Evening star., 1937-07-07
INSURANCE MEN
TO HEAR LEADERS
Five Prominent Executives
and 48 Field Workers to
Speak at ConcIave.
BY EDWARD C. STONE.

BY EDWARD L. STONE.
Five prominent insurance company
officials and 48 field men will address
the main sessions of the forty-eighth
annual convention of the National
Association of Life Underwriters to
be held in Denver, August % to q,
according to National Program Chair
man o. Sam Cummings. Many promi-
nent members of the District Life
Underwriters Association are now
arranging to attend the conclave.
The speakers include: o. j. Arnold,
president of the Northwestern Ma
tional Life; Alexander E. Patterson,
vice president of the Penn Mutual Life
and until December, 1896, president
of the national association; Henry E.
North vice president of the Metro
politan Life; R. B. Coolidge, superin-
tendent of agencies for the Aetna Life,
and William P. Worthington, superin-
tendent of agencies for the Home Life
Of New York.
Mr. Arnold's topic will express the
theme of the convention. Social Sc
Mr.. North will deliver the address at
the commencement of the American
College of Life Underwriters, THE
Coming Decade-a Decade of Expar-
sion" Building Your Own Security"
will be Mr.. Coolidge's topic, while
Mr.. Worthington will be the principal
speaker at a seminar session on Pro
gramming."
Beginning on Wednesday morning
and continuing through to the final
session on Friday, the convention. de-
signed particularly for the average"
producer. will present on the speaking
program field men with outstanding
ideas on various phases of life insur-
ance selling.
Investment Buying Spreading.
1t was reported today in New York
Stock Exchange brokerage Offices here
that investment buying recently has
shown quite notable increase. In
vestment purchases had revealed a
moderate increase before the market
started its sensational rise of the last
two days.
Washington bankers also report a
similar trend in the investment field.
They say the funds taken from banks
have been placed in real estate, as well
as in stocks and bonds. Bankers gave
this investment turn as one OF the
reasons for the drop of more than
$32,0OO.O0O in aggregate deposits in
the banks here since the March call.
Bankers said today that the sea-
sonal slump in deposits reported yes
terday was due to efforts to evade the
personal tax more than tc any other
single reason. Funds withdrawn this
year and put into safe deposit boxes
or tax-exempt securities are said TO
have been the largest in the financial
history of the city Financiers sug-
gested that the only way to check such
large Withdrawals would be to place
the personal tax on the average de-
post of a depositor for the whole year.
Several bankers said that such law
would stop up the "loophole."
They added that deposits are already
coming back rapidly, and are now
much larger than on June 80, the
date of the controllers condition call.
S. E. C. Rules on Gas Issues.
The Securities and Exchange Com
mission has issued an order exemptlng
from provisions of the holding COM
pany act the following transactions
by the Washington Gas Light Co.:
Issue and sale of 10000 shares of
$3.50 no-par cumulative convertible
preferred stock;
Issue and delivery of warrants to
subscribe to 3,20l shares of $3.50 no
par cumulative convertible preferred
stock;
Issue and exchange of 100000 shares
of no-par common stock for the exist
ing 100000 shares of $40 par capital
stock, and the
Issue and exchange from time to
time of such number of shares, not
exceeding $4,000, of no-par common
stock as may be required when and
as such holders of preferred stock may
elect to exercise conversion rights.
Board Rooms Again Thronged.
Brokerage Offices were crowded to
the doors again today, the second
since the New York stock market has
come to life after a long nap. Seats
were filled at the opening Observers
witnessed the market absorb a lot OF
profit taking and then start to work
higher.
A. S. Goulden & Co., Woodward
Building, announces that Massachu-
sets Investment Trust has increased
the management board from three to
five members by adding Dwight P.
Robinson, jr., for several years the
trusts director of research, and Ken
meth L. lsaacs, assistant director of
research and formerly assistant to
the controller of Cornell University,
who was in charge of the endowment
fund. The other board members are
Merrill Griswold, chairman; L. Sher-
man Adams and Charles F. Rowley.
Charles Harrison Mann, associate
general council of A. S. Pratt & Sons,
Washington, was one of the speakers
at the annual convention of the Wis
consin Bankers Association, his SUBJ
1ect being Federal Control of Eco
nomics and the Banks"
Stuart S, Ogilvie. assistant cashier,
Second National Bank, attended the
annual convention of the National As
sociation Of Credit Men, in Chicago
last week.
Financial District Gossip.
OTd preston, president of the Union
Trust Co., is back at his desk after
few days at the Homestead, Hot
Springs, Va.
Lanier P. McLachlen, president of
the McLachlen Banking Corp, is tax
ing his annual vacation.
G. Bowie Chapman, manager of the
washington Office Of Laidlaw g. Co.,
leaves here next week for a trip to
Europe.