Evening star., 1935-08-08
HEIGHT APPLAUDS
SURETY RESULTS
A. B. A. Chief Halls Aid of
F. D. ]. c. and Ability
of Executives.
BY H. B. ROGERS.

d. hOoLAOs
r. S. Hecht, president of the Ameri-
can Bankers Association in a state
ment today declared that the recent
report of the Federal Deposit InSur
ance Corp. for the year ending
June 80, 1885, lis such as to inspire
confidence that banking is receiving
the full measure of helpful service
which the corporation was planned
to render"
"A study of the report of the
corporation" said Mr.. Hecht, has
brought to bankers a renewed sense
of qualification at the high order OF
executive ability which has been
placed in charge of this most import
ant Government instrumentality.
Confidence Inspired.
"The details of Mr.. Crowley's report
are such as to inspire confidence that
banking is receiving, in return for its
contributions to the corporations
financial structure, the maximum OF
efficient administration and the full
measure of helpful service which the
corporation was planned to render.
IT refer particularly to such salient
facts as that while 81 per cent of all
licensed banks in the United States,
or l4,279 institutions in number, with
Sal 900, 100000 in deposits, have been
brought into the F. D. l. c.. there has
been a progressive reduction in
operating expenses. There has been
a decrease in this item from S2,845,-
600 for the 10 months ended June 80,
1884, to budget of $2,500,O00 for the
IL months of the current fiscal year.
The corporation has promptly and
fully met all its loss obligations 1t
refunded to withdrawing banks 100
per cent of their contributions. Its
total income on investments amounted
to something over $9,000000. These
are all indices of businesSlike manage
ment.
"I believe that bankers throughout
the country will join in congratulating
Mr.. Crowley and his fellow directors
upon their high degree of public serv-
ice which they are rendering in their
administration of the F. D. l. c."
Named Bank Chairman.
Election of Arthur Peter as chair
man of the Board of the Washington
monthly meeting of the Board of
Directors yesterday to succeed the late
John Joy Edison, still leaves Harry
G. Meem, the president, as active head
of this institution
Mr.. Peter was elevated to the post
of chairman of the board from his
previous position as first vice pres
ident and general counsel He con-
tinueS as general counsel. Mr.. Peter
is a practicing attorney with offices
in the Washington Loan & Trust Co.
building. Born in Rockville. he was
admitted to the bar here in 1894. In
addition to the practice of law, he
'lectured in law for time at National
University and later was professor of
law for several years at George Wash
'ington University. He is a member
of the American Bar Association,
Maryland and District Bar ASsocia-
'tions and the Society of Cincinnati.
He belongs to the Metropolitan, Law
;yers' and Chevy Chase Clubs.
Mr.. Meem, the president of the
company, has been with the institu-
ton since 1891, and has been elevated
to the head of the bank through sew
'eral other Offices of responsibility.
Others Are Advanced.
The vacancy in the Office of first
vice president, left by the advance
.ment of Mr.. Peter brought about
promotion of the four other vice pres
,idents in order. These men ad-
.vanced were Charles H. Doing, to be
first vice president in charge of the
west end office; Charles R. Grant, to
be second vice president and treas
'urer; William H. Baden, to be third
vice president and trust officer, and
Alfred H Lawson, to be fourth vice
president and real estate officer.
Building Gains Cited.
In a survey prepared for Fenner g.
'Beane, the Federal Housing Admins
tration declared that fact-finding
authorities note in the first half of
1885 a notable revival in the build
ing activities, with operations reach
ing four-year peak high for the
Nation as a whole, and with many
sections recording a f1ve-year nigh.
Progress was practically uninterrupted
since the first of the year, with the
most rapid pace attained during May
and June, months usually marked by
seasonal recessions.
Building supply dealers sales for
first six months averaged from IS
per cent to go per cent over compara-
tive totals of last year.
The real estate market shows gen.
eral betterment marked by decreased
vacancies, advancing rentals, fewer
foreclosures and more frequent
mortgage applications.
The week closing July 90 was peak
week reported by the Federal HouS-
ing Administration, with dollar vol
.ume of modernization credit and
mortgages approved for insurance
totaling $13,846,296.
Reports from 215 cities estimate
value building covered by permits is
sued in June at 100000 as COM
pared with 100000 for May, an in
crease of "a per cent over correspond
ing month of 1884.
Regarded as Significant.
There is already direct evidence Of
the Importance of the amendment to
the national housing act permitting
insurance on loans up to but not ex-
ceeding $4,000 for the modernization
of commercial and industrial prop
critics. Income pre- .oerty management
hotels, apartment houses, tea shops
and breweries have already been
granted loans for improvement pro-
grams ranging in cost from $4,000 up
ward to $4,000.
George o. VaSs, vice president and
cashier of Riggs National Bank, is on
vacation.
Raymond Marx, controller Of Riggs
National Bank, has left for vacation.
Ralph Endicott. assistant treasurer