Evening star., 1950-09-20
Southland Life BUYS
Continental Life
For 50 Million
By Edword c. Stone


Sale of the Continental Life In
surance Co. of Washington, 9
Virginia corporation, to the South
land Life Insurance Co. OF Texa!
was reported as near completion
today.
The sale involves a SO millior
transfer of stock. 100000 shares
at $60.25 a share. This is al
the outstanding stock.
The transaction also involve;
the transfer of 52,701 ordinary life
policies for $77,792,522 and 48s,-
157 industrial policies for $146,-
403, ,420.
Transfer of the big Continental
Life Office building on the corner
of Fifteenth and K streets NV
and a large garage, are included
Continental Life has been oper-
ating in the District, Maryland
Virginia and North Carolina. Con-
tinental officials said here today
that the sale will be completed
just as soon as the Texas con-
Germ obtains the right to do bust
ness in the three States and the
District.
d. C. Office Unchanged.
P. v. Cox, secretary, said it is
understood that the Washington
Office will be maintained prac-
tically as 1t is. Most of the pres
ent officers are expected to remain
with the new owners, as well as
the rest of the personnel.
L. Mccarthy Downs is Con-
tinentals president and one of
the largest stockholders. He is a
former member of the Virginia
Corporation Commission. H. A.
Bartholomew is chairman of the
board. The company does a very
large industrial insurance busi-
ness which requires big cler-
ical staff.
Other Continental officers are
r. E. Akers, vice president and
treasurer; j. D. Eason, vice presi-
dent and general counsel; J. r..
Biggs, vice president and medical
director; Earl B. Combs, j. H.
Long and T. H. Long, vice presi-
dents.
Women Bankers HOnored.
Special honorS were paid wom-
en- members of the American In
Stitute of Banking at the annual
dinner of Washington Chapters
Women's Committee at the VIII
lard Hotel last night. More than
275 members and guests attended.
This is believed to be record.
Francis Powell, committee
chairman, introduced Hubert T.
Bisselle, head of the District
Bankers Association; Samuel c.
Redman, jr., chapter president;
Ralph H. Mittendorff, Chapter
educational chairman, and Ralph
Endicott, dean of the faculty.
Diplomas were presented to Ann
E. Briggs, Metropolitan; Elizabeth
T. Doyle, City Bank: Mrs. Jane
Love, Riggs National: Doris West,
Union Trust; Jean Reif and In
grid Vincent, both American Sc
curity. The T. j. Bell trust
award went to Ann Briggs. Mrs.
George M. Rowzee, jr.. president
of the Bank Women's Club, pre-
sented the clubs special award to
Jean Reif.
Mrs. Nellie Tayloe Ross, direc-
tor of the mint, honor guest. gave
an exceptionally interesting talk
on the amazing growth OF the
mint in recent years.
Bank Declares Extra.
Directors of the American Sc
curity g. Trust Co. have declared
a quarterly dividend of 25 cents a
share and an extra dividend of 25
cents a share, both payable Octo-
ber 10 to stockholders Of record
September %.
Second National Bank directors
today declared the regular quar-
terly dividend of 2 per cent, 81 a
share, payable September 20 to
shareholders Of record September
20.
The Bank of Commerce & Saw
ings has voted the usual quarterly
dividend of $3.50 share, payable
September 80 to stockholders OF
record September 20.
Bell Returns From Manila.
Daniel w. Bell, president of the
American Security & Trust Co.,
who has been in Manila for sew
eral weeks on a mission for the
Government, has returned to the
bank.
Carl H. Ellingson, president OF
the First Federal Savings & Loan
Association, is attending the 35th
annual convention of the Financial
Public Relations Association, In
Boston.
Charles A. Beard, administrator
of inheritance and income tax fol
the District, will address the open
ing fall meeting of the Safe De-
posit Section of the District Bank
ers' Association, Tuesday night, at
the Lafayette Hotel, Chairman
Claude E. Miller announced today
August Gas Sales Climb.
Sales of the Washington Gas
Light Co. in August totaled 1887.
SOB therms, compared with 7,033,.
986 in August a year ago, a gair
Of 1856 per cent, officials an.
nounced today.
In the first eight months of thi:
year sales reached 28,648, ,09s
therms in comparison with 105,.
751,916 last year, a substantial
upturn of 2165 per cent.
Leading Ford Dealers Meet.
j. M. Sanders and w. T. Tobey
jr., are representing Washington
District Ford dealers at the
Southeastern Regional Ford Deal
ers Council in Philadelphia today
and tomorrow. They were elected
from lot Ford dealers. Also at.
tending is Howard w. Cook, di-
visional sales manager.