Evening star., 1934-03-24
INSURANCE SALES
OFF IN DISTRICT
Five Per Cent Drop During
February Compared to
National Gain.
BY EDWARD c. STONE.


per cent in total new insurance poll
cies written in the whole United
States in February, the District of Co.
lunnbia reported a decrease of per
cent, according to the monthly survey
received from Hartford. Conn, today.
Underwriters here turned in S3,464,-
900 new business during the month,
the statement adds.
South Carolina made the best
showing of any State in this territory,
gaining 20 per cent over February,
1888. North Carolina did almost as
we'll, pushing business up 19 per cent,
while West Virginia recorded notable
increase of 13 per cent. Maryland.
too, was well above the national aver
age, with per cent gain.
Virginia was only per cent above
Washington, being 4 per cent under
the total volume of insurance sales
reported in February Of last year;
Virginia business for the month to-
tailed s503e,O0O, Maryland's new poll
cies involved the sum of S6368,00O,
West Virginia wrote S3,607,000 new
business. North Carolina, S5,484, 600,
and South Carolina, S2,4l2,000.
Companies Reporting Gains.
In Washington A per cent of the
companies doing business here passed
their mark of year ago. In Mary
land and South Carolina 81 per cent
of the firms made that record, IN Vlr-
einia. So per cent, and West Virginia,
81 per cent.
Arizona made the best percentage
showing of any State in the Union
and New Hampshire footed the list
It was the second successive month to
show a national average better than
the like month a year ago and con-
tinues the upward trend in evidence
for several months.
The South Atlantic States as a
group, and including Washington,
were u per cent above the like 1888
period. For the first two months OF
1884. Washington insurance leaders
wrote | per cent more business than
they did last year in January and
February.
The small decline in February may
be due to the present independence
week campaign. Perhaps they we're
saving their ammunition. 1t looks
that way. During the present week,
the group wrote more than Sl,000,000
in new policies in four days.
Thrift Accounts Puzzle Banks.
Just what constitutes thrift ac-
count? That question has Washing
ton bankers guessing. Right now
there are as many different opinions
as there are bankers.
Thrift accounts come under the
general head of savings accounts
upon which the banks pay per cent
interest. The average small or fair
sized savings account. is classed as a
thrift account, without any question.
But the Treasury has said that
large sums held by industry awaiting
investment when recovery has ad-
vanced still further, cannot be rated
as thrift accounts and be entered as
savings deposits. In other words,
big deposits cannot be called savings
merely to draw 3 per cent interest
until needed for other purposes.
AS demand deposits on checking
accounts no longer pay dividends.
great deal of idle money Is being
offered for thrift accounts. The con-
troller of the currency has made Va
rious references to thrift accounts,
but these statements seem to convey
no definite, clear-cut, technical def
milton which makes it possible for a
banker to say instantly whether de-
post is thrift or non-thrift."
At least, that is what bankers say,
Depositors offer money at the VIM
dows every day which they claim are
thrift accounts, or want to be treated
as such. In their efforts to be diplo-
matte with customers. bank officials
wish the Treasury would issue defini-
ton so clear, so brief and SO nom
technical that even a child could
understand it. Such action would
end all further discussion.
The problem is national in scope.
In normal times banks would take
an unlimited amount of savings
money. In these days, the ability TO
earn the interest on this money, and
also make a profit for the banks, is
strained, to say the least.
Weeks Biggest Surprise.
The biggest surprise in the financial
district during the week proved to
be the bank call, dated March 5. An
increase mad been expected over the
December total deposits, but no such
amazing advance as was disclosed as
the figures were assembled.
The increase was ascribed today to
be the growth of confidence, gain in
money in circulation because of the
c. w. A. and other Government out
lays, greater interest in thrift, in
surance of every bank account up to
$500, and the wiping out of old
debts as people get farther away from
the crash back in 1929 A thousand