Evening star., 1936-10-23

aI - I& 8$$sasa&s&
pared to saw that Tom X. Smith.
the private credit machinery of the
country Is now able to cope with all
the agricultural financing or the other
work which has been handled by
Various Government organizations, but
I think you will all agree that we
must soon determine just what por-
tlon of this work, if not all of it, can
be handled by chartered banks"
Points to New Problems.
1 Urging study of the new prob
Gems in banking, Smith declared it
had departed widely from the classic
conceptions of few years ago.
Henry H. Heimann. executive man
hger of the National Association of
Credit Men. in another address today
said the pressing problem confronting
the Nation after the election would
he method and means of reducing
Government expenditures.
obviously, they cannot be cur
Failed Immediately" he declared, "ir-
Irrespective of who may be elected. To
Attempt to reduce the spending over
might would not only create added
unemployment, but would again
Rlunge our Nation into a period of
maladjustment. 1t will be as neces-
sary to sponsor graduated reduction
program as it is essential that ex-
penses and taxes be reduced"
Bank Deposits Well Protected.
Depositors in Virginia commercial
banks are enjoying exceptionally high
protection. according to a report just
made by John Galleher, State director
for the National Emergency Council
Ninety-nine per cent of the depositors
In 323 commercial banks in the Old
Dominion State have their funds in
sured by the Federal Deposit Insur-
Rnce Corp, he says, adding that total
deposits in these banks amounted to
100000 on June 80, 1886, of which
it is estimated that about 62 per cent
was covered by insurance.
Since the greater majority of de-
positors had less than $4,000 in ac-
counts, it is estimated that SO per
cent Of the depositors are fully pro-
tected, Director Galleher explains.
Only three commercial banks in Vir-
ginia, with deposits Of $4,000, are
not insured, he says.
Only three commercial banks in the
State have been forced to cease op-
erations" since the insurance law be-
came effective on January l, 1884.
This compares with 158 suspensions in
the preceding 13 years.
OF the three banks closed, one was
Ensured. Deposits in this institution,
the report said. totaled $4,000
Since a large majority had deposits of
less than $4,000, it is estimated that
SO per cent of the depositors suffered
no loss.
Quinter Heads Building Body.
William S. Quinter has been re-
elected president of the District Build
ing g. Loan Association for the
twenty-second time. Other officers
elected we're George A. Baker, vice
president; F. William Camp, secre-
tary-treasurer; Henry Gilligan, at
torney. In addition to the above Off
GERS, the directors include John H.
Davis, Charles F. Frame, William F..
Freil, Warren w. Grimes, Otis F.
5ohnson and Harold A. Wood.
The report of the secretary showed
the volume of business transacted
during the past year to have been the
greatest in the history of the organ
ization.
Mr. Quinter, the president, is past
president of the District of Columbia
Building & Loan League and for nine
years It's secretary.
Boom Days Vividly Recalled.
In view of the discussion on keeping
the exchange open until 4 pm. it is
Interesting to cogitate at what time
the ticker might be operating if the
markets were active. Seven years ago,
october "a, 1929, sales on the New
York Stock Exchange totaled 1884
800 shares, the second largest day in
history Of the exchange. The num-
Der of common and preferred issues
traded in on that day was 987 issues,
the largest ever recorded in New York
The ticker tape reported the last sale
at 7:08la pm, the record for a late
ticker.
Washington bankers attending the
recent A. B. A. convention were right
in what they learned about condi-
tions on the coast. Business in the
Far Western States in September
reached the highest level that has
been attained at any time during the
past 81 months and marked the ninth
consecutive month in which gains
were shown over the corresponding
months in the previous four years, &C.
cording to the october business review
Of the Bank Of America.
Financial District Gossip.
A large delegation of Washington
Investment dealers Is in Baltimore
this afternoon to attend the annual
election of the Southeastern group
Investment Bankers Association. Johr
Redwood. jr., Baker, Watts & Co.
Baltimore, is slated for the chair
manship. Wallace H. Fulton, Wash.
tngton, was to be the guest speaker.
Hilleary G. Hoskinson, one OF the
vice presidents of the Riggs National
Bank and second vice president o1
the District Bankers Association, has
accepted appointment on one Of che
important general committees in con-
nection with the coming Community
Chest campaign.
Today's Trading on Exchange.
Capital Transit again sold at 14h
on the Washington Stock Exchange
today on a light turnover.
Potomac Electric Power per cent
preferred came out at Ill and the 5 "
per cent preferred at 112. Washing
ton Railway & Electric preferret
moved at 111h.