Evening star., 1942-07-10

vice president, #
and F. Charles ''sS's< SSS'Ss''' -
Brown. auditor H. G. Hayden.
of the National Geographic Society,
was made secretary treasurer for
the coming year.
Three members were elected di-
rectors of the District of Columbia
Control-O. H. Ritenour, controller
L. J. Van Herpe, Office of Price Ad-
ministration, and Raymond G.
Marx, controller of the Riggs Ma
tional Bank.
o. H. Ritenour was president of
the organization last year. The an
nual report revealed a satisfactory
increase in membership. Special
attention was paid to the many
problems brought on by the war.
Women Join Insurance Stats.
War has brought many signif-
cant developments in the life insur-
ance business during the half year,
record purchases of United States
Government bonds a drop in the
rate of policy surrenders to new
low level and q rise in insurance
In force to new high being among
the features, according to the mid
year review of the Institute of Life
Insurance.
THE first six months of the war
has also seen large numbers of both
home Office and field personnel
going into the armed forces, more
men from this business having been
called to active duty thus far than in
the entire period of World War t.
Holgar J. johnson, president of the
institute, stated. Women in many
cases are replacing the men,"
Hawaii Gets New Currency.
Hugh Leach, president of the Fed
eral Reserve Bank of Richmond, has
forwarded to all Capital banks the
Treasury's announcement that by
July Is persons holding ordinary
United States currency in Hawaii
must exchange it for currency of a
special series to be used only in
Hawaii. Hawaiian banks will make
the change without charge.
Any person importing ordinary
United States currency into Hawaii
after July Is must deposit it at the
port of entry and will receive in
return currency of the new series,
bank officials are informed. The new
currency will be fully backed by
United States credit.
The Hawaiian currency replace
ment program compliments other
measures for protection of Hawaiian
citizens and for the economic de-
fense of Hawaii, the Treasury notice
states.
Mergenthaler Sells Higher.
Mergenthaler Linotype stock sold
on the Boston Stock Exchange yes
terday at "a, up " point and close to
the high for the year on the Wash
ington Exchange. which is 34A.
Brokerage offices were well filled
again today, following yesterdays
100000 New York Stock Exchange
session when 81 new 1912 high marks
were reached. The market opened
about where it closed.
A glance at the chart shows that
there has been some kind of an
advance in stocks in July nearly
every year for a long time.
Greyhound Earnings Gain.
Rejecting sharp increases in bus
transportation, revenues of the
Greyhound Corp. in May are esti-
mated at 30 per cent above May a
gear ago. Net earnings in the first
half of 1912 are expected to exceed
the 95 cents share earned last
year.
Washington members of the FL
nancial Advertisers Association are
awaiting the decision of the Execu-
tive Council, expected in Chicago
today, regarding the annual conven-
ton scheduled for next October in
Chicago. Many other fall conven-
tions have already been abandoned.
Extending the full length of the
lobby of the Baltimore National
Bank is colorful and inspiring
display of flags of the United Ma
tions. Between the two rows of flags
and above the staircase at the end of
the lobby. the bank has hung its own
organizational service flag with a
star for each of its II employees now
In the armed services.
Low Interest Cuts Earnings.
The net rate of interest earned by
the life insurance companies of this
country on their invested policy
holder funds during 1941 was 3.4l
per cent, which compares with 3.61
per cent in 1910 and $40 per cent
in 1899, it was announced today BY
the Institute of Life Insurance
Last years rate was the lowest earn.
ing rate in the history of the busi.
ness.
The rate of return that life in.
eurance companies are able to carr
on investments is one Of the mos
important factors in the cost Of life
insurance, the institute stated. Tht
1891 earnings were approximate.
one-third of a billion dollars les
than would have been the case hac
the rate enpoyed in 1917 still pre-
vailed. 1t is the decline in lnteres
rates that has made necessary th'
dividend reductions and rate in
creases during recent years.
Chapter Loses Al Students.
Washington Chapter America
Institute of Banking, lost Al mem
bers during the year, the July bul
letin of the National Institute states
On May 8, 1912, the chapter had So
members, against 57l year earlier
Maryland chapters had 48l member
on May 8, a gain of 20. Vlrglni
made a fine showing by adding q
institute members during the yea
The national figures revealed a los
of 1880 members, leaving 66,868.
Today's Trading on Exchange.
Washington Railway & Electric
opened trading on the Washlngto
Stock Exchange today, with a sou
transfer at 108, up full point.
Five shares of American Securit
Il Trust Co. stock appeared on tn
board at 1877, gain of six point
since the last previous sale.
Washington Gas Light IS pre-
ferred came out today on two II
share sales at 1914, up u. Fin;
A.