Evening star., 1933-12-14

demand OF Jne cOI- ISL III
poration at some
later date. After Harry G. Meem
July permanent
plan for guaranteeing bank deposits Is
to 90 into effect, although some finan-
ciers and others believe that the next
Congress will amend the present per-
manent law.
A permanent fund is to be established
to provide insurance for larger deposits,
with those up to $4,000 being insured
100 per cent Banks taking part in the
insurance program will be assessed half
of l per cent of their deposits for this
fund, and the insurance corporation
may make additional assessments as
needed in units of one-quarter OF l per
cent of deposits.
Banks will receive credit toward the
permanent fund for the residue of the
subscription to the temporary fund
that is, the amount subscribed to the
temporary fund not needed to provide
insurance until July l on deposits rang
ing up to S2500, officials explained to-
day at the Treasury.
All banks which are members OF the
Federal Reserve System are automati-
cally in the new insurance plan. All
the other banks in this city WHICH are
not members of the Federal Reserve
System filed their applications for
membership in the insurance fund
many weeks ago.
Meem Starts His Third Year.
Harry G. Meem, president of the
Washington Loan g. Trust Co., COM
menced his third year today as head
of the institution. On December IA,
1881. he was elected to fill the vacancy
caused by the death of John B. Larner,
who had been leader in the institu-
tion from the day it received charter.
Mr.. Mecm has been connected with
the trust company for more than 40
years. His financial career is another
instance of from bank runner to pres
idency," a period through which every
banker obtains an unusual view Of all
departments of the bank. After being
assistant treasurer and treasurer, he
was elected a vice president in 1917.
A native of the District, Mr.. Meem
was born in Georgetown, where men,
bers of the family had resided since
1855. His father, Peter G. Meem, was
officially connected with the Farmers
& Mechanics Bank in the early days
of that institution. Perhaps that is
the main reason why Mr.. Meem as
youth always wanted to enter banking.
During the Liberty Loan drives he
in the city in pushing sales and sub
scriptions He is a director in several
business organizations, is member of
the Chevy Chase Club, the Archaeological
Society and the National Geographic
Society.
Securities Act Changes Possible.
President Roosevelt believes the leg
islation touching upon the securities
act by the next session of Congress Will
be in the nature of clarification rather
than of a modification.
The administration is against any
weakening of the securities, act, it was
emphasized, but is not ready at this
time to discuss what phases are re-
garded as calling for clariication.
Federal Trade Commissioner j. M.
Lands, in a letter to Chairman Fletcher
of the Senate Banking Committee, said
that under the administrative powers
exercised by the Trade Commission
through the securities act it would be
no exaggeration to say that issues OF
worthless stocks aggregating hundreds
of millions of dollars have been kept off
the public market. This was accom-
plished because issuers have been dis
suaded from ever attempting to meet
the requirements of the securities act,
he said.
Two New Building Directors.
Election Of Walter G. Davis, vice
president of the Floyd E. Davis Co.,
real estate firm, and DR.. Ernest M.
Colvin, ST., dentist, to the directorate OF
Columbia Permanent Building Associa-
ton, was announced, following the an
nual meeting of stockholders at the
associations headquarters, 733 Twelfth
-, 14fA
Howard R. Norton, Fred A. Smith,
secretary treasurer of the Floyd E.
Davis Co., and James A. Soper, vice
president and cashier, Lincoln National
Bank, were reelected as directors.
Directors whose terms hold over are
Floyd E. Davis, Melvin G. Hazen, Al
fred H Taylor, William P. Richards, l..
Perry West H. B. Leary and G. Clinton
James.
S100,000,000 Treasury Offering.
Acting Secretary of Treasury Morgen-
thau announces that tenders are in
vited for s1O0, 100000, or thereabouts, Of
91-day Treasury bills to be sold on a
discount basis to the highest bidders.
Tenders will be received up to pm,
Monday, December 18.
The bills will be dated December 20
to mature March 81, 1884. No tender
for an amount less than $1,000 will be
considered.
Chairman Walter ]. Cummings of the
Federal Deposit Insurance Corporation
reports that up to Tuesday 1850 State
non-member banks had applied for
membership in the organization. OF
this total more than 81 per cent have
already been examined. All applicant
banks in II States are included in the
list. All examinations will be completed
by tomorrow.
1t is estimated that there are about
$3.50 banks, now members of the Fed
eral Reserve System, which become
automatic members Of the guarantee
deposit system.
Trading Light on d. C. Exchange.
On the Washington Stock Exchange
today the first sale was $1,000 Wash
tngton Gas Light IS, series "B," at
1925. That was the days only bond
sale. Potomac Electric Power 6 per
cent preferred came out in single
sale at 1924, while three small trans
fers in the same corporations 51a per
cent preferred were recorded at l05A.
American Telephone stock is now being
quoted eX-dividend in anticipation fo
the coming quarterly payment of $3.50
per share on January is. Peoples Drug
preferred is also being quoted without
the dividend soon to be paid.
sc. Murphy Co. has declared the
regular quarterly dividend Of 81 per
share On its per cent preferred stock,
payable January to stock Of record
December %.
Merchants & Miners Transportation
Co. has declared quarterly dividend
of 40 cents, payable December 80 to
stock of record December Is, same as
paid three months ago.