Evening star., 1935-12-16
BIC GAIN SHOWN
IN BANK ASSETS
6,409 National Institutions
Report Increase of
S1,369,665,0 900.
By EDWARD C. STONE.


Controller of the Currency j. F. T.
OConnor reported today that 5,409
national banks in the United States
and its insular possessions showed an
increase of 81, 1868. .665, 900 in total assets
IN the call date of November and the
last previous call on June 29.
The same banks increased their
holding of Government securities by
sl.l45.36 .364.00O, Controller OConnor
said. Loans and discounts during the
same period decreased 1922 100000.
Total deposits of the banks on No
tember were $24 ,236, 900, an in
crease of $1,514,990,000, or 6.73 per
cent. since June 80, and an increase OF
k3211. $4,000, or 15.43 per cent, since
October II, 1884.
The percentage of loans and dis
counts to total deposits on November l
was 80. SO compared with 32.7l on June
pe and 1856 on october II, 1884.
Seaboard Offering Out Today.
Initial public financing for Seaboard
Finance Corp, operating a system OF
nine personal loan offices in Virginia
and Tennessee, in the form OF new
issues of 80 900 shares Of 81 cumulative
preferred stock, with warrants, and
22.5O0 shares of common stock is being
made by Leach Bros, Inc, and James
M. Johnston e. Co., Washington
The stock is being offered, by means
of a prospectus, at $3.50 per share
for the preferred and $3.50 per share
for the common stock. Each share OF
preferred stock will carry a warrant
emitting the holder to subscribe for
one share of common stock on the
following basis: 81 per share on or
before December 81, 1885; $3.50 per
share between January l, 1887, and
December 81, 1888, and $40 per share
from January l, 1889, to December 81,
1910, when the warrants expire.
New Check Record Forecast.
The general trend of debts to In
cividual bank accounts, sometimes re-
ferred to as checks cashed, has been
upward since the bank panic early
in 1888 when the low for the depreS-
sion was reached, according to the
Alexander t1dIHllOIl 1IlSlAIuIC.
Although debts in November were
slightly below the peak of the move
ment reached in October they were
6l.2 per cent above the depression S
low and 254 per cent higher than a
year ago. The prospect is that new
high peak will be reached in Decem-
ber. The increase il bank debts,
however, has been partly reflection
Of rising price trend.
When allowance is made for the
rise in price bank debts still indicate,
however, that the gain in business
has been substantial The index of
the purchasing power of checks cashed
was 3O1 per cent higher in November
than av the low for the depression.
There Is still a wide margin between
the present level and full recovery.
The purchasing power index in No
Vember was 28.2 per cent lower than
the 1929 average.
Safe Deposit Meeting Soon.
The safe deposit section of the Dis
trict Bankers Association will hold
the regular December meeting next
Wednesday evening at o'clock in the
board room of the American Security
e. Trust Co. All banks that have not
sent delegates to other meetings are
urged to be represented at the COM
ing session, as it is expected to be of
more than ordinary Importance.
Washington banks appeared in gala
Christmas attire this morning, the
guletide decorations having been
brought out Saturday afternoon after
closing time. The lobbies were most
attractive. most of the banks having
one good sized tree and some of them
more
Bankers and a good many other
citizens received special letters today
from Secretary Morgenthau, calling
attention to the United States baby
bonds for investment purposes. In
creasingly large numbers of persons
are buying United States savings
bonds regularly" the announcement
stated. In order to simplify their
purchase the Treasury has devised a
direct mail order blank.
Fleming Names Committees.
Robert V. Fleming, president of the
American Bankers Association, today
announced the complete committee
DO arrange for the Eastern Conference
on Banking Service, to be held in
Philadelphia January % and "a. AS
already stated, Harry J. Haas. former
president of the A. B. A., is general
chairman.
The general topic of the conference
Eill embrace managerial, legislative
and operative problems confronted by
all classes Of banks and will be held in
addition to the established trust and
savings conferences regularly con-
Quoted under the auspices of the asso-
citation. An outstanding phase of the
meetings will be the development of
plans for promoting a general better
public understanding in regard to
the functions anu policies of banks
Bankers will participate in the con-
ference from Maine, New Hampshire,
Vermont, Massachusetts,, Connecticut,
Rhode Island, New York, New Jersey,
Pennsylvania, Ohio, Maryland, Della
ware, Virginia, West Virginia and the
District of Columbia.
Riggs Bank Stock Active.
Riggs National Bank common stock
was popular on the Washington Stock
Exchange again today. The market
opened with two small lot sales at 209,
followed by a 50-share sale at 21O.
This stock has been in demand in
many recent sessions.
Totomac Electric Power 51s per cent
preferred opened the week at 1141s
and the corporations per cent pre-
ferred sold at Ill. The rest Of the
days trading was in bonds.
Capital Traction 5s were wanted
at 81, two $1,000 sales and one $500
sale taking place at that figure
Washington Gas Light SIS, 1850, came
out at 118 on two $500 sales. City
g. Suburban 5s were strong today, a
k1 000 transfer being recorded at 30