Evening star., 1933-07-17


S768, ,233,O ,OC0 n
June of 1892,
whereas prOduc- F. G. Addison, Jr
ton for the six
month period of $3,826444 1000 con-
trasted with $5,013,617, 900 in first half
of last year.
New ordinary insurance in June
amounted to $445, ,435 900, as against
$5O4, ,329 600, decrease of 11.7Po. New
industrial insurance declined 1870 to
Sl98,O46, 900 from S213, 900 in June
OF 1882 New group insurance was
S43,295, 900, as compared with $50,-
606 900, off 14.4fa.
Members of the District Underwriters
Association said today that they do not
look for any unusual showing during
June, when the detailed figures for the
Capital are available Conditions here
in regard to Government positions were
too hectic during the month, they eX-
planned.
Addison Again Law Chairman.
Francis G. Addison, jr, who has just
been appointed by President George q.
Vass of the District Bankers Associa-
ton as chairman of the Committee on
Law and Legislation, has been chair
man of this same committee for several
years. He has kept in unusually close
touch with all legal matters of interest
or special importance to the assocla-
tion. A former president Of the asso-
citation, Mr.. Addison has also served
on many other committees. In connec-
ton with the law and legislation assign
ment he had attended many hearings
at the Capital and expressed the views
of the association on pendlng leglsla-
ton.
Mr.. Addison is president of the Sc
curity Savings & Commercial Bank
and is now returning from a short trip
abroad, expecting to land in Baltimore
about July 20. At present Vice Presl-
dent Fred Mckee is in charge of the
bank
Stock Payments Cause Delays.
A host of depositors in eight local
closed banks are inquiring why the
proposed new Hamilton National Bank
has not yet opened for business on an
unrestricted basis.
One of the most important reasons IS
the time required in the sale and collec-
ton of funds in payment for the re.
units have been busy with this problem
for some time and all report progress
in their collections.
Considerable of this stock. however,
was subscribed for on the understanding
that payment could be made out OF
funds already in the various banks. The
depositors gave instructions that the
money be taken from the SO per cent
of their deposits to be made available
for use on the opening of the new bank.
According to a Treasury ruling this
can be done by any depositor who has
no notes in the bank. If a depositor
does have one or more notes IN the
bank, the money on deposit must oe
applied to these loans and cannot pe
applied in the payment OF new pank
stock
This ruling made it necessary for
the banks going into the merger to take
the matter up again with their stock
subscribers and make resale" Some
subscriptions had to be cancelled as
depositors had no other funds available
In other instances, the necessary OUT
side funds have been obtained and full
payment made on the subscriptions. IN
any case, it can be seen that gooo
deal Of time is required in making the
adjustments. This work is now we'll
advanced, officials said today.
Postal Savings Report Pleasing.
Bankers here today expressed con-
siderable qualification over the latest
report on postal savings, which mas
caused much less alarm than did SINH
lar reports few weeks ago. AS already
noted in The Star, deposits in the Pos
tai Savings System increased during
June by S6,6060 083.
Although this gain brought the total
of such deposits to $1,l84,948,2 ,200, or
the highest ever recorded, it was the
smallest monthly increase since the
banking holiday. During March, these
deposits gained more than $l00 900 600.
The following month they gained $46,--
100000. The May increase was around
$4,000, ,000
officials express qualification over the
smaller deposits, stating that this indi-
Gates people are using the postal saw
ings system less and the banks more.
On June 80, year ago, deposits to-
tailed sits, 1923, ,7O1, while at the end OF
1882 they amounted to $900,2s8,726.
If the present trend continues, the
matter is unlikely to be further stressed
by the American Bankers Association
in its discussions of problems having
special bearing on the banking situation.
Today's Trading On d. C. Exchange.
The weeks business on the Wash
ington Stock Exchange opened today
with $500 Washington Gas Light IS,
series B, selling at 103, practically the
same as the last sale.
Mergenthaler Linotype appeared on
the board in a 10-share turnover at 80,
price unchanged from the last previous
transfer.
After call, Washington Railway &
Electric IS figured in sale at 8712, ex-
actly the same figure at which the last
previous transaction occurred.
Potomac Electric Power Sig per cent
preferred stock recorded three small
sales, all made at 108l2, up Il point.
Heard in Financial District.
Starting July Is, Dun g. BradStreet,
Tpn ,toI a I
crease to all employees of the company.
This included every one in all the firms
174 branches in the United States, in
cluding the Washington Office and the
IT in Canada.
The New York City bank stock mar
ket registered little change during the
past week. The aggregate value of the
Is leading issues, ended the week at
S1,688, ,452 900, compared with $1,675,-
week an increase of $12 ,687 600. or .76
per cent.
Securities registration statements
have been filed with Federal Trade
Commission covering the issuance of up
to $250,000 of securities by the Inter-
state Investors, Inc, New York City,
and the Borden Method, Inc, Wash
ington.
In this connection Chairman March
of the commission announced that the
approved official forms for registering
security issues are now available in suf-
ficient quantity to supply applicants. It
will no longer be necessary to use any,
thing but the prescribed form in filing
such applications, the chairman stated.
The Chesapeake g. Ohio Railway Co.
has been authorized by the Interstate
Commerce Commission to acquire and
operate directly, 143 miles Of branch
line coal railroads of seven subsidiary
companies located in West Virginia and
Kentucky.