Evening star., 1923-09-16
Mt, Vernon Bark adopts Pla,
To Help Depositors' Accounts
Special Department to Urge Customers to
Use Service More FreeIy-Prices
Of Local Securities.

The Mount Vernon Savings Bank is
ment which Will begin functioning
the latter part of the month. with
Frank Lee in charge, 1t was learned
t the institution yesterday.
The primary object OF the new di-
vision, Vice President William r.
Baum explained, win be to develop
he accounts now in the hands of the
Institution. These embrace about
5000 Christmas savings accounts of
approximately more than 100000
and about 1000 commercial and saw
ngs customers. including the insured
and school savings accounts. 1t will
be the duty of Mr.. Lee. who is well
known throughout Washington, par
'-icularly by the laboring and fra
ternity classes, to enroll every GUS
.omer of the institution in every de-
partment the bank boasts, including
The free charge note collection
division.
The Mount Vernon Savings Bank
has been an unqualified success since
inception. II threw open it's doors
10 the public on May 10. 1920. with
the days deposits totaiiug $319.SsS.
These have grown to we'll over
S2,500.000. a gam of more than $780,
100 having been enjoyed since June
asst, the interim embracing the entire
1ull season. 1t is capitalized at $780,
100, with surplus of $4,000 and un-
divided profits of $2l.42S. In addition.
there Is 1900 set aside for interest
and a special reserve of SS,5o0.
Affairs of the institution nre ad-
uinistered by r. Golden Donaldson,
hartman of the board; William Much
elsen, president; William II. john
ston, vice president; L.. e. Davidson.
vice president; William II. Baum, vice
president and cashier; Robert T.
dighf1eld. assistant cashier, and Hay
len Johnson, counsel.
Since inception il has risen TO
commanding position among local
savings banks, the last statement OF
condition reported to the controller
Of the currency showing it occupying
fourth position in the ranking.
Utility Bonds Popular.
The strong financial position and
growing earnings, coupled with an
unusual degree of freedom from Vio-
lent price fluctuations, have made the
hands of the American Telephone ana
Telegraph Company and its SuoSldi-
ary and controlled companies exceed
.ugly popular among all classes or IN
VestorS. An excellent example OF TINS
price stability is furnished by Ameri-
can Telephone and Telegraph col
lateral As, due 1929, which have moved
within range OIL = - points tIlS Se"i
20 date. Other examples are the con-
Certible As and convertible 4las, with
ranges of ga and Si2 points, respec-
lively.
The. financial policy of the company
Is recognized as extremely conserva-
tive. and consistent adherence to the
soundest financial practice has result
ed in a continuous growth in the
equities behind its bonds. That there
Is no intention to abandon this con-
servative policy is indicated by the
approval on March 81 last of an in
crease in the capital stock from $780,
oOO, 600 to 81 geo 100000. This increase
apparently is intended 10 provide
funds to meet bond maturitieS in the
next two years, should !t be found
advisable to issue stock for this pur-
pose, and for expansion made neces-
sary by the constantly increasing de-
mands on the service of the Bell sys-
tenn. Approaching maturities are
$50, 900. 900 Chicago Telephone Com