Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-12
c. TO MAKE
LARGEST PAYMENT.
Bradford Depositors to Get
approximately 100000
From U. S. Agency.
BY EDWARD &. STONE.

Payment by the Federal Deposits In
surance Corp. of the largest obliga-
ton since it was founded is about to
be started, officials report. Approx
mately 100000 will be distributed
to depositors in the Commercial Ma
tional Bank, Bradford, Pa, recently
closed because Of alleged defalcations.
The insured accounts totaled $2,-
600 900 out Of deposits of $4,000 900.
The exact amount the Federal Deposit
Insurance will have to put out will be
known as soon as examiners sent from
Washington complete their investiga-
ton.
The pay-on will be the twenty-fifth
made by the Governments insurance
corporation. This and one other are
now pending. In the other % cases,
depositors IN these banks have re-
ceived $4,700,000 or 95.4 per cent of
their money.
The reason that all the depositors
were not paid in full was because a
small amount Of the money was in
deposits that were restricted and some
deposits were for more than $4,000,
the amount that is fully insured.
Prompt Check Service Asked.
President Roosevelt has asked the
banks to render prompt service in
cashing all pay checks in connection
with the works program. Copies of
his letter to the Federal Reserve Board
have just been forwarded by the Fed
eral Reserve Bank of Richmond to
all banking institutions in the Fifth
district. The letter says:
THE Nationwide works program
which the Federal Government has
launched in order to give employ
ment to men and women on the relief
rolls Is now under way. The program
will naturally involve the issuance of
a large number Of pay checks. which
checks will be drawn on the Treasurer
of the United States by Federal dis
bursting officers in the States.
I'm order to prevent delays in the
payment Of wages, and in order that
these workers, practically all of whom
have been on the relief rolls, may re-
ceive the fullest benefit from their en-
ployment, it is essential that our
banks throughout the country extend
every possible cooperation by cashing
these checks at par upon proper iden-
LITIGATION, which will in most cases be
the Identification card given the payee
by the employing Office. I urge bank |
ers to extend to this program the full |
est cooperation to the end that these |
checks will be cashed promptly and |
in full"
Bank Loses Valued Cashier.
General regret is expressed in the |
banking district over the death of |
Samuel r. Baulsir, since 1920 cashier |
Of the Security Savings & Commercial |
Bank. He had been having serious |
trouble with his heart for some time |
so that his death was not surprise |
to his closest friends. He was SO
years old.
Before joining the staff Of the Sc
curity Savings & Commercial he was
connected with the National Bank of
Washington, so that his activity in the |
financial district covered long period |
of years. Mr.. Baulsir was a conserva-
tive, capable and up-to-date banker
and rendered very valuable service to
the institution with which he was con-
nected.
Francis G. Addison. jr, president of
the bank, and the other officers, paid
him high tributes. Many planned to
attend the funeral services at his late
residence this afternoon. known to
all the members of the District Bank
ers' Association, he will be missed at
future meetings.
Lands Sticks to Own Work.
From his New York statement. it is
evident that Chairman James M. Lam
dis of the Securities and Exchange
Commission intends for the commits
sion to stick strictly to the job of
protecting investors from worthless or
semi worthless securities. He is frank
to say that in case there should be
serious imitation. 1t would be the duty
of the Federal Reserve Board to take
care of it. The Reserve Board has the
proper machinery, he says.
In the brokerage houses here yes
terday,s sharp advances in many
issues on imitation" talk and bright !
business reports, took market follow
ers by surprise. What President |
Charles r. Gay of the exchange |
said was given as the cause Of the
upturn. His note Of warning was
considered timely.
So far, however, little worry Is
expressed here over imitation posi-
bilities in securities, quotations being |
so far below the 1929 marks. Bond
statesmen say stocks are now selling |
pretty close to their real values. Gus
toners men in the board rooms believe |
a good many stocks can go quite lot |
higher without being inflated. Two |
interesting opposing views.
Check Sums Startle Bankers.