Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-21
INSURANCE SALES
| DECLINE in AUGUST
Report Shows New Policies
Dropped 10 Per Cent
in District.
BY EDWARD G. STONE.

trict Of Columbia in August was 10
per cent below the total for August,
1880, while the average for the United
States as whole was IL per cent under
the record made in August OF last
year according to reports just received
from Hartford. Only three States had
a gain, New Hampshire up is per cent,
South Carolina up per cent, Arkansas
2. while Missouri and North Carolina
did lust the same amount of business
as they did last year in August.
New business in Florida was of Is
per cent, in Maryland Is per cent, IN
Virginia II per cent and Alabama ~
per cent. West Virginia reported drop
80 per cent over August, 1880, standing
next to the foot of the list, last place
being held by North Dakota, which
suffered a loss of 46 per cent. Georgia
was is per cent behind last year.
Insurance sales for the United States
IN August show a slightly upward trend
when reviewed in connection with sales
for the first seven months OF the year.
That is, the percentage OF decrease is
smaller than is indicated by hgures for
the preceding seven months. Delaware
showed lust the same falling of IN
new business as the District OF Column
bia. August sales in Washington tota4eo
s4,305, 900.
Retail Sales Doing Better.
Department store sales in the fifth
Federal Reserve district In August
showed somewhat less than tne usual
decrease in comparison with July sales,
but averaged ga per cent less than
sales in August, 1880, according to re-
rorts from "a leading department.
stores in 13 cities of the district. Total
sales this year. through August 81, were
SIS per cent less than sales from Janu-
airy, through August a year ago.
Stocks on the shelves OF the report
ing stores increased d. per cent during
A,ig,lst hut on August 81 stocks aver
aged SO per cent less in retail selling
value than stocks on hand on August
Al. 1890. The increase in stock in Au-
gust was seasonal, and was caused Dy
the receipts of some early Fail mer-
chandise The reporting stores turned
their stocks .256 times in August, ana
since January / stocks nave Deen
turned an average Of 2.403 times, q
higher figure than 2.l25 times for the
corresponding eight months last year.
AS noted q few days ago, retail sales
IN washington were OF 6.6 per cent IN
August. but up IL per cent for the frst
eight months of the year. Richmond
sales were down IL per cent in August
and Baltimore's OF per cent. WaSn-
ington is the only city in the district
showing a gain for the eight months.
HemphiII. NOyes Expanding.
Hemphill, Noyes & Co., members
New York Stock Exchange, with of1ices
in the Shoreham Building, announce
TODAY the opening OF their new ooaro
room For the past several weeks the
,fsces have undergone entire renova-
tIon. and recently a stock board mas
been added to the facilities OF the
finder the MANAGEMENT of Thomas j.
Manqan. IT.. the washington ONCE was
Established in the Shoreham Building
FEBRUARY, 1880, and is one OF the young
est stock exhange houses IN the city
However, the firm itself mas neen IN
existence for many years, having been
founded IN 1915. In addition TO It's
washington office the firm has "a other
branch offices, situated principally IN
the Eastern cities. In addition Y It's
numerous branch offices, the company
claims one of the largest private wire
systems in the country. The washington
ONCE maintains In addition to its STOCK
department a bond department, Wnicn
is equipped with complete statisucai
services.
HenphiIl, Noyes g. Co. recently in
creased the personnel of their stock
department with the acquisition OF
August Schmidt, H. Kenneth Murray
and Lawrence Leeby, all OF whom IN the
past have been identified with New
York Stock Exchange offices.
Bond Club Starting Library.
The Washington Bond Club, which
includes representatives Of nearly every
investment banking house and broker
aga office in the city, is launching a
complete financial library 1t was an
11oInced today. The novel enterprise
Is being started without cost TO the club,
the first collection Of books being con-
tributed by the members. The library
will be located in the banking onces OF
an underwriting investment house on
Fifteenth street IN the heart Of the
financial section and the jobs Of libra
Ran, assistant librarians, bookkeepers,
etc, will be filled by unpaid volunteers
from the clubs personnel,
Histories of stock exchanges in every
corner Of the world, stories OF the de-
velopment Of American railways, biog-
raphies of financial celebrities, from
Alexander Hamilton or the elder j. p
Morgan, down TO more picturesque
Characters such as Jubilee Jim" Fisk
and Uncle Dan1" Drew, treatises on
the German Reichsbank, the Bank for
international Settlements, etc, ETC., in
fact everything Of interest to students
of finance and economies will be added
as rapidly as possible to the shelves
Of the new library.
AS against the free origin, members
of the Bond Club will have to pay a
rental for all books borrowed, and a
fine for books held longer than the al
lotted number of days. These receipts
will be devoted to the purchase OF i'm
rortant new books. In addition the
Bond Club itself viii purchase timely
books.
washington clearing house figures for
today: S3.230. 1851.
Lively Trading on Exchange.
Trading was in excellent volume on
the Washington Stock Exchange today
as the weeks business opened. The first
sale was in Potomac Electric Power
Consolidated IS at los. other bond
transactions were in Washington Gas
Light IS, both series, at recent levels.
Lanston Monotype opened at 30 and
on small sales dropped TO 10. Mergen-
thaler Linotype opened eX-diyidend at
"a and closed at 70 on sales Of only "a
shares. Peoples Drug Stores preferred
moved at l0i and Washington Medical
Building at 80.
Potomac Electric Power 51a per cent
preferred sold at ITO and Washington
Railway & Electric preferred changed
hands at 80 and 98l2
Two bank stocks appeared on the
board American Security g. Trust
changing hands at 3l6 and Union
Trust at 200.
Board Rooms Packed All Day.
New York Stock Exchange board
rooms in this city were crowded TO the
doors today, following the financial
news from London. Standing room
was at a premium all day. The OPEN