Indianapolis Times, Indianapolis, Marion County, 11 March 1938 — Page 9

"INSURANCE FUND’

IS SAVING BANKS, FDIC HEAD SAYS

Fees Go Into Reserve as Interest Pays All Failure Costs.

By HERBERT LITTLE Times Special Writer WASHINGTON, March 11 (U. P)). One hundred million dollars, according to Leo T. Crowley, the former small-city banker who heads the Federal Deposit Insurance Corp., has been a major reason for the stability of banks in the curTent recession. The 100 million is the surplus reserve accumulated by the deposit insurance fund during three years of operziion. ~The rapid growth of this fund, which comes from an assessment of oneé-tweltth of 1 per cent on all deposits o° insured banks, reflects the great increase in public confidence in banks, plus the strengthened Banking structure, Mr. Crowley said ay.

In hi= modest office, the white-.

haired “DIC chairman said in an intervie that he believed mere knowlecdze of the existence of such & fund 5 proteet depositors has satisfied many depositors that they are safe.

Weaker Banks Eliminated

“I choose to believe,” he added, “that tie majority of depositors look further, and have grown confident so in the fundamental imJoy. vements in the condition of the king system. “If there were any doubt of the confidence, it would only be nécessary to witness the lack of concern by depositors during the recent drops in some of our markets.” He expressed doubt that any recession could be so hard on banks as the 1932-33 crisis, since the weakest banks were weeded out before Congress put the Deposit Insurance Act in operation four years . ago. A The success of the FDIC in building up its fund and paying off all claimanis without dipping into its capital or its assessment revenue contrasts with the experience of the eight bank insurance plans which failed during the last 40 years. In drafting the Federal law, experts calculated that on the basis of banking fatalities and losses for a century, an assessment of about one-fourth of 1 per cent on all deposits would. be necessary to meet failures at the hitherto normal rate. The fund is making money on onethird as much revenue.

Interest Pays Bills

The FDIC was started with a cap{tal of 290 million dollars, subscribed by the Treasury and the Federal Reserve banks. This money is invested in Government securities. The inicrest on these bonds has taken care of all payments and of the FDIC’s running expenses so far. In the meantime, all of the money collected from the assessment of one-twelith of 1 per cent on average bank deposits—more than 100 mil<

lion doliars—has géne® into reserve; :

surplus. As of Jan. 1, 13,853 banks were in sured. Hach depositer’s money up to $5000 is fully covered. In the last six months of 1937, the FDIC took over 47 banks with deposits of $24,812,000. - These deposits were 98 per cent covered by insurance and by leans and purchase of assets by the FDIC. In its three years of operation the FDIC has liquidated a total of 179 banks, and only 637 large depositors . Were not protected to the full extent of their deposits.

MILK BOARD STUDIES WABASH PRICE PLEA

WABASH, March 11 (U. P.).—The State Milk Control Board today had under advisement a petition seeking removal of an emergency order which placed the retail price of milk from the Wabash County marketing area at 11 cents per quart. The petition was filed by the Producers’ Creamery. Independent producers charged the removal of the order would lead to a price war during the State Board's hearing yesterda:.

BIRD FLIES 3000 MILES TORCNTO, 'Ont., March 11 (U. ‘P.).—Roval Ontario Museum of Zoology officials reported today they had reccived word that a plover, a small, fost-flying bird about the size of a rohin, had flown {rom Toronto ‘0 Christchurch, Barbados, ‘a “distarce of 3000 miles, in less than 10 days. H. H. Southam released the bird, after attaching an aluminum ring to one of its legs for identification. The bird was found at Christchurch less than 10 days after it was released here.

Raw Oyster Tonic Free gi oo Wns a tor Wetkooae ur Gxhaustion 1

63 INI INFERURBAN INDIANAPOLIS

T «tu FORT WAYNE

4370.

@ Cheaper then Driving * én void Hitt Huds

BE SAFE

INDIANA 4 Va ILROAD

Why Is Jewelry More Valuable]

After It’s Stolen? Assessor Asks

RX x : \ James F. Cunningham, Center Township assessor, was a bit puzzled

today about jewelry.

And, he said, he didn’t know the answer.

The thing that mystified him was the way the value of stolen jewelry increased when it was reported to the police. 1t's much higher at that

time than when the deputy assessor ¢

stops by with the list. It’s not very often, he added, that such examples appear, because for the most part, taxpayers want to be honest in making out their assessment list. “About 99 per cent of the taxpayers in Center Township want to pay what they're supposed to,” he said. “In most cases, when there’s a mistake in the list, it’s due to ‘tax

Mothers! Stock Up Now!—Regular 25¢ First Quality

“Buster Brown” Anklets

® Fine Durenes

Solid colors . . Roman Stripes . Blue , J.

