Evening star., 1933-11-20
INSURANCE TOTAL
STILL BEHIND 1882
D. c. Decline of 5 Per Cent
Smaller Than Average
for Nation.
BY EDWARD c. STONE.

curing OCIOUtI WdS y pei CcliI loWCA
than the record for October, 1882. ac
cording to reports received today from
Hartford. The average for the Capital
was ahead of the figure for the whole
country, which wrote per cent less life
insurance than in the same month
year ago.
South Carolina made the best record
of any State in the Union, heading the
48 States with a gain of % per cent
over last year. West Virginia was an
other State in the fifth Federal Re-
serve district that made an extra good
record, business being only per cent
under the like month last year. North
Carolina was within ] per cent of Oc-
tober, 1892
New insurance in Maryland was off
II per cent from a year ago and Vir-
ginia business lacked IA per cent of
equaling last years total. The South
eastern section of the country stood
out front, both Georgia and Florida
writing the same amount of new bust
ness as they did in 1882.
During the month, Washington
agents wrote S3,423, 900 in new business.
MARYLAND came along with s6,471 900
for the month, Virginia wrote S., oil 900,
West Virginia, s3,45s, 900; North Caro-,
lima, S6083,000 and South Carolina.
S3,226,000. While these figures are
under last year, with the exception of
South Carolina, yet they are very sub
stantlal in the total amount of business
done in this territory.
The general trend in sales during the
month was upward. Every section of
the country had better experience
than the average for the first 10 months
OF the year. Fourteen States did better
than last year and four more wrote the
same amount as in 1882 Nevada stood
at the bottom of the list, with Utah
next, in failure to show improvements
Brokers Open New Quarters.
Stein Bros. & Boyce, investment
bankers, opened for business today in
their new quarters on the street floor
OF the Shoreham Building. on the H
street side. They were very cordially
greeted by many patrons and friends
who congratulated them on their new
surroundings.
The new quarters have complete
board room service, a special room for
the manager, John p. Bergen, and con-
venlent desk arrangements for the GUS
toners men. The Office has two as
SlStant managers Edwin D. Flather and
Samuel j. Cohen. The brokerage house,
which was originally founded in Balti-
more, where the head Office is still
Washington for the past IL years
Stein Bros. o. BOyce holds member
ship in the New York Stock Exchange
and in several other leading exchanges
The present partners in the firm are
Julian s. Stein, C. Provost Boyce, Henry
c. Evans William T. ChildS, William S.
Wilson, c. Newton Kidd, Milton S.
frost Loring A. Cover, jr., and Fitz-
hugh j. Dodson.
Large Forum Attendance Seen.
Norman E. Towson. chairman of the
Forum Committee of Washington Chap
ter, American Institute of Banking, re-
ported today that reservations are COM
ing in rapidly for the Wednesday dinner
meeting at the Hay Adams House, when
President Cloyd H Marvin of George
washington University will be the guest
speaker
DR.. Marvin, whose subject will be
"The Beginning of Banking Morals" is
an outstanding educator and economist.
After attending Stanford University he
entered the University of Southern
California receiving his bachelor of
arts degree in 1915. The following year
nc entered Harvard University from
which school he received his M A.
and Phi. D. degrees.
In 1928 the University of New Mexico
conferred upon him the degree of doc
tor OF laws. DR.. Marvin is member of
several legal and educational frater-
mites, the Cosmos, University and Met
ropolitan Clubs. He saw active service
during the World War as captain in the
aviation section of the Army, and now
holds the rank of lieutenant colonel in
the United States Reserve Corps.
EIwo0d Enters Insurance Field.
Ernest j. Elwood, jr., has joined the
Washington staff of the Mutual Life
Insurance Co. of New York, of which
Thomas P. Morgan, jr., is manager, it
vas announced today For the past 13
Years Mr. Elwood has been associated
IN an executive capacity with David
Lawrence, president of the Consolidated
Press Association. The Offices of the
Consolidated Press Association have
been moved to New York, and Mr.. FL
wood prefers to remain in Washington.
He has an extensive acquaintance
among newspaper men. and is men,
Der of number of local fraternal or
yanizations.
F. v. McNair, representative in
Washington for the Lincoln National
Life Insurance Co.. reported today that
total October business of his company
was the largest of any month in the
past year and half and % per cent
larger than in September. 1888.
although credit for this exceptional
business record may be attributed in
large measure to sales contest, it must
be evident that general business condi-
tions were better or the record could
not have been made" he said.
Bankers Plead for Cooperation.
Bankers should give active support to
&c ~
cluding immediate application for par
ticipation in the temporary deposit in
surance plan and full cooperation with
the Reconstruction Finance Corporation
in its plan to strengthen the banking
structure through injection of new cap
ital is the consensus of a report issued
by the Commission on Banking Law and
Practice, of the Association of Reserve
City Bankers, after an intensive study
for six months The commission how
ever. asserts emphatically that in recon-
mending this step 1t is not directly, nor
indirectly, indorsing the principle OF
deposit guaranty
Robert " Fleming, president of the
Riggs National Bank, one of the leaders
in the Reserve City RankerS' ASso-
ciation, is member Of this committee,
which has given so much time to
study OF the situation.
The details of the report show that
the association is much opposed to max
ing the bank deposit guarantee plan
permanent. The whole report, however,
is very strong for cooperation under
present conditions.
Trading on d. C. Exchange.
Trading on the Washington Stock Ex-
change started with the week rather
quietly. The first sale was in Capital
traction stock, small lot changing
hands at IA. This Is higher than the
last previous sale.
Washington Railway & Electric pre-.
ferred was in good demand in small
lots, although it closed lower than 1t
opened. Sales were made at 8212, 81
and 81.
RanL STICKS Sfage Rehaund