Evening star., 1933-10-20
SLUMP NOTED HERE.
5M LIFE INSURANCE
eiSeptember Total Lower Than
Year Agc-South Carolina
Leads 43 States.
BY EDWARD c. STONE.

New life insurance written in the
District of Columbia in September was
13 per cent lower than the business
done in September of last year, accord
ing to the monthly report received here
this noon from the Life Insurance Sales
Research Bureau.
This was per cent lower than the
average for the whole country, which
was down per cent from the came
month last year. Maryland was not
quite up to the Washington record,
slump of Is per cent being reported.
other sections of this Federal Re-
serve district, however. revealed almost
boom conditions. South Carolina led
the whole 48 States in September, with
a gain over last year of 26 per cent
North Carolina did 10 per cent more
business than in September, 1882. while
West Virginia stood next in the list
with gain of 9 per cent.
Nebraska stood next to the top OF
the list, with only South Carolina max
ing a better record. New York ana
Minnesota stood at the bottom. with
decreases of 19 per cent in buriness
during the month.
In spite of the decrease in business.
underwriters in the Capital turned in
s3.054,OO0 new policies during the
mcnth. Business in Maryland totaled
s5.346,000: in Virginia, $5,320,O 600; in
West Virginia. S3.574 900: North Caro-
linz, S6l55.000. and South Carolina,
S3,104O00. Not such a bad average.
During 1888 the general trend in
life insurance sales has been upward.
At the close of the first quarter the
volume of new business was IA per cent
of the volume of the same period last
wear; at the end of the six months this
percentage had increased to 79 per
cent. At the close of the third quarter
the volume is now equal to "a per cent
of that of the nine-month period last
wear. In every section of the country
the monthly figures for September
showed a better experience than the
nine-month average, which indicates
that the trend is still upward.
Rapid Transit Net Improves.
For the first nine months of the pres
ent year net earnings Of the Washing
ton Rapid Transit Co. showed detlcit
of S47,67638, against deficit OF SOL
305.20 in the corresponding period II IN
1882. or an Improvement of S3,628.82,
according to the latest statement filed
with the Public Utilities Commission.
Operating revenues for the first nine
months of 1888 totaled S274,431 .O5,
against 1928 1883 in the like 1882 pc
Rod. a drop of over s540O0.>> Operating
expenses. however. we're reduced more
than $4,000 during the same months:
Operating income revealed loss OF
S21 .51996. as compared with $27,084.2l
a wear ago. an Improvement OF So
564.25. Deductions from gross required
nearly $4,000 more than year ago,
leaving the aforementioned net re-
turn.
During September operating revenues
totaled S2s, ,38521, against s3l ,20213 a
decrease of S281692. Operating ex-
penses and taxes, however, showed
decrease of S428812. Incorporating
income was almost exactly the same as
in September, 1882.
The Transit Co. reported deductions
from gross income in September
amounting to S2,52362, as compared
with S2,85023 in the same month last
year, drop of s326.6l. This left
deficit in September net income OF So
69526, in comparison with $7,492,29, an
Improvement of S1,79703.
Bond Demand Pleases President.
President Roosevelt was highly graft
fed with word from the Secretary OF
the Treasury that subscriptions to the
$500. .OOO,0 600 Treasury bond issue had
reached nearly 2,000,000,000 and that
subscriptions were still coming in by
mail.
At the same time the President was
informed that conversions of the LID
erty 4As are coming along very we'll.
Most of them are coming through
banks. The President regards this as
excellent in every way.
Secretary of the Treasury Woodin has
ordered that subscription books for the
cE00 nm n00 icc,1o ba clOSn6 for cash
subscription.
The books will remain open until fur-
ther notice for receipt of exchange sub
scriptions by holders of the fourth Lib
ertys, whether exchanges offered are
among the series called for redemption
or not.
It was reported today in Washington
banks that holders of the Fourth Lib
erty loan bonds, which have been
called, are being quite generally ex-
changed. While holders have until next
April to exchange these bonds before
interest ceases on them, in great
asked to look after the exchange for
their customers. This they are doing.
Local Board Rooms Overcrowded.
In the local offices of New York Stock
Exchange firms, standing room only"
signs might have been placed in the
board rooms even before today's mar
ket opened The heavy selling late yes
terday brought hundreds of traders and
investors to the exchange offices to-
day, anxious to see what the opening
would be.
The agricultural situation further
complicated the outlook today and few
would attempt to predict the course of
the stock market during the next few
days. The usual technical rebound.
after heavy selling, was mentioned but
brokers did not stress the probabilities
Of any extended rise. The gossip was
gloomy as it always is after the mar
ket has gone down for several days.
There is general agreement on the
long-term outlook. however. Brokers,
investors, in-and-out traders and other
followers of the market believe that the
long-term trend is upward. In this the
best-informed bankers concur. Incl
dentally, trade is better now than it
was a year ago. Many phases of the
N. r. A. also are proving advantageous.
Today's ID. C. Exchange Trading.
The Washington Stock Exchange
opened today with Potomac Electric
Power 51a per cent preferred stock SELL
ing at 1884 on very light turnover:
Washington Gas Light stock moved
at At.
Railway g. Electric preferred was the
most active stock issue on the board,
five sales involving Al shares moving at
81. After call 100-share block of this
same stock changed hands at the same
figure, g. 49,
Bonds were quiet today, the only sale
being $1,000 Washington Gas Light IS,
1858, at "a. At present there is not
stock on the board being quoted ex
dividend something rather unusual.
Heard in Financial District.
One of the most interesting nearby
items today came from Alexandria,
where new Clearing House Associa-
tion has been organized to carry out
the provisions of the new bankers code
and the National Recovery Administra-