Evening star., 1932-02-21
INSURANCE SALES
IN CAPITAL HOLD
TO LEVEL OF 1881
West Virginia Leads Nearby
States in Gain Ratio on
Life Policies.
SOUTH AFRICAN ENVOY
BACKS GOLD STANDARD
Directors and Officers Elected for
Fidelity Storage Co. at
Annual Session.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Life insurance sales in Washington
are holding their own, January business
reported yesterday, totaling $780, 900,
practically the same amount of ordinary
life insurance as was written in Janu-
ary 1881. The report from Hartford
states that every section of the country
had a better experience than in Janu-
airy, 1881, which IS held to mean that
there is slight upturn in business
conditions
West Virginia led nearby States with
gain of II per cent over the like
month year ago. Virginia increased
business in January by 4 per cent. the
same gain as recorded by South Caro-
lima. North Carolina did better still,
with an advance in new insurance of
8 per cent.
Florida Is indicated by "a per cent
insurance gain over January, 1881, the
best increase reported by any States
except Arizona with 27 per cent and
Mississippi with 25. Georgia tied with
West Virginia and also did II per cent
more business than a year ago.
Ahead Of Average.
These States were way ahead Of the
average for the whole country which
was only l per cent ahead Of January,
1881. Maryland business was below the
national average but was down only 3
per cent. The men who had the hard
est time writing insurance in January
live in Wyoming where their business
was off 81 per cent from last year.
Three sections of the country showed
more sales for this January than for
70 1OQ1. {urn copfioy,c i,,ct
ed the volume of January 1881 The
New Jersey and Pennsylvania, which
pay for about one-third of the entire
new business of the country, showed
a per cent gain. The largest gain
was made in the South Atlantic Sec
tion, where the volume was per cent
larger than year ago.
Trading on d. c. Exchange.
Saturday trading on the Washington
Stock Exchange opened with two $1,000
sales in Washington Gas Light IS,
series A, changing hands at par, fol-
lowed by a baby bond selling at 9934
Merganthaler Linotype. which came
into the spotlight during the week when
the directors reduced the dividend
closed yesterday at a. The stock
opened with 10 shares selling at As
Two small sales were then reported at
A. Very little stock has been sold
since the dividend announcement, the
yield on the present basis and price
being about per cent.
The unlisted securities on the ex-
change were called off as usual on Sat-
urday. Only one quotation change was
10 bid instead Of 20, while the asked
price was reduced from 25 to %.
The board Of governors announced
that the exchange will be closed tomor-
row, Washington's birthday. All the
brokerage Offices and the banks will
also be closed.
Gold Standard Declared Sound.
The Union of South Africa is fully
capable Of maintaining the gold stand
ard, the Reserve Bank Of the Union re-
ports. 1t further asserts it has sub
stantial gold reserves and exchange
resources
Eric Loum, Minister from South
Africa, upon instructions from his gov
eminent, yesterday directed attention
to the statement Of the Reserve Bank,
I'm view Of the many misleading dis
patches from South Africa and England
which have been appearing in the
American press"
South Africa is definitely on the gold
standard, the statement continued. and
there Is no justification for published
assertions that adherence Is only NOM
inal. There are no restrictions on the
export of gold coin, or on the cOnverti-
bility of Reserve Bank notes into gold
coin, the Minister said.
Fidelity Storage Elects Officers.
At the annual meeting Of the Fidelity
Storage Co., both directors and officers
were elected for the coming year. The
directors are David B. Karrick, James
L. Karrick, jr.; Clifford j. Lipp, Harry
S. PLACER and Hopewell H. Darneille.
Officers elected include David B. Kar-
rick, president; Clifford j. Lipp, secre-
tary and treasurer, and James L. Kar-
rick, jr., assistant secretary.
Hopewell H. Darneille is new men,
bcr of the board. He is connected with
Auchincloss, Parker & Redpath, men,
bers of the New York Stock Exchange,
with Offices in the National Savings &
Trust Building.
Says Old Laws Still Hold.
I'VE have all learned that the new
era Of industrialism will not be pres
entity obtained, contrary to the law Of
supply and demand" Thomas G. Hen
nings, vice president Of the Mercantile
Commerce Bank & Trust Co., st. Louis,
told the trust division of the American
Bankers Association in New York, the
sessions being attended by local bankers.
we may witness further readjust-
ment Of wages, more economy in Gov
ernment and more scientific taxation,
he said. I'VE cannot ignore economic
facts. Our tariff over preached itself, for
our European debtors cannot sell us
goods. With Europe owing us $11,000,-
100000 and with only $4,000, 900, 900 in
gold in Europe, is there any other way
in which we can be paid than in
goods?"
A remarkable record Of safety through
a trying period is the most significant
development in the trust business during
the wear, Thomas C. Hennings, vice
president of the Mercantile Commerce
Bank & Trust Co. and president OF the
trust division, told the conference.