Evening star., 1936-02-13
Jan. Stores. Cite

81 LOUIS ------- 90 10
Minneapolis ---- r 6 81 19
Kansas City, 8 18 IL
Dallas -- is 19 8
San Francisco rs 29
january figures preliminary; in
most cities the month had the same
number of business days this year and
last year.
January sales in Washington stores,
as noted yesterday, were 14.1 per cent
ahead of January, 1885.
Banks Assessed $17,345, 900.
First computations by the Federal
Deposit Insurance Corp. of certified
statements submitted by its insured
banks show that their total average
daily deposits for the three closing
months of 1885 were approximately
S41,629, 100000.
On the basis of that figure the 14,208
banks which are members of the F. D.
!. c. will pay as insurance assessment
for the first six months of 1886 the
sum of SIT 900.
Except for 219 banks the payment
took the form of a deduction from
credits standing on the books of the
corporation from the period Of the
temporary insurance fund, terminated
August %, 1885. Actual remittances
by the 219 banks whose credit had been
exhausted amounted to little more
than $4,700,000.
The present assessment was based
on average daily deposits for the
of Nafo ,bor oVA
cember, 1885, less items in process Of
collection and certain other allowable
deductions.
Declined Reserve Positions.
Discussion revolving around ap-
pointment Of the new Federal Reserve
Board has brought out the fact that
F. Gloyd Await, who is leaving his
post as deputy controller Of the cur
rency, to practice law, and Leo T.
Crowley of the Federal Deposit InSur-
ance Corp, were both offered posts on
the new Federal Reserve Board, but
declined the offers. The salary OF
the Reserve Board governors is $4,000
O year.
The Bond Club of Washington held
its first luncheon of the present year
at the Racquet Club on Sixteenth
street this noon, President James H.
Lemon presiding. The guest speaker
was James M. Lands, chairman Of the
Securities Exchange Commission. The
attendance was said to be the largest
in the history of the club. bankers
and Government officials in addition
to the regular members being present.
Telephones in Maryland have In
creased nearly twice as fast in 35
years as have telephones in the United
States. Maryland is now served by
more than 212,000 telephones as COM
pared with 6,278 in 1900. During the
same period telephones in the United
States have increased from 1000, 900
TO- 100000.
Banks Prefer Newspapers.
Development of a policy of cooper
alton with newspapers was advocated
as one of the most effective methods
for banks to build public confidence
In an address by Robert w. Sparks,
vice president Of Bowery Savings
Bank, New York, at the Midwinter
trust conference Of the American
Bankers Association. He said that
survey Just completed by the Finan-
cial Advertisers Association showed
that newspapers are still the preferred
advertising media for banks in the
United States and Canada, and that
90 per cent of the banks replying to
a questionnaire sent out by the asso-
citation said that they will use news
paper advertising in 1886.
M. P. Galloway, president Of the
Trust Division, said increasing costs
and decreasing income are rapidly
producing a crisis which will force
many trust institutions to get out Of
the trust business or continue trust
service in the interest of the public
at q loss.
He sees little hope in reducing ex-
penses which even may go higher.
The character Of service cannot be re-
duced, he said. In his opinion the
way out is in an increase in rates OF
compensation.
Most of the present rates are OF
long standing, dating back to time
when the investment Of trust funds
was q comparatively simple matter,
when an investment, once made in
good bonds, good mortgages or sound
stocks required no great amount OF
watching or changing.
Heard In Financial District.
Following yesterdays holiday, the
New York Stock Exchange ofices
were very popular today, particular
interest centering In the steel stocks.
The usual amount of. talk was heard
on the possibility Of T. v. A. ruling
by the Supreme Court next Monday.
Predictions are becoming less and less
positive.
It is reported here that the receiver
for the Baltimore Trust Co. is to make
smother distribution Of 5 per cent to
depositors and creditors, involving
s1,20s,96 Depositors have already
received 31.6 per cent.
The r. r. G. Mortgage Co.. effec-
tive February Is, will purchase in
sured mortgages at a discount of one
half Of per cent. The discount rate
now Is per cent. The reduction
was announced in letter from r. F.
O. Chairman Jones to Stewart Nc
Donald, Federal housing administra-
tor.
Fred C. Moffatt was unanimously
reelected president Of the New York
Curb Exchange by the board Of gov
ernors at o special organization meet
ing. Charles s. Leafly and Mortimer
Landsberg were reelected vice presi-
Ny1Sy