Evening star., 1950-03-22
February Sales Here
OF Life Insurance Up
1917 10 $10,253,000
By Edword c. Stone

washington scored lO per cent
gain over the like 1949 period with
policies totaling $10.253,00O and
in the first two months of 1850
reached $19,288,000. or 4 per cent
higher than a year ago, the Life
Insurance Agency Management
Association reported today.
Maryland reported February
sales of $19,698,000. a jump of Is
per cent. and s3S,49O 900 in the
two months, up II per cent. Vir-
ginia sales amounted to $22,667,-
600, a 9 per cent gain, while in
the two months policies totaled
$43,314, 1000. also an increase of 8
per cent.
In some sections of the country
sales were the largest for any
month on record, the report
stated, group insurance being up
282 per cent.
Bank Loans Up Sharply.
Loans by Washington banks
made in the week ending on
March Is were substantially
ahead of the like 1949 period, the
Richmond Reserve Bank reported
today. Commercial loans scored
the largest advance, but real es-
tate and other loans also climbed.
Investments were down. Demand
deposits were up 81 million.
The Bank of Commerce & Saw
ings has declared the usual quar-
terly dividend of $3.50 per share.
payable on March 81 to stock of
record March 20.
American Security & Trust di-
rectors declared the regular quar-
.erly dividend of Is cents per
mare. payable April 10 to stock
lolders of record March 81.
Loans Save Million Homes.
o. <. La Rogue, member of the
Federal Home Loan Bank Board,
told the Washington Association
of Credit Men. at the Lee House
last night, that the Home Owners
Loan Corp. has made mortgage
loans which have saved a million
homes from foreclosures. He de-
clared such loans prevented very
serious trouble in the Nation. With
such a record of achievement, Mr..
La Rogue declared he was not
worried about the national debt,
He spoke on the work and value
of the Home Loan Bank Board.
e. H. Fawsett, president, intro
duced special guests. Henry H
Heimann, national secretary, will
address the April meeting.
Riggs Makes Promotions.
Olen F. Thompson has been
made assistant manager Of the
Farmers and Mechanics Branch
OF the Riggs National Bank in
Georgetown, Robert v. Fleming
president, announced today. He
entered the employ of the bank
in 1885, and is a graduate of the
American Institute of Banking
He lost his left leg in the war.
John B. Behabetz was named
assistant manager of the Dupont
Circle Branch. A graduate Of
Mckinley High and active in the
American Institute of Banking
heehas been with the bank since
1887. He served overseas In the
war.
1t was also announced that Nor
man c. Napier, assistant cashier
and assistant manager Of the
Dupont Circle Branch. will take
the same, position at the North
west Branch to succeed Charles
II. Hubbard. who died recently.
Acacia Names Directors.
Acacia Mutual Life Insurance
Co. policyholders have reelected
these six directors for three-yeal
terms: Harry Blake. James E. Col.
liflower. Philip L. Graham, Frank
T. Hines, Howard w. Kacy anc
Andrew Parker.
President William Montgomery
reported that new life insurance
In 1949 amounted to s132 million
an increase of nearly SIT million
over l948. Insurance in force in.
creased to s957 million, a new
peak.
Higher Capital Approved.
stockholders of Government
Employees Insurance Co. have ap.
proved a proposal to increase cap.
1tal from 100000 to ITS, 900 shares
Leo Goodwin, president, an.
nounced today. The additiona
$4,000 shares will be issued as 8
STOCK dividend in June or July
one-sixth share of new stock TO,
each share held.
Off1cers and directors were re.
elected. The annual meetings O,
the Government Employees Life
insurance and Government EN-.
ployes' Corp. were also held. Mr.
Goodwin being head of all three
companies.
League Assets at New Peak,
On March l total assets of the
II building and loan associations,
who are members of the District
League, amounted to s373,048,450.
F. Wilson Camp, league secretary,
reported today.
This is an all-time high and
represents $6 million advance
since the last compilation, made
January /.
Money on deposit by share
holders was 1924 1921, 1853, with re-
serves totaling $33,899,091, ap-
proximately the conventional 10
per cent cushion. Mr.. Camps
statement disclosed that the as
sociations have 237 ,872 borrowing
and investing customers.
Baltz Reception Tomorrow.
Edward c. Baltz, new chairman
of the District Savings Bond Di-
vision, will be given a reception
at the Columbia Country Club
late tomorrow by Thomas J.
Groom. retiring chairman.
Dividends Announced
NEW YORK, Mar % R,.-Dividend
declared.