Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-17
THREE MORE BANKS
BACK HOOVER PLAN
Liberty, Franklin and Ma
! tional Capital Vote Sub
-seriptions to Fund.
BY EDWARD C. STONE.

: BY EDWARD c. STONE,
Three more Washington banks have
voted to support the Nationwide move
to help stabilize banking adm economic
conditions and have subscribed their
full quotas to the fund of $500000,0 900
or more being realised by the National
Credit Corporation.
These three banks are the Liberty
National, franklin National and the
tNational Capital. the directors OF all
fthree showing marked enthusiasm over
1.-THE idea of a pooling of funds to free
Sound but frozen assets and thereby
Eplace many institutions In a more
siiouid position. In all these banks the
eopinion was expressed that the move Is
'eure to prove most helpful.
Plans Sent Clearing Houses.
In all the larger cities in the country
the clearing house associations are
giving valuable service in working out
the plans. the same being true here.
COPIES of the plan Of organization
and for operation Of the Natlonal
Credit Corporation as well as suoscrlp-
ton blanks to the notes OF the corpo-
ration have been sent to all clearing
houses throughout the country. For
the guidance of the interior banks
which will be affiliated with the loca!
associations the method to be followed
TO obtain the facilities OF the corpo-
ration is explained. 1t is essential that
each bank subscribe to the notes Oh the
corporation on the basis of per cent
of the net demand and time deposits
sof the subscribing bank not to exceed
tin any case 10 per cent OF It's capltal
eI1rnluS
There is a limit to the liability OF
Zach member bank in respect not only
sof its own obligations under the plan
but also of the obligations which may
be incurred by the group OF whlch ~
Is a. member,
anav be made by the corporation 10
any group or association in excess OF
the aggregate note subscriptions by
The members of that association Is also
explained.
Will Give Banks Needed Cash.
COPIES of the plan of operation OF
the credit fund, which have been re-
ceived in Washington. declare that the
credit corporation will assist banks
with sound assets (eVen If not lmme-
diately liquid in obtaining cash. Tne
support of the banks of the country
is being given to the plan because OF
the sound banking principles on which
it is beng developed. 1t is believed
that the greatest contribution that can
be made to confidence is TO have the
public understand that banks may be
assured through the Credit Corporation
of being able to convert sound slow
assets into cash when necessary.
Every bank and trust company in the
United States is being requested 10
subscribe for the gold notes and many
Of hanks have already
stated that they wished to be Included
in the movement. While Washington
banks are in too good position to
need funds from the pool, officials say
they are glad to give helping hand
to less fortunate institutions where they
may need to convert some OF their
securities into cash in an effort to keep
more liquid,
School Savings Meet Hard Test.
School savings in the United States
during the past year successfully met
its greatest test of adverse times, in
creaSing the area of its operations and
affprding financial succor to families
whose incomes have been reduced, it Is
shown in the annual national report on
school savings banking issued by the
savings division of the American Bank
ers' Association.
"School savings during the year clos
and demonstrated its possible service"
w Espey Albig, deputy manager Of the
association in charge of the division,
says in the report. In 14.628 schools
throughout the country 4,482, 634 chill
dren deposited $26, 783,610. Eighteen
more schools have school savings than
last year, the number of children util-
izing school savings is 115,o97 smaller
and money deposited loss by s2,329, 453."
He points out that these figures show
that the number of schools, as COM
pared with last year, where savings
may be deposited by children and they
may lave instruction in the meaning
and use of money, has increased. while
the number of pupils depositing de-
creased by only OPS per cent and de-
posts by only 8 per cent, despite wide
spread unemployment.
THAT for two years school savings
has faced adverse conditions and yet
continues to enlist interest and enter
new territory evidences the soundnesS
of the idea of giving children work.
ing knowledge of what money Is, the
part it plays in everyday life and the
machinery by which it is conserved and
utilized in the best manner for the
good of the child or the family" Mr..
Albig declares.
Heard in Financial District.
me .NatlonaI ASSOCIATION OF MUTUAL
Casualty Companies and the National
Association of Automotive Mutual
Casualty Companies will hold their an
nual meetings at White Sulphur Springs,
w. Va. october l9, 20 and 81.
Postal savings deposits on September
so totaled $3.50 14,464, against $414,-
985,325 month previous, and $188.-
924, 100 on September 80, 1880. accord
ing to the. Post Office Department.
Hugh Leach former head of the
Charlotte branch Of the Federal Re-
serve Bank of Richmond, has been
appointed managing director OF the
Baltimore branch, succeeding Albert H.
Dudley, who resigned to become exec
utive vice president OF the Baltimore
Trust co.
The board OF governors Of Wash
ington Chapter American Institute Of
Banking. has voted to print one more
issue. Of Dollars and Sense, the chap
ter official news medium 1t is also
hoped that by the time this issue has
been printed funds, will be found in
some out-of-the-way plice with which to =.
keep the publication going indefinitely
The last number was one of the best
ever published. D.,