Evening star., 1933-06-21
NEWD.C. INSURANCE
CONTINUES TO LAG
Marked Improvement Shown
in U. S. Total as Drop
Diminishes.
BY EDWARD c. STONE.

BY EDWARD C. STONE.
New life insurance written in Wash
ington during May was II per cent
below the same month last year, ac-
cording to a dispatch received from
Hartford, Conn, this noon. For the
country as a whole new insurance was
: down 10 per cent from May, 1882, the
smallest decrease in production in one
month, when compared with the cor
responding month of the previous year,
since January, 1882. This improve
ment Is declared to compare favorably
with the sharp gains which have been
reported in many of the leading in
dustries of the country.
Today's report is unusually interest
ing Sales for the first five months
of 1888 we're % per cent under the
same period year ago. The average
for May is so much better than the
report for the hve months that real
upturn Is clearly indicated. This was
true in April as well as in May in
every section of the United States
The report also shows that seven
States did better business than in
May, 1882, this being a new develop
ment.
Virginia did the best business of
any State in the Fifth Federal Reserve
district, off but per cent, 2 per cent
above the national average. Maryland
made a good showing, new policies
being only IL per cent under the busi-
ness in May, 1882. South Carolina re-
ported the same percentage. North
Carolina was off 18 per cent and West
Virginia % per cent.
Utah again stood at the top Of the
list with per cent gain and Nevada
brought up the rear with loss OF 73
per cent in new business. The other
States having increases were New Jer-
sey, Ohio, Missouri, Delaware, Ken
lucky and Oregon.
business, Maryland, Sc, 6,709 600: Virginia,
s5,539, 900: West Virginia, $3,167 900;
North Carolina, $5,228 900, and South
Carolina, $2,47S,000. during May.
Thompson Heads Exchanges.
The annual meeting of the Associated
Stock Exchanges, held in Chicago Mon
day, was confined to routine association
matters. Of1cers elected for the COM
Thompson, Washington. D. c.: vice
president, william M. Louderman, st.
Louis, Mo-; secretary-treasurer, Clark
C. wickey, Detroit, Mich.
The board of governors, consisting
Of one, representative from each mem
Der exchange, is as follows: Buffalo,
Roland L. O'Brian; Cincinnati, Willis
D. Gradison; Cleveland, j. P. Drach;
Detroit, Clark c. Wickey; Hartford,
Eugene Ballard; Los Angeles Curb.
Floyd E. Sanford; New Orleans, Ed
C. Matthews; Pittsburgh, Claude F.
Pugh; st. Louis, William M. Louder
man: San Francisco Curb, Rollo c.
Wheeler; San Francisco Stock, Albert
L. Ehrman, and Washington, Eugene
e. Thompson.
Mr. Thompson, who has been re-
elected president, was one OF the lead
ers in organizing the association sew
eral years ago. He has an investment
Office in the Shoreham Building and
was formerly senior partner In Crane,
Paris g. Co.
knowledge Galore on New Law.
An exceptionally good example OF
teamwork in the Washington financial
district has Just been stressed by Frank
p. Morse, president of the Washington
Bond Club BY quick action a vast
amount Of knowledge regarding the new
securities law has been spread all over
the District of Columbia and far be-
yond its boundaries.
Somebody suggested that the new
securities act ought to be explained In
detail to dealers In securities. Mr..
Morse summoned the Bond Club, the
American Security g. Trust Co. fur
rished the meeting place and Paul v.
Keyser, counsel for the Investment
Bankers Association, discussed all the
vital points in the bill to the ediflca-
tion of large gathering, as reported
in the financial press.
Requests for Stenographic copies OF
the talk flooded the Bond Club pres1-
dents Office. They soon gave out but
President Robert v. Fleming of the
Riggs National came to the rescue by
having large number OF extra copies
printed and sent to the Bond Club. A
few still are available. Already, how
ever, members of the Bond Club and
their financial associates have become
authorities on the securities law and
very learned discussions are heard daily
in Washington's Wall Street.
Bank Examiner With Johnston.
Frederick G. Macdonald has become
associated with the investment firm Of
James M. Johnston & Co. Mr.. Mac
Donald was with the Treasury Depart
ment for 612 years as National Bank
examiner. two years of this time in and
around New York City and the remain
ing Az years around Buffalo and
Rochester, N. Y. He resigned from this
position to become associated with the
First National Old Colony Corporation
and established and had charge of its
Office in Rochester. He was associated
with the First National Old Colony
for 2l2 years. resigning to take similar
position with the Manufacturers &
Traders Trust Co. Of Buffalo, repre-
senting it in and around Rochester.
Mr.. Macdonald is we'll known in Wash
ington, as he formerly lived here and is
a member of the District Bar Associa-
ton.
Closed Banks and Tax Payments.
The Internal Revenue Bureau has is
sued a Treasury decision providing for
extension Of time for payment on taxes
or installments as permitted under the
revenue act of 1882 Under the provl-
sion Of the act, income-tax payments
may be postponed for period of six
months, provided application for exten-
sion is filed previous to the due date OF
the tax. Treasury regulations permits
waiver of this application requirement
where taxes were paid with checks on
closed banks, which checks were re-
turned not honored due to the bank
MONDAY WneTe payments were eA-
tended due to the closed bank Situa-
ton the extension may be permitted
under the six-month provision of the
act If taxpayer makes a showing that
he is unable to meet the tax because
OF the closing Of the banks.
Heavy Trading on Exchange.
The lull in trading on the New York
Stock Exchange today seemed to give
boost to business on the Washington
Exchange at least business here WAS