Evening star., 1935-11-21
INSURANCE TOTAL
Up SHARPLY HERE
Gain of IS Per Cent Over
1884 Largest for Any City
Except Cleveland.
BY EDWARD C. STONE.

Any of the leading cities in the united
States, except Cleveland, and also
ahead of the percentage records for
about 40 States.
Details from the Life Insurance
Sales Research Bureau, Hartford, re-
ceived today, show that Washington's
energetic agents wrote a total Of
S5,100,O00 in life policies in october.
This increase made business here in
the first 10 months of 1885, % per
cent ahead of the like period a year
ago.
Sales in Boston were up IL per cent.
in Chicago off 13 per cent, up II per
cent in Cleveland, 9 per cent in De-
troit, in Los Angeles, in New York,
in Philadelphia and down II per
cent in st. Louis in october. They
were also behind Washington in the
10-month period.
Next to Washington in this territory,
West Virginia made the best showing
with an increase of per cent over
October, 1884. Virginia came next
with per cent pickup, this being
ahead of the United States average
gain of l per cent. Maryland insur-
ance sales were per cent lighter than
a year ago, while business in South
Carolina was down per cent and in
North Carolina 3 per cent.
Virginia, West Virginia and the Ca
rolinas are ahead of last year i'll the
10 months, but Maryland is still lag
ging by per cent. Maryland wrote
$7,234000 in October, Virginia sales
reached $6,288000, West Virginia
$4,l10,000, North Carolina $6,925, 900
and South Carolina $2,927,000. It is
reported that 50 per cent of the life
insurance Offices in Washington did
more business than in October a year
ago. With 81 per cent gain in 10
months, 1885 is already certain to be
q remarkable insurance year in the
Capital.
Bank Law Changes Favored.
The Advisory Legislative Council in
q report to Gov. George C. Peery of
Virginia has recommended 26 major
changes in the Virginia State banking
code, including provisions bringing the
State law into conformity with recent
Federal legislation and adding strong
teeth to Virginia statutes which now
lack penalty clauses.
The council urged that real estate
loans by banks be limited both as to
the amount of individual loans and the
aggregate amount by any one bank.
Under the proposals, the State
Corporation Commission would be
given power to make such regulations
not consistent with the Virginia bank
ing act, as it may deem necessary to
carry out the provisions of the law.
The council recommended repeal of
that section of the industrial loan act
under which industrial loan associa-
tions may become banks by charter
amendment.
Dodge Heads Mergenthaler.
At the annual meeting of the stock
holders of the Mergenthaler Linotype
Co. in Brooklyn, N. Y, yesterday, the
same board of directors was reelected
including Frederic D. McKenney and
George Hewitt Myers, both of Wash
sngton.
Following the stockholders meeting,
the directors elected the same eXecu-
tive staff for the coming year, includ-
ing Norman Dodge, president; Joseph
T. Mckay, executive vice president;
Frederic D. McKenney, vice president
and general counsel; Conrad A. Han
son, vice president in charge of works;
Thomas ]. Mercer vice president in
charge of audits; Harry L. Gage, vice
president in charge of sales; William
w Welsh, secretary; John w. Reid
Edward A Reynolds, William H. Moore
and Benjamin C. Bishop, assistant
treasurers.
Details of the annual report will be
available in short time. Dispatches
from New York the othed day stated
that Mergenthaler Linotype common
share earnings for the year ending
September 80 were IA cents a share,
against SO cents last year.
The stock, which is listed on the
Washington Stock Exchange and
widely held in this city, sold at $33 a
share early this week. It was down
to IS several months ago and has
been as high as 80 this year.
Financial District Gossip.
Echoes from the convention of the
American Bankers Association are still
floating around the financial district
Perhaps the happieSt member of the
big Washington delegation at New
Orleans was Wilmer H. Waller, vice
president and cashier of the Hamilton
National Bank. He was q member oi
the A. B. A. Nominating Committee
and had the privilege of placing the
name of his close friend, Robert v
Fleming, before the committee as the
sole candidate for the presidency. Il
Is a chance that comes to a banker
only about once in lifetime. Othel
members of the delegation say thai
Mr.. Waller made the most of the op
portunity. Mr.. Robey, from Percell
willie, Va, seconded the nomination.
There was another grand rush tt
the local brokerage houses today fo
the market opening. In spite of caution
signals being put out by some of tn
New York financial services, the inter
est remains unabated. Today's open
ing was much more uneven than yes
terday's wild start.
About 10000 holders of American
Telephone stock in Washington vii
get their share of the regular $2.2I
quarterly dividend just declared.
Bank Stock Sells at II0.
National Capital Bank stock ap
peared on the washington Stock Elk
change board today, 10 shares sellinI
at ITO. 1t was the first time thi
stock has figured in any exchang
transaction since bank stocks were pu
back on permanent listing. 1t will b
recalled that bank stocks were 70
traded in for time early in the de
preston.
Washington Gas IS, 1860, sold toda
At 116A and three $1,000 sales il
Georgetown Gas IS were recorded a
110. The remaining trading was h
Capital Traction S. which figured Il