Evening star., 1943-01-07
Chief Of Home Life
Doubts Government
To Be Competitor
Insurance Men Told
Private Enterprise
Is Proving VoIue
BY EDWARD C. STONE

BY EDWARD C. STONE.
James A. Fulton, president ol
Home Life Insurance Co. of New
York, today told the members of the
District of Columbia Association o1
Life Underwriters that he did not
share the apprehension as found in
some quarters of the possible en-
croachment of government into the
field of life insurance. Speaking at
the associations first luncheon meet
ing of the new year at the Willard
Hotel, Mr.. Fulton said:
Since the issuance of the
Beveridge report in England which
attempted to outline minimum
standard of security for all citizens
of Great Britain we hear talk of an
American Beveridge plan and of the
extension of social security in many
directions. We hear a great many
expressions of fear that any such
movement will destroy the institu-
ton of privately operated life insur-
ance. I must confess that I cannot
share these apprehensions to any
great extent
American industry from one end
of this country to the other is giving
an answer as to the relative merits
of system of private enterprise
as contrasted with one dominated by
government.
American life insurance is itself
giving a splendid demonstration of
the effectiveness of private enter
prise. Since the war broke out the
life companies of the country have
purchased approximately two and
half billion dollars of new Gov
ernment issues.
Moreover. the past and continu-
ing sales of life insurance constitute
one of the most potent present and
future brakes on possible imitation" ="
the speaker concluded.
George A. Hatzes presided at the
luncheon, which was largely at
tended.
Banks to Elect Officers.
Annual meetings of the stock
holders of all national banks and
of several trust companies and saw
tngs banks in Washington will take
place next Tuesday, the date fixed
by law. Several building and loan
associations will hold elections the
same day.
Presentation of annual reports
and election of directors will pre-
cede the election of officers. About
the usual number of new directors
will be chosen to fill vacancies which
have occurred during the year, ac-
cording to survey made today.
Few changes are anticipated
among senior officials. Most of the
changes in personnel during the
last year were among the clerks, the
war drawing heavily on banks man
power In many banks the per-
centage of woman employees has
doubled in the last II months.
The annual reports Of the presi-
dents will reveal a hectic year, vet
one in which deposits, assets, new
accounts and in some cases earn
ings have scored sharp advances.
Bank officers said today that earn
ings, despite mounting expenses,
had been as good or better than
last year
Several banks that elect direc-
tors Tuesday will not name off,
GERS until later.
Bank Rationing Date Set.
Officers in Washington banks to-
day received instructions from the
Office Of Price Administration stat
ing that the handling of ration
coupons by the banks will go into
effect all over the country on Janu-
ary 81.
At the start there will be three
rationing programs-gasoline, sugar
and coffee.
Sample deposits slips, checks, sig
nature cards and letters of trans
initial were included with the no.
tices. These are to be uniform
throughout the country
Further details are to follow at
once, the notices said, these being
worked out with a committee from
the American Bankers Association.
The bank rationing program Will
be further extended after February
!, the statement added.
Wholesale Trade Up Sharply.
Sales of wholesalers advanced 10
per cent in November over the same
month year ago, according to J. C.
Capt, director of the Census. Sales
for the IL months of 1912 were IS
per cent above those of the like l94l
period
Twenty-six of the 35 trades COW
cred showed increases and nine
showed decreases. Wholesalers of
dry goods recorded an increase of 33
per cent; meats and meat products,
"a per cent; shoes and other foot
wear, 26 per cent; groceries and
foods full line), % per cent: gro
ceries and foods voluntary group,
% per cent. In addition, gains we're
shown in sales of drugs and SundrieS,
IA per cent: tobacco and its products,
8 per cent, and petroleum, 7 per cent.
A number of decreases were also
registered; notably. electrical goods,
8 per cent; plumbing and heating
supplies, 10 per cent; automotive
supplies and paper and its products,
each l3 per cent; jewelry, IA per
cent, and general hardware and
furniture and house furnishings,
each is per cent.
Bank Meeting Strea mlined.
The American Institute of Bank
Ing will hold a one -and-one half
day annual meeting in Chicago next
June 9 and 10, David E. Simms,
national president, announces.
Mr.. Simms stated that the 41st
convention will be in the nature
OF streamlined meeting held to
transact essential business of the
institute and to elect officers.
Each chapter and study group has
been requested to limit its repre-
sentation to single delegate
clothed with full authority to cast
the number of votes to which the
chapter is entitled.
The general outline of the con-
vention program calls for a single
business session, chapter ad-
ministration conference, an educa-
tional conference, holding of the
national public speaking contest,
al 0f 1a