Beige . White,

Someone’s Loss Is Your Gain in These

ignorance’ on the part of the tax-

payer. Rugs Big Problem “Jewelry and Oriental rugs are two of our big problems. Both of these types of items should be declared carefully on the assessment

wanoth

“they don’t - stand just Smetiy. what ‘they're supposed tod Moulty is at homes— usually apartments—where both the husband and the wife work. The assessor, unable to talk with ei slips the list under the door. nd then, many he is unable to visit the home again when the taxpayer is ‘home, ently, the

i list sometimes lays arouhd for seve

eral weeks before it’s turned in. . Staff Augmented

“For the convenience of these families we've got some extra deputies at work now,” Mr, Cunningham said. “If either the husband or wife works downtown, he or she can slip into our office during the noon hour. We'll fry to help them with any questions, and we'll do it}

Men! What a Buy! Better Be Early! 1

16s Time to Buy — Can Get

as fast as possible.” Assessment lists are due by May Mr. Cunningham said. So far,

list. Many people don’t realize that and lump all their personal property together... But that’s due, I believe, | 15,

LEAD

WASHINGTON and DELAWARE STS.

ia 1 Cees Towaatip Bare been turned in.

$13, 000 CONTRIBUTED

TO LIBERTY LEAGUE

WASHINGTON, March 11 (U. P.). ~The American Liberty League today Histo semiFibutions of 3% uring WO mon - cluding $5000 - from Lammont du

Pont of the Wilmington, Del, ine’ dustrial family,

- Other contributors named in the periodical financial required of political ons, filed with

the House, were J. Howard: Pew of | Philadelphia and W. H. Stayton of Washington, Who advanced the ore

The League. spent $11,866. between Jan. 1 ‘and Feb. 28 28, leaving a a balanos of | ii :

— : 3 a

Regular $7.50 and $5.00

JOHN B. STETSON

“STANDARD QUALITY AND PENNCRAFT”

HATS

New Spring Shapes afd Colors

Up to $10 “Stetson’s”. . “ix

Men's LEATHER Zipper Jackets

Black leather pigtex,. Joke an and belted backs. Sateen lined. Sizes 4

Men’s Union Made WORK PANTS

Sanforized, heavyiweight coverts and striped ane | pian cottonades.

Read Every ltem|-Yg¥ ~ Save On Every Purchase

4

$2.00 88c

Values to $1.69. Sizes

Fur felts in shapes and colors for Spring wear. All sizes.

Men’s $3.50 Hails =|

Men's Heavy-Wgt. WORK SHIRTS

Blue and gray chambrays and gover 6button fronts. Full cut.

Men’s Union Made White Overalls

BItY Je drill, full cut, 7 Sizes se Bio 0.

Jackets to: matoh.

A9e¢

Sizes 14%2 to 1

79e kets.

He to 14%.

ONE LOT MEN'S : Bib Overalls Ae Blue 3% to 36. Jacket to match,

Boys’ Fast Color Abas SHIRTS

Plain and fancy patterned broadcloths. Sizes Alsé blue and

Mostly small

29e¢ |

denim.

brown covert

Men's $1.50

Union Suits.

Fine knit, year-round weight, ankle length. All sizes.

Chalmers

Ade

19¢, 25¢

Vat cales. es 28 t

Men’s Regular $2.50-3$1.95 Good choice of pat- % 29 These shirts need no inshirt perfection, A dandy selection 2 of patterns and BOYS’ 69¢

"ARROW" terns, plenty of whites troduction to the man who 14 MEN'S DRESS SHIRTS materials that 1 give sfivice

and colors. demands the ultimate in to 20 Reg. $1.00. Quality 30 and satisfaction. Sizes 1412 to 1

up in the lot.

Men's 50c

® Fine Rayons @ Fine Lisles

12%

Sizes 6 to 10l

+ Candy Binge: striped bloomers

ee * 0 Navy oo oo and

Infants’

All-wool booties, rubber diape rubber bibs, 3

uilted bibs, ants’ shirts.

MEN'S AND BOYS’

WASH SUITS

ranteed fast colors.

Athletic Unions

Fine check nainsooks and porous knit, athe letic styles, all sizes.

/ WOMEN'S 25¢ VESTS, PANTS

Snuggle knit vests ‘and FOR and) rayon

Child’s Balbriggan PAJAMAS

! lar 69c value, two- piece styles in iv Spo Bd trim. Small,

Wom.'s Tuckstitch PAJAMAS

He

SHORTS

dwed, fast t Solon, broadcloth and per-

and 98c

Ade

ugby pnd L50imr 3 3 zes 3 to

2J5¢

All ES

and 75¢

12¢

19¢

astels,

medium and large. ©

: Qe 35

Needs

4-PIECE STU DENTS’ | | Alto balbriggan in the lot. Regular $1 value.

