Evening star., 1938-01-27
DEPOS|T0RS FARE
WELL DURING 1887
Losses Small in Insured
Banks Ordered Closed,
Crowley Announces.
BY EDWARD C. STONE.

uS IIouI GU
banks, which were closed or merged
during the last year. were very small,
according to a report made public to-
day by Chairman Leo p. Cowley of the
Federal Deposit Insurance Corp.
During the six months ended De-
cember 81, 1887, 48 insured banks were
closed because of insolvency. One
bank was subsequently taken over by
another insured bank without loss to
depositors.
The 103,485 depositors in the re-
naming Al banks. having total de-
posits Of s24,812,000. were protected
to the extent Of s24,362, 900, or about
90 per cent of their claims. by in
surance or otherwise. or through loans
or purchases of assets by the corpora
ton.
All but IA of the depositors in the
suspended banks were fully protected
against loss, the report says.
Most Depositors Protected.
From the beginning of deposit in
surance to December 81. 1887. 1872 in
solvent insured banks were closed, of
which were subsequently reopened or
taken over by operating banks, and
179, having 28296S depostors and
total deposits of $75,s22 900 were liqui-
dated or merged.
The 1680S6 depositors in the 1875
banks were protected to the extent of
$32,764 900, or 80 per cent of their
claims. by insurance, offset, prefer
ment or pledge Of security Only 637
or less than one-half of per cent,
of these depositors were not fully pro-
tected.
There were 1897 operating COM
nercial banks insured with the cor
poration on December 81, rejecting a
reduction of 80 for the six months
ended on that date. For the year
ended December 81, there was de-
crease Of 176 in the number of in
sured banks
Profits Grow During Year.
During the six months ended De-
cember 81. 1887, expenses and losses
Of the corporation exceeded securities
income and profit for the first such
period
For the full calendar year, however,
interest and profits on securities were
more than sl,o0O,oOO greater than
losses and expenses.
The income of the corporation for
the year amounted to s4s,l48,4O8. .O3.
including assessments of S38.8l3,549.39
paid by insured banks, and interest less
provision for amortization of premiums
and profits on securities sold Of
1884, ,858.64. For the year total
losses and expenses amounted to So
320,146.86. Of which S2,705, ,43402 rep
resented administrative expenses and
s5,614,712.s4 represented deposit in
surance losses and expenses.
Only six banks, excluding three cash
repositories, were chartered during
1887 which were not insured by the
corporation at the end of the year,
Chairman Crowley announced.
Rundles Makes U. S. Record.
L. c. Rundles of the Washington
Office OF the Northwestern Mutual Life
Insurance Co., had the distinction Of
leading the entire sales force of the
company in December in both volume
of business and number of sales. Mr..
Rundles made 36 sales for total VOL
ume Of 100000.
The Roger L. Baldwin Agency has
Just completed most successful year
with IA per cent increase over the
year 1896. The December paid busi-
ness was the largest in the history of
the local Northwestern Mutual Office.
Charles w. O'Donnell, chairman of
the Membership Committee of the
District of Columbia Life Underwriters
Association. announced today that the
1888 membership roster will be dis
trlbuted next week, The list will in
clude the names of every member and
the insurance company With which he
is connected. In the past two wears
the membership has about doubled.
New Insurance Homo Planned.
Earle w. Sapp, general agent of the
New England Mutual Life Insurance
co. received word today from Boston
that new home Office site has been
secured on Boylston, Clarendon and
Newbury streets. formerly occupied by
nology. Construction will start next
year. making one Of the largest build
ing projects in that city in many years.
President G. w. Smith announced
that Cram g. Ferguson have been Sc
lected as architects. This firm de-
signed the Offices of the Provident
Mutual Life in Philadelphia and the
National Life in Montpelier, vt. AS
associates, they will have Perry, Shaw
N Hepburn, architects of the Rookie
teller restoration at Williamsburg,
Va. The new main building will cost
S2,50O,000.
Sanitary District Bonds Sold.
Washington Suburban Sanitary Dis
tr1ct sold to R. w. Pressprich & Co., at
1o4.4o for 3l2s, s25o,0OO bonds, dated
January l, due in so years, and op-
tional in 80 years. Second high bid
was lo2.S29 by Lehman Bros.
Sales of American Stores Co. in
December totaled s11,495,43o. an in
crease of s636,137, or So per cent. For
the full year sales amounted to s114.-
5,593. a gain of sl.177,7s1. or 1,03
peI cent, IL was reported today
The Virginian Railway reported to-
Gay earnings on the common stock
Tor the full year 1887 as sl721 per
share in comparison with sl5.o4 per
share in 1896.
Transit Stock Advances.
A block of 100 shares OF Capital
Transit stock sold on the Washing.
ton Stock Exchange today at sss. Up
y from the last previous sale. The
market closed with 8l2 bid and 10
asked.
Washington Gas Light preferred
was active, opening at a new high
OF 99A, but later selling down to
eSla. Washington Railway g. Elec-
trio preferred moved at l101s.
The Federal Reserve Board re-
ported today that in the first three
weeks Of January output pf steel
and automobiles increased somewhat
from the extreme low levels reached