Evening star., 1934-09-21
INSURANCE SALES
LAG IN AUGUST
New Life Volume Below
Year Ago, but 8-Month
Total Is Higher.
BY EDWARD C. STONE.


$4,000, a drop of l per cent under
the amount distributed in August
year ago, according to reports re-
ceived this noon from Hartford, Conn.
Sales for the first eight months OF
the present year. however. were 3
per cent ahead of the record during
the like period of 1888.
Washington was l per cent under
the average sales for the United
States, the report stating that the
total sales for the whole country were
exactly the same as last year IN
August. The national average for
the first eight months shows a gain
of 13 per cent
Virginia was IS per cent ahead
of the United States average in Au-
gust. West Virginia reported a hand
some gain of IA per cent and Mary
land revealed per cent improve
ment Other Southern States above
the national average were Florida,
with a 27 per cent jump, and Georgia.
with an per cent rise.
Insurance business in North Caro-
lima was just the same as last year,
while South Carolina, another State
in the fifth reserve district, reported
a decrease of 13 per cent, although
for the first eight months of 1884
this States business is up 25 per
cent. In this same period Maryland
insurance sales mounted 25 per cent,
Virginia's, 13 per cent; West Vir-
ginia's, "a per cent, and North Caro-
lina's, "a per cent.
During August Maryland agents
wrote S7,329,000 in new policies, Vir-
ginia, S6157,000; West Virginia, S4,-
4O3 900; North Carolina, S6,116, 900,
and South Carolina, 50 200, 900. August
sales for the whole United States to-
tailed S483, ,7O5,OOO,
The Hartford Sales Research Bu-
-eau reports that 81 per cent of the
agencies in Washington reported bet
ter August business than year ago.
For the whole country So per cent
of the companies reported improve
ment. Nevada led the 48 States
with a go per cent gain in August,
while Nebraska stood at the bottom
with 35 per cent decrease.
hlCnmOnQS bOOm
RichmondS business boom is still
going strong, according to the Dun
and Bradstreet weekly bank clearings
report, already published in The Star.
For the week ended September 20,
clearings in the Virginia capital
totaled SAL, ,O46 900, or an advance of
6O.s per cent over the same week
a year ago. That was by far the
best showing of any city in the United
States, the average gain for the cities
outside of New York being only 1o.6
per cent and 90 per cent in New
York.
WASHINGTON visitors in Richmond
recently have been told the same story
as that revealed by the figures. Busi-
ness men report that trade is going
ahead by leaps and bounds. There is
no mention of any depression, in fact
It is considered as smashed.
Portland, Greg, was the nearest
rival to Richmond in clearings i'm
provement, cancelled checks being up
ass per cent. Baltimore again made
an enviable showing, with an advance
of 1926 per cent, this higher figure
likewise following many other recent
weekly advances. Atlanta kept on
the prosperity side of the ledger but
with smaller margin.
Duns says some of the gains were
seasonal. But Jump of more than
so per cent is something else. It's
sensational.
Home Loans Chief Topic.
The kind of credit the small home
owner may depend upon in 1888 will
be fully considered at the annual
convention of the United States Build
ing and Loan League to be held in
New orleans October "a, 25 and 26.
Officials of building and loan associa-
tions and of their reserve institutions,
the II Federal home loan banks, will
give special attention to home mort
gage lending policies in the light OF
National Housing Administration ac-
tivities, Federal Home Loan Bank
OpCl oAlO oAiSASAt"SSA
changes in real estate price levels.
The direct-reduction type of loan,
q comparatively new variation OF the
older building and loan of sinking fund
payment by the borrower, will be one
of the two major subjects of discussion
before the managing officers division
of the convention.
Representatives of the mutual saw
ings banks and the life insurance
companies which, together with the
building and loan associations, hold
about Sl6,000,000, of the S21 ,000,-
100000 in home mortgages in the
United States, have been asked to
address the meeting.
Today's Trading on Exchange.
Bonds were the most popular in the
weeks final trading on the Washing
ton Stock Exchange today. Two small
Washington Gas 6s, series B, were sold
at 103 at the opening. Washington
Railway & Electric As opened with
$1,000 selling at 9734 and closed with
another $1,000 moving at SO.
In the stock division small sale
of Potomac Electric Power per cent
preferred took place at l1012, while
a 10-share lot of Washington Railway
& Electric preferred sold at par. This
was a half-point gain over the last
previous sale. Bids on other issues
were firm.
At a recent meeting of the holders
of the notes secured on the Com.
modore Hotel, North Capitol and F
streets, Robert W. Savage, Maj. James
A. Purcell and c. F. R. Ogilby were
elected as a committee representing
the interests of the first mortgage note
holders.
Financial District Gossip.
Resolutions terming the recent
death of j. Enos Ray a loss of "an
outstanding citizen and public serv-
ant and wise and faithful execu-
tive" were passed at the weekly meet
ing of the board of directors of the
Prince Georges Bank & Trust Co.
For many years Mr.. Ray was presi-
IF Ia