Up to 1 $8.95 'COAT—VEST—2-PR. LONGIES

Styles for %

Spring Wear Single and double-breasted, backs, materials, id and tallor; ie

Santis, 8 r hurry

tudent . .guits sizes 13 to 19. Junior suits with. one jmicks and one langle, sings 7 o 18.

Boys’ LONGIES

‘Fruit-of-the-Loom’ :

SUITS | =i

a nd Ta en iofota Sips: included. Wom. Breadcloth and Rayon Undies ping these '60c, 75e, ‘Gossard’ BANDEAUX _

AB

he

and briefs in the lot. Bet-

28

and KNICKERS

Wool mixed fab: 1 Wool 1 ado. Biss 8 to an out and

Bought a Auction 800 Pairs 4 ‘Women's and Children’ s i

FOOTWEAR |

Women's Styles \ Regular $1.95

Values. and $2.95 - Children's $1 and $l 25 values ‘

14 Vom s

| Ee ws ve 77 Es Only 7 $10.95 $2 00 h

Boucle Dresses

A resl buy and 8 frat Buy ond 16, %30 an

Wom.'s $2.98 Twin Sweater Sets $1. 00

pout tho all sizes in every colar.

dress for vour. WW I= ' 36 only.

R. ~~ HANDBA gs "58 petted an “Just 55 Women’ s col ‘Sweaters '

het” © cont tyes, and $1 “Wmn.’s Blouses

i a SE =

A 30c

Former $1 and

35: |E

8 for $1.00.

450-MILL [ON ISSUE

WASHINGTON, arch 11 (U. B). ‘Treasury Henry

‘He said latest figures indicate that 443 million dollars of the notes have | . been exchanged for new band offerings. He estimated ihe at 97 per cent of the outstanding total and that additional exchanges were expected in later mails.

® Lovely First Qaulity @ @ Full-Fask’ ned Chiffon o

S HOSIERY, 49

| “ow a |

About Cigarette TOBACCOS —

When you smoke a Taroyiin Cigarette, you get finer, milder tobaccos—and;in addition, the Tareyton Cork Tip gives you freedom from loose ends and papery bits that stick to yout lips.

HERBERT

TAREYTON

CIGARETTES

-REED'S .

"Theres somtTIng about hom you'll like”

50 Monumesd Circle

NC TEAK

TRY A WANT AD N THE TvES. THEY BRING QUICK RESULTS.

Open Saturday

300-PIECE JIG SAW PUZZLE OR KITE

Eleven and a half hours to save on every i a

| FREE

to every. child accoma by their parents. Hours interesting entertainment for young and old. Ask any sales person,

“On Sule Saturday! Just 52 Spring

4 fl COATS

{ SUITS

Made to Sell for $10.95 to $16.95! Imagine the Thrill of Buying Them Saturday at Only

KT

TOPPER SUITS—MAN TAILORED

SUITS—2-PC. LONG COAT

SUITS

SPORT COATS—DRESS COATS

TOPPER COATS

Don’t wait until Easter to buy your Spring outfit, the weather will demand it long before, and at a price as low as this you really must “Step Out Into Spring Now.” :

The colors for Spring are gay and varied. You will find them in this group, no matter what your favorite may be.

Not All Sizes in Every Style—12 to 20.

SPRING HATS >

54.9

Hats that top you off “RIGHT” for the new season, and at a price that is unusually low. All headsizes.

New Styles New Colors

Special Saturday Selling

COTTON FROCKS

79¢ and 89¢ Values

{ LEADER Basement's | BIRTHDAY SPECIALS Wrisiey's Toilet Soaps. 2/3

Lace Curtains ...

Rough weaves, 2% yards long.

81x90 DRESS BED SHEETS | | FABRICS

Ye || Hew

count, nooo Pears rep pes. “roy

ANT Every Dress a

J New. Spring N| = Style M1! Gueranteed

HA (4 | l.

E 1

to 20; 88 to 52.

Fast Color

Smart frocks for home und daytime HM wear. Thestyles J| are new, the colors are gay, in fact they. “are unusual at such "alow price. Sizes 14

: Ealsn, no FE) ; Also 63x99 plain 80 ot 8q. percales.

Home Needs ......Choice, 24c

Toilet tissuei cléansér, laundry soap and powder,

Lunch Cloths .29¢

Rayon and cotton, size 53x83. All linen, sine 42x43,

DAMASK ‘New Spring DRAPES CURTAINS

s]47

Heavy Ia rayon in nd cats cote pair. oie yds. 1008

4

ag

12000 PAIRS

! MEN'S SHOES

. POLICE SHOES’

® MEN'S DRESS OXFORDS

® EXTRA ST URDY WORK SHOES

ALL

sizest