Evening star. [volume] (Washington, D.C.) 1854-1972, 1953-03-22

meeting.
binary life in Mr.. PhillipA
surance totaled 1928, 1922, while
industrial life insurance sales
amounted to $21,599,043.
Admitted assets at the close
Of 1852 amounted to $66, 682, 232,
a jump of II per cent from q
year earlier. Insurance in force
reached $333,578,188, a net gain
of $18, 425, 443 from a year earlier
after allowing for death claims.
maturities and other termina.
lions. The total included $176,.
054,312 of ordinary life insur.
ance and $l57,523.975 Of indus.
trial life insurance.
Income at New High.
Record income for 1852 was
$13,034.110. a gain Of more than
100000 from 1851. Premiums. .
the largest source of income, set
a record of $10,884, 461, a gain
Of $452.033. Net investment in
come also was at a new peak
of $l,990,745, an increase of IL
per cent.
Legal reserves for outStand.
ing policies and contracts reached
$57, 268,86 an increase of S.
279.207 or 10 per cent. Special
voluntary reserves rose to So
458,258 and unassigned surplus
gained 100000 to reach SO mil
lion at the years end. Capital
stock totaled 81 million.
Stockholders reelected all di.
rectors and they in turn re-
elected all officers. Clyde D.
Garrett and Lauriston H. Han
nah were elected members Of
the Executive Committee.
Reelected directors were:
James G. Bennett, Gilbert c.
Clark, Lewis F. Colbert. Mr.. Gar
rett. Mr.. Hannah, Frederic M.
Nettleship. Mr.. Phillips. William
w. Rapley. Joseph Sanders.
Henry A. willard II and Doro-
thy c. Winchcole.
New Preferred Authorized.
All directors Of Government
Employees Life Insurance Co. and
Government Employees Corp.
were reelected at annual meet
ings, it was announced yesterday.
Government Employees Corp.
stockholders authorized an issue
Of 100000 of 500 par value
cumulative preferred stock, with
a dividend rate not to exceed 6
per cent annually. The shares
will be issued when growth Of
the corporation warrants.
Reelected directors Of tho
three companies were: Benjamin
Graham, chairman; Daniel j.
Callahan, jr.; Leo Goodwin, ST.:
Leo Goodwin. jr.; William K.
Jacobs, jr.; Elisha Riggs Jones.
David Lloyd Kreeger, Robert j.
Marony. Jerome A. Newman.
Francis M. Shea, Lorimer A.
Davidson and Harvey B. Gram.
jr.
Leo Goodwin, ST., was re-
elected president of the three
companies and the following pro-
motions were announced:
Government Employees Insurance Co.
J. r. Ferguson to- assistant vice presi-
assistant vice president. administration;
W. R. Herman to assistant vice presi-
to assistant vice president and assistant
Me- president, once service; z.
doyernment Empioyes' LII. Insurance.
vice president: George W. Smith to as.
sS government fsSasstfi employees corp.-c. ,.
Jeneris to assistant secretary.
d. C. Bank Debts Down.
Washington bank debts de.
clined to $980,711, 900 in Febru-
airy, a decrease of 7 per cent
from $1,055. 092, 900 in the pre-
vious month. and were 81 per
cent behind $1.O44.976.o00 In
February, 1852. the Federal Re-
serve Board disclosed.
In the first two months Of this
year, the total was $2,035. sos, 900.
a drop Of lis per cent from $2.-
301. $4,000 in the same period
last year.
Total debts in 342 cities Of
the Nation were 81 per cent
above year earlier in February
and for the two months were
up So per cent. ~. >.. $3.50.
Insurance Sales Drop
Sales of ordinary life insur.
ance in the District Of Columbia
amounted to $9.725,00 in Feb
ruary, a decrease Of 8 per cent
from a year earlier. the Life
Insurance Agency Management
reported.
Sales in two months of this
year totaled $18, 403. 900, Q de-
crease of 10 per cent.
On a national basis, both
February and two months sales
were Is per cent above O year
earlier.
Big Convention Closes.
The American Savings and
Loan Institute closed q record
convention at Hotel
Statler yesterday. John H.
Dempster of Philadelphia sue
ceeded William E. Poulton Of
Washington as president.
Morton Bodflsh, board chair.
man of the United States Saw.
ings and Loan League, told the
closing session that private home
ownership is one Of the principal
safeguards against communism.
Directors Of Security Storage
Co., declared the regular quart
erly dividend of $1.25 q share,
payable April 10 to holders Of
record March 81.
j. F. Stewart has been named
district sales manager for Ro.