Evening star., 1938-08-23
INSURANCE SALES
! HOLD BELOW 1887
July Volume Above June, but
Remains rs Per Cent
Under Year Ago.
By DONALD b. HADLEY.

according to the Life Insurance Sales
Research Bureau. The June total also
was 25 per cent under the 1887 month.
;. Sales for the entire Nation in July
we're % per cent below year ago. In
June they were down "a per cent.
In the first seven months of this
year the. amount of new insurance
written in the Capital also was rs per
cent behind year ago, while the
national average was down % per
cent.
Today's Hartford report says that
Washington underwriters reported an
aggregate of s5.069,O0O new policies in
July and s34,805,0OO in seven months
The June total this year was $4,933.-
900. In spite of the July decline, 33
per cent of the companies having
Offices here did more business than
in July. 1887 the report says.
Virginia agents reported business
was off 20 per cent in July compared
with year ago Sales totaled $780,
600. In the seven months SAC, ,165 900
in new business was written in the
State, decline of II per cent from
last year.
Maryland July sales totaled S5,947,-
600, down 26 per cent from year ago,
and the seven-month total was $52,-
100000, down Is per cent.
Business in North Carolina was
down l8 per cent in both July and the
seven months In South Carolina sales
were down 20 per cent in July and 26
per cent in the seven months.
Despite the decline from year,
the national sales total reached s457,-
224,0oO in July and $3,5ol ,117,OOo for
the seven months.
New Issue Is Priced.
The s20,o00,OOO Lone Star Gas is
sue of 15-year convertible 3l2 per
cent debentures, due August l. 1858,
which is scheduled for offering Thurs
day, will be priced at 1O2, it was
learned by brokers here today.
The Mellon Securities Corp. heads
the syndicate offering the issue The
debentures will be convertible into
common stock at the rate of Sl3 51/73
per share. The common registered a
high of l414 in 1887. Conversion is
possible at any time prior to August
!. l945.
With the new issue, the company's
Indebtedness will total $3l 300 900, and
it plans to reduce it at the rate of
$2,000,000 a year. If the loan had
existed in 1887. the company would
have earned interest and the S2,000,-
600 amortization two and half times
Brokers More Cheerful.
Brokerage boardrooms were much
more cheerful this morning, with quo
tations gaining and the volume show
ing some improvement. Major atten-
ton was fixed on the motor shares and
particularly General Motors.
The opinion that the automobile in
dustry faces an active autumn was
heard in many Offices A number of
brokers pointed out that the motor in
dustry has been an important leader
in market recoveries of the past and
that a potential demand of consider
able size should appear with the start
OF the neW-model season.
Quarters Expanded.
When extensive alterations in the
lobby of the American Building As
sociation at 300 Pennsylvania avenue
Sc. are completed next week, the
new arrangements will give the officers
additional space for their operations.
Up to now the executives have been
badly cramped by lack of working
room. The remodeling utilizes some
of the spacious lobby with nothing
sacrificed that would prove detri-
mental to the general appearance
The home of the American Build
ing Association is regarded as one of
the finest structures of its kind in
Washington.
Meeting Is Postponed.
Due to the absence from the city
of many of its personnel, the Execu-
tive Committee of the District of
Columbia Building & Loan League has
postponed the regular August meet
ing until September
1t is expected that Clinton C. James
and Edward c. Baltz, both delegates
to the International Congress Of
Building & Loan Societies in Zurich,
Switzerland, will be present then to
report on the convention high lights
Carloadings on the Baltimore &
Ohio Railroad for the week ended
August 20, totaled 1881. This was
an increase of 904 over the previous
week (the week ended August 13),
when the total was 36,947.
For the same week of last year,
loadings totaled 50.643.
Financial District Notes.
J. Thilman Hendrick, senior part
ner at w. B. Hibbs & Co., has re-
turned from a three-week vacation at
Atlantic City.
w. B. Willard, vice president of the
National Savings g. Trust Co., returned
yesterday after three-week vacation
in New England. Barnum l.. Cotton,
real estate officer Of the same bank,
left yesterday for a tWo-week vacation.
D. j. Callahan, assistant cashier of
Riggs National Bank. returned yester-
day from weeks vacation at Will
liamsburg, Va.
w. H. Millerd, cashier of Winthrop,
Mitchell & Co., is motoring in upper
New York State this week. He plans
to be back next Monday John P.
Bergan of the same office will leave
Friday for two weeks stay at his
mothers home in Peoria, ILL.,
j. c. Quinn, cashier at the Fenner
e. Beane office, returned yesterday
from two weeks vacation.
Charles P Lukens, jr., of the invest
ment department of Auchincloss, Par
ker & Redpath. has returned from a
motor trip in New York State.
The Washington Bank Women's
Club will hold its regular August
dinner meeting Thursday night at
Tilden Gardens at o'clock.
The Women's Committee of Wash
ington Chapter, American Institute of
Banking, met at the home of its
chairman, Miss Rose Royce, of Wash
ington Loan g. Trust Co.. last night
to plan the committees annual din
ner to open the season in September.