Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-14
Washington Ticker
BY the Associated Press.

market as a major objective in the
selling of their second 10000, 100000
of life insurance policies.
Having achieved the notable goal Of
the first 100 billions of dollars last
Summer, the American life insurance
companies now are directing their eff
forts to their second objective, and, ac-
cording to officials of the Association
of Life Insurance Presidents, the for
eign market will be an important out
let for the American business.
While the American companies eX-
pect to transact the predominant
amount of their business in this coun-
try, their officials have conferred with
Commerce Department officials on the
requirements, legal and governmental,
In the leading foreign nations for their
concerns to enter that field. American
fire insurance companies at present
are fairly well established in many
foreign nations, but the amount of life
insurance written abroad by United
States concerns is comparatively small.
only 10 American companies at present
engaging in foreign business.
A comprehensive study Of the re-
quirements for the entrance of Ameri-
can insurance concerns into the foreign
market was completed today by the
commercial laws division of the Com
merce Department to guide companies
in their ventures into that field
A. Sherman Christensen of the d.
vision in discussing the the survey said
that many MISUNDERSTANDING, social
political and legal in nature-will COM
bine in determining foreign markets
for American life insurance" He adj
ded that there are strong indications
that an increasingly large number of do
nestle organizations will establish
branches and agencies in foreign coun-
tries"
In most important nations, insurance
companies are under direct govern
mental supervision, Mr.. Christensen
said, being required to maintain ade-
quate reserves and make periodical
financial reports to the authorities, but
he added this was an advantage rather
than hindrance to the we'll established
American concerns However, num-
Der Of foreign nations, he continued,
endeavor to restrict the entrance Of
insurance companies from other coun-
tries through state insurance monopolies
or Naturalization of the business in
their own boundaries. But only few
nations have created state insurance
monopolies, the notable examples being
Uruguay, which denies foreign COM
panies entry permission; Turkey with a
state monopoly on reinsurance; Spain
which has under consideration legisla-
ton practically barring foreign COM
panies and France which has stringent
regulations allowing only a few concerns
to enter the field of1cially.
Despite these monopolistic and ma
tionalistic tendencies" Mr.. Christen-
son said. "the majority of governments
are willing to allow foreign insurance
companies to operate within their juris-
| diction provided they are well organized
! and have adequate capital.
-
| the United States life insurance COM
| panies Is, at present, in Canada and
several Latin American countries" he
! asserted. There appear to be no in
surmountable difficulties to the extern
| sion of such business particularly in
Latin America" He pointed out that
| in Argentina there are no American
concerns although the possibilities of
that market appear promising" and
the legal requirements are not by any
means prohibitive. In the European
| market he cited Germany as "particu-
larly interesting" to American concerns
because Of that nations recovery from
World War defiation.
The filing of an application by the
Mississippi Valley Barge Line Co. for
a certificate of public convenience and
necessity with the Interstate Commerce
Commission was interpreted in govern
mental circles as the first step toward
taking over the Government-owned
water carriers of the Inland Waterway
Corporation by private concerns.
The Mississippi Valley Barge concern,
with capital Of $4,000, 900, is the first
major private company to make such
an application since the Denison in
land waterways act went into effect in
1928. The application calls for joint
rail-water rates with SO major railways
aalG ttan l. -k~ <zf I'll
is held mostly by ofhcials of the Inter
national Shoe Co. OF st. Louis, pro-
poses to operate semi-weekly service
from Cincinnati to the Gulf of Mexico.
through the Ohio and Mississippi Rivers.
While officials of the Ipcand Water
ways Corporations did not comment on
the filing of the application, they
pointed out that the business of their
barge lines during the present year
promises to transcend last years OPP
erations. In 1928 the corporation had
a net operating income of more than
$37O,000 and is on a completely self
sustaining basis, they said, making the
opportunity-now that the Government
has firmly established the business-for
private barge concerns to assimilate the
GoVernment-owned services.
The first eight months of 1929 re-
suited in a record volume of freight
traffic handled by American class one
railroads. Reports Of the Bureau of
Railway Economics, an organization
maintained by the carriers, said that
the movement of freight was the great
est on record for any corresponding
period.
The freight traffic for the eight
months of this year totaled 325, 383, ll4,-
600 net ton miles, 35 per cent in
crease. or IL 900, 634 900 net ton miles.
over the previous high record for this
corresponding period, established in the
eight months of 1927. 1t also repre-
sented a gain of 1921, 800, 900 net ton
miles, or SIS per cent, above the eight
months of 1928.
The railroads of the Eastern district
recorded the major increase, "a per
cent the Southern district, 13 per cent
and the Western district, So per cent
The prosperity of Canada Is reflected
In the statement of the Dominion
| chartered banks, a report to the Com
merce Department shows. In 1928 their
combined assets amounted to $3,470,.
100000, against 1922 900 900 In 1927
and for the FIRST seven months of THU
year they reported an aggregate Of as.
sets Of s3,4e6.ooo,000.
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