Sumitomo Life Insurance Co. plans to sell...

Sumitomo Life Insurance Co. plans to sell its entire stake in E. F. Hutton & Co. to Shearson Lehman Bros., in line with Shearson’s plan to acquire Hutton. Sumitomo, one of Japan’s leading life insurance concerns, will sell about 694,200 Hutton shares, or about 2% of the company’s outstanding stock, to Shearson next month. Shearson announced last week that it would acquire Hutton for $960 million.