Evening star., 1936-07-22
INSURANCE SALES
SLUMP IN CAPITAL
Drop IL Per Cent Under
June, 1885, as National
Average Advances.
BY EDWARD C. STONE.

Many OF Washington's leading in
suranoe men. or their best customers.
must have started their vacations IN
June, as life insurance sales took a
tumble Of IL per cent from the mark
set in Jure, 1885, and at the came
time were 81 per cent below the ma
tional average, which was 9 per cent
above the new business record for
June q year ago.
In almost every month this year
Washington has reported. more new
policies than were written in the same
months last year. June Was an cut
standing exception. The report Is the
more surprising when the Hartford
Research Bureau figures show that
only seven of the States experienced
lower total business than was written
in June a year ago.
Boom in Nearby States.
Insurance business doomed in near
BY States. Maryland agents wrote IT
per cent more policies than a year
ago West Virginia came along with
a IS per cent increase. In South Car
olina the gain was IL per cent and in
North Carolina 10 per cent, while
Virginia tied with Maryland, report
ing life insurance sales up - per
cent The whole South Atlantic area
revealed an advance of per cent.
Insurance sales In the first half
of this year were just the same as
year ago, and up II per cent for the
IL months ending July l. June poll
cies totaled s4,79l,0 900. Maryland
wrote $7,701 900: Virginia, $6,639, 900;
West Virginia, $4,000, 900; North Caro-
lima, s6,162 900, and South Carolina,
s3,104,000. In Virginia II per cent
of the companies doing business re-
ported gains over June. 1885. In
Washington only SO per cent MADE
such q report.
Washington fell behind Boston,
Chicago. Cleveland. Detroit. Los An
geles, New York, Philadelphia and st.
Louis in the June totals. New York
had 20 per cent jump and st. Louis
Is per cent advance. In the list of
States Arizona was at the top with a
Is per cent rise, and North Dakota
at the bottom with a Is per cent
slump.
c. b o. Earnings Increase.
The Chesapeake & Ohio Railway
reported today for the six months
ended June 80 net income of ST.
s67,218 after Federal income taxes.
etc. equal after dividends on the 61a
per cent preferred stock to s233 q
share (par value s25) on the common
stock. as compared with $l.75 share
on the common stock in the first six
months Of 1885.
Reports from Philadelphia today
state present indications are that the
Pennsylvania Railroad for the six
months ended June 80, 1896, earned
Sill 100000 after taxes and charges,
which would be equal to 80 cents a
share on the 13,167 ,696 shares of cap
ital stock. For the first six months Of
1885, company reported net income of
$9,700,S68, equal to IA cents share,
but it is expected that revised net in
come will be around $40, 1000 900, which
would be equal to rs cents share for
the 1885 period.
The large number of holders of
Packard Motor Car stock in the local
financial district were greatly pleased
with yesterdays report showing that
the company had earned "a cents q
share in the first six months of 1896,
against less than cents share in the
like period in 1885. President Alvan
Macauley, who has many personal
friends in Washington, believes that
the outlook for the rest of the year Is
excellent.
Cleaning Industry Steps Up.
Definitely better business in the dry
cleaning industry is reported by John
D. Gore, president of the National
Association of Dryers and Cleaners,
Md He said today:
The dry-cleaning industry has
more than taken up its unemployment
slack. Demand for skilled help can
not be met. Small cities are adjusting
to the present conditions better than
the large cities. Cleaners in the small
er centers who are charging fair
price and giving quality service are
showing very satisfactory profits for
the first six months of the year. The
volume of last year over the previous
year was up % per cent. Field men
find plants busy everywhere, with in
creases in sales and strengthening Of
prices"
An additional increase of 200 new
In }Nft ctr.
January l is reported by j. M. Mat
son, managing executive, bringing the
total active membership to 1000.
State Banks Are Included.
The State banks in Washington
are included along with the national
banks and trust companies in the
order from the Federal Reserve Board
for any increase in reserves to be
placed with the Federal Reserve Bank
Of Richmond on August Is.
The State banks located in the
various States come under the COM
missioner of banking, who issues all
regulations covering them. In WASH
ington, however, all the banks come
under the controller of the currency
sdlrectly, which puts every bank in
,the city under the new rule relative
ito larger reserves.
The amount of the required in
crease is not worrying Washington
bankers. In fact, the new ruling
has been most favorably commented
upon ever since it was announced by
Chairman Mariner S. Eccles of the
Federal Reserve System. The step is
considered wise as check on pos
sible future imitation.
Today's Trading on Exchange.
Capital Traction IS furnished prac-
tically all the interest on the WASH
ington Stock Exchange today, work
ing up to the high for the year of
921a reached two weeks ago.
The Traction bonds opened with
two $1,000 transfers at 92A. same
as other recent sales. After call,
eEnn ~~.or1 ~nJJ NJ %La eoVna