next two days will be spent in
planning the details for room assign
ments golf and tennis tournaments,
entertainment features, as well as for
the business sessions which comprise
the principal purpose of the gathering
next month. AS Mr.. Miller puts it,
I'VE are going to White Sulphur this
week to live up to the best traditions
of the D. C. Bankers Association-to
make our annual conventions linger
long in the memory of all who at
tend"
Other members of the Hotel Com
mittee are F. R. Ullmer, assistant
treasurer, National Savings and Trust
Co. vice chairman; Alfred H. Lawson,
vice president, Washington Loan &
Trust Co.; S. w. Earnshaw, secretary
treasurer East Washington Savings
Bank; J. Frank White. vice president
and cashier, National Bank of Wash
ington. and A. S. Offutt, vice presi
dent, City Bank of Washington.
Crowley Urges Extension.
Chairman Leo T. Crowley of the
Federal Deposit Insurance Corpora
ton urged extension for one year
of the temporary deposit insurance
plan. in his address before the A.
B. A. Council He said more time
is needed for the study of certain
necessary changes.
To March 81. last, there were 49,
$40 banks in the corporation, under
the temporary plan. representing 81
per cent of the licensed banks in the
country. Total deposits IN banks
which are members exclusive of mu-
tual savings banks. amounted TO in
excess of s31, 700 600 900 on December
80. 1888
Mr.. Crowley cited that as the law
stands now the Government has no
power of supervision over banks
which are insured it being obliged to
insure all banks provided they can
show sufficient assets to meet deposit
liability. I'm other words" he con-
tinued, "the law described solvency
only and says nothing about capital
management or any of the OTHER i'm
portant factors determining the de-
gree of risk involved"
He also said he favored greater
unification OF the banking system.
but does not favor the formation of
any one supervising authority under
which all banks would operate
Col Leonard P Ayres, chairman of
the A B. A Economic Policy Com
mission reported that the 1888 bank
ing crisis brought a reduction of
1000 in the number of banks and
a decrease of $500, 100000 in aggre-
gate resources.
of banks. 10000 in 1921, the number
of banks. 14,600 units, represents a
total reduction of 1920 OF more
than so per cent, Col. Ayres said.
Today's Trading on Exchange.
Washington Railway g. Electric As
opened business on the Washington
Stock Exchange today, $1,000 selling
at the strong price of 9414, up "a
from yesterday
Capital Traction SIS also were
strong today, two 81 900 transactions
taking place at 8134, closing at 80
bid and 83 asked.
Mergenthaler Linotype appeared on
the board again, 10 shares changing
hands at Is, same as several sales
made yesterday.
Potomac Electric Power 5l2 per
cent nreferreG recorded a small sale