Evening star., 1932-11-05
BANKS. CONDITION
SHOWN IN REPORT
Receiver for Departmental
Reveals Progress Made
Toward Settlement.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
w. B. Altman, receiver of the De-
partmental Bank, TIA Pennsylvania
avenue northwest, has prepared most
interesting statement of the condition
of the bank for the quarter ended Sep
tember 80. The statement has been
posted at the bank for the information
of depositors and Is being closely
studied.
The statement shows that the total
of all assets coming into the hands OF
the receiver up to September 80
amounted to $1,118,867.65. Total assets
uncollected up to that date were $949,-
6O682 and the total of all liabilities was
$9O6. 1920, while cash on hand at that
time totaled S121, ,O4151 The various
items in the condition statement are as
follows:
Bills receivable ............ S4S6,59S %
Cash on hand ........... 23,lo9o9
Assets other than bills receiv- -,
able and cash on hand. 6O9,O9942
Additional assets acquired. 80. none
Stock assessment none
Total of all assets coming into
the hands of the receiver. .S1'llo,ooToo
REMAINING ASSETS UNcoLLEcTED.
Bills receivable .;r.s,. s$s5,ss4ss1 sss5 ss4 q
Additional assets acquired. .... none
Stock assessment ........... AoAe
Total assets uncollected. .... s949, COG So
LIABILITIES.
Total claims proven on un- oo-
secured liabilities S;32' =. - o. o.
Total unproven unsecured ,tts CLAIMS AIMS 4o4'0oooo
ios45 saar6ins unpaid .... none
vrofsI redfscounts unpaid -. none
Total bills payable unpaid; 1o"4o3'oo
proven .........'.''' NM
ro+a, ot all liabilities seo6. .9s7.2o
Dividends paid during last nors
piSidends HnaE1ds paid prior thereto none
The report makes no reference to the
date when any disbursements may pe
paid to depositors or, OF course; 10
amounts The statement makes 1t clear
however, that the receiver stln mas
long Wav to go before the banks a1aTS
will be finally settled.
yass Heads Bank Chest Drive.
George o. Vass, vice president and
cashier of the Riggs National Bank Is
aga,n serving as chairman of the bank
solicitation group in connection with
the Community Crest drive, having been
appointed to this position by Lloyo B.
Wilson.
Mr.. Vass already has the work in the
bank solicitation division we'll organized
having divided the work into five sec
tions Nelson B. ONeal of Riggs is
vice chairman of the committee, which
includes five other local bankers, Lanler
P McLachlen, president OF the NC
J,achlen Banking Corporation; Wilmer
] Waller, vice president, Federal-Amer-
ican National Bank & Trust Co.; Fred
erick P H. SiddonS secretary, Amerl-
can Security & Trust Co.; c. F. Burton,
vice president, Washington Mechanics
Savings Bank, and Thomas j, Groom
vice president and cashier OF the BANK
of Commerce & Savings.
The local brokerage houses also come
under the bank division, this group
being in charge of Carl Kurtz Mr..
Kurtz of Stroud, Kurtz & Co. held the
same post last year, with marked sue
cess. And it was the manner IN Whlch
Chairman Vass handled the bank So
Letting last year that made his services
arain this year in such msstent de-
mand.
All contributions by the banks have
to be approved by the boards OF dl-
rectors. 1t is anticipated that all sucn
approvals will be obtained at the reg
ular November meetings, so that the
drive. SO far as the financial instltu-
tions are concerned, can be brought to
a prompt conclusion.
Depression Low Believed Passed.
The latest statistics of life insurance
relating to new business in 1932-whlle
making a poor showing for the flrSt
nine months of 1882. compared with
the like period of 1881, contain an IN
dication that the worst is over. And,
If for life insurance, presumably for
business in general. says Theodore M.
Knappen in the Magazine OF Wall
Street. This indication Of business
Improvement is found in the fact that
September new business shows the
smallest decline-compared with the
corresponding month of last year-for
any month of 1892 since February.
In May, June and July it was around
% per cent; in August, 2O.5 per cent.
Individual companies report that slml-
lar gains are found for September in
all the indices of insurance progress,
viz. relative falling off of policy loans,
cash surrenders, lapses Of policies, de-
linouent interest and foreclosures, and
increase of production" that Is. new
business.
On the basis of these indices some
insurance executives are emphatic IN
the opinion that the low point OF the
business depression has been passed,
Mr.. Knappen adds.
Cleaned in Financial District.
Notices were posted today in the local
New York Stock Exchange offices an
nouncing that all tickers will be silent
next Tuesday, election day.
The Washington Stock Exchange Will
be closed next Tuesday, election day,
following the example set by the New
York exchange.
1t is freely predicted that there will
be more spectators than spectators"
in the stock market after election, the
reverse of prevailing conditions during
the past few days.
Time deposits In 49 reporting member
banks III the fifth Federal Reserve dis
trict and aggregate deposits in II mu
tual savings banks in Baltimore totaled
S437, ,821 .661 at the end of September,
1882, a higher figure than S434,776.728
reported at the end of August this year,
but materially less than the total of
456.O5O,016 at the end of September,
1881. Deposits increased slightly during
September in both the reporting men,
ber banks and in the mutual savings
banks, the Richmond bank reports.
The Erie Railroad has asked Inter-
state Commerce Commission authority
to issue and place in its treasury S5000,-
600 of refunding and improvement 6
per cent mortgage gold bonds. They are
to be pledged as collateral for Recon-
struction Finance Corporation loans.