Evening star., 1940-02-05

increased curing
1889 by $32, 1861
600, amounting Leo T. Crowley.
on December 81 to $163,411 900.
Disbursements for the protection
of depositors of insolvent or haz-
ardous insured banks from the be-
ginning of deposit insurance Jan
uary /, 1934 through December 81
1899, amounted to more than $148,-
10000, of which it is estimated
about $112,OOO,OO0, or about 76 per
cent, will be recovered
Full protection of all but 1859 of
877,223 depositors was extended in
the 312 insured banks closed or
merged with the aid of F. D. I. c.
loans through December 81, 1899
Total deposits of the banks were
1894 $4,000, of which 974 per cent
we're made promptly available.
There occurred during 1889 net
reduction of 100 in the number of
insured banks. 1859 banks having
been eliminated, while only 40 were
admitted to insurance, Mr.. Crowley
said.
Income During Six Months.
The income of the corporation
amounted to S25 ,439,45 for the six
months ended December 81, 1889, in
cluding assessments of S20856 ,274
paid by insured banks and interest
earned of $4,583, 1873, after deducting
provision for amortization Of pre-
miuns. Expenses and losses during
this period amounted to 1898 ,321
of which $650,362 represented deposit
insurance losses and expenses and
$1747,9 represented administra-
tive expenses and other charges.
Income for the year ended De-
cember 81, 1899, amounted to $751;
1864, of which $40,725, ,480 repre-
sented assessments paid by insured
banks and $1O,460,153 represented
interest earned, less provision for
amortization of premiums and prof.
its on securities sold. Total losses
and expenses for the year amounted
to $40, 1926, including deposit in
surance losses and expenses of ST.
358,971 and administrative expenses
and other charges of $3,389,325
The surplus of the corporation, re-
sulting from an excess of income
over expenses and losses during the
entire period of operations was
$163,411, ,l65 as of December 81, 1889
Total income from the beginning of
deposit insurance has amouHted to
$218,603,178, including assessments
of $164 1897, ,721 paid by insured banks
and $53, ,7O5,45 derived from inter-
est earned and profits from sales of
securities after making provision for
amortization of premiums. Charges
to surplus have amounted to $55,-
192O13.
Recoveries Set at 111,900,011.
Net deposit insurance losses and
expenses amounted to $36, ,723,471, re-
sulting from the difference between
total disbursements of S148,623 ,482
actually made or pending to de-
positors of closed insured banks in
settlement OF their claims and to
merging banks or receivers of closed
banks for loans and purchase of
assets, including expenses incident
thereto and estimated recoveries of
Sill ,900,011. Administrative expenses
and other charges have amounted
to SIS, 8,468,541.
During the six months ended De-
cember 81, 1899, II insured banks
closed or received aid from the cor
poration. The 33,941 depositors in
these banks, having total deposits
OF $11,751 900, were protected to the
extent of $11,640,OOO or about 99.1
per cent OF their claims, by insur-
ance or otherwise Only 25 depos-
itors in the suspended banks we're
not fully protected, Mr.. Crowley
said.
During the year ended December
81, 1889, so insured banks having
393,079 depositors, all but 816 of
whom were fully protected, closed or
received aid from the corporation.
Total deposits in these go banks
amounted to $157 100000, of which
$l54384,0 900, or 979 per cent, were
protected against loss.
Entertained in New York.
A large delegation from Washing
ton attended the 39th annual ban
quet of the New York Chapter
American Institute of Banking. at
the Hotel Astor, in New York, Sat-
urday night.
Among officials of the Washington
Chapter, A. 1. B., attending were:
Francis E. Robey of the Bank o1
Commerce & Savings, president;
Edward M. Blaiklock of the Wash
ington Loan & Trust Co., first vice
president; Miss Margaret Fischer o1
Hamilton National Bank, chairman
of the Women's Committee, anc
these past presidents-J. Earle Nc.
Geary of w. B. Hibbs & Co., Paul j
Seltzer of American Security &
Trust Co. and Joseph r. Fitzpatrick
of Second National Bank.
Others from Washington included
these: From Riggs National Bank
I. j. Roberts, H. T. Bisselle and D.
Callahan, jr.; American Security &
Trust Co., F. P. H. Siddons; Wash
ington Loan & Trust Co., George
M. Fisher, Charles H. Doing; Lincol,
National Bank, James A. Soper ant
Richard A. Norris; Hamilton Ma
tional Bank, Wilmer A. Waller; th'
Clarendon Trust Co., Arlington, Va
Thomas E. Sebrell, jr., and Uniol
Trust Co., G. Elmer Flather.