Evening star., 1945-05-06
Underwriters Elevate
H. Cochran Fisher
To Presidency
By EDWARD C. STONE

outstanding member of the Aetna
Life staff, president; William j
McCausland, Acacia Mutual, first
vice president, and W. Neal Nc.
Cord, Washington manager of At
lantic Life, Richmond, Va, second
vice president.
The annual election took place al
the Mayfiower Hotel Friday moor
at the largest luncheon meeting
OF the year, with Vernon w. Hole.
man, retiring president, introducing
II honor guests, including the heads
of leading District business anc
professional organizations. All three
officials stand at the top in the in
surance business and have done q
great deal of work for the associ-
alton.
New Directors Also Elected.
Three new directors were elected
for three-year terms from a list
of six nominated at the April meet
ing. Given these futher honors were
William J. McCausland and w. Neal
McCord, the third director being
Edward H. Won Deck. The guest
speaker, following the election, was
James A. Fulton, president of the
Home Life Insurance Co. of New
York, who is also president OF the
Life Insurance Association of Amer
ica.
Mr.. Fisher, the new president, is
native of Washington, graduate
of the Wharton School of Finance,
University of Pennsylvania. former
president of Washington Chapter,
Chartered Life Underwriters, and
was the associations program chair
man this year. Mr.. McCausland is
unit manager in the District of
Columbia Branch of Acacia and set
a record this year in obtaining new
members for the underwriters as
sociation Neal McCord, graduate
of Penn State and Georgetown, has
edited the associations elaborate
bulletins during the past two years.
Store Stocks Hold Up Well.
Stocks of goods on hand in the
Washington department stores at
the end of the March quarter were
only 3 per cent lower than on the
same date a year ago, the Richmond
Reserve Band reported yesterday.
The fifth district decline also was
3 per cent.
Outstanding orders for merchan-
disc here on March 81 were 81 per
cent higher than year ago and ST
per cent higher in the fifth district.
Orders for goods were up 50 per
cent in Baltimore, 48 in Richmond
and so in other cities.
Total receivables here were 16
per cent above March 81, 1914. OF
current bills due on March l, the
report shows Sc per cent collected
during the month, and q per cent
of installment receivables. First
quarter sales were 18 per cent ahead
of the like 1914 period.
Government Bond Holdings Up.
Holdings of Government bonds by
building and loan associations in
sured by the Federal Savings and
Loan Insurance Corp. increased 10
per cent during 1914, William H.
Husband, manager, reported yes
terday, 81 ,227 900 900 comparing with
s5Sl, 100000 in December, l943.
Combined assets of the insured
associations reached SIS, ,137 900, 900
in the first quarter of 1945, COM
pared with S4,328, 100000 II months
earlier. The number of insured as
sociations rose from 2,452 to 2,465
and the number of protected in
vestors from 3,750,000 to 100000.
Bankers Complete Program.
The program for the annual
meeting of the District Bankers AS
sociation at the Mayflower Hotel,
Juhe l and 2, has been completed.
Business sessions will be held Fri
day evening and Saturday morning,
with prominent speakers on both
programs.
The convention will end on Sat-
urdav evening with the traditional
family dinner AS no transportation
is involved, Sidney F. Taliaferro,
president, anticipates the largest at
tendance on record. G. Elmer
Flather, Union Trust Co., is ham
ding the reservations. Last years
attendance was around 600
Veterans Get 70 GI Loans.
c. H. Ellingson, president of the
First Federal Savings & Loan Asso-
citation, announced yesterday that
the firm has helped 10 veterans
obtain homes under the Service
mems Readjustment Act of 1914
The houses are all located in the
Washington Metropolitan area, the
average cost price being $4,000, max
ing the monthly payment for prin-
cipal and interest $3636. Taxes and
insurance are additional, the total
amount being substantially less than
rent charged for comparable hous-
ing, Mr.. Ellengson asserted.
Among the veterans acquiring the
houses, 49 were honorably dis
charged from the Army. 18 from the
Navy, from the Marines, l Wave
and l Army Nurse.
Real Estate Bonds Higher.
Prices of 200 real estate bonds,
including several Washington is
sues, scored an average gain of 2.3
per cent in April, the 34th consecu-
tive month of advances, according
to the Amott-Baker index.
On April 80 the average price
per $1,000 bond stood at $572, a
gain of Sc per cent since the index
was started in July, 1912. The
averages have increased S51 per
$1,000 bond SO far this year, or SO
per cent.
State and municipal bond ap-
prevails by voters in 81 States dur
ing April totaled $36 ,689 900 as COM
pared with only $7,546, los a year
ago, the Daily Bond Buyer reported
yesterday. The March total was
Sl0,14O,000.
Construction Outlays Drop.
Construction expenditures in the
United States in the first quarter
were lower than in any year since
the outbreak of the war in Europe,
Secretary Perkins reported yester-
day. Expenditures of S1,060,0 900
were Sc per cent below $2,4O0, ,00o, 900
spent a year ago.
Private construction of $581 ,000,-
900 showed gain of Is per cent over
the first quarters of both 1914 and
1943 but public construction costing
$479, 100000 was 16 per cent under
1914 and IS under 1943. The sharp
est decline was in military and
naval facilities.
Women Bankers to Meet.
~f N.%