Evening star., 1934-07-28
seaboard Air Line.
Norfolk Southern Railroad.
Program for Better Banking.


A writer In the Bankers Magazine
offers this program for better bank
ing, the suggestions being aimed at
the prevention Of future bank fall
ures:
1. Minimum capitalization require
ment to be 800, ,0oo. (Reason-during
the years 1921 10 1929 Of the 5,642
failures SO per cent were capitalized
for less than that amount.)
2. All banks to become members OF
the Federal Reserve System. (Rea-
son--during the period just mem
toned II per cent OF the bank fall
ures were non-members)
B. No bank to be chartered in a
city or town with population OF
less than 10000. (Reason-92 per
cent If the 5,642 bank failures dur
ing the years 1921 to 1929 were in
communities OF less than 10000. The
large banks should be permitted to
establish branches under a uniform
banking act as small banking units
cannot be operated efficiently, eco
nomically or safely)
Insurance Assets Reveal Gains.
At the end Of 1898, the 283 legal
reserve life insurance companies had
$40, ,2s1 ,48e, ,7e0 in assets, compared
with $40, 1853, ,l52,010 in 1882 or an
increase Of 1912, ,337,7S0. These
assets are invested in the highest
grade securities under State Supervi-
sion by the life companies expert
investment men who are constantly
in touch with the financial trends
Of the day.
Permanent disability claims again
showed a large increase in 1888, to-
taling S8e ,521 ,034 or IL per cent more
than the 1882 total of $50, ,414,l34. In
the last five years disability pay
mentS have increased $50 per cent,
last years total being SIS, ,3o7, ,432 more
than the 1929 total of $34,2l3, ,o02.
Life insurance payments on double
indemnity claims in cases of acci-
dental death decreased IL per cent
pared to $24, 1856, ,1o9 in 1892. This
is the second year the double tndsm-
nifty payments have decreased, the
1891 high being $270l8,0SS.
Life insurance payments exceeded
$l00, ,000, 900 in life insurance claims
in lat cities In the United States
and Canada last year. compared with
$50 in 1892, 14l in 1891, 126 in 1890
and l24 in 1929. There we're 2l
cities which received payments of
Sl0,000,000 or more last year. the
same number as in 1882.
Heard in Financial District.
Frederick P. H. Siddons, president
Of the District Bankers Association,
who is passing his vacation on the
Maine Coast, viii be back at his desk
at the American Security & Trust
Co on August. /.
c. II. Pope. vice president and
treasurer Of the MunSey Trust Co.,
who has been passing a months va
cation at Goshen, N. Y, is expected
back at the bank during the coming
week. Mr.. Pope is a former presi-
dent of the District Bankers ASSo-
citation.
Washington brokers are in fun
accord with the statement of Richard
Whitney. president of the New York
Stock Exchange, who declared that
the speech of Chairman Kennedy of
the Stock Exchange Control Board,
showed lust good. common business
sense" 1t Is believed the Kennedy
statement would have helped market
quotations had not other unusual fac
tors interfered the day after it was
broadcast.
Arundel stockholders in this city
were pleased with the six months
reports which showed earnings of 65
cents share against 50 cents In the
like period a year ago.
Fleming on Metropolitan Board.
Robert V. Fleming. president of the
Riggs National Bank, has been elected
q member of the board of directors of
the Metropolitan Life Insurance Co.
The action, taken last Tuesday, has
not yet been officially announced by
the huge corporation.
Mr.. Fleming attended the meeting
in New York, but felt that the report
of the high distinction bestowed on
him should come from the New York
once. He naturally feels very proud
Of the horror.
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