Evening star., 1937-10-22
INSURANCE SALES
HOLD ABOVE 1886
9.Month Total Up 10 Per
Cent Despite Lag in Sep
tember Volume.
BY EDWARD C. STONE.

New life insurance sales III the DlS-
trict of Columbia in the first nine
months of this year ran 10 per cent
ahead of the corresponding period a
year ago, the Life Insurance Research
Bureau at Hartford reported today.
At the same time it was stated that
new policies written in the Capital in
September were per cent under the
record for the same month last year,
although total sales reached S4,90l,-
900. The national average was down
? per cent.
Sales in Washington in the first
line months of 1887 totaled S57,205,-
200, and sales in the United States
cached $5,451 $4,000 in the same
'eriod. So far this year 70 per cent
f the offices here have done more
usiness than they did in the same
months in 1886.
Maryland reported that new life in
urance was per cent better in Sep
ember and per cent higher in the
rst nine months of 1887 than year
go. September sales totaled S6,921,-
90.
Virginia's September business was
" # 16 per cent from last year but was
% 7 per cent for the nine months.
eptemser policies aggregated $685.
90. West Virginia business during
lie month was off per cent but up
per cent for the nine months, total
lg S5,O19,O00 in September. Business
the Carolinas was down a bit in
eptember but both States are well
head of last year in the longer term.
In the nine-month period Washing
On stands ahead of Boston, Chicago,
leveland, Detroit, Los Angles, New
'ork, Philadelphia and St. Louis. The
est September showing was made by
LOS Angeles.
Norris New Southern Chief.
Ernest Eden Norris. just elected
resident of the Southern Railway
YES in Washington and started his
'rilliant railroad career at the bottom
f the ladder. Born in Hoospeston.
H., June 81, 1882, he was educated in
he public schools of his native town
nd began work for the Southern as
ear service agent in this city in 1902,
He knows the railroad like a book.
He served as trainmaster at Norfolk,
was assistant superintendent and su-
perintendent at Knoxville and super
lntendent at Atlanta. He returned to
Knoxville as general superintendent
and in 1919 found himself back in
Washington as assistant to the presi-
dent.
The new rail chief has been senior
vice president in charge of operations
for several years, with Offices in the
Southern Building here. He is known
in the financial district as member
of the Board of Directors of the Riggs
National Bank, also as a prominent
Mason. His home is on Wyoming
avenue.
His election was announced from
New York yesterday, following the
resignation of Fairfax Harrison, who
had served as president of the road
for "a years. The retiring president
will remain as a director and chair
man of the Finance Committee.
hApClt bih 1aAh
The new president, who will con-
tinue to make his home in the Capital,
is an expert on the operating side OF
railroads, somewhat in contrast with
Fairfax Harrison. who is considered
particularly skilled in the legal and
financial phases of railroading In
picturing the Southerns new chief,
the Associated Press says:
I'm establishing acquaintance with
the new president of the Southern
Railway System today downtown rail-
road circles encountered a well-knit
Wiry man in middle years. genial in
manner and with well-developed sense
of humor. Steel gray eyes, and firm
chin which iuts out just enough to
suggest ability to resort to hard
boiled" action if operating conditions
get out of whack set off smooth
sllaven face of the Well-trained ath-
lete type Over the bend of a broad
sloping forehead there is good shock
of hair, turned little gray"
In an informal talk following his
election Norris said he was confident
the railway transportation industry
would solve its present problems.
THE railroads." he said, face diff
fculties not essentially different from
those facing other industries. and in
my opinion they are not insoluable.
It is a case of making enough income
to meet the outgo We have to rely
on regulatory authority on both sides
of our problem, but I think it is gen.
orally recognized that the Nation has
to have railroads and that they should
be treated in manner to promote
efficient service"
Baby Bond Competition Urged.
The Savings Bank Association of
New York was urged at White Sulphur
Springs today to enter into competi-
ton with United States Government
"baby' savings bonds. These baby
bonds, issued in amounts from $25 to
$1,000, have been going into the hands
of savers at the rate of about 81 ,000.-
900 a day, Earl B. Schulst, first vice
president of the Bowery Savings Bank,
said.
According to the Associated Press,
he suggested creation of special type
of savings account for the saver who is
attracted by the Government bonds.
These accounts would involve con-
tract with the depositor not to with
draw his money without prior writ
ten notice In return the savings
banks would pay somewhat higher
rate of interest and be on or 10
year term, comparable to the savings
bonds.
Since the special deposits would
have no definite maturity, the banks
would not have to build up fund to
meet special maturing obligations as
they would if they issued certificates
or bonds, the speaker said.
DR.. Harold Stonier. director of the
Graduate School of Banking at Rut-
gers, told the same convention that
the youth of today is being taught to
spend whereas the youth of yesterday
was taught the virtues of savings. "
rIa ,,roed the financiers To get Young