Evening star., 1932-05-20
INSURANCE SALES
DECLINE IN APRIL
Washington Figures Reveal
Drop of 23 Per Cent in
New Business.
BY EDWARD C. STONE.

April showed a falling off all over the
country, according to the monthly re-
port received from Hartford, Conn, to-
day. the decline being 26 per cent
under April, 1881.
Washington made a better display
than the country as a whole, business
here being % per cent below the total
new insurance written In the corre-
spending month last year. West Vir-
ginia made an even better record sales
being % per cent off from year ago.
South Carolina, with 25 per cent
decrease, was ahead of the national
average, but North Carolina was off 33
per cent. Maryland reported decrease
in April of "a per cent, while Virginia
was still lower in the list, sales being
3S per cent less than in the like period
In 1881.
Nevada furnished a surprise. The
State headed the list with an increase
in business of A per cent. The only
other State in the Union which gained
in business was Vermont, sales being up
S per cent South Dakota stood at the
bottom of the list, with a loss in busi-
ness of As per cent. In spite OF the
general declines, however, the report
says that over S42, 900, 900 OF new ord1-
nary insurance was paid for every work
ing day during the month by people
in the United States, taken as whole.
Holds Savings Assure Recovery.
Henry r. Kinsey, head of the New
York State Savings Bank Association,
is sure savings are going to form the
backbone of the recovery. At the Mu-
tual Savings Bank Convention he said:
1T is rather remarkable to think
that the men assembled in this chamber
are the financial custodians and special
representatives of 13, 3,500,000 depositors
in mutual savings banks Truly, that
is an astonishing number of savers.
When we remember that each account
embraces the thrift and sacrifice of
more than one person, 1t becomes plain
that the savings in our institutions be-
long to a much larger number of peo-
ple-perhaps twice as many as our ac-
tual depoSitorS.
I'VE can be certain that this foun-
dation of savings will 60 far to provide
the means for recovery. Anybody who
believes-or who wants to believe-that
the United States is broke or going
down hill, need but look to the deposits
in mutual savings banks. Upon the
contrary the bulk of our population is
soberly and hopefully trying to find the
way out. The surest possible step is
by saving, by living within income and
wisely depoSiting the surplus. I am
certain that a better day lies ahead.
And we may hope that the lessons of
the recent past will help all of us to
steer a better course next time"
Agents Attend Chicago Convention.
Seven representatives of the WASH
ington Office of the Mutual Life Insur-
ance Co. of New York. of which Thomas
p Morgan, jr., Is the local manager,
qualified as delegates and are in at
tendance at the company'S convention
being held at the Edgewater Beach
Hotel, Chicago, presided over by David
F Houston, president and former Sec
retary Of the Treasury.
The delegates are r. z. Fagiolo, J. ].
Higgins, L. v. Lampson, j. E. McCombs,
p H. Primm. M. NJ Solomon, and Will
liam A. Willis. Mr.. Willis won the
vice presidency Of the Field Club by
reason of being the largest producer
during the year in the South Atlantic
division.
l.. w. Lampson was awarded a 10
point star medal for having gained the
tenth consecutive Field Club member
ship, which requires writing at least
$250,0 600 insurance in the IL months.
Today's Trading on Exchange.
Trading was dull on the Washington
Stock Exchange today, the first sale
being $500 Washington Gas Light IS,
series B, at 101 u. In the stock divi-
sion, five shares of Potomac Electric
Power 51a per cent preferred came out
at 103, and 10 shares of Washington
Railway & Electric preferred sold
at 1871.
Lanston Monotype went on the list
as ex-dividend today. Other stocks
now being quoted ex-dividend are the
Potomac Electric Power issues and
Washington Railway & Electric COM
mon and preferred.
The unlisted department issues were
given the weekly checking up, only one
quotation change being registered. The
bid on National Press Building first
53zs was advanced from 3034 to 80 and
the asked price from 3212 to IS.
ID. C. Bank Clearings Higher.
Bank clearings in Washington for
the week ended May ID totaled S2O,-
198,000 against the lower figure in the
previous week of $19,64l 900, but a
drop of 18 per cent from the cor
responding week last year.
Baltimore reported $57, ,203, 90 cleared
during the week against $54, ,440, 900 in
27 per cent from last year.
Richmond also showed a gain between
weeks, clearingS this week totalling S27,-
$4,000 against $23, $4,000 a week ago.
Here, too, comparisons with last year
were unfavorable, showing a decrease
of l8 per cent.
While these cities recorded an in
crease in clearings over the previous
week, check transactions in Al leading
cities were of is per cent from the
preceding week and 48 per cent from
the corresponding week a year ago, ac-
cording to BradStreet's reports. New
York's figures alone prevented the coun-
try as whole from showing a substan-
tial gain in business activity during the
week. The situation really improved.
Heard in Financial District.
Washington insurance agents wrote
$4,856,000 new life insurance during
the month Of April; Maryland, S6,662,-
600; Virginia, s5,423, 900, and West Vir-
ginia, $4,l13,000, according to reports
out today.
The chairman of all committees
planning for the annual convention of
the District Bankers Association lunch
ed together this noon. 1t was an
nounced that every detail in connection
with the Hot Springs gathering has
been completed, President c. H. Pope
said
j. T. Exnicios, president of the De-
partmental Bank, is absent from his
desk while recovering from a recent
operation.
G. Howard Wolfe of Philadelphia,
who has addressed local bankers on
several occasions, has been elected
president OF the Pennsylvania State
Bankers Association.