Evening star., 1933-12-20
D. c. BANKERSBUS
: ON SURETY PLANS.
Work Day and Night Making
! Final Reports for U. S.
Guaranty.
BY EDWARD C. STONE.

-
BY EDWARD C. STONE
washington bankers are swamped
with work both day and night making
their final reports to be presented to the
Federal Deposit Insurance Corporation.
While this task might seem compare
lively easy at first thought, yet it is
very difficult and exacting. The total
number Of deposits and the total num-
ber of depositors must be reported and
other information furnished. When q
depositor has a checking account, saw
tngs account and possibly Christmas
savings account, it can easily be seen
how much extra work is involved. AL
the figures must balance and it requires
o great amount OF checking and re-
checking.
Banks which expect to become men,
bers of the temporary insurance fund
have been instructed. to send one-half
of the assessment due by December %,
although any bank examined and found
qualified to become a member has until
December 81 within which to pay its
assessment. Assessments can be paid
only with cash or check. Disposition of
these funds will be determined by the
three directors of the corporation, al
though it is probable that most Of them
will be invested in Government obliga-
tions.
Funds May Strengthen Bonds.
It is roughly estimated that the
amount expected to flow into the Treas
ury of the insurance fund from the as
sessmentS will be approximately $780,
100000. Should most of this fund be
placed in Government bonds, it would
be decidedly helpful to the bond market.
At the same time, however, it is possible
that some banks will sell Governments"
TO meet their quotas of the assessments.
Chairman Walter j. Cummings re-
ports that practically all of the 5000
State non-member banks have now ap-
piled for membership in the insurance
corporation, The work of examination
Is now far advanced.
Illinois leads in the number of State
non-member banks seeking the bene-
fits of deposit insurance, with 500
banks. Other leaders are Wisconsin.
461 Minnesota, 430: Missouri, 424; In
diana, 338; Ohio, 1913, and New York.
328.
The banks in the District of Co.
lumbia, which are not members Of the
Federal Reserve System. were among
the first in the country to apply for in
surance membership. They applied 100
per cent. The Washington banks, which
are members of the Federal Reserve,
automatically become connected with
the Federal Deposit Insurance Corpora
ton.
N0rdlinger Heads Association.
Isaac B: Nordlinger, widely known
shoe merchant, was elected president
OF the Citizens Equitable Building As
sociation of Georgetown at a special
meeting just held by the directors.
Mr.. Nordlinger succeeds the late
Thomas J. Stanton, who was president
of the association for many years. At
the same meeting John Hadley Doyle,
director, was elected vice president of
the association, to fill the vacancy
caused by the advancement of Mr..
Nordlinger.
Other officers and directors of the
association include Harold w. Burn
side, secretary; Harry l.. Selby, treas
urer; Mrs. Irene B. Arendes, assistant
secretary Isaac Birch. Patrick F. Carr,
]. Leo Kolb, jr.; r. E. Layton, and
George A. Scheele, directors.
Mr.. Nordlinger, the new president,
has been in business in Georgetown for
well over 80 years. His father was also
a Georgetown merchant during all his
business life and one of the business
buildings in the 3100 block on M street
bears the family name. The new presl-
dent is deeply interested in the George
town Citizens Association.
C. & o. Earnings Reported Here.
The report of the Chesapeake & Ohio
Railway received here today, for the II
months ended November 81, 1883, SHOWS
net income of $4,000 1893, after taxes,
charges and sinking fund appropr1a-
tions, equal after dividend requirements
on the 6h per cent preferred stock to
$3.4O a share (par $3.50 on 7,652,978
shares OF common stock. This COM
pares with S21 $3.50, ,348 or S279 per share
on the common stock in the first II
months Of 1892 November net income
was So, $50 1872 against 81, ,041 ,1S3 in NO
vember, 1882. The roads splendid gains
in earnings so far this year has caused
q great deal of favorable comment.
The Baltimore & Ohio Railroad re
ports for 10 months ended october 81,
1888. net income Of $l,383,l81 after
taxes and charges, equal to S235 a
share on 5e8,631 shares OF per cent
preferred stock. This compares with
net loss of $4,832,310 in first 10 months
of 1882, another first class railroad
record in earnings.
Trading Quiet on Exchange.
CAPITAL Traction stock sold at Is on
the Washington Stock Exchange today
125. Potomac Electric Power 5R per
cent preferred recorded three l0-share-
lot sales at the strong price of 1883.
Directors of the Bank of Commerce
& Savings have declared semi-annual
dividend of 81 per share, payable jan
uary to stockholders of record Decem-
ber 20, according to announcement by
Vice President John M. Riordon.
New York City bank stock market was
firmer last week, moving upward with
securities prices in general. The aggre-
gate market value of the 16 leading
issues, as compiled by Holt, Rose &
Troster, is now 81 LAS, 1856 900, compared
with 81 los ,282, 900 at the close on De-
cember 8, an increase of SAC, sos 900, OF
S.67 per cent.
Guaranty Trust Co. has published fo1
complimentary distribution among busi-
ness executives a 96-page booklet en-
titled, "A Banks Relations With It's
Customers" written by Stuart H. Pat.
terson, vice president and controller
The booklet asserts need for closer
cooperation and better understanding
between business men and banks anc
indicates the service banks can render
to the public.
Other Financial Notes
The present improvement in bushes.
should prove to be the beginning Of an
other upward movement, says th'
United Business Service of Boston. Thil
will be caused primarily by the large