Evening star. [volume] (Washington, D.C.) 1854-1972, 1934-07-21
LIFE INSURANCE
SALES RISE HERE
Agents Write % Per Cent
More in June Than
Year Ago.

aaeut& did some tall huxtlinR tn June
and wrote ~ per cent more paid-fnr
life Insurance than IN June, 1888 ac-
cordinF 70 the monthly report received
today from Hartford. Conn.
The District OF Columbia record was
well ahead Of the mark set BY the
whole country the United States fig
ure bring II per cent above the total
in the like month last year. West
Virginia led this territory with an
advance Of 40 per cent in new busi-
ness
Maryland was high IN the list with
an Improvement Of 81 per cent. while
North Carolina followed closely with
q gain OF Is per cent. just ] per cent
better than Washingtons record.
South Carolina was up - pr cent
in new policies and nearby Virginia
reported q gain of 6 per cent during
the month
Todays report shows that Colorado
headed the list in June With a star
ting increase OF 1T per cent, the
greatest advance announced by any
State figures in the past II months.
Kentucky stood at the bottom with
decrease in business of - per cent.
Georgia and Florida were close 10 the
top Of the list with Al and 40 per
cent increases. respectively
June sales in Washington totsled
s4237 900. Maryland reported ss,468,-
600 in new business and Virginia So.
$4,000. West Virginias business
amounted 10 s4.3l5,O00 North Caro-
lina's to s6.495 600, and South Caro-
lina's totaled s2,655 900. Georgia
wrote over $4,000. 900 and Florida over
$4,000 900 in the same period
Reviewing the United States figures
for the first half OF the calendar year
the Hartford Bureau reports sales Is
per cent up from the same six months
last year further grouping of the
figures for the year ending June 80
indicates that sales were 6 per cent
ahead OF those for the year ending
June 80. 1893. Seventy-four per cent
Of the companies reporting to the bu-
reau said that their business during
June was better than that for the
same month a year ago.
Aimed al Runaway Markets.
Speaking Of the Stock Exchange
control bill, Lothrop Wilmington. Bos
ton attorney, who represented his
home exchange at the congressional
hearings, says
1T is clear to any one who cares
20 study the mass of testimony and
discussion before the congressional
committees that the real purpose OF
this act is not TO eliminate as moral
evil speculation in securities. or even
TO curb speculation, but rather TO pro-
vide control through which 1t is
hoped TO prevent a repetition of the
bull market eliminating in 1929. at
which time brokers loans rose to over
ten times what they are today and
as a result of public interest the
transactions on the New York Stock
Exchange alone exceeded one ana ?
half times the number of share
listed. Indeed the sponsors for tn
securities exchange bill expressly
recognized the necessity of making
credit restrictions deliberately over
lenient for the purpose of encourag-
ing the markets at this particular
point in the recovery program, and
of providing an automatic relaxation
of margin restrictions in a possible
future declining market, thereby ex-
pressly recognizing the principle re-
pested by every expert or economist
who appeared before the congress
Eional committees that reasonable
speculation was not only desirable
but absolutely necessary to preserve
and maintain a liquid security market.
Consequently it is only fair to say
that the true purposes of the act are
TO prevent speculation beyond that
which is necessary to maintain
liquid and reasonably stable market.
to limit the artificial stimulation of
market activity. to regulate exchanges
and their practices, and finally, to re-
ouire public filing OF certain corporate
information deemed to be desirable
for the protection Of investors"
Protests Costly Statistics.
The Controllers Institute of Amer
lea has voiced a determined protest
against what it describes as AN in
creaSing demand by governmental
agencies for costly and in many in
stances unnecessary statistical and
financial reports and statements"
Members of the institute we're re-
quested recently n discuss their ex-
periences with Government and State
required reports and missionaries
According to the Institutes president,
Daniel J. Hennessy, of the greensboro
Gas e. Electric Co, some startling dis
closures we're made, to the effect that
the compilation and preparation of
information sought by the Federal
Government and by the States has
taken on such proportions and become
so costly that it amounts to an addi-
tionsl tax
United Cigar Trustee Named.
An order has been signed by Federal
Judge Alfred c. Coke in New York
City appointing the Irving Trust Co.
permanent trustee of the bankrupt
estate of the United Cigar Stores Co.
of America and naming Referee Irwin
Kruts special master 10 hear any
and All matters pertaining to the
reorganiHa ton of the company under
Section n 3 of the bankruptcy act
The court left for future determina-
ton the question of whether bond
holders Of the company should be paid
of according 10 par value or purchase
price and reserved the right TO decide
upon all proposed plans of reorganiza-
ton.
Insurance Leader Honored
Ofhcers of the Equitable Life In
tursnce Co. of Washington, y. c. paid
special honor to w c. Evans, man
Aser Of the Steubenville district. at
the main Office here yesterday He
and his staff won the May anniversary
campaign contest for writing the most
new insurance, the reward being the
trophy offered by Allen c. Clark.
secretary treasurer Of the company.
In connection with the award talks
were made by Henry P. Blair, preSi-
dent of the company, NJ d. Rosen-
berg. general counsel. and Mr.. Evans.
the winner. l. H. Hannah, manager
Of agencies presided About $50
agents from out Of the city we're
present at the ceremony. Frederick
~ L. ~