Evening star., 1932-04-03
Praise Empire State Leaders
for Efforts to Halt Action
by Congress.
DISTRICT ASSOCIATION
PUSHING PARLEY PLANS
Sports Program at Hot Springs
Already MISUNDERSTANDING
Situation Grows Stronger.
BY EDWARD C. STONE.

~ AAD DFF@AAtD - 4OINEs
Many members of the District Bank
ers' Association were greatly pleased
yesterday with the announcement that
the New York State Bankers Associa-
tion has come out against the guaranty
of bank deposits and will urge Congress
not to pass any bills guaranteeing such
deposits, on the ground that they are
unsound in principle and put premium
on nlismanagement. The New York
association declares that the guaranty
OF deposits has proved a failure under
State auspices and would under national
auspices.
Sixteen bills have been presented in
Congress calling for the guarantee of
bank deposits. In the past few weeks
Washington bankers has discussed this
matter very freely, and inquiry shows
that the majority Of bank officials are
against any such measures. Eight
States have such laws and the claim is
made here that they have not prevented
losses to depositors, but have accen-
tuated them
The New York Bankers Association
has also requested its members to COM
municate with the Senate Finance Com
mittee urging that section % of the
revenue bill of 1882 be amended so that
"A4A 44Ob apply W
tions. That section provides that a cor
poration can only deduct its bond or
stock losses from its bond or stock
profits and not, as at present, from its
gross income. Here again Washington
HnancierS are in accord with the En-
plre State bankers, having recently ex-
pressed their views emphatically on this
subject.
1t has been hectic week in financial
circles. with so many matters of great
Importance before Congress. Local
bankers opposed to the Glass banking
bill have kept very busy in opposition
70 many provisions Of the bill At the
same time local brokers connected with
New York Stock Exchange houses have
had something to think about in the
passage by the House of the tax on
stock transfers. OF course, they are
against any move that will make stock
trading or investing, more costly.
Bank Farley Plans Pushed.
Rapid progress is heing made by vari- |
Gus committees of the District of CO. |
h1nbia Bankers Association toward |
making the coming annual convention
at Hot Springs, Va, an epochal event. |
The Program Committee proposes to |
present subjects of primary importance |
by prominent speakers which will be of |
the utmost practical value. Opportunity
for discussion by the delegates will also
be given, As larger number of women
Is expected this year, Mrs C. H. Pope, |
Chairman Of tina Ladies Committee |
and wife OF the acting president of the
association, has been busy planning for
their comfort and enjoyment.
Directors of the local banks are COM
ing to appreciate the advantages of at
tendance at these annual conclaveS and
comment In banking circles indicates a |
larger number viii be present of the |
men who are responsible for the banks |
welfare without being the active admin |
1Strative officials.
The Sports Committee, headed by Sid |
ney F. TaliaferTo, chairman, announced |
yesterday the continuation of the stellar |
events OF previous years, including the |
Pop Fleming" "HibbS Cup" Shannon |
g. McLachlen" golf tournaments with
the "Hatton Cup" for the low net score
of the three preceding tournaments. |
There will be also ladies putting con-
test, pony golf and the Mclean top
spinning contest, tennis tournaments
and the never omitted "barn-yard
golf" horse shoe pitching Prizes Of
fered insure lively struggle in each
event
The first calr' for convention reser-
vations will be made this month, the |
dates being June 9-12. The special train |
will leave Washington on Wednesday |
evening, June 8, and return on Monday |
morning, June 13.
Saturday trading on the Washington |
Stock Exchange included a $1,000 sale |
in Washington Gas Light IS, series A, |
at par.
Mergenthaler Linotype figured in a
turnover Of 81 shares during the session, |
selling at 40, same as the last previous !
sale.
Quotations on the unlisted securities
were called of, the brokers making very
few changes. The bid on Army & Navy
Club IS was raised to 81, bid on Ma
tional Press Building first SIS changed to
371z with 40 asked, and the asked
stock was placed at IL.
The approach of the American
League base ball season finds the bid
on Washington Base Ball stock at 62
with the asked price standing at 80,
an unusually wide spread The stock
Is closely held.
CIearings' Drop Partly Explained.
AS noted yesterday, bank clearings all
over the country showed drop during
the week compared with the previous
New York clearings were off 81 per
cent from the same week in 1881.
washington clearings were below the
figure for the previous week and 80 per
cent lower than year ago. Baltimore
clearings were off so per cent, Rich
mond 80 per cent, Norfolk 38 per cent
and Atlanta IS per cent from the cor
responding week last year
The unusual difference is due large
1y TO the fact that practically all stock
exchanges and commodity markets were
closed on Good Friday and many on
the Saturday before Easter Last year
these cloSings occurred much later.
Furthermore, the usual heavy month
end payments came in the same week
a year ago, but will not be figured this
year until this weeks totals are ready
Thus, while clearings are down, they
are not as bad as the first glance at
comparisons would indicate.
The American Banker reports that
bank suspensions during the week heN
at the low rate noted recently, while
March ended with only 40 closings,
"the lowest monthly figure since the
1929 market crash"
Eight closings were reported during
the week, together with one voluntary
LIQUIDATION In which the depoSitors will
get 100 per cent Three banks were
re-opened for business, while reopen
1ngs for the year now total "a.
Each weeks figures are now reveal
ing a much sounder banking condition
all over the country this being an i'm
portant reason for the recent gain IN
savings deposits which has been noted
by many financial institutions In Wash