Evening star., 1935-06-09
WASHINGTON GAS
) SHARES CLIMB TO
NEW YEARS PEAK
Rise 17s Points to 81 Flat.
MergenthaIer Linotype
Jumps 2I2 Points.
CROWLEY BACKS LOWER
ASSESSMENTS ON BANKS
Request for Reduction to Twelfth
of | Per Cent in Accord With
A. B. A. Resolution.
BY EDWARD c. STONE.

Exchange yesterday W9E very llght,
but the results were important. WASH
ington Gas Light stock recorded
sale at 81 fiat. up Is points over the
last previous sale, also new high for
the present year. The stock closed
with 60 bid and none offered at any
price. This issue has been unusually
steady so far in 1885, the low for the
year being 5814.
Mergenthaler Linotype appeared on
the board yesterday in two sales, both
made at 27l2. This is a Jump of 2i2
points over the last previous sale
at 25. This issue. which IN years back
was a market leader mas been display
ing a little more strength in recent
sessions The final bid for the stock
yesterday was 81.
While there were no sales in Capt.
tai Transit stock yesterday. yet the
security has exhibited a better tone
in recent sessions. After drop to
Is quotations turned up again, the
last sale during the week being re-
corded at 20i.. With final bid of
20 and nobody willing to sell at that
figure, the price trend was still up
ward when President Booker ad-
journed the exchange for the week.
While public utility bonds were neg
lected yesterday. they are strong all
the time. Nearly every bond on the
board is higher than at the opening
of the year. Their record for the
first six months Of 1885 will be most
creditable and highly satisfactory to
bondholders.
Crowley Asks Lower LevieS.
Leo T. Crowley, chairman of the
Federal Deposit Insurance Corp, has
recommended to the Glass subcom-
mittee of the Senate that the Gov
ernment's assessment on the banks
should be one-tWelfth Of l per cent
of a banks deposits instead of the
one e-eighth of l per cent as now stated
in the House bill. This is the figure
urged by the American Bankers As
sociation and advocated in the reso-
lutions adopted by the District Bank
ers' Association at Hot Springs.
Another amendment proposed by
Mr.. Crowley would eliminate the
f1oat-that part of deposits in transit
from one bank to another in settle
ment of checks and other itemS-aS a
deposit liability subject to assessment.
Under the proposed changes, the
assessment would be based upon the
daily average balance of deposits
throughout the year in lieu of the
average between June 80 and Decem-
Der 81, when deposit liabilities are
usually the highest.
Wilmer j. Waller. vice president
and cashier of the Hamilton National
Bank. who was chairman of the Reso-
lutions Committee at the District
Bankers Association Convention, re-
ported that on May Is. 1894, total
deposits in all the banks in the
District of Columbia were S245.742.-
O00 On May Is, 1885 one year later.
the deposits amounted to $277500,-
900, an increase during the year of
s32, 100000.
On May IS. 1884, the quick asset
position of all the banks was 80 per
cent and the total percentage of their
primary and secondary reserves and
collaterally secured loans was 869
per cent. On May Is, 1885, the quick
asset position was 655 per cent and
the primary and secondary reserves
and collaterally secured loans was
68.7 per cent.
From the standpoint of deposits and
reserves. the banks in the District of
Columbia are in a strong condition.
Chairman Waller asserted, at the
same time stresSing the importance of
the extension of just as many sound
loans as possible to help business and
industry in Washington. The COM
mittee also urged all the banks to give
special study to the amount of inter-
est which can wisely be paid on saw
ings deposits while low interest rates
are so greatly reducing the earning
power of all financial institutions
The low rates are expected to con-
tinue for a long time.
Lean Extensions Favored.
The District Bankers Association
went on record as favoring an extern
sion of the time set for the payment
from their own banks by executive
officers. ITO require executive officers
to comply with the banking act of
1888 and pay their Indebtedness by
July /, would work great harm to
thousands of honest and faithful bank
officials, as it would require many of
them to sacrifice valuable property
which the banks are holding as Sc
curity for the loans made" the reso-
luton said.
Washington bankers took the same
attitude as that of the American
Bankers Association against the
credit control provisions of the bank
ing act of 1885 and insisted that vot-
ing powers should not be taken away
from the governors of the IL Federal
Reserve banks and given wholly to
the Reserve Board.
Favoring passage of title 1 and title
3 of the "Eccles BILL more study was
urged of the vital provisions in title 2.
The new administrative year of the
District Bankers Association got away
to a good start at the Willard Friday
when the first weekly luncheon was
held, It is unusual that three leaders
in the A. B. A. are present at one of
these meetings. Messrs. Hecht, Flem-
ing and Ransom all talked informally
on matters of deepest interest to the
financiers.
Charles H. Doing was given rous-
ing greeting as he assumed his duties
for the first time as presiding officer.
One of the most highly respected
bankers in the community he is
already thoroughly familiar with every
phases of the associations work.
A special touch was given to the
occasion when hotel employees placed
a huge birthday cake in front of Mr..
Doing. Later it was cut and generous
sa;ecnr niucn tn his asSAciateS III