Evening star., 1934-12-04

country and Eu-
rope, A keen Sir wnlmott Lewis
student of inter-
national finance, he presented many
ideas of special value to the Bond
Club members vino are keeping their
fingers as closely as possible on the
investment pulse and at the same
time trying to gauge 1885 prospects.
James P. Nolan of Folger e. Nolan,
president of the club this year, pre-
sided. More than rs members and
guests were present at the luncheon.
The enthusiasm indicated that the
bond men ere much more cheerful
than they were at this time last year
and are looking forward to steadily
increasing business.
In addition to President Nolan, the
officers of Bond Club include: James
H. Lemon, vice president; Karl R.
Kurtz, secretary and treasurer. These
officers, together with L Clark Brown
and T. C. Montgomery make up the
Executive Committee.
10000, 900 Accounts Insured.
The Federal Insurance Corps re-
port that l4,OO4 banks on october l
were carrying insurance on A per
cent of their deposits, at the same
time fully insuring the accounts of
984 per cent Of their depositorS' ac-
counts, has aroused much interest
here.
The figures, which cover all but
1853 insured banks, show total insured
deposits amounting to Sl6,l88,3l7,-
600, as against uninsured deposits ag-
gregating s2O,277 446,OO0. The num-
ber of fully insured depositors totaled
49,80O398, while $500 depositors
had their accounts partly insured.
This is the first time that figures
have been available on the actual
number of depositors having $4,000
or less to their credit, the maximum
insurable deposit and the number
having in excess of $4,000 Less than
Is per cent OF the depositors in in
sured banks other than mutual SaV-
ings banks have deposits of more
than SIS 900.
The ratio of insured deposits to all
deposits was AZ per cent for national
banks, 90 per cent for State member
cent for other State banks. 88 per
cent for mutual savings banks hav-
ing maximum insurance of $4,000.
and 68 per cent for mutual savings
banks having maximum insurance of
S2,500.
Knappen Compares Recovery.
Theodore M. Knappen of Wash
ington, one of the editors of the
Magazine of Wall Street, presents an
interesting comparison of British and
American recovery in the current
number. He says, in part:
Whatever else may be said about
Britain's policy in dealing with the
depression, this much is certain. The
march of events pushed her off the
gold standard September 20, 1881, and
she was astounded to find herself still
alive at the bottom of the cliff. More
astounded still to find that the great
leap had been positively beneficial.
What all England fought against as
an unmitigated evil turned out to
be a blessing.
THE United States, on the con-
trary, deliberately abandoned the gold
standard, and has been involved in a
debate ever since as to whether that
considered step was fatal error or
a great blessing. Broadly speaking,
from the day of the departure from
gold until now England has let nature
take her course, whereas the United
States has undertaken to master fate.
Most Americans are sure that we
are going to pull out of this depres-
sion in due time, and considerable
margin of them believe that more
sumptuous and opulent times are
ahead than we have experienced in
the most golden past.
I'm England. while there is salts
faction in solid revival, there is a
well-founded feeling that it cannot
go much further. The reason is that
most thinking Englishmen attribute
their measure of recovery to the ex-
panSion of domestic products into the
void created by curtailment of foreign
purchases through protective tariffs
and depreciation of the pound They
fear that 'saturation' of the home
market has now been attained and
that there is little likelihood of fur
ther recovery of domestic industry and
trade"
Treasury Sale Impressive.
The Treasurys announcement of
the closing of the books on the cash
offering of 100000, 900 of bonds and
notes to be issued on December Is,