Evening star., 1932-01-25
GAIN IN INSURANCE
SALES NOTED HERE
Life Policies Show s Per Cent
Increase for Month of
December.
BY EDWARD c. STONE.

llle INSURANCE Sdltb Al W oA'AAA'Ae
during December were per cent larger
than in December, 1880, and suostan'
TALLY ahead of the average for the
United States, which was l per cent
above the December, 1880 figures, &C
cording to report received today from
Hartford. December sales in this city
totaled S6656,000.
In nearby States West Virginia made
the best record, sales being l per cent
ahead of the like month a year ago
Life insurance business in Virginia was
off s per cent in December, and Mary
land reported drop of 10 per cent IN
new business North and South caro-
lima stood exactly the same, with g
falling of during the month OF per
cent -,--.,.- =.
Missouri made the best showing OF
any State in the Union, with gam OF
IA per cent, while Florida came next
with l3 per cent increase IN Sa!es'
Georgia was 9 per cent ahead, the re-
ports from these last two States lnol-
eating that conditions in the South are
improving. South Dakota stood at the
bottom of the list, sales being SO per
cent lower than in December, 1880.
Sales for the full year we're alSo an
nolnced today. the final figures reveal
ing a drop OF l3 per cent for the coun-
try as a whole. This figure is consla-
cred favorable to insurance men, as
many other business enterprises showed
q much more severe slump.
Business Turn Indicated.
In 1881 when the incomes of all
classes of people were greatly reduced
over $40 600 600 of new life was sold
every working day. Total sales Tor the
year, although somewhat below those
of the past few years, were over 800
per cent greater than the volume sold
is years ago.
The trend in life insurance during
the last months of 1881 was upward.
In the first quarter Of the year new
business was 18 per cent below the
same period Of 1880, At the end OF the
second and third quarters, the COM
narison showed a loss which had been
reduced to l6 per cent. During the
last quarter the volume sold was sum
cient to bring the years sales to the
aboye-named total of only l3 per cent
below the 1880 volume.
The Middle Atlantic section showed
q gain of per cent, compared to De-
cen1ber. 1880. New York State PAID
for over a fifth of the entire new buSi-
ness sold in the country and gained 8
per cent over last December. The next
largest volume was sold in Pennsyl-
vania with II per cent increase In
sales.
Substantially better conditions were
reflected all over. the country. seven
teen States showed an increase in sales
when compared 70 December, 1880.
Every section and practically every State
showed better conditions for the month
than for the preceding II months OF
the year.
$3.50, 200, 900 Treasury Offering.
Secretary Mellon today announced
that the Treasury is offering S350,0OO,-
600 of 6 and IL month certificates 10
provide initial funds for the Recon-
struction Finance Corporation, which is
to be put in motion at once.
The certificates Of months maturity
will be at a rate of 3ls per cent and
those running IL months will be at a,
rate of go per cent. The 6-month is-
sue will mature August l, 1882, and the
12-month February !, 1888.
There will be used out of the total
$50 600 600 for the retirement Of bills
maturing February /. The balance VIII
be utilized in the furnishing Of capital
for the Finance Corporation.
The decision to take care OF imme-
diate needs of the Finance Corporation
by short-term offering was made by the
Treasury some time back. There ap-
pears little likelihood that long-term OBJ
legations will be offered under present
market conditions.
Mergenthaler Moves Upward.
In a small sale today on the Wash
ington Stock Exchange Mergenthaler
Linotype stock showed a stronger tone
The stock changed hands at 5214, the
highest price recorded in this issue in
come time.
washington Gas Light S. were in de-
mand in the bond division, selling at
1908. in $500 and 81 600 denominations.
Potomac Electric Power consolidated IS,
which have been popular in recent ses-
sions, were again wanted today, two
81 900 sales being completed at l00as.
The list Of stocks being quoted eX-
dividend was increased today by the
addition of Washington Loan & Trust
and American Fire Insurance Co.
Some of the members of the Stock
Exchange believe that the merger Of
the two street railway lines is closer
than it ever has been. Capital TraC-
ton stood today at Is bid and 10 asked,
with no sales recorded. Announcement
of earnings Of S3.05 n share in 1881
shows that the present 81 dividend is
being far more than covered.
George Harrison on Values.
George Harrison, governor Of the Fed
eral Reserve Bank of New York, testi-
flying recently before a Senate committee
in regard to the Reconstruction Finance
Corporation. said:
The whole trouble with this country
today is not that intrinsic values have
deprecated to a point where we are
suffering, but rather that market
values, which represent the distressed
selling Of the needy to the bargain
hunters, have deprecated to a point
where we get wholly unrelated esti-
mate Of what is the real position Of the
country.
The American people have been like
a merchant who inventories his stock
according to prices realized at a bank
ruptcy sale next door They have &C
Cepted the stock market as the appraiser
Of values, whereas it has been for a
long time merely registering prices real
lied at forced sales"
p0TAT0 MApYET