Evening star., 1933-10-07

berShlp.
local banks have l&8x.a
instructed their Of
ficials to make H. G. Hoskinson.
application for ad-
mission to the corporation and prepare
for putting up their quota OF funds
when they are admitted. Application
blanks were sent about two weeks ago
to the banks here and all over the
United States, with instructions that
applications should be filled out and
returned to the Treasury as soon as
possible. .,
Applications for admission to the
nationwide insurance corporation call
for examination of thousands of banks
Much progress has already been made
on this vast examination program
hundreds of the regular bank examiners
having been assigned to this special
work.
examinations are being made rap
idly in the Fifth Federal Reserve Dis
trict, the Treasury having assigned
special examiners to each OF the nve
States in the territory, Virginia. Mary
land, West Virginia, North Carolina
and South Carolina. These examiners
have been taken from the regular
national bank examining force.
Changes In Law Forecast.
It is understood that banks that have
recently been carefully examined Will
not have to be examined again before
the insurance plan goes into erect.
The results of the recent inspections
will furnish sufficient data. 1t Is also
said that the Treasury intends to be as
lenient as possible in admitting banks
to the deposit insurance fold.
Cov,oo c,rocfiopc have arisen ,illrlCp
the past few days on the Interpretation
of some of the rules in connection with
the procedure to be pursued by the
local banks. These matters have been
taken up with the Treasury and the
controllers Office by Hilleary G. Hos
kinson, one of the vice presidents OF
the Riggs National Bank, who Is chair
man of the Treasury Relations Com
mittee of the District Bankers Asso.-
citation. Mr.. Hoskinson has been az
the head of this committee for several
wears and has always had marked sue
cess in ironing out" problems OF spe-
cial concern to Washington banks.
Bankers all over the country have
expressed opposition to the insurance
plan. Many believe that after Congress
meets some amendments will be made
to the law, especially as to insuring
very large accounts. The majority OF
bankers would have the guarantee lin
tied to $2,50O accounts or less:
The insurance law came about as
result of what members of Congress
declare was a universal demand from
bank depositors. How much they Will
amend It remains to be seen.
Drop in Municipal Financing.
State and municipal financing during
September totaled $30,994513 as COM
pared with the revised total of $l1O,-
912,276 during August according to the
Daily Bond Buyer of New York. In
cluded in the total for last month,
however, are S52, 500 Of Reconstruction
Finance Corporation and 81 .295,0 OF
Public Works Administration loans. The
August total included s472,000 Recon-
struction Finance Corporation loans
and STA, 100000 Public Works Admins
tration loans.
The total for the nine months ended
September 80 was 1896, $50 ,689, OF
which $195,075,958 represents Recon-
struction Finance Corporation loans and
5,795 900 Public Works Administra-
ton loans.
The total for the corresponding period
of 1892 was S601 ,046,315, of which
Sill, 1,807,557 represents Reconstruction
Finance Corporation loans.
Southern Rail Incomes Jump.
Glass railroads in the Southern dis
trict for the first eight months of 1888
had net railway operating income
OF S38,685 1922, which was at the annual
rate of return of 1.84 per cent on their
property investment. For the same
period in 1882 their net railway operat-
ing income amounted to $7,054,119,
which was at the annual rate of re-
80 f1,nfr orfy
investment.
Gross operating revenues of the class
I railroads in the Southern district
for the first eight months Of 1888
amounted to $258,465,263, an increase
of &c per cent above the same period in
1882, while operating expenses totaled
$191, ,959,257, a decrease of 109 per cent.
Glass I railroads in the Southern dis
trict for the month of August had
net railway operating income of $5,-
470,784, compared with $783,215 in
August, 1882.
At the annual meeting of the share
holders of the National Permanent
Building Association, held yesterday
afternoon. all the officers and directors
were reelected: namely, Robert E.
Buckley. president; Harry NJ Packard,
vice president; Millard T. Dixon. treas
urer; Roland M. Brown, secretary;
John B. Ceier, Joseph F. Zegowitz,
Francis L. Neubeck and Alphonse G.
Hammer, directors. Business for the
fiscal year was very satisfactory; in ad-
dition to paying the per cent dividend
compounded mi-annually, the surplus
and undivided profits were increased by
a substantial amount, the officers re-
ported.
Financial District Notes.
The Home Owners Loan Corporation
announces that its activities up to Sep
tember % have prevented 1878 i'm
pending home foreclosures on proper
ties valued at $36,033,677. It was an
nounced also that 81 ,730 individual ap-
plications for mortgage loans from the
corporation totaling $149,114,877 have
been tentatively approved.
Sales Of American Department Stores
Corporation in August were over 81 per
cent above the same month last year,
and the first is days of September
show an increase of 8.5 per cent. In
the company's Baltimore store where
the N. r. A. has the largest effect on
pay roll, sales had more than taken
care of any increase in cost there.
Henry Bruere, president Of Bowery
Savings Bank of New York, has been
selected by President Roosevelt as
"liaison officer" of the various credit
agencies of the Government He will
have no authority and receive no pay,
but 1t was said at the White House he
would act as the eyes and ears fer
the President, keeping him in touch
with all activities of the credit agencies.
George L. Starkey. president of the
National Bank of Washington and a
member of the Washington Clearing
House Executive Committee, left here
today for a two weeks motor trip
through the Middle West and the South.