Evening star., 1934-06-23
INSURANCE SALES
UP SLIGHTLY HERE
Maryland, West Virginia
and Virginia Make Much
Higher May Gains.
BY EDWARD c. STONE.


watched a lot of American League
ball games, played golf, attended the
waning sessions of Congress, or taken
vacations. since new life insurance
written during the month was only 2
per cent higher than in the CORE
spending month last year. The aver
age gain for the whole country was
% per cent.
On the other hand, Maryland made
remarkable showing, new business
being At per cent above May, 1888.
West Virginia reported a sensational
gain of 36 per cent and Virginia
boosted sales % per cent. Georgia
was up 43 per cent and Florida 40 per
cent in the same period, Hartford re-
ports state.
South Carolina was up 35 and North
Carolina 80 per cent in May, the re-
port shows At the top of the list was
Nevada with an amazing rise of 272
per cent. Every State in the Union
was ahead Of the District of Columbia
but Kentucky, which reported a 4 per
cent loss in May business. Utah was
just above Washington with gain
of per cent.
During May Washington agents
wrote So 962 900 in new business. New
business in Maryland totaled S9,857,-
900. Virginia wrote S7.065 900; West
Virginia. s4,258 900; North Carolina
S2963000. and South Carolina, So
285 1000. In the first five months Of
1884 business in Washington was per
L1ff 4kox 1ae CT
in Maryland, IA in Virginia. "a in
West Virginia, while the average for
the country revealed an improvement
of Is per cent.
Companies having more than 90
per cent of the legal reserve life in
surance in force in the United States
contributed to the bureaus survey
OF those reporting 81 per cent said
their business had gained during May
as compared with the same month
last year.
Insurance Officers Elected.
Stockholders of the American Fire
Insurance Co. of the District of
Columbia elected the following trus-
tees at the annual meeting held at
the company's offices, 5l1 Seventh
street northwest: Victor B. Deyber.
Amandus F. Jorss, Max Walten, Carl
j. Bergman. Harry M. Packard,
George M Emmerich, Frank J.
Ehlers and Francis A. Blundon.
At the organization meeting, held
yesterday. Charles Schafer was re-
elected president of the company
Francis A. Blundon was named vice
president, George M Emmerich, sec
retary; Frank J. Ehlers. assistant
secretary, and Carl J. Bergman,
treasurer. All were reflections.
The company is one of the oldest
corporations in the city. having been
established in June, 1873. During
this long period of prosperity the
company has confined its business
strictly to the District of Columbia,
Office Boy to President.
Today marks the election of Will
liam H. Sergeant of the Massachusetts,
Mutual Life Insurance Co of Spring.
field. Mass. to perhaps the most eX-
elusive club in the United States.
This club is composed of presidents
of life insurance companies who be-
gan as Office boys and have been con-
nected with their respective COM
panies for period of so years and
are now presidents of their COM
panies. The other members of this
organization are Frederick H. Ecker,
president of the Metropolitan Life
Insurance Co.: Thomas A. Buckner,
president OF the New York Life In
surance Co.. and Walter LIE Mar Tai
bot, president of the Fidelity Mutual
Life Insurance Co.
When Mr.. Sergeant was first en-
ployed by the company in June. 1884.
the company had assets of S7,000.00O
and the insurance in force amounted
to $30,000,000 Today the assets OF
the company are S469,015212. insur-
ance in force amounts to Sl,952,035.-
564. the home Office staff totals $50,
with 80 general agencies throughout
the country.
Mr.. Sergeant was made president
of the company on January Is. 1923.
A 50-year service medal was presented
to him last week. His company is
represented in Washington by the
John F. Cremen Agency.
Commission Eagerly Awaited.
Appointment of the commission by
President Roosevelt which will ad-
minister the new stock exchange con-
troll bill is eagerly awaited in the local
financial district. 1t is the general
opinion that the members should be
men who are unusually we'll acquaint-
ed with the mechanics of the New
York Stock Exchange and all other
big exchanges. that their attitude
should be friendly to all sound in
veStmentS, as no doubt it will be.
Stock exchange strength is too impor
tant to business recovery to be dealt
with lightly
The personnel of the new commits
sion is only guess. Everybody who
is helping pick the committee" men,
tionS the name of James M. Lands as
almost certain to be switched from
the Federal Trade Commission to the
new job. Few people agree on the
other probable members.
AS leading Washington broker
said today, the value of stocks will not
depend on the new commission but or
earnings Sound securities with grow
ing earnings will go higher. commits
sion or no commission. Earnings and
prospects will control the markets in
the future as has been the case in the
past.
Heard in Financial District.
Directors of the Munsey Trust Co.
have declared a regular quarterly
dividend of 81 per share, payable July
2 to stockholders of record on June
% and an extra dividend of IS cetts
per share payable on the same date
and the same stock of record date
Col. Ayres says that excessive build
ing construction was probably more
responsible than any other single
factor for the severity of the depres-
sion in this country Deficient build
ing construction now is probably the
greatest obstacle to recovery, he adds
The exchange regulation bill has
some absurd requirements, says tbs
June number of Sphere. There is in
it, for instance. a foolish conception
of margins, for it views margins on