Evening star., 1950-02-06
1O4 Million Accounts
Now Insured by FDIC,
Chairman Disc|oses
By Edword c. Stone

BY edword c. Stone
The Federal Deposit Insurance
Corp. now insures 100000 900 ac-
counts with deposits totaling $153,-
000,000.000, Chairman Maple T.
Harl reported today. Nearly 10O,-
000. 900 accounts are protected in
full as they do not exceed $1,000.
The percentage of fully pro-
tected accounts is about the same
as last year at this time, Mr.. Harl
said. Between 1945 and 1949 only
about 49 per cent of total deposits
were insured, he continued. Dur
ing these years the average size of
accounts exceeding $4,000 declined
sharply from $27,046 to S22, ,602,
at the same time increasing the
total of insured accounts to total
deposits.
The corporation has almost COM
plsted its sixth year without a
single loss to any depositor in an
insured bank, Chairman Harl
stated.
Brokers Open Conference.
The Association of Stock Ex-
change Firms opened a three-day
session at the Shoreham Hotel to-
day, with Benjamin F. Griswold,
Sd, of Baltimore, presiding. The
conference Is considering the latest
problems in the investment field,
as we'll as many routine matters.
More than 400 members and
guests have reservations for the
formal dinner, tomorrow evening,
when the headline speakers will
be Robert P. Boylan, chairman of
the New York Stock Exchange: A.
T. Armitage, president of the In
vestment Bankers Association; and
Clement A. Evans, chairman Of
the National Association of Sc
curities Dealers.
Trust Officers Confer.
F. Raymond Peterson, president
of the American Bankers Asso-
citation, opened the 31st Mid
winter Trust Conference at the
Waldorf Astoria in New York to-
day.
He stressed the great progress
made in the trust field, reviewed
bank loans. money rates, the
growing trend toward centralized
authority over the Nations finan-
cial life, the continuing policies
of deficit spending and taxation
burdens.
The devaluation of accumulated
savings and of the real earning
power of money also were con-
sidered. He declared the prob
lens of taxation, investment and
personal financial management
have become almost too compli-
Gated to be handled competently
by the individuals who must face
them. 1t is encouraging to see
that more and more people are
turning to the bank trust depart
ments for assistance, he said.
Investment Course Planned.
American University and the
Southeastern group of the Invest
ment Bankers Association will
open an investment banking
course, starting next Saturday
morning at the downtown school.
The instructor win be Emil c..
Splitter, economist with the In
ternational Monetary Fund.
The course is intended for en-
ployes of investment banking
firms and others connected with
banks and brokerage houses. The
course was arranged by Nathan
A. Baily of American University
and Bernard J. Nees, District
chairman of the TBA.
Installment Loans Rise.
The Federal Reserve Board re-
ports that the volume of con-
sumo installment loans made
during December showed an in
crease of II per cent from the
preceding month and 18 per cent
from year earlier.
Commercial and industrial
banks. small loan companies, in
dustrial loan companies and
credit unions all shared in the
gains, the report said.
The Hechinger Co. has pro-
NOTED Wallace Satterfield to man
ager of the Delivery Department,
Robert Wilkes and Eli Young to
be assistant managers of the same
department.
During 1949 District of Colum-
bia policyholders of the Pruden-
tial Insurance Co. of America were
paid s3,179,684, compared with
1948 benefits amounting to
$2,s94,12S.
. Greenbrier Aides Named.
Appointment of John P. Gilbert
81 Associates, of Miami, Fla, as
public relations counsellors for
the Greenbrier Hotel. White Sui
phur Springs. W.. Va, was an
nounced here today, by Manager
Eugene Volt. Byrne Bauer was
named director of sports and spe-
cial events. and Miss Nancy
White, publicity director.
The Commerce Department re-
ports that manufacturers sales in
1949 totaled $213, 1000, 900 900,
about 6 per cent below 1948. The
decline represented lower prices
as well as the drop in volume.
State and municipal bonds re-
ported during January, as ap-
proved by so municipalities in 25
States, aggregated $38,781 ,092, as
compared with $36,585,70 for
January, 1949, according to the
Daily Bond Buyer.
Chicooo Livestock