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BACK LOAN FACTS Mcl eed Introduces Bill Aimed to Protect Banks and 19 Depositors. BY EDWARD C. STONE. Publication of loans made by the Reconstruction Finance Corporation to banks or the application for such loans, would be prohibited by the passage of a bill introduced in Congress by Representative Clarence J. McLeod The bill would take the publicity feature out of the Emergency Relief Act. Representative McLeod believes that publication of information on R. C. loans was the chief factor in bringing about the bank holiday in Michigan which was declared by the Governor of the State to protect depositors. The Representative would have the loan information available to the President and the members of Congress only In explaining more fully the purpose of his bill. Mr. McLeod said The necessity for the drastic action of the Governor of Michigan in declaring an eight-day bank holiday is final and conclusive proof that information pertaining to loan applications should not be made public. Under the extremely difficult conditions confronting us today a result of the depression, it cannot reasonably be con tended that publication of information pertaining to bank loans can serve any good purpose One of the fundamental reasons for formation of the Recon struction Finance Corporation was to strengthen our credit structure and prevent bank closings "In the reports made public regardis Ink these loans and applications, not possible to give all the circum stances surrounding each case, and events of the past few days have clearly shown that this 'half information" is productive of alarm and loss of confi dence in institutions of unquestionable soundness and solvency The public interests can be fully safeguarded by providing that the in formation now furnished the President and Congress in perio statements, shall be for their confidential and personal information only In this way, much of the intense suffering and hardship that naturally and inevitably follows the loss of confidence and consequent runs on sound banks almost invariably spreading other institutions, regardless of their safety and solvency, may be avoided, Representative McLeod said. Would Amend Present Act. The text of the bill "to protect de positors of banks and banks by preventing undue publicity in connection with loans by the Reconstruction Finance Corporation, follows: That paragraph (b) of subsection (5) of section 201, title II. of the emergency relief and construction act be amended by the addition of the following "Such statements and data contained therein shall be strictly for the confidential personal informati of the President and the members of the Senate and House of Representa and shall not be made public Buckner Comments on Insurance Thomas A Buckner, president of the New York Life Insurance Co. commenting on the company' annual statement, stated that 1932 was one of the most noteworthy years in the company's history since it was organized in 1845 Though it has been nearly 88 years since the New York Life began business. said Mr Buckner. '1932 was unquestionably our year of maximum service to policy holders The total paid to living policy holders and to beneficiaries was $255,200,000, exceeding by $27,600,000 the largest amount so paid in any previous year The income for 1932 was $407. 285.904. and the company met on demand every contractual obligation from its current cash income without having to sell single security and without borrowing a dollar from any source We made new investments amounting to $46.623.000 and closed the year with a Targer amount of cash in bank than at any other year-end in the company's history The company's balance sheet shows assets of $1,974,076,041 and liabilities of $1,860,106,133 the excess of assets over liabilities being $113,969,907. Heard in Financial District. The new Washington Gas Ligt 5s 1958, have recently been listed on the New York Curb Exchange and are appearing daily in the trading A substantial turnover in these local bonds has been recorded in several recent sessions The annual banquet of Washington Chapter American Institute of Bank ing. will begin at the Willard Hotel at 6:30 o'clock this evening. Richard A Norris, chapter president, will preside The fact that Washington stood twelfth in building permits in January among the first 25 States in the United States. is considered encouraging S W. Straus also has prepared list the first 25 cities, in which Washington is in ninth place, a highly enviable position. Western Maryland Railway. Balance-sheet items of Western Mary land Railway Co. as of December 31 follow: Current assets- December 31. 1932 $4,395,299 December 31 1931, $5,191 757. Current liabilities December 31 1932. $3,237,516; December 31 1931 $2,254,880. Invest in stocks bonds, etc.-December 31 1932. $87,639 De cember 31, 1931, $287.639 Fund debt within six months December 31 1932 $374,100; December 31, 1931, $374,100 Seaboard Air Line. Preliminary report of Seaboard Air Line Railway for year ended December 31. 1932. shows net loss of $9,528,174. after taxes and charges, comparing with net loss of $7,110,747 in 1931 December net loss was $636.52 after taxes and charges, against net loss of $689,868 in December, 1931 Two Dividends Declared. Directors of the Pennsylvania Water & Power Co. declared the regular quar terly dividend of 75 cents per share on to the common stock, payable April stockholders of record at the close of business March 15 The first quarterly dividend of $1.25 a share on the new $5 cumulativ preferred stock was also declared. payable April to stockholders of record at the close of business March 22. INTEREST RATES UNCHANGED Associated Press.
