Evening star. [volume] (Washington, D.C.) 1854-1972, 1943-03-18

Albert $. Galley. treasurer of the
District Bankers Association for the
past 81 years. AS treasurer he has
automatically served on the Coun
Gil of Administration.
He was one of the organizers of
the Dime Savings Bank. forerunner
of the Bank of Commerce & Saw
ings For years he served on the
Commerce & Savings Board of Di-
rectors, reSigning when the inter
locking director law went into effect.
He is again back at his desk after
recovery from a severe illness.
Federal Loans Opposed.
Vice President Henry A. Wallace
has received a protest from the In
dependent Bankers Association of
the 18th Federal Reserve district
against expansion of various Gov
eminent credit agencies set up for
the purpo1e of making loans to
farmers"
With ample funds available in the
banks for all legitimate needs, the
banks should not be compelled to
compete with Government sub
sidized loaning agencies, the protest
says
The bankers are especially OPP
posed to the re-establiShment of the
Regional Agricultural Credit Corp
as well as to the solicitation of loans
by various Federal agencies.
d. c. Insurance Sales Up.
While February life insurance
sales in Washington were 20 per cent
lower than in the same month
year ago. they revealed very marked
improvement over January, when
the drop from last year was So per
cent. The sharp upturn was brought
about by February sales amounting
to s47o9 900
Sales in the Capital IN the first
two months Of this year were off 80
per cent from the like l942 period
the volume totaling $500 900 Sales
in the whole country in February
were down % per cent from Feb
ruary. 1912, and down al per cent
in the two months.
Maryland February sales totaled
1892 900, of "a per cent and in
the two months amounted to SIS
$4,000, a drop of 80 per cent. Viz
ginia sales in February reached
S7,586,000, decrease of only Is per
cent. and in the two months totaled
sl4448,000, a 81 per cent slump.
Bank Stock Survey Appears.
The Washington Office OF Merrill
Lynch, Pierce. Fenner & Beane to-
day was distributing the annual
survey OF bank stocks, 44-page
booklet which states that the Ma
tons banks now have combined
assets of more than S10O0 600 900 600
about 10000 600 deposltors and are
owned by large and small investors
who receive about $500 900 900 yearly
In dividends.
The survey says the great bulk Of
frozen assets of the depression have
been liQuIdatcd many at 100 ppr
cent in value. A few remnants Of
1882 have been written of, man
agements are cautious on loans that
might become frozen. security pur-
chaseS arc restricted 10 investment
quality issues. and equal installment
payments Of principal on real estate
loans has been generally adopted
Riggs National is among individual
banks given special reviews.
Col!aday IN New York.
EdWald F Colladsv. member of
for bOndholderS Of the Associated
Gas & Electric Co IS now in New
York IN connection With the sug-
ccs,cd plan for reorganization of the
Associated Gas & Electric System
which the committed submitted tc
the trustees Of the General Protec-
tive Committee early this week.
The report urged The formation
Of one new top holding company tc
take over. IN behalf of the creditors
the remaining assets Of the one.
time blIiioD-dollar corporation. Tn,
new corporation would be known a
AGE Creditors. Inc The details O
the plan are most comprehensive.
Bank Declares Dividend.
Directors Of the American Secur
itY {; Trust Co. have declared In
regular quarterly dividend Of ? DE
cent payable April 10 to stockhold
ers of record March 81
Woodward & Lothrop common
sold on the Washington Stock Elk
change today at 81 ?. first sale thu
year and a new high mark