Evening star., 1935-08-22
INSURANCE SALES
UP e PER CENT
July Life Policies in D. C.
Far Above Figures for
1884 Month.
BY EDWARD c. STONE.

search Bureau of Hartford. Conn,
show:
New insurance written in the Capt.
tai in July was % per cent ahead of
the corresponding month year ago.
Total new insurance sold in this
city in the first seven months Of the
present year was 20 per cent better
than in 1884.
New policies totaled s4,619,000,
gains being scored by 81 per cent of
the companies engaged in the life
underwriting business here.
Today's report for Washington is
26 per cent better than the returns
from the States in July, the United
States total showing decrease of 3
per cent. North Carolina noted a
gain of 6 per cent, while South Caro-
lima was off per cent, Virginia
dropped per cent Maryland II per
cent and West Virginia 25 per cent,
nrding at the bottom of the list of
Maryland wrote S6.9l1 900 in July
new business in Virginia totaled S.
100000, West Virginia policies aggre-
gated So 900. in North Carolina
$6,332.00 and in South Carolina ST.
100000 With the exception of Mary
land, business in these States in the
first seven months of 1885 was ahead
of last year.
incidentally, Washington made a
far better new insurance showing in
July and the seven months than did
Boston, Chicago, Cleveland, Detroit,
Los Angeles, New York, Philadelphia
or st. Louis.
Insurance men were among the
first to claim that there is no longer
any depression in Washington. Their
reports certainly back them up
Worried Bankers Relieved.
The Bankers Magazine declares
that worried bankers have been greatly
relieved by the action of Congress in
passing legislation extending the time
for the payment of loans by officers to
the banks. The further breathing spell
will be greatly appreciated as imam
ciers had been threatened with ines
and imprisonment in case such 10 MS
were not paid. The magazine COM
mentS:
by granting them an extension of
three years in which to settle, Con-
gress has taken off heavy load from
the bankers who have borrowed from
their institutions and who have heen
unable to pay. It will be observed, in
hi iN1ct IL,
Congress imposed on the impecunious
borrower was much more severe than
the one the banker can inflict upon
his borrowers who fail to meet their
loans. For people generally, imprison-
ment for debt is no longer a practic-
able means of enforcing payment. But
the bank officer who borrows from his
own bank is looked on as malefactor
for whom imprisonment is Just
penalty.
While the banker who borrows
from his own bank may consider that
he has right to do so, since he is
only borrowing out of capital fund
which he himself helped to create,
1t must be remembered that the capi-
tai was created for other purposes.
And, Furthermore, banker who gets
a loan from his own bank is very apt
to regard the security offered with
greater favor than would be bestowed
upon that offered by other borrowers
nor is he likely to be so insistent on
prompt reduction or payment of the
loan in full when he is the one who
must pay" the magazine adds.
No apparent violation of the secu-
rites act of 1928 exists in instances
where financial publications and statis-
tical services in the normal course o.
business distribute descriptive infcrma-
ton to their subscribers relative to
securities for which registration state
ments have been filed, but are not yet
effective, in the opinion of Judge John
j. Burns, general counsel to the Secu-
rites and Exchange Commission.
Participation Of wives in Stock EX-
change partnerships is not unprec-
edented, but the formation last week
of Gerald NJ. Gordon & Co. by Gerald
M. and Madeleine c. Gordon gave the
New York Exchange its first member
firm consisting only of man and wife.
The listing of Mrs. Gordon as an Office
partner raised to II the number of
women who hold such interests.
Financial District Gossip.
More than 200 members of Wash
ington Chapter, American Institute of
Banking, took a moonlight cruise
down the Potomac last evening. 1t
was the first party of the kind planned
by the chapter and was a complete
success. Dancing was the leading
entertainment feature.
Holders of American Telephone
stock in this city we're greatly pleased
with the action of the directors in
retaining the 9 per cent dividend.
The company has made remarkable
record throughout the depression
when the dividend has not been fully
earned. 1t is believed that there are
now more than 10000 stockholders in
Washington On account of the New
Deal increase in population.
Investors were praising the Sc
curities and Exchange Commission to.
day for declining to keep secret the
salaries of officials of May Depart
ment Stores. The action is said to
have established policy that salaries
are not to be kept confidential. In
many cases corporations are paying
huge salaries despite the fact that no
dividends have been paid for years.
Such instances cause continuous COM
plant among investors.
The Summer lull, humidity, or Just
o lack of buying orders made busi-
ness very dull on the Washington
Stock Exchange today. The only
sale was a 10-share transaction in
Riggs National Bank common stock
at 215. Capital Transit stock, which
is being so closely watched these days,
closed with 164 bid and 1714 asked.
william j. Flather, one of the vice
presidents of the Riggs National Bank,
Is passing his vacation at the Poland
Spring House in Maine. resort which
he has always thoroughly enjoyed.
n IL - ,oS<