Evening star., 1939-01-20

y.hnsou Durgn insurance
man, was the
headline speaker at the forenoon
, session and was also on the program
for luncheon address. He talked
on the outlook for life insurance in
1889 and compared the situation with
conditions prevailing through 1888.
Recently Mr.. Johnson has travelled
extensively all over the United
States. He has heard reports of
improved business in practically
every place he has visited, he told
the insurance leaders at the con-
gress. AS the result of his travels,
he said, he is highly optimistic on
the 1889 business outlook, adding
that the predicted general improve
ment is bound to mean fine year
for life insurance.
Richard w. GrisWold, president of
the Washington association, opened
the convention. Rev. Reno S. Hart,
ir., of Trinity Episcopal Church.
gave the Invocation and the pro-
gram was turned over to Harold D.
Kraft. general congress chairman
The first speaker was Franklin
Ream from the Mutual Benefit Life
Insurance Co.. Newark.
Chairman Kraft propounded a
series of questions on the most
timely topics in the insurance field,
the replies being given by J. Donald
Sutherland, Paul F. Grove, jr;
Thomas w. Harrison, jr.: Mrs. Ethel
M. Troy and Frank j. Rubenstein,
the program innovation scoring
heavily.
Meem Reports Excellent Year.
Harry G. Meem, president of the
Washington Loan & Trust Co., in
his annual report to the stockhold-
posits, greater demand for loans and
a reduction in idle cash as three
high lights during 1898.
The year closed with a rising
trend in business and more cheer
full view of the domestic situation
Local business improved materially
in the last months of the year, as
shown by the exchanges reported
by the Washington clearing house,
he said.
Demand for construction loans
was an encouraging feature during
the year, and there is every reason
to expect decided advance in 1889.
Turning to matters abroad, he said
that all authorities on economics
expect definitely better business in
1929 than, in 1888.
The Christmas Savings Club again
held popular favor. While not a
direct source of profit to banks op-
Grating one, it is estimated that 25
per cent of the funds goes into
permanent savings accounts.
The number of first trust loans
made in 1888 exceeded that of the
last several years Mr. Meem spoke
particularly of the growth of the
West End Office, where the savings
department alone showed an in
crease of more than 10 per cent over
1887.
Grand Rush to Baltimore.
Between 35 and 40 Washington
members of the Investment Bank
ers' Association will attend the meet
ing of the Southeastern group in
Baltimore next Tuesday, when many
vital problems in the investment
field will be discussed at an all-day
session.
Not only will the president of the
national association, Jean G. Wit
ter, be present, but Alden H. Little
and other national officers are
booked to attend and speak. Y. E.
Booker one of the directors of the
national association, is a former
chairman of the Southeastern group,
AS already announced, J. Clifford
Folger of this city will appear on
the program as chairman Of one
OF the forum meetings.
About 20 investment dealers in
Washington will also go to Balti-
more late today to attend the third
annual winter dinner of the Balti-
more Security Traders Association
at the Lord Baltimore Hotel. Guests
from New York and Philadelphia
will arrive by special train.
New York Banker Promoted.
According to word received here
today, at the organization meeting
of the Chemical Bank & Trust Co.
of New York, William S. Renchard,
vino has represented his institution
In Washington and throughout the
Middle West. was elected assistant
secretary of the bank He has many
friends in Washington banks who
will be glad to hear of his advance
ic I11o OF a
of Princeton University and prior to
his going with the Chemical Bank &
Trust was employed by the Guaranty
Trust Co.
Washington bank clearings for the
week ended Wednesday totaled S24,-
959 1880, compared with $23,245,-
BOAST for the corresponding week a
year ago, an increase of ST. per cent.
AT the same time clearings here in
creased S713,299.23 over the previous
week
Call Sees Traffic Increase.
Norman Call, president of the
Richmond, Fredericksburg & Poto-
mac Railroad, believes that i'm
proved general business conditions
will mean increased railroad traf-
flc during 1899. He also expects
legislation helpful to the railroads
as a result of the recommendations
OF the Presidents committee.
Any increase in F. H. A. insured
mortgage financing greatly increases
the soundness and credit of munich
palities where tho homes are built
since there cannot be any tax de-
linquencies where the F. H. A. is
concerned, Stewart Mcdonald, Fed
eral housing administrator, told
members of Municipal Bond Clut
of New York at luncheon
John Poole, president of the Amer.
lean Co., said today he expects
business in general in 1889 to bt
much better than it has been fol
several years. many different indi.