Evening star., 1939-02-14
D. {. Bank Deposits
52Per Cent Insured,
NewSurveyRe Reveals
About SO Per Cent
Of Depositors Are
Fully Protected
BY EDWARD C. STONE.


According to the February Fed
eral Reserve Bulletin, Of the $34l,-
100000 total deposits In % WASH
ington banks on September 81, 1888,
$4,000, 900, or SO per cent, were
fully insured by the Federal Deposit
Insurance Corp.
This was per cent better
showing than the average for the
whole United States, only As per
cent of the $4,000, 100000 deposits
being protected by Federal insur-
ance.
Deposits in Maryland banks were
so per cent protected and in Vir-
ginia 81 per cent, the Reserve Bull
letin reports. The State figures
cover insured commercial banks
In Washington all types of banks
are included.
The Reserve Board gives the re-
suits of study conducted by the
Federal Deposit Insurance Corp.
The number of accounts insured
runs far ahead of the figures for
the total amounts protected Based
on the $4,000 protection, about SO
per cent of the accounts are in
sured, this national percentage being
about the same in the District of
Columbia.
The survey states that an increase
from $4,000 to $4,000 or even. to
$25,OO0 would not make much
difference in the percentage of
accounts insured, as the great ma
jority are $1,000 or less. The per-
centage of total insured funds would,
of course, be much higher. The
report is of wide interest as 1t
discloses how we'll protected the
great majority of bank depositors
are under the present $4,000 rule.
Bankers Of to New York.
Washington bankers, who have
gone to New York to attend the
goth annual midwinter Trust Con-
ference of the American Bankers
Association, include:
Robert v. Fleming, president of
the Riggs National Bank, and Sid
hey 1dAdlC11O, u uoG OAAASSA
Stanley D. Willis, trust officer, Ma
tional Metropolitan; Earl G. Jons-
cher, assistant trust officer, Amer
lean Security & Trust Co.; Erskine
Gordon, trust officer, Hamilton
National: John A. Reilly, president,
Second National; Leonard Marbury,
assistant trust officer, Washington
Loan & Trust Co., and William v.
Simmons, trust officer, Liberty
National.
Samuel C. Waugh, president of
the trust division, A. B. A., opened
the three-day session this forenoon,
the first speaker being Philip A.
Benson, head of the association.
Broader Service Desired.
The Financial Advertisers Asso-
cations Board of Governors has
just adjourned the midwinter ses-
sion in New York, at which special
plans were mapped out to make the
association of greater service to all
financial advertisers, to the banks
and to the newspapers carrying the
advertising matter.
Robert v. Flather, assistant secre-
tary of the American Security &
Trust Co., attended the meeting as
q member of the Extension Com
mittee. This committee is endeav-
oring to extend the associations
service, rather than the membership
roll, as the name would indicate.
Eliot H. Thomson, publicity man
aper of the Washington Loan e.
Trust Co., member of the Board
of Governors, returned today from
the conference Mr.. Flather re-
turned after his committee turned
their recommendations over to the
governing board.
Wilson Praises Phone Service.
President Lloyd B. Wilson of the
Chesapeake & Potomac Telephone
Co. is proud of the past years serv-
ice record. He reports that calls on
which errors occur have been re-
duced from II in every thousand to
8, an improvement of SO per cent,
and the average speed of handling
toll calls has been improved 8 per
cent. The average time required to
install telephones has been reduced
from 80 days to ID days, an i'm
provement of SO per cent.
Billing errors have been decreased
from 1876 errors per 10000 bills to
81 errors, an improvement OF 80
per cent, and directory errors have
been reduced from 1877 errors per
10000 listings to IL errors, an i'm
provement of SO per cent.
Reserve Board Represented.
The Federal Reserve Board was
represented at the Bank Manage
ment Conference in Columbus by
John K. Mckee, one of the gover-
nors; A. c. Wallace, secretary to
Gov. Mckee, and R. F. Leonard,
division of examination of the board.
L. P. McLachlen, president of the
McLachlen Banking Corp. paid
high tribute today to the late John
A. Massie, vice president and a
director. Mr.. Massie had been as
sociated with the McLachlen Bank
ever since it was founded in 1891
His suggestions were always con-
structive and his banking judgment
OF the highest type.
To represent the District Bankers
Association at the funeral of Mr..
Massie First Vice President Ord
Preston appointed j. Frank White,
Albert S. Galley. George E. Flem-
ing, George o. Vass and Francis G.
Addison, jr.
Financial District Notes.
j. Thilman Hendrick, senior part
ner in w. B. Hibbs g. Co., was back
in the city today after an extended
Florida visit. The brokerage firms
bowling team returned from New
York yesterday after winning their
match with Josepthal g. Co. and
doing lot of sightseeing.
Frederick P. H. Siddons, secretary
Of the American Security & Trust
Co., addressed the Washington
Civitan Club at a luncheon ct the