Evening star., 1933-01-23
INSURANCE SALES
II. DROP IN DISTRICT
vnuIT UV I'LL
80 uIuvuH uN
Business for Year Is on
| Higher Percentage Than
Rest of Country.
BY EDWARD c. STONE.

Tor December, 1881, put lar aIledQ VI
the average mark set for the whole
United States, which showed drop OF
80 per cent.
According to the monthly report re-
ceived today from Hartford, Conn,
Maryland came next to Washington In
this territory, with slump OF n per
cent below the sales in December OF
the previous year Virginia was down
Sc per cent and West Virginia AZ per
cent from 1881.
The other two States in the fifth
Federal Reserve district also make an
unsatisfactory showing, North Carolina
being off 40 per cent from year ago
and business in South Carolina 48 per
cent. this State being at the bottom OF
the entire list Among other Southern
States, Alabama reported 20 per cent
drop, Georgia 81 and Florida 81 per
cent. Nevada stood at the top OF the
list with a slump of only 7 per cent
While the percentages are lower, yet
the total amount of insurance written
in the National Capital and nearby
States is substantial. District of Co.
lumbia agents wrote S4,997,00 in life
insurance in December; Maryland, ST.
$4,000: Virginia, S5,336,000; West V1r-
ginia, 3,7O9, 600; North Carolina, Sc
4740OO, and South Carolina. S2041, 900.
Todays report also shows that life
insurance sales for the full year 1882
were 20 per cent below the volume paid
for in 1881, the decrease touching
every section of the country. However,
the American people purchased about
S25,000,000 new life insurance during
every working day of 1882. Comparison
with 10 years ago shows gain OF 16
per cent in 1882 over 1922.
Credit Men Urge Sales Tax.
Budget balancing by means of sales
tax instead of other indirect taxes is
Overwhelmingly favored by the Eco
nornic Credit Council of the National
Association of Credit Men, it is revealed
IN a survey Just completed. The men,
bers of the council numbering over a
hundred are treasurers and credit
executives of wholesaling and manu-
featuring firms and bankers throughout
the country.
Eighty-one per cent are in favor OF
a manufacturers sales tax, but of those
fayoring this form of taxation only 33
per cent, however, support the idea OF
tax on certain lines only, the re-
mainder asking for general, inclusive
sales tax program
Looking ahead the council is greatly
divided as to business prospects during
1888 because of the taxation problem,
war debts. credit stringency and poor
sales conditions which exist today.
Forty -one per cent of the council mem
bers expect about the same business
conditions this year. while 81 per cent
look for better business. A turn for
the better after the Summer season is
prophesied by 10 per cent.
Concerning war debts refundlng OF
the principal sums is favored by 80
per cent. Close behind are the can
celiationists, who total 80 per cent, and
favor cancellation with concessions as
to ornaments and trade pacts, but only
4 per cent advocate outright cancella-
ton and II per cent the retention of
present principals.
A study of branch banking is now be-
ing undertaken by the council 1t Is
hoped to have it completed early in
February so that the National Asso-
citation will thus be able to take rep
resentative stand on this current SUBJ
iect of congressional controversy.
Quinter on Ethics Committee.
William S. Quinter, president of the
District Building and Loan Association,
l Thomas Circle. received notification
today of his appointment as member
of the Code of Ethics Committee of the
United States Building and Loan
League Appointment came from Ward
B. Whitlock president of the league,
and Mr. Quinter accepted.
The appointment places the local
man in a group of five key men in the
building and loan business who have
been designated by the national organ
ization to submit code of ethics for
1888 association procedure.
Most of the regular measuring STICKS
1.nx 70
trends since the turn of the year,
points out the United Business Service
of Boston, in its weekly review received
here today Industrial activity is now
being increased seasonally and will con-
tinue irregularly upward over the COM
ing months. Current indications point
to a Spring rise of normal proportions
or better which will lift business closer
to the levels of year ago.
Reserve Bank Report Praised.
Local bankers are congratulating Gov.
Seay and the other officials OF the red
eraI Reserve Bank of Richmond on the
fine showing made during the year 1882:
AS noted, the Federal Reserve Bank OF
Richmond reported net earnings OF
S548,2 ,298 in 1882. in comparison with
a deficit of S156,645 in the previous
wear. This turnabout in net of S7O4,-
934 during the past year Is CONSIDERED
worthy of special mention, in the Hgnt
of prevailing business conditions IN all
the Federal reserve districts during the
past u months.
The report further shows that after
the payment of S314,489 in dividends
and making charges for depreciation
and miscellaneous items of S126654, the
balance of the net earnings were cred
3ted to reserve, leaving nothing to oe
credited to surplus or paid to the Gov
Gnrnent as franchise tax. The bank
At the close of the year had 1893 men,
3ersS as compared with 4O3 year ago.
..s.ss Today's Trading on Exchange.
: Trading on the Washington Stock
Exchange todsy opened with three
Sl4o0 sales in Washington Gas Light os,
setes A. all made at 10012. Gas b
bonds also appeared on the board, sooo
selling at 10312.
=. Interest again centered in Washing
ten- Gas Light SIS, 1858, the new issue
Figuring in six sales and S9,5O0 turn
Uver~at 941., the price at which the
issue was brought out.
Thirty-one shares of Potomac Electric
Power 5ia per cent preferred stock sold
at 1O7 and five shares of the corpora
tions 6 per cent preferred changed
hands at Ill.
Members of the local exchange ex-
pressed regret today on the death IN
New York of Edwin Gruhl, president OF
the North American Co. He was well
known in Washington, as he had often
been here with Frank L. Dame, chair
man of the board Of the North Amer
ican Co.
North American stock, listed on the
New York Exchange, was not affected
by the officials death, as it showed only
the usual daily fluctuations.