Evening star., 1933-02-18
WOULD HOLD BACK
),jlR F.C. LOAN FACTS
Mcleod introduces Bill Aimed
,ooto Protect Banks and
Depositors.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Publication of loans made by the Re-
construction Finance Corporation to
BANKS, or the application for such loans,
jwould be prohibited by the passage of
bill introduced in Congress by Rep
resefItative Clarence j. Mcleod. The
. bill would take the publicity feature
out OF the Emergency Relief Act.
Representative Mcleod believes that
publication of information on r. F. G.
loans was the chief factor in bringing
about the bank holiday in Michigan
which was declared by the Governor
ct the state to protect depositors. The
'Representative would have the loan in
formation available to the President
and the members of Congress only. In
explaining more fully the purpose of
his, bill, Mr.. Mcleod said:
. HrThe necessity for the drastic action
or the Governor of Michigan in de-
claring an eight-day bank holiday is
final and conclusive proof that 1nfor-
nation pertaining to loan applications
should not be made public. Under the
extremely difficult conditions confront
ing us today as result of the depres-
sion 1t cannot reasonably be con-
tended that publication Of information
pertaining to bank loans can serve any
good purpose. One of the fundamental
reasons for formation of the Recon-
struction Finance Corporation was to
strengthen our credit structure and
prevent Gank cloSingS.
sTh the reports made public regard
ing these loans and applications, it is
not. possible to give all the circum-
stances surrounding each case, and
events of the past few days have clearly
shown that this half information is
productive of alarm and loss of conf
dence In institutions of unquestionable
soundness and solvency.
'~The public interests can be fully
safeguarded by providing that the in
formation now furnished the Presi-
dent and Congress IN periodical state
ments, shall be sof their confidential
and personal information only. In this
way, much of the intense suffering and
hardship that naturally and inevitably
follows the loss of ccnfidence and con-
sequent runs on sound banks, almost
invariably spreading to other institu-
tions, regardless of their safety and
solvency, may be avoided" Representa-
tive. Mcleod said.
Would Amend Present Act.
r. The text of the bill ito protect de-
positors of banks and banks by pre-
venting undue publicity in connection
WlLI1 lOdIlS Dy lIlc uStAO1A
Finance Corporation, follows:
y s4'That paragraph dbl of subsection
(5) of section 201, title II, of the
emergency relief and construction act
be amended by the addition of the
following:
such statements and data contained
therein shall be strictly for the conf
dental personal information of the
President and the members of the Sen
ate, and House of Representatives and
shall not be made public"
-. Buckner Comments ON Insurance.
z Thomas A. Buckner, president of the |
New York Life Insurance Co., COM
menting on the company's annual
statement, stated that 1892 was one
of the most noteworthy years in the |
companys history since it was organ
ied in 1845.
Though it has been nearly SO years |
since the New York Life began bust |
ness" said Mr.. Buckner, 1882 was
Nnquestionably our year of maximum
service to policy holders. The total |
paid to living policy holders and to
beneficiaries was $255, 200 900, exceed
ing by $27, ,6o0, 900 the largest amount |
so paid in any previous year.
THE income for 1882 was $407,- |
235, ,9o4, and the company met on de-
mand every contractual Obligation from |
It's current cash income without having |
to sell single security and without
borrowing a dollar from any source.
We made new investments amounting
30 SAG, ,623, 900 and closed the year with
a larger amount of cash in bank than
at any other year-end in the company's
history"
The companys balance sheet shows
assets of $1,974,o76,041 and liabilities
of S1,860, ,106,133. the excess of assets
over liabilities being s113,969,9o7.
AK Heard in Financial District.
The new Washington Gas Lgt SIS,
1858, have recently been listed on the
New York Curb Exchange and are
appearing daily in the trading A sub
stantial turnover in these local bonds
has been recorded in several recent
sessions.
The annual banquet of washington
Chapter, American Institute of Bank
ing, will begin at the Willard Hotel at
!. $50 O'Clock this evening. Richard A.
Norris, chapter president, will pre-
side.
The fact that Washington stood
twelfth in building permits in January
among the first 25 States in the United
0SAV<9g 10 IOA4oAOC1Cu CAlSOQl d.
w. Straus also has prepared a list of
the first 25 cities, in which Washington
is In ninth place, a highly enviable
position.
ysazzEWestern Maryland Railway.
Balance-sheet items of Western Mary
land Railway Co. as of December 81
follow:
Current assets-December 81, 1882,
1895 ,299; December 81, 1881, $5,191,-
757. Current liabilities 81,
1882, S3,237,516: December 81, 1881,
$2.254, $50. Invest in stocks, bonds,
etc:~-December 81, 1882, $87,639; De-
cember 81, 1881, $287,639. Fund debt
within six months-December 81, 1882,
$374sl00; December 81, 1881, 1914, 100.
~ Seaboard Air Line.
Preliminary report of Seaboard Air
Line Railway for year ended December
81, 1882, shows net loss of S9,528,l74,
after taxes and charges, comparing with
net loss of $7,110,747 in 1881.
December net loss was $636,525, after
taxes and charges, against net loss Of
$689, 1868 in December, 1881.
Two Dividends Declared.
! Directors of the Pennsylvania Water
q Power Co. declared the regular quar-
terry dividend of rs cents per share on
the common stock, payable April to
stockholders of record at the close OF
business March IS.
The first quarterly dividend OF $1.25
share on the new SIS cumulative pre-
ferred stock was also declared, payable
April l to stockholders Of record at the
close of business March %.
INTEREST RATES UNCHANGED.