Evening star., 1933-09-18

examiners assigned TO TINS speCldi .aoN'
The request is made and slghea py
Walter S. Cummings. chairman OF the
guarantee corporation, complete copy
Of the new banking law being inclosed:
The letter of tranSmittal also outnneo
in detail lust what the banks are ex-
pected to do in preparing to meet the
insurance requirements and. OF course,
included the actual application plank
to be forwarded requesting MEMBER
ship in the corporation.
The new law covering bank deposits
insurance goes into partial ef1ect on
January l. 1t has been bitterly op-
posed BY many bankers and the Amer.
jcan Bankers Association has urged
further study of the whole insurance
problem. Bankers claim that the m
surance plan will make good banking
pay for bad banking and that banks
that 90 not qualify for membership
are thereby doomed.
Government officials, however, have
made it very plain that the law Will be
put into effect on January without
any delay 1t has also been stated that
the examination of nCn-member banks
would be pushed as rapidly as possible
Receipt of the blanks today, together
With the other vital information, SHOWS
that the guarantee corporations lead
En- nave al SduS SollS 4lllO oSN4OA4'
Hints from Government officials have
intimated that the examination will be
as l2n;ent as possible The aim will be
TO admit all the banks which can be ad-
r1ittei and not freeze them out. Con-
troller j. F T OConn0r said that, IN
substance, at the Chicago conVentlcn,
End Gov Eugene F. Black of the Fed
eral Reserve Board, declared 1T may
not be as bad as you think it will be"
at the same meeting.
The law came about by what ad-
r,ln;stra ton officials say was uni
varsal demand from bank deposltors.
One local financier said today, /
Goubt if bankers in general have the
slightest ccnurehension of what it will
rlean in deposit gains when bank de-
positcrs know that they are sure to get
cut all the money they put in
Corccran Thorn Back a. Bank.
Corcoran Thorn, president of the
American Security 6, Trust Co.. re-
turned to his desk at the bank today
after several weeks vacation. He spent
much of the me at his Summer home
in the Green Mounain State and en-
loved the rest of the outing on motor
tr3ps.
William F. Stevenson, chairman OF
the Federal Hcme Loan Bank Board
end of the board of directors of the
Home Owners Loan Corporation. to-
day announced the appointments of
James Bruce CT Baltimore. as financial
adviser to the board of directors. and
George NJ Lindsay of New York, as
fiscal agent OF the corporation. Mr:
Bruce has entered upon his new duties
here n the Department CT Commerce
Building. and M. Lindsay is establish
inc CfiCeS in New York City.
Mr Bruce is a former vice president
of the National Park Bank of New
York and later was vice president of
the Chase National Bank of that city
Fe was graduated frCm Provinceton
University in 1914 and the University
Of Maryland Law School in 1916. He
is the son OF cx-Senato" Bruce. Lindsay
is veteran investment banker.
Sisson Death Shocks District.
The death OF Francis H S ;sson, vice
president CT the Guaranty Trust Co :,
1Isw York. who retired as president of
the American Bankers Ascociation only
two weeks ago, was distinct shock to
RS friends in Washingtons financial
district.
He had not been in good health for
some time and did not lcok at all rugged
when the bankers met in Chicago He
-
ct the annual banquet of the Financial
Advertisers Association in New York
last Thursday night. 1t was announced
that ne was prevented by illness from
beirg present, but there was no report
tHat he was seriously sick.
Mr.. Sisson made q brilliant record
as president of the A. B. A. He was
fearless in what he said and put in
very strenuous year. He strongly op-
posed the Governments demand that
the banks extend more credit as a
stimulant to business recovery. He in
Sist.d that banks should make loans
only on the soundest basis. ANY other
policy would be ruinous, he told 5000
bankers just the other Gay.
Important Banking Statements.
One of the most important announce
ments made in the local financial dis
trict in months relates to the opening
date Of the Hamilton National Bank. 1t
is planned to start business one week
from today, with seven local banks
merged into one 1t is estimated that
S7500000 in tied-up deposits will be
released and that these freed funds
will have noticeable effect on business
In the Capital.
President RooseveltS statement that
all banks not reopened by January l
will be liquldated as rapidly as possible
has been enthusiastically received by
depositors all over the country. Local
bankers are in full agreement They
insist that closed banks should be put
in receivership by the first of 1884 for
the benefit of the depositors and of the
communities in which they may be
located
Today's Trading on Exchange.
Washington Gas Light SIS, 1860,
opened trading on the Washington
sales being recorded at 1862. Two
$1,000 sales in Potomac Electric Power
IS were registered at 10734.
In the stock division Peoples Drug
Stores preferred appeared on the board
two small sales taking place at y,
up "a from the last sale. Potomac
Electric Power per cent preferred
moved at ITO, and the same corpora
tons 5i2 per cent preferred came out
at 108.
Heard in Financial District.
The Maryland Bankers Association
Is following the example set by the Dis
trict Bankers Association and will con-
fine its annual convention this year to
q one-day session.
The latest offering of nine-month "a
per cent Treasury certificates totaled
STA 9O5 500, according to Secretary
Woodin Subscriptions we're allotted In
full. The Richmond district asked fol
only $4,000, on account of the low in
terest.
Hartman and Co. opened a branch
of the Washington Office in the May
flower Hotel today, Harry M. Freidley
In charge The new Office is located or
the nezZaninne floor and is FULLY
equipped. Maj. Ferry K. Heath, man.