Evening star., 1940-03-21
life Insurance Sales
In D. T.. in February
Close 10 1889 Mark
Down Only I Per Cent
On 81, ,o24, 900 TotoI,
Latest Survey Says
BY EDWARD c. STONE.

year ago, the Life Insurance Sales
Bureau at Hartford reported today.
New business in January had regis
tered "a per cent slump from the
same month last year when proposed
rate advances caused an extra large
number of new applications.
New policies written in Washing
ton in February totaled $4,624,O0o.
In the first two months of this year
business was % per cent below the
like 1889 period, on a total volume
of 1926 900.
Washington's drop OF l per cent IN
February compares with per cent
decrease for the whole United States.
new policies totaling $5C6,212 900. In
the first two months of the present
year, national business was down 10
per cent on volume of 81 ,023 1884 900,
the report says.
Maryland made a fine record,
February showing a gain of per
cent over last year Volume amounted
to S7,208,000 In the two months, new
policies totaled $14.814000, off 16
per cent.
Virginia sales we're off 8 per cent
from last year, on a volume of
$6,615 900, and down % per cent in
the two months, volume amounting
to S13 ,351 900. West Virginia s Febru-
ary business was per cent ahead of
last year and within per cent of
1889 in the two months.
In February Washington made a
better percentage showing than
Boston, Chicago, Los Angeles, Phila-
delphia and St. Louis, but was behind
Cleveland, Detroit and New York,
the Hartford report revealed.
Metropolitan Votes Dividend.
Directors of the National Metro
politan Bank have declared the regu-
lar semi-annual dividend of per
cent, payable on April Is to stock
holders of record April 4, President
c. F. Jacobsen announced today
Books will be closed April 5 to IA,
both dates inclusive.
In order to speed up the handling
of utility financing registrations the
Securities and Exchange Commission
within the next 10 days will amend
the rules governing these proceed
ings Under the new rules, financing
applications filed under the Utility
Act will be approved automatically
after waiting period of perhaps 20
days just as registrations under the
Securities Act of 1888 now become
automatically effective after wait
ing period.
The existing rules OF the commits
sion do not provide tor the automatic
effectiveness of utility financing
registrations. Before a utility may
proceed with a security offering,
under existing rules, the S. E. c. must
hold hearings and issue an order
authorizing the transaction.
Delmar Heads Corporation.
Charles Delmar was reelected
president of the Lincoln Service
Corp at the annual meeting yester-
da7; Francis j. Crilley was named
WIG plCSIuClll uliI Ot-
rand w. Springer, treasurer, and
Oscar C. Mitchell assistant secre-
tary and assistant treasurer.
Stockholders reelected all mem
bers of the Board of Trustees as fol-
lows: Ellsworth c. Alvord William
Byrne, Francis Crilley, William
S Culbertson, John F. Davies,
Charles Delmar. John P Jackson,
Alfons B. Landa, Frank B. Sever
ance, Robert P. Smith, Durand w.
Springer, Fred NJ Supplee, Frederic
N. Towers and Walter R. Tucker
man.
President Delmar reported an in
crease of 276 per cent in the volume
OF loans during 1889 and substan-
tiai gain in profits. Four new Offices
were opened, located in New York,
Pennsylvania and Virginia.
Norfolk & Western Net Rises.
The Norfolk & Western Railway
Is expected to show net income of
approximately S2,350000 for Febru-
ary, on the basis of increased car
loadings Such estimated net in
come would be equivalent to S1.60
per share on common stock, as COM
pared with s1l6 per share in the
like month of last year. This would
place net for the first two months of
this year at S3.65 per share, as
against S252 per share in the first
two months of 1889.
The Senate Banking and Currency
Committee has reported favorably
on measure to end foreign silver
purchases by the Treasury. The
vote stood Ia to 4.
The Senate Banking Committees
hearing on the Securities and EX-
change Commissions investment
trust regulation bill has been set for
April 2, Chairman Wagner an
ncunced
Heard in Financial District.
William L Beale, a vice president
of the American Security g. Trust
Co., has been reappointed to the
National Committee on Real Estate
Taxation for the current year and
will represent the District of Co.
lumbia at the National Real Estate
Tax Conference at the Mayfower
Hotel, April 25-27
One of the most interesting books
reaching the financial district in a
long time is entitled "Capitalism the
Creator" published by Macmillan
and written by Carl Snyder. The
author pictures the economic foun-
dations of modern society and re-
views $50 years of industrial progress
in the United States The facts are
the result of some 20 years of re-
search.
Discontinuance OF United States
purchases of foreign silver is advo-
Gated by Henry H. Heimann, eXecu-
tive manager of the National Asso-
citation of Credit Men. in the asso-
cations March business review re-
leased to its 10000 member firms
throughout the country.
Air express shipments in the
Nation wide service OF Railway EX-
press Agency totaied 1852 in Janu-