Evening star., 1935-03-22
INSURANCE SALES
IN CAPITAL SOAR
Underwriters Do 35 Per
Cent More Business Than
in February, 1884.
BY EDWARD C. STONE.

Sales of ordinary life insurance in
the District of Columbia again Ieaped
forward in February, the National
Capitals persuasive underwriters doing
35 per cent more business than in
February, 1894. The results make the
average gain of 13 per cent for the
whole United States look pretty small
Adding the remarkable record hung
up in January, sales for the first two
months Of the year in this city were
81 per cent higher than last year
Only four States in the Union made
a better showing than the District.
The list was topped by Montana with
an upward bound of SO per cent, ac-
cording to the Life Insurance Sales
Research Bureau of Hartford, Conn
West Virginia followed Washington
with gain of 81 per cent, North Caro-
lima scored an advance Of 10 per cent,
while Maryland reported an l8 per
cent upturn Virginia was close to
Maryland with II per cent improve
ment and South Carolina, also in the
South Atlantic group, did per cent
more business than year ago.
February sales in the Capital totaled
S4,669 900: sales in Maryland amount
ed to S7.326,000; Virginia, S5,9l4,-
600; West Virginia, S4,349000; North
Carolina, s6,553,0 900. and South Caro-
lima, $2,543,000 Sales in the South
Atlantic section for the first two
months of 1885 were Is per cent better
than a year ago, just the same as the
national average gain.
In Washington 70 per cent of the
life insurance companies having offices
here reported that their February
policies exceed the February, 1884.
totals. From every angle the report
Gears out the substantial gains re-
vealed so far this year by other i'm
portant business barometers.
Declares New Financing Easy.
Chairman Kennedy of the Securities
Exchange Commission declares that
the commission has arranged to allow
new corporate financing to be carried
out without hardships and reports
applications totaling S200,000,000 in
addition to the recent issues amount
ing to S85000,000 He thinks business
men ought to be freer in asking for
new issues. After referring to the
Swift and Pacific Gas issues, he said
in his New York speech:
Can any reasonable man say that
the control of those great corporations
is in the hands of men recklessly i'm
prudent about the management Of
their affairs? And if these men, after
careful consideration of all the prob
lens involved, have concluded that
there Is no unreasonable liability,
burden or responsibility imposed by
the new securities law, who dares to
assert any longer that the Government
has made corporate financing legally
impossible?
THE fact is that able business men
wisely advised, have flashed green
light signaling that the road ahead
is clear of disaster, that the hurdles
of legal complexities, expensive fees
and laboriouS detail have been prac-
tically eliminated, that now there can
no longer be any excuse for further
delay
we expect some stable financing
will follow. We expect declaration
of faith in the future of our country
such as has characterized American
business at the turning point in every
previous crisis.
Storage Dividend Declared.
Directors of the Security Storage
Co., 1140 Fifteenth street, have de-
clared a dividend of SIPS per share
on the capital stock, payable April 10
to shareholders of record on April,
Secretary C. P. Ravenburg announced
today. This dividend follows the per
cent semi-annual dividend voted this
week by the National Metropolitan
Bank and dividends on the common
and preferred stocks of woodward g.
Lothrop also declared this week.
Atlantic Coast Line Railroad has de-
clared a dividend of $3.50 on the pre-
ferred stock, payable May 10 to stock
of record April 26. The company also
declared semi-annual interest of 2
per cent on the certificate OF indebted
ness. payable May /.
Similar payments were made six
months ago. There are only Sl96,70O
(s100) preferred shares outstanding
and S135,100 certificates of indebted
ness. Dividends on the preferred and
interest on the certificates are payable
only when earned. Both issues are
closely held.
Two More Treasury issues.
The Secretary of the Treasury has
invited tenders for two series OF dis
count bills, aggregating S100,000,000,
to be dated March 81. One series Of
S50,OO0,0OO will be 182-day bills, ma
turing September 25, while the other
of $50,000,000 will be 272-day bills,
maturing December "a. Tenders will
be received at the Federal Reserve
banks up to 2 pm. on March Is.
Preliminary report of Virginia Elec-
tric g. Power Co. and subsidiaries for
year ended December 81, 1884, shows
net income of s2,698,426 after Federal
taxes. interest, depreciation, etc,
equivalent to 1882 a share on 1876, ,297
no-par shares of Sc preferred stock.
This compares with $3042,2 ,294, or
$15.58 a share on 195,299 preferred
shares in 1888. All the common stock
is owned by Engineers Public Service
Co.
Washington Chapter, American In
stitute of Banking, has concluded a
membership campaign which started
last November. The chapter is now
10 members larger than year ago,
365 actives and 104 sustaining, making
a total of 460 members. Miss Etheline
Parker of the Security Savings g.
Commercial Bank, won the award for
bringing in the most sustaining men,
bers
Bonds in Strong Demand.
Bonds we're in excellent demand on
the Washington Stock Exchange today
and at high levels Capital Traction
IS again opened the trading, selling at
9712, unchanged from yesterday.
Potomac Electric Power IS figured in
$1,000 and $4,000 transactions at ITO.
Washington Gas SIS, 1860, which
have been so strong in recent sessions,
appeared on the board at 1855.
Washington Gas IS, series B, moved
at 10334. Washington Railway g.
Electric Is were strong, sales taking
~ 1n05k