Evening star., 1934-01-02


oial examinations t Baker Robinson
following their ap-
pliCationS for membership.
The guaranty fund applies to banks
operating 100 per cent. That means Il
institutions in the Capital. The tenn
porary plan remains IN ehect unuI
July when larger amounts are to De
given full protection.
The banks in the city now inSurlng
deposits are the American Security &
Trust Co., AnacoStia Bank, Bank OF
Commerce g. Savings, Columbia Ma
tional East Washington Savings,
Hamilton National. Liberty National,
Lincoln National, McLaChlen Banking
Corporation. Morris Plan Bank, Mum
sey Trust Co. National Bank Of Wash
ington. National Capital Bank. National
Savings & Trust, National Metropolitan,
Riggs National. Second National, Sc
curity Savings e. Commercial, Union
Trust Co, Washington Lean a. Trust
Co and Washington Mechanics Savings
Bank.
Large Deposit Gains Seen.
In local banking circles it is expected
that deposits will step up rapidly. There
is known to be quite lot OF money IN
"hoarding" in the city and a good many
people also have small life savings hid
Cen away. tearing TO place II OIl OtpOSIl
This money will naturally flnd its way
into the bank, where it will be safe, but
where it will also draw interest ana
steadily increase.
Depositors are asking where the
money comes from to insure their funds,
some thinking it comes out OF their ac-
counts. II does not. The banks have
contributed a share OF the funds, DaSed
nSir IoIla q NJ
the Treasury make up the remainder OF
the guaranty pool.
The new deal banishes all worry about
small accounts. Chairman Cummings
of the Federal Deposit Insurance Cor
poration says it will end all bank runs
and cause a Nationwide increase in
deposits Of very important proportions.
Gov. Black Of the Federal Reserve
Board and many other Government Off
cials are equally enthusiastic, all pre-
dieting remarkably happy results.
Robinson With G. Mp. Murphy g. Co.
T. Baker Robinson, formerly a gen
eral partner of Y. E. Booker & Co., has
associated himself with the Washington
Office of G. Mp. Murphy & Co., as
manager of their investment depart
nent.
Mr.. Robinson has had long experience
and is we'll known in the investment
field in Washington He started his
business career with the Union Trust
Co. in 1909, leaving them in 1917 to
enter the service. and upon his return
Joined the local Office of the National
City Co. in 1919. In 1929 he resigned
from the National City Co. to become a
partner of Y. E. Booker & Co.
He is a former president of the Bond
oF yIToeloi,,6tNt, oOd ic hRr
of the board of governors of the Co,um-
bia Country Club.
Since Mr.. Robinson's withdrawal
from Y. E Booker &; Co, the active
partners in that investment concern are
Yelverton E. Booker and Harry w
Finney, while George Hewett Myers has
been a special partner in the firm for
several years.
Business Quiet on Exchange.
The first days business on the WASH
ington Stock Exchange for the year
1884 was rather quiet. The opening
1884 sale was in Lanston Monotype,
three shares changing hands at As
Washington Gas Light IS. series B,
figured in a single sale at 10l The
closing sale was in Potomac Electric
Power 5l2 per cent preferred stock,
which moved at 1861.
Dividends were paid by several cor
porations today whose securities are
listed on the Washington Exchange.
Many banks here also made their year
end dividend disbursements.
Offices of the New York Stock EX-
change houses in Washington were
well filled today by customers anxious
to see what the new year might offer.
The 1884 opening was rather quiet.
Stocks were fractiOnally higher. But
II takes more than one days session
to make a stock market.
Financial District Notes.
Fenner. Beane g. Ungerleider opened
for business today under the name of
Fenner & Beane. The change resulted
from the recent retirement Of Samuel
Ungerleider as partner, VINO resigned
for the purpose of entering another
Walter j. Cummings. chairman OF
the Federal Deposit Insurance Corpora
ton. announced this noon that banks
participating in the insurance guaran-
tee fund may advertise that fact if they
wish to do so. The corporation is not
to give out any list of such banks. The
ruling, however. is highly important, in
view of previous statements
Ferry K. Heath. manager of the two
Washington Offices of Hartman & Co.,
became a general partner in the firm
today He has been active in the firms
business for several months, and is
widely known here because of his form
er Treasury connections.
Lanier P. McLachlen, former presl-
dent of the District Bankers ASSocla-
tion says there is no question but busi-
ness has improved steadily in the Dis
trict Of Columbia during the last few
months. He believes it will continue to
. gain during the present year, and
looks forward to 1884 with great con-
fidence