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Hartford Stocks By A. E. Magnell, Financial Editor
Insurance Commissioner Howard P. Dunham is expected to issue a new rule, liberalizing the cash surrender and policy loan restrictions in Connecticut, when he returns to his office on Friday George S. Van Schaick, of in New York State, has already taken such action. The order to be issued by Insurance Commissioner Dunham will be similar to that promulgated by Superintendent Van be "cash values may the terms of the revision allowed and By policy loans may be made in accordance with the provisions prevent required to relieve need or the or contract to the extent hardship policy when proper reasons therefore are made in writing," according the cash superintendent. This opens up the bulletin by the New York to surrender and policy loan privileges "without restriction except in cases where funds are sought for speculation or hoarding. The New York ruling makes "a similar provision relating to sums on deposit or sums allowed to accumulate in the life companies.' The National Convention of Insurance Commissioners in its action at Chicago voted to leave the matter of raising restrictions to the commissioners of the various states. According to an interpretation placed on the vote of the convention the loan and surrender privileges as opened if by commissioners will be effective on out of state companies even domiciled up in states where the restrictions have not been lifted. For instance Connecticut resident having policy in an Illinois company can negotiate for his cash, even if the Illinois commissioner has not lifted the ban in that state, although an Illinois policyholder could not secure cash.
Life insurance sales in month of April this year were off 20 per cent the average compared with year ago. Reports of individual comon panies showed some having greater loss in volume compared with last year. Comparisons with the previous month this year (March) showed that Hartford companies whose figures were available, were pursuing a more Comparative steady condition. figures for the months of April 1932 and 1933 and for
March 1933 follow.
April 1933 March 1933 April 1932 $ 5,020,127 5,018,614 Connecticut Mutual 2,333,908 2,222,099 3,654,334 Phoenix Mutual 39,477,269 53,445,957 John Mancock 5,578,738 8,943,786 Lincoln National 10,325,035 11,333,290 12,832,963 Penn Mutual 9,569,425 11,105,870 Massachusetts Mutual 13,111,694 Insurance companies expect that the suspension of cash surrenders and policy loans ordered by insurance commissioners will be reflected in the volume of life insurance in force with companies this year. It is yet too early for this to appear Although the bank suspensions made it difficult for policyholders to make their regular payments extensions of grace periods were freely made by companies and this is expected to assist in keeping good part of the insurance on the books Company figures which are available show that despite the severity of conditions companies have done well in holding business. The following table shows the life insurance in force in three companies as of April 30, 1932 and 1933 1933 1932 $3,451,081,679 $3,663,055,285 John Hancock 985 478 Penn Mutual 2,044,688,657 2,149,587,202 Massachusetts Mutual
National Surety Company stockholders will shortly receive a letter Richard A. Brennan special deputy insurance commissioner of New York from in charge of liquidations advising written them because their of "present many interest. requests for 15 very information speculative." on the The part letter of the was stockholders of the old company. Mr. Brennan "It is writes: difficult to make any satisfactory contingencies. reply at the The present assets time of so many because the company the answer are of depends many different upon kinds and are located in various places. These assets may eventually prove very valuable, and again some may prove to be worthless. It is they even have more been difficult ascertained, to predict fixed the and extent deuntil termined. and amount The of liabilities translation of some types of surety obligations which are of continuous nature into fixed cash liabilities is often a most intricate matter and, while it is hoped that the reorganization plans in this instance will very materially lessen the confusion and uncertainty which always the suspension of of surety liabilities company, can nevertheless, now be made.' even this Mr. case, Brennan no accurate goes ito computation details as to the reasons for the organization of the National Surety Corporation, setting forth that the plan was believed to be in the best interest of all. Central Hanover Bank & Trust Company of New York has declared the regular quarterly dividend of $1.50 a share, payable July 1 to stockholders of record June 19. Bankers Trust Company of New York has declared the regular quarterly dividend of 75 cents a share, payable July to stockholders of record June 12. Guaranty Trust Company of New York has declared the regular quarterly dividend of $5 A share, payable July 1. National Bank has declared a quarterly dividend of 35 cents a share, Chase payable July 1. The previous rate was 50 cents a share quarterly.
Continental Bank & Trust Company of New York has declared a dividend of 20 cents share, payable July to stockholders of record June 16. Previously 30 cents a share was declared.
Middletown Savings Bank trustees have reelected directors and added Charles J. Arrigoni to the list of trustees. Since Charles the bank T. Davis, has been president, doing business and associate it has officers paid $23 were reelected. interest on deposits. The bank was organized 108 years ago and has 12,000 depositors.
Mechanics Bank of New Haven will not be reorganized and application will be made to authorize the first payment of a dividend to depositors. Seth Thomas Clock Company reports the outlook for business 15 brighter and plant activity will be expanded general shortly manager, No has yet to been the and elected late Mason and T. the Adams, vacancy vice in president the irmanship of the board caused by the death Seth Thomas, Jr., year ago continues. Vacancies will probably be filled later this summer. New England Knitting Company of Winsted will operate next week on a five day schedule. The plant has been operating three days a week recently.
