Evening star., 1933-09-06
INSURANCE CHIEF
SPEAKS BY PHONE
Fulton Addresses Agencies in
Fifty Cities on Fall Sales
Outlook.
BY EDWARD C. STONE.

by telephone from the home Office, a
big amplifier doing the rest The ad-
dress was made to agencies in so cities
all over the United States and it Is
believed to be the first time that a
program of this kind has been carried
out on sucn a large scale. Among other
things. President Fulton said:
Il want to talk to you particularly
at this time because September marks
the opening of the Fall business season
the season which normally brings
about tremendous increase in busl-
ness activity throughout the Nation.
And this particular harvest season, the
Fall of 1888. will be very critical
period for men in the life insurance
business. We have before us the op-
portunity for the greatest period OF
business in the past five years II we
can take advantage of it.
September 5 marks the SIX months
anniversary of one of the most critlca!
periods in the history of our country.
1t is hard for many OF US to realize
that lust six short months ago every
bank in this Nation was closed The
business of the Nation was practically
at a standstill. Chaos and pessimism
dominated the country and new
political party was coming into power.
We have witnessed the vast majority
of the people of this Nation, regard
less of their political affiliations or af-
fections responding to the new lead
ership of the President of the United
States and cooperating to break the
chain of depression which had held
this Nation and the world in general
H., fo1. l1n ct
Il believe the general state of the
country, with the unbounded optimism
which appears on every hand. presents
an opportunity for every one OF you to
break the chain of your production de-
preston in the Fall season which lies
before Us-if you as individuals VIII
adopt unusual measures to solve your
individual problems Usual procedure
is not sufficient. The usual working
methods will not pull the average un-
derwriter out of this production slump
will you, as We enter the greatest
Fall season we have had in years, adopt
as YOUR recovery code a full normal
weeks work of 40 hours with IA care
fully planned interviews from now until
December 3l?'
Fifth District Review Optimistic.
Announcement by the Federal Re
serve Bank of Richmond that there has
been a definite upward trend in busl-
ness during the last two months IS most
welcome news. as the Reserve Bank has
complete reports and knows exactly
what it is talking about. The bank mas
delayed making any statement that
basic conditions are better until the
figures have proved 1t.
Another note from the Reserve Banks
latest report states that Federal Re-
serve note circulation rose less than
usual Just prior to the opening OF the
South Carolina tobacco market, but 1t
is probable that the return OF funds
from boarding supplied the banks in
the tobacco sections with at least
part of the currency they required.
Employment increased in recent
weeks in the fifth district, especially
for industrial workers and clerks In re-
tail establishments. and there are plans
in process of formation which should
shortly give employment to many build
ing tradesmen and unskilled laborers.
Wages Of many people have been raised
thus increasing the ability OF the pub
lie to buy consumers goods of all
kinds.
Cotton prices declined after the first
condition report was issued early in
August, but the decline was less than
earlier advances. and with larger
Weld of cotton in prospect in the fifth
district this year cotton farmers are
in a much more favorable position
than they were a year ago.
Total loans in 80 reporting member
banks declined by s2,281 600 between
July u and August 9, this year, nearly
all of the decrease being in CONNER
Cial or agricultural loans. Investments
of reporting banks in stocks and bonds
rose 50 100000 during the month, all
of which vas in ownership Of Govern
ment securities, the review adds.
Building Gains in 81 Cities.
Building permits issued in July in 80
leading cities of the fifth Reserve dis
trict numbered 1881. compared with
2O37 permits issued in July, 1882, a
decrease this year of II per cent, and
estimated valuation figures totaled only
Sl.788.O55, a decrease of 21.4 per cent
in comparison with valuation figures
totaling S2.275,028 in July last year
However, q of the 80 reporting cities
showed higher valuation figures for the
1889 month. the district total being
kept lower than last year by relatively
large decline in permits in Baltlmo ore.
Washington and Norfolk also reported
ported a gain last month, the Richmond
Reserve Bank reports.
Fleming Eonored by A. B. A.
As noted elsewhere in todays Star,
Robert " Fleming. president OF the
Riggs National Bank, was nom
mated to be second vice president OF
the American Bankers Association at
the Chicago convention. The nomina-
ton was made by acclamation last
night and he was elected late
this afternoon Mr. Fqeming's name
was placed before the convention
by Harry j. Haas, who was president
of the association just before Francis
H Sisson took the helm. Mr.. Haas paid
a brilliant tribute to the Washington
banker. and his record Of service to the
A. B. A. Word of the nomination was
telegraphed to Washington by Francis
G. Addison. jr, another local banker,
now in Chicago.
Busy Day on ID. c. Exchange.
The expected Fall pick up in the
securities business reached the Wash
ington Stock Exchange today. Trading
was considerably improved. The mar
ket opened with Washington Gas 5s,
1858. figuring in a $4,000 sale at 1884.
Washington Gas 5s, 1860, also came
out, $500 selling at 1867. Later in the
session $1,000 of these same bonds
moved at the same price.
Railway & Electric preferred moved
in small lots at 86 and 8534 LanSton
Monotype recorded four 10-share sales
at A. Peoples Drug preferred changed
hands at 851A, and the days business
concluded with Potomac Electric Pow
er 5l2 per cent preferred selling at
108L4.
Gold Change Held Unlikely.
The monetary outlook has been clari-
fed but little, and is still believed to
depend on the success of the industrial
recovery program. says the Guaranty
Trust Co. Certain statements from
Washington have suggested that, if the
present efforts are successful, direct
money imitation will be avoided. The
likelihood of a reduction III the gold
content of the dollar is not officially