Evening star., 1939-05-12

second vice Francis T. hooes.
president: Leona E. Draeger OF
Washington Loan g. Trust Co., sec
retary; Raymond L. Jones, National
Metropolitan Bank. treasurer; Helen
H. Healy, National Savings & Trust
Co., assistant secretary; Kenneth
Birgfeld, American Security q
Trust Co., chief consul.
The following were elected as
members of the Board of Cover
nors: Robert H. Lacey. Columbia
National Bank; j. Earle McGeary,
w. B. Hibbs & Co.; Thomas j.
Norris, Bank of Commerce & Saw
ings, and George M. Rowzee, jr,
Lincoln National Bank.
Mr.. Robey, the new president, sue
ceeds Joseph R. Fitzpatrick, assistant
cashier of the Second National Bank.
Born in Washington, Mr.. Robey was
educated in the schools here, in
cluding the Accounting and Law
School of the Pace Institute. He is
graduate of the American Institute
of Banking and has been active in
the institute for the past eight years,
being vice president OF the chapter
and chairman of the Program Com
mittee this year.
He is a member of the National
Public Speaking Committee and
chairman of No. 2 District. He
started in banking very young and
has been with the Bank of Com
merce for 20 years. Last nights
election saw some close and lively
contests for some of the offices, al
though there were only single candl-
dates for the top positions.
Insurance Payments Soar.
Life insurance payments in the
United States and Canada last year
totaled S3,0S0,00 ,234, according to
a special compilation by the Ma
tional Underwater, weekly insur-
ance newspaper. This is an increase
of over 100000 from the pre-
vious year and the first time since
1894 that total payments have ex-
ceeded three billion. OF this total
6291 per cent went to living policy
holders and 3709 per cent to ben
eficiaries.
The payments made through
death claims matured endoWments
annuities and disability reached
new high in 1888, as these items ac-
counted for $1606, ,595 ,447 of the to-
tai payments; this is an increase Of
$37153 ,389 over the previous year.
During the year 1888 there were
six life insurance claims paid Of
over 81 100000, three over $1,50O,0o0,
two over $2,000,O00 and one over
$3000,000. Among the many large
claims paid during the year were
791 over $4,000, 33l over 100000
and 110 over S200,00O
Despite the fact that many large
claims are paid year after year. the
average ordinary policy exclusive Of
group, in force at the end of 1898 in
the United States was 50 225, while
the average policy sold during the
year was $2,338.
Savings Banks Urge Thrift.
Henry R. Kinsey, president of the
National Association of Mutual Saw
ings Banks, declared yesterday in
New York that nothing can replace
thrift. Right now these banks
stand at the peak of their assets,
deposits and number of depositors.
The number of new small accounts
is the best evidence of the thrift
disposition, he said.
Henry Bruere, chairman of the
associations Committee on Rail-
roads, spoke favorably of President
Roosevelts committee of six and
expressed confidence that genuine
cooperation by all parties would
restore the railroads to a sound
earning basis.
Another speaker, William j. Cum
ningham of Harvard, criticized the
railroads for failure to consolidate.
He laid a considerable part OF their
troubles to the individuality OF
managements," which block the CO.
ordination of surplus supplies.
Underwriters Hold Dinner.
Washington and Baltimore chap
ters. chartered life underwriters,
held their joint annual dinner at
the Baltimore Country Club Monday.
A number of the members OF the
Washington Chapter were present
to hear Joseph H. Reese OF Phlla-
delphia, president Of the National
Chapter of Chartered Life Under
writer's, speak on Taking Stock. "
Mr.. Reese reported that there are
now over $500 holders of the c. L. U.
designation and that upward OF l,8OO
are preparing for examinations IN
the future, the next of which will
be held in June.
F. A. Savage, jr., president OF
Baltimore Chapter, presided and in
troduced H. Cochran Fisher, presi-
dent of Washington Chapter and
Ernest j. Clark of the American Col
lege of Life Underwriters, who, in
turn, introduced Mr.. Reese. Mr.
Clark was one of the founders OF
the American College.
Capital Transit Higher.
Capital Transit stock recorded a
10-share sale on the Washington
exchange today at 147s. up an eighth
from yesterday and within an eighth
of the years best price. Washington
Gas Light preferred was strong at
1O5A, up u. Capital Traction SIS
also appeared on the board To-Day
$500 moving at 9212.
Peoples Drug Stores common
stock, on which a 25-cent special
dividend and the usual 25-cent reg
ular quarterly dividend have just
been declared, sold in New York yes
terday at 301s, a new 1899 high
The stock is also listed on the Wash
ington exchange, as is Peoples Drug
preferred.
The United States Building and
Loan League has indorsed the
Steagall bill strengthening the Fed
eral Home Loan Bank System by
liberalizing collateral requirements
and authorizing the Secretary o1
the Treasury to purchase debentures