Evening star., 1935-07-20
LIFE INSURANCE
! SALES SOAR HERE
Capital Volume for June Ad-
vances 29 Per Cent Over
Year Ago.
BY EDWARD C. STONE.

BY EDWARD e. STONE.
New life insurance written in the
District of Columbia in June SCARED
29 per cent above the total for June a
year ago, the Sales Research Bureau
of Hartford, Conn, reported today.
At the same time it was announced
that new insurance in the Capital in
the first six months of the year was
80 per cent above the 1894 figure, this
being one of the best half-year gains
reported anywhere in the United
States.
The June record gives clear pic
ture of business conditions here. The
2s per cent gain is in decided contrast
with the national average, which
showed a decrease of IL per cent. For
the first six months of this year the
national average in new business was
Just the same as last year.
Washington's ambitious agents wrote
$5.452,000 new life insurance in June,
with 90 per cent of the companies do
ing business here reporting advances.
This was the best showing in any Sec
ton of the South Atlantic area. South
Carolina came next with per cent
gain.
In Virginia new business was of Z
per cent; in West Virginia, 13 per cent;
in North Carolina, IA per cent, and in
Maryland, Is per cent. Maryland
wrote $6,557,000 in new business; Vir-
ginia. $5,682 900; West Virginia, So
734,OOO; North Carolina. $5,589,000,
and South Carolina, $2,776ooo.
While the half-year national aver
age was practically the same as last
wear, the South Atlantic States re-
ported an average gain of per cent.
Only Arizona and Nevada made better
records in June than the Nations
Capital.
The half years report indicates that
IN every working day the American
people bought $25,000,OO0 in insur-
ance protection, not including sums
invested in annuities.
Crop Loan Applications End.
July 81 is the eadline for applica-
tions for Summer following loans from
the emergency crop and feed loan
fund of 1885, according to an an
nouncement from the Farm Credit
Administration. Applications for crop
loans from the emergency fund were
cut off June Is.
Norman Monaghan, director of the
emergency crop and feed loan Sec
ton, said Summer falloWing loans
are being made to farmers who will
seed to Winter grain the land falloWed
with the aid of funds advanced. Loans
may be made only to farmers who
have no other source Of credit. AS
in the past, applicants may apply
for loans at the local county crop
and feed loan committees, Director
Monaghan said.
Summer following loans are limited
10 the actual cash requirements for
following and seeding to Winter
grain" he added, land not more may
be loaned than SO per acre, 81 per
acre being the maximum for fallow-
ing, and 50 per acre for seeding to
Winter grain, payable as needed.
Under the law we cannot lend more
than $500 to any one farmer" he con-
tinued. "If the farmer has already
obtained a loan from this years crop
loan fund the amount of the loan
already made, plus any new advance,
must not exceed $780,"
While July 81 has been set as the
final date for Summer following loans
from the emergency fund, no cut
of date for applications for the pur-
pose of producing forage crops or
purchasing feed for live stock has
been announced.
Credit Aid Being Shifted.
A shift of Government credit aid
from big business to the small home
owner and farmer is revealed by the
United States Treasury Departments
figures on Federal credit activities.
Huge loans to business, banks and
municipalities made in the early
stages of the depression by the Re-
construction Finance Corp. are being
rapidly repaid, while mortgage aid to
home owners and farmers still IS on
the ascendency.
Since June 80, 1877, when the
Treasury first began compilation OF
lending activities of Government
sponsored credit agencies, outstand-
ing loans of the r. F. G. fell from
$685., ,OOO,O to $1,3S6,252,070 on
May 81, 1885.
In the same period, outstanding
loans of the Home Owners Loan
Corp. rose from $834,000,000 to
$2,626,214,231, while loans OF the
Federal Land Banks rose from
e1,705, 100000 to $2,104,894,084.
Financial District Gossip.
Harry M. Wheeler, who has been
connected with w. B. Hibbs & Co.
in the board room for many years,
left Washington today for a months
vacation in New Hampshire.
The Greenport Savings Bank in
Brooklyn, N. Y, has started charging
customers S cents for each check
issued and given up all other forms
Of service charges.
At the end of its second year of
operation, the First National Bank
at Conway, Ark, is paving per
cent cash dividend and a 20 per cent
stock dividend, it is announced by
Harvey c. Couch, jr, vice president
and cashier. At the end of the first
year it paid per cent cash divi-
dend.
Increased business activity and
higher real estate prices are likely to
result from a probable rise in con-
struction volume and a fall in the
value Of gold from about 1886 to 1912,
r A. Pearson, professor of prices and
statistics at Cornell University, told
delegates at the eleventh annual ses-
sion of the American Institute of
Cooperation. ,
For the quarter ended June 80 re-
payments made by borrowers on
policy loans were the largest on rec
ord, reducing policy loans outstand-
ing to the lowest point since June,
1891, according to the quarterly re-
port of Northwestern National Life
Insurance Co. of Minneapolis.