Evening star., 1937-02-10
LANDBANKS MAKE
NEW SALE RECORD
Dispose of 5000 Farms in
1886 for $35, 200, ,OOc,
Gov. Myers Reports.
BY EDWARD C. STONE.

eral Lana Banks was reached IN 1880,
according to Gov. w. I. Myers Of the
Federal Farm Credit Administration.
Increasing so per cent over 1885,
the IL Federal Land Banks In 1885
sold from their accumulated holdings
over $4,000 farm properties for $685.
1000, compared with s,700 farms
sold for $28. 100 900 in 1895. The farms
were sold at q profit Of approximately
/ per cent" in relation to carrying
value, Gov. Myers stated.
Approximately rs per cent of the
farms sold by the land banks in 1886
were bought by farm operators. Dur
ing the past three years farm operators
have largely displaced non-farmers as
heaviest purchasers Of Federal Land
Bank properties, Gov. Myers declared.
571 Receiverships Cleared Up,
Banks in receivership, finally closed
or restored to solvency since the So
called banking holiday of March, 1888.
reached a total of ST. at the end of
January, 1887, according to j. F. r.
O'Connor, controller of the currency.
During January, 1887, the completion
of the liquidation of 20 receiverships
took place, the controller stated.
Total disbursements. including off,
sets allowed, to depositors and other
creditors Of these 571 institutions. ex-
elusive Of the AZ receiverships restored
to solvency, aggregated $168, 1881 or
an average return Of 7640 per cent
of total liabilities, while unsecured
creditors received dividends amount
ing to an average Of 6218 per cent of
their claims.
Underwriters Plan Banquet.
Members of the District of Colum-
bia Chapter, Chartered Life Under
writer's, will celebrate the 10th ami.
versary Of the founding of the Amer
ican College of Life Underwriters
Monday. March 29, plans having been
completed at the February meeting
at the University Club. The plans
include a dinner in honor of DR..
David McCahan. one of the founders
Of the college. and of Washington
ians who have sponsored the higher
standards in life insurance practice.
Washington Chapter, now more
than six years old. has 25 members.
and the Life Insurance Inst...lte is
drawing its present teachers from
this membership. From these insti-
tute students will come the future
members of the chapter.
w. Gwynn Gardiner. Washington
lawyer and former District commits
sioner, gave most interesting talk
at the meeting Monday night on lie
gal Phases of Life Insurance"
Mutual Life's Assets Mount.
Tie Mutual Life Insurance Co. of
New York reports its assets for the
year ended December 81 as s1,3os,-
278,Sl9, an increase Of s69, ,239,255 over
1895.
During 1896 the company made pay
ments to policyholders and their bene-
ficiaries under its contracts amount
ing to sl33,381 1886. New and addi-
tional insurance of $250.663,34 was
issued, bringing total insure nee in
force to $3.712,25s,614. This is the
| first increase in insurance in force
since 1880
The company also announced that
it set aside during 1886 $25, ,024, $40 for
| dividends to policyholders in 1897 and
that its fund for depreciation of securi-
ties and general contingencies stood
at SCI, ,520,s66. as compared with s55.-
769,S31 in 1885. On February / the
company was "a years old.
Exchange Closed on Friday.
Notices have been posted in the
board rooms here stating that the New
York Stock Exchange will be closed
on February IL. Lincoln's birthday
anniversary. The Washington Stock
Exchange will follow Wall Streets ex-
ample and also be closed on that day.
All Washington banks, however, will
be open as usual.
Holders of North American stock
in the Capital received word today
that the company has decided 10
register with the Securities Exchange
Commission as requested by the hold
ing company act. Similar notice was
received from President H. H. Porter
Of the American Water Works & Elec-
trio Co., who added that the pending
suit will be withdrawn from the Dis
trict Of Columbia courts. Both stocks
were strong at the opening of today's
New York stock market.
President j. F. Fogarty also made
public a letter from Chairman James
M. Lands of the Securities Exchange
Commission congratulating the COM
pany on its registration decision.
Record Attendance Forecast.
Between 700 and 800 members and
guests will attend the thirty-second
annual banquet of Washington Chap
ter, American Institute of Banking, at
the Willard Hotel on Saturday, Feb
ruary %, it was announced today.
Entertainment and decoration plans
are nearing completion. Guests from
host of out-of-town banks will be
present and many well-known Gov.
ernment officials.
Richard A. Norris, Lincoln National
Bank, is chairman of the Entertain
ment Committee and william H.
Laughlin, Washington Loan g. Trust
Co.. is chairman of the Decorating
Committee, which will work out q
carnival theme. Harry M. Taylor of
Philadelphia will again be master of
ceremonies. Reservations close next
Saturday.
Heard in Financial District.
Frederick P. H. Siddons, American
Security & Trust Co.; George o. Vass,
Riggs National, and Lanier P. Nc
Lachlen, McLachlen Banking Corp,
will attend the closing sessions and
the dinner of the Midwinter trust
conference in New York tomorrow.
The Senate Banking and Currency