Evening star., 1932-03-21
NEW LIFE POLICIES
DROP IN FEBRUARY
Report Shows Business Dur
ina Month Was IS Per Cent
Below 1881 Figures.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
i New life insurance written In Wash
eington during February showed slump
compared with new business during
February, 1881, the same situation hold
ing true in other parts of the country,
according to the monthly report re-
ceived today from Hartford.
The District of Columbia showed the
largest comparative drop in several
months, new insurance being IS per
cent under the business done in the
same period year ago. This was be-
low the average for the United States,
which revealed a falling off Of per
cent. For many months the figures
In Washington have been considerably
ahead of the country as whole, this
latest report being most unusual.
Hustling local insurance agents, how
ever, wrote $4,674,000 in new business
during February.
Comparisons by States.
( South Carolina furnished the surprise
Of the month by reporting an increase
of IA per cent over last year, being sec
ond in the entire list of States, Nevada
taking top position with SIS per cent
increase. Business in the South must
be improving as Florida had gain OF
7 per cent and Georgia Of per cent
over February, 1881.
North Carolina was off per cent,
the same as the national average. Vir-
ginia dropped 9 per cent under last
years record in February, while West
Virginia was down 8 per cent. Mary
land lacked IL per cent of keeping up
with the like month in 1881, although
new business totaled $7,809,000. Vir-
ginia wrote $5,691 600.
South Dakota had the hardest luck
of any of the States, new insurance be-
ing down 81 per cent from February.
1881. The trend in ordinary life in
surance all over the country has been
upward for several months, so that this
months report will cause surprise. But
in spite of the lower figures, more than
$25, 100000 in new business was writ
ten during every working day Of the
month.
Banks Paying Of Credit Loans.
Washington bankers received word
today from the National Credit Corpora
tion that on March % the organization
will pay back is per cent of the money
borrowed in connection with the great
national drive to furnish temporary
funds to needy institutions until sound
securities could be liQuidated.
: Notice of this return payment was
aheld highly significant by local finan-
ciers, as it indicates that banks in
sother parts of the country that were in
need of help are now in much better
position. Many bankers here had be-
heved it would be some time yet before
the National Credit Corporation would
be able to pay back the first of the bor-
iTowed funds, redeem the gold certifl-
Gates and also pay the interest due.
Local bankers are most enthusiastic
over the work Of the National Credit
I Corporation, which has an important
iunit In Washington and an excellent
organization in the fifth Reserve dis
trict. 1t has performed a great service
to the banks, and in that way to bank
! sdepositors, while the Reconstruction
Finance Corporation was being organ
lied and placed on its feet. While it is
still ready to help any deserving bank
in constructive way, the greater part
pleted, this fact being clearly shown by
: the forthcoming return payment of
funds to banks which supplied cash for
the great national pool. s..
Lanston Monotype Stronger.
Lanston Monotype stock was stronger
on the Washington Stock Exchange to-
day, 40 shares changing hands at 66.
a gain of full point since the last
previous SALE
Today'S business included the trans
fer of several small Washington Gas IS,
Series A, at 99%.
The opening for the week was very
slow, the other business being a small
sale of Potomac Electric Power per
cent preferred at 112.
Bank Stocks Sell Lower.
The New York City bank stock mar
ket reacted in sympathy with the Sc
curitieS markets in general during the
past week, according to records COM
piled by Holt, Rose & Troster. The ag-
gregate market value of the 16 leading
issues was S1,766, ,446, 900 as of March
10, against $l,846, ,491 900 on March IL,
decline OF 4.33 per cent for the week.
The average yield of the 16 lead
Ing stocks as of March 19 was TIC
per cent, compared with a yield of
6.87 per cent on March IL and 9.84
recorded on December II, the highest
average yield reported last year. Based
upon the March 19 figures, the 16 is
sues now are selling at 1873 times their
known current earnings.
Fifth District Trade Gains.
1t is reported from Richmond that
trade during the past week has recov-
cred somewhat from the first part of
March. With good weather, quite brisk
Easter business is now expected. Whole
sale trade, however, is not keeping up
with retail sales and an unfavorable
first quarter, compared with a year ago.
IS now predicted. UNEMPLOYMENT is
reported as unchanged and a seasonal
building pickup is still being awaited,
y The favorable report of the Chesa-
peake d Ohio for February was cheer
ing TO the Fifth District Other coal
roads are expected to show better earn
angs
- Heard in Financial District.
The Council of Administration of the
District Bankers Association will hold
o regular meeting Friday and take up
several important routine matters.
81. w. w. Montgomery, jr., of Philadel-
phla, lawyer and member of Mont
'gomery g. McCracken, has been elected
a director Of Western Maryland Rail-
way.
. Directors of the PENNSYLVANIA Rail-
foad Co. have authorized 10 per cent
reduction in salaries of all officers. ef-
fective April /. This is second cut Of
40 per cent made in salaries of officers,
FIRST cut having been authorized last
June.
- The Interstate Commerce Commits
sion has given its tacit approval where
by the Baltimore g. Ohio will trustee
its stockholdings Of the Western Mary
1and Railway with the Chase National
Bank pending outcome of the four-sys-
tenn Eastern railroad merger plan.