Evening star., 1942-07-26
Acacia Life's
Assets Reach
Airline High
Insurance in Force
Is 456 Million,
A New Record
BY EDWARD C. STONE.

A New Record
BY EDWARD C. STONE.
Insurance in force and assets
OF the Acacia Mutual Life Insur-
ance Co. reached new all-time
peaks in the first six months of
1912, President William Mont
gomery reported to the Board of
Directors at the quarterly meet
Ing yesterday.
He stated that insurance in force
scored an increase of $1,000, 900 in
the half year over the like period a
year ago and on June 30 totaled
t456 100000.
Assets at the end of June amount
ed to S105. 100 900. an increase of
$3.50 900 in the six months. A IA
vorable trend was shown in the COM
pany's conservation record, register
Ing a 3 per cent improvement in the
already low lapse rate, Mr.. Mont
gomery said.
In conformity with the program
adopted last January, the company
has made very large investments in
United States Government bonds
this year, and these purchases are
to be continued and increased, the
president added.
While the company was making
such purchases, 1t continued the pol
icy Of assisting home owners by in
vesting substantially in mortgage
loans. thus aiding the building and
construction industry in many COM
munities throughout the country.
In concluding his report, Mr..
Montgomery. now in his 49th year as
head Of the institution, said: Every
activity Of the company will be di-
rected to the winning of the war
Only through sacrifice, loyalty and
labor of each OF us, young and old,
will We gain lasting victory"
Insurance Offices Swamped.
The demand for war damage in
surance has swamped the Washing
ton ofiices doing this type of busi-
ness. officials announced today.
Building and loan associations are
one OF the largest sources of new
business, oficials say, many of those
institutions applying for this type Of
protection on all property loans.
Some associations consult the pat
rons against whom the loans are
held, as they are being paid of,
while others are adding the loan
protection without consultations.
Thousands of property owners are
going directly to the insurance Of
fices and filing their applications
The rates are considered extremely
reasonable.
Insurance agencies have had to
increase their ONCE forces materially
to meet the emergency conditions.
Larson Honored by Bankers.
Donald w. Larsen, secretary of
the District Bankers Association for
the past eight years, was paid a
glowing tribute by the associations
luncheon group Friday at the Will
lard.
President John A. Reilly lauded
the brilliant service rendered by Mr..
Larson and In behalf of the bankers,
presented him portable radio set.
fountain pen and pencil set and an
engraved silver cigaret case.
Mr.. Larson expressed high appre-
citation of the special testimonial
The chairman Of the Committee of
Arrangements was Bruce Baird.
There was a record attendance at
the luncheon.
Bond Holdings Increased.
The Federal Reserve Board an
nounced yesterday that member
banks In leading cities increased
their holdings Of Government Sc
curities sharply in the first. half of
July. Purchases included portions
OF increased Treasury bill issues and
OF the new 2 per cent Z to year
bonds. All classes of banks showed
large increases.
Excess reserves of member banks
have been at lower level in July
than in June. because of increased
need for reserves arising out Of de-
posit growth, the continued currency
drain, and large temporary in
crease In Treasury deposits at Re
serve Banks. Demand deposits con-
tinued to rise, the review added.
Value of construction contracts
awarded in June, the same report
said, was 81 per cent above the previ-
Gus record high month Of August,
l94l
League Council to Meet.
F. Wilson Camp, secretary of the
District Building and Loan League
has notified members Of the Execu-
tive Council that a meeting of the
group has been called for 1890 pm.
Tuesday at the Raleigh Hotel. The
council was to have met on July 81
but several men were on vacations
which resulted in the postponemerit.
Declaration by the Virginia Caro-
lima Chemical Co of a dividend of
IS on the 6 per cent preferred stock,
payable August 20. aroused interest
In Washington brokerage Offices
The last previous payment on this
stock was 81 share on December
Ia. l94l. the first since 1887. The
company reports greatly increased
earnings.
Traders commented here yester.
day on the ending of the Mime.
apolis T. st. Louis Railroad receiver.
ship after l9 years. In the old day,
Of active markets many Washingto
mans traded extensively in the stock
Consumer Loans Decline.
Personal finance companies helc
s495 800 900 in consumer loan bal
ances at the close of June, 1912 a.
balances declined S8.400.O00 durins
the month. drop of IL per cen
as compared to an increase of l.!
per cent during the same month IL
l9Al