Evening star., 1934-01-13
Finds Insurance Gaining Favor.


winter meeting next Thursday after
noon.
Finds Insurance Gaining Favor.
Only per cent, or 141. of the banks
which applied for insurance in the
Federal Deposit Insurance Corpora
ton tailed to qualify. according to
Chairman Walter j. Cummings.
Mr.. Cummings stated that 13,43l
banks with an aggregate of approXi-
mately 54,000,000 accounts are now pro-
tected up to S2500 each by the tenn
porary insurance fund.
II believe" Mr.. Cummings stated,
'that this protection afforded to these
depositors marks one of the most for
ward steps ever taken in the history
cof banking in America and is bound
to have a reassuring effect both upon
public sentiment and upon business
generally"
- Mr.. Cummings expressed the opinion
that deposit insurance is gaining in
favor, mot only with the general pub
lie, but with bankers"
So far as Washington bankers are
concerned, Mr.. Cummings statement is
certainly true. Local financiers are no
longer criticizing the temporary in
surance plan. All the banks are in it
and depositors are happy. They like
the feeling OF protecuon.
Bank Code Called Mistake"
- George w Dawson, chairman of the
board of trustees of the Central Han
over Bank & Trust Co.. told stock
holders at their annual meeting in New
York that the banking code was i'm
posed on the large banks by the small
ones, and that the code carried the
. initials of Gen Hugh Johnson when
. it was released to the banks. Some
. body" said Mr.. Davi made a mis-
take"
In response to GERS ques-
: ton about the code. lNison said:
The larger banks II. York really
felt that the expense would be greater
: than anything they could hope to make
out of it. There will be some banking
code in which the very small depositor
: who uses the bank to do his bookkeep-
. ing is going to have to bear some of the
+. burden of it."
The bankers N. R. A. code of fair
competition will be an important part
. of the business at the sixth annual
: Midwinter meeting of the New York
, State Bankers Association to be held
. at the New York Federal Reserve Bank
. on February 5. Legislation affecting
. banks proposed both at Albany and
Washington will be discussed
This is the code which will come up
: for special hearing before Gen. John
, son in this city on February Is.
; Insurance Reveals Gain.
. American life insurance companies
: placed approximately S12,295,77 into
; circulation in Washington during 1888,
= according to an estimate Just ma de
. public by F. V. McNair. local represent
+, ative of the Lincoln National Life In
: surance Co.
: For the fifth consecutive year" Mr..
+. McNair explained, total life insurance
. payments to living policy holders and
: beneficiaries have scored an increase.
4, thereby establishing the life insurance
. Industry as one of the chief contributing
, factors to the economic stability Of the
: Nation
: Total payments in 1888 were So
. 100 600 900, a slight gain over the figure
. of $3.087 900 900 in 1882. The estimate
: for Washington is simply based on
, comparative population statistics in
. the absence of specific figures at this
= time"
! n. g. w. Makes Fine Showing.
: With the payment at maturity on
: February l. 1884. of s5,00000O Norfolk
a. q WSSIcIIl IOdll1 Odu W. ONClilCllU
land extension mortgage per cent
bonds (of which S1,857,0oo are held in
: the companyS treasury the Norfolk q
Z Western Railway Co. will have reduced
its funded debt by total of $685.
OOO or 237 per cent, since the close of
1929, or during the period of the in
dustrial depression which followed the
stock market collapse in the Fall of
1929 OF the debt reduction Sl4,885, 900
consists of various issues of bonds and
. $12510,000 of equipment trust certifi-
, Gates.
, 1t is anticipated that per share COM
mon earnings for the year 1888
. will approximate S1450, which would
; compare with S11.30 per common share
: for 1882, with Sl439 for 1881, and with
{ $2l97 for 1880.
a NIidwinter Meetings Scheduled.
. The regular Midwinter meeting of
, the District of Columbia Bankers As
, sociation will be held next Thursday
; afternoon when a number of commit
. tee reports of special interest and i'm
. portance will be presented.
: The Insurance Club of Washington
. made up of members outside of the
. life underwriting business, will have a
, dinner at the Hamilton Hotel next
: many matters of special interest tc
. fire and casualty agents will be dis
: cussed
. Members of the faculty and leading
: committees of Washington Chapter
= American Institute of Banking, are tc
meet Wednesday evening in the Amer
; ican Security e. Trust Building. Edu-
cational plans for the rest of the year
: will be outlined.
Heard in Financial District.
: According to Controller O'Connor. 6G
, per cent of all the national bank;
A. which remained unlicensed on March
, 16 last, had been licensed, chartered
: absorbed, or placed in receivership.
p, Henry H. Heimann, executive man
; ager of the National Association o.
: Credit Men, has been appointed direc.
/, tor of the Shipping Board Bureau o.
/, the Department of Commerce.
; Richard K Mellon of Pittsburgh ha,
+. been elected director of the Pennsyl
!. vania Railroad Co. He will succeed
his father, the late r. B. Mellon, whos'
term of office on the beard of direc
: tors would have expired in 1887 anc
{. who died on December /, 1888.
The r. F. c. has authorized S889,
! 100000 of preferred stock and capita
notes and debentures in 1882 banks.
Internal revenue collections in Vir'
ginia for 1888 showed an increase o
l3 per cent over those of 1882. Th
1888 total was S112,426, ,597, agains
S99,O95,2 ,206 the year before.