Evening star., 1933-10-19

acted at the last &l&S *=*#2'ss Ms##SA
session of Congress gsSS&zM ~ Mss;$s$3
Applications for ###3
membership in the $S3 E$s$$3
Federal Bank De- 3
post I n sur nee
Fund are coming IN Charles T. Giagett.
at the rate OF ,.
nearly 200 daily, according to the latesl
report from Controller O'Connor. AND
what is of vastly greater importance
Controller OConnor added that 1T
seems likely that when the new lnsur-
ance plan gees into effect. nearly every
bank in the country will be member. y
The controller adds that up to Octo-
her u a total of 2346 noE-Federal Re
serve State Banks had applied for mem
bership in the Federal Deposit Guar
antee Organization. This total repre-
sents 27.4 per cent of the 1857 state
financial institutions which nave peen
sent applications to join.
Both the President and Controller
O'Ccnnor expect that practically all
banks that are now open will be able
to meet the insurance requirements and
remain open after the law gees into
effect. Their views are in line with
those of Gov. Black of the Federal Re
serve Board, who stated some time ago
that the Government will do every
thing possible to help bring the banks
everywhere into the insurance fold.
All the banks in Washington, which
are not members of the Federal Reserve
System, but already filed their appll-
cations for membership in the nsur-
ance organization. They were the first
group of banks in the country to attain
this 100 per cent record.
Clagett Notes 3Oth Anniversary.
Charles T. Clagett, assistant to the
general manager of the Chesapeake &
Potomac Telephone Co., is celebrating
his 3Oth anniversary with the telephone
company today.
Mr.. Clagett is native of Upper
Marlboro, Md. was educated in Upper
Marlboro Academy and entered the
service of the telephone company in
Washington October 10, 1908, as a
clerk He was made cashier in Septem-
ber, 1908; contract manager, January,
1910; district manager in october. 1915;
division manager in March, 1918,
and general commercial superintendent,
June, 1927.
In addition to his duties as a tele-
phone official, Mr.. Clagett finds time to
carry on many civic activities. He is
member of the Executive Committee OF
the Episcopal Eye, Ear and Throat
Hospital, Executive Committee and Ad-
visory Committee of the Riggs National
Bank. He takes an active part in COM
mittee work in the Washington Board
of Trade, Chamber of Commerce, the
United States Chamber of Commerce,
Merchants and Manufacturers Asso-
citation, Mount Pleasant Citizens Asso-
citation and the Rotary Club. The tele-
phone official is also a member of the
Racquet Club, Tenuvus Club, Washing
ton Golf and Country Club, st. Adams
Mems Club and of the Temple Noyes
Lodge, F. A. A. M.
Life Insurance Sales Are Lower.
Members of the District Life Under
writer's Association have received word
from New York that new life insurance
production during September totaled
S577,776,000, as compared with $685.
$4,000 In the like month last year,
decline of 81 per cent, according to
a report of the Association of Life
Insurance Presidents, based on new
business Of AZ companies having IS per
cent Of the total life insurance out
standing in all United States legal re-
serve companies.
For the first nine months this year
total new business was S5,758, ,935, 900.
again S7O13, $4,000 last year, a de-
crease Of 179 per cent.
New ordinary insurance in September
aggregated S374,643 000 against s404,-
10000 in the like month of 1882 a
decrease of IA per cent New industrial
insurance of s180.105 900, compares
with sl74,156,000 in September last
year, and new group insurance of $23,-
O28,000 compares with SCI, 1,018,00O
year ago.
Sees Banks Getting Two Billion.
Walter j. Cummings, chairman of the
Federal Deposit Insurance Corporation,
believes that when bank deposits are
insured after January l, more than
S1,000,000000 will find their way back
from boarding and that an additional
$1,000 100000 will be removed from the
postal savings system and be deposited
in the banks. The placing of this So
000,000,000 in circulation through the
banks is held as a most vital factor in
favor of the insurance plan by Chair
man Cummings.
While much opposition to the insur-
ance plan was expressed at the savings
bank convention in New York, the New
York Tribune notes distinct change
in sentiment in medium sized cities to-
ward the insurance enterprise. An in
creasing number of banks are disposed
to approve the temporary insurance
move as means of restoring general
confidence on the part Of the depositing
public The Tribune adds:
1.-THE idea seems to be that the plan
will eliminate many week banks and
In the average bank, will lead to the
restoration to the banks of consider
able amount of money still boarded and
gradually will restore confidence IN
banks to a point where the deposit in
surance plan can be abandoned safely
and easily"
Fleming Heads Important Committee.
AS noted elsewhere in today's Star,
Robert " Fleming, president of Riggs
National Bank, has been appointed
chairman for the Fifth Federal Reserve
District of committee which will speed
up appraisal of assets in closed banks
as basis for R. F.. c. advances to pay
off depositors. Mr.. Fleming will name
the other members of the committee in
the near future. This committee covers
Washington, Maryland, Virginia, West
Virginia, North Carolina and South
Carolina Local bankers said today that
this is one of the most important COM
mitteeS yet named in connection with
special efforts to push forward national
recovery. Its great object, of course,
is to thaw out frozen funds in closed
banks so that they can be used at once
by the depositors.
Shoaf Joins Johnston Co.
Ralph w. Shoaf has become asso-
ciated with the investment firm OF
James M. Johnston & Co., 1t was re-
ported in the financial district today.
Mr.. Shoaf was formerly president Of
Shoaf & Shoaf, Inc, investment bank
ers of Roanoke, Va, with branch ofhces
in Richmond, Stanton and Charlottes-
vile. Shoaf & Shoaf were correspond
ents in Virginia for Pynchon & Co. Of
New York.
Mr.. Shoaf, who Is originally from
Winston Salem, NJ c., was in the