Evening star., 1932-10-16
Economist Finds Real Prog
reSs Toward Normal Times
in Recent Activity.
LIFE INSURANCE SALES
OFF DURING SEPTEMBER
A. & P. and American Stores Re-
port Earnings-Big Treasury
Note Issue Allotted.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
- Washington bankers have long stud
led the monthly reviews of Leonard p
Ayres, vice president of the Cleveland
Trust Co., with unusual interest. In his
business summary. issued Yesterday, Col.
Ayres declares that the physical volume
of Industrial production in this country
was greater in August than in July.
was greater in August than in July, and
larger in September than in August.
These increases were small in amount,
but large in significance. They indicate
that the termination of the financial
panic which had convinCingly taken
place IN July and August vas bing fol-
lowed and confirmed by real increases in
business activity and industrial output
In August and September. They give us
sound reason to hope that these evil
long-awa1ted corner at the bottom of
the great depression.
The fact that we are having normal
seasonal increases in business this Fall,
the banker continues. lends support to
che hope that the bottom of the depres-
sion has been reached. The Autumn
months are in normal years period of
increased business activity. In 1890 and
In 1881 the usual seasonal increases in
output turnover and traffic that are due
In the Fall of the year failed to develop.
The shrinkages in general business were
proceeding at so rapid pace that the
normal Autumn increases were sub
merged. This year they have reap
peared. and they furnish added and i'm
pertant evidence that we are beginning
TO make progress on the way back to
more nearly normal times.
Although the financial panic is term
mated and some increase in the volume
of business activity Is not only a nor
NAL expectation but Is actually under
way. the prospect Of continuous and
vigorous recovery Is clouded by un-
certainty. Much is dependent on what
Congress does about such matters as
the bonus demands Of the veterans, the
debt relief demands Of the farm groups.
tariff legislation, the financial distress
Of the railroads, our national budget
deficit, the demands Of municipalities
for Federal funds, our national taxes,
and the agreements about the war debts,
the Cleveland financier asserts.
Life Insurance Sales Lower.
New life insurance written in Sep
ternber was Ill per cent less than in
the corresponding month in 1881, the
smallest monthly decline since last
=
ss,rance Presidents reported yesterday
For the first nine months of the present
year the volume of new business was
15.4 per cent below the. same period in
1891
Total new business of all classes
written by A companies having 81 per
cent Of insurance in force was $780,
33l, 900, against $720, ,218 900 during Sep
tember OF 1881. For the nine months,
the total new business In these COM
panies was $7.020.S43,O00 this year
against $8,303, ,341 900 last year.
New ordinary insurance amounted to
decrease of 17.7 per cent. Industrial
insurance amounted to $3.50 ,46s, 900,
against s2,091, lit 900, a decrease of 73
per cent. Group insurance amounted
to $484, ,201 GOO, against $625, $50 900, a
decrease of 22.6 per cent.
Treasury Note Issue Allotted.
Total allotment Of Treasury per
cent. 4layear notes dated October IS
was $508, 1886 Total cash subscrip-
4, tion to the notes offered was $8050,-
of maturing certificates was $3l8,l62,-
200. The exchange subscriptions were
allotted in full
Treasury officials were highly pfeased
with. the more than 18 times oversub-
scription to the notes, as it suggested
that possibly longer term issue would
be received satisfactorily In December
If conditions in the money market are
not materially changed. The Treasury
has long desired to convert rs over
balanced short term debt into longer
term obligations.
The next major piece Of Federal
financing will take place December IS.
On that date $500, ,446, 200 of Treasury
~ per cent one-year notes fall Que.
A. 4 P. Stores Report Sales.
Great Atlantic & Pacific Tea Co.
estimates sales for the four weeks ended
October l.. 1892. at s63: .0ss, COM
pairing with $74,076,684 in like period
141 per cent. Tonnage sales for the
four weeks period are estimated at
39l 804 against A08.323 in the 1881
period, a decrease Of 16,5l9 tons, or
per cent.
Estimated sales for the 81 weeks
ended October l. 1882, without consid-
Grafton Of change in number OF stores
during the year. total S526,957 .096, as
compared with $6l5,250,0S5 for the like
period of preceding year, decrease OF
S88, ,292 ,989, or 14.3 per cent.
were also reported yesterday for four
weeks and the nine months ended Oc-
tober /. without consideration OF
changes in the number Of stores during
the year. Sales for the four weeks
totaled $8,204.433 against $9,8ll,737 in
the like period a year ago. decrease
of 1874 per cent. For the nine months
sales amounted to s87,346. .o84 against
$103.267,584 in the corresponding
months last year, a decrease OF 15.4
per cent.
Cleaned In Financial District.
- The next meeting Of the Life Insur-
ance Club OF Washington will be held
at the Lee House on November 2. This
will be the third meeting this year.
John Snyder. chairman of the Enter
-tainment Committee is arranging Tor
the speaker. This years president OF
the club Is Paul Primm, while Clyde
Smith is secretary.
A special bulletin sent clients by
Robert c. Jones & Co. on the Manu-
facturers Trust Co. shows that his
New York Bank has adopted the idea
Of having advisory boards IN each COM
Ynunity where its branches are located,
in order to make the branch part OF
the neighborhoods business life. This
is the same pan that has been followed
for years by the American Security q
Trust Co. and the Riggs National Bank
in this city.
The Columbus day holiday was a
notable date in the career of John E.
parker, for many years a customers
man with g. M. P. Murphy & Co. He
went out to play some golf at the Chevy
Chase Country Club and made hole