Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-05-15
TWOLOCAL BANKS
NOTE LANDMARKS
Central Savings Year Old,
While Mount Vernon Reaches
Sixth Anniversary.
BY EDWARD G. STONE.

Two Washington banks are celebrat-
ing anniversaries today. The young
est bank in the city, the Central Saw
ings, is year old and the Mount Yer
non Savings is celebrating its sixth
milestone. Congratulations have been
most generously bestowed on officials
of both institutions.
Francis NJ. Savage, president Of tho
Central Savings, reported that the
bank had 1856 accounts AT the close
of the first year, with total assets in
excess of $650.000 Deposits have in
creased $250,00O since January ! ami
100000 has been placed in life insur-
ance under the banks life insurance
plan. The president reports that the
bank is operating very successfully
under the per cent plan and that
much OF the institution money is in
vested in first mortage loans.
In letter sent out to stockholders
Mr.. Savage predicts further 81 eady
growth, points with pride 10 the thrift
shown by depositors and urges the
closest possible cooperation. The
banks officers and directors include
Francis NJ. Savage president charles
w. Morris. vice president, J. William
Roberts, cashier, Howard g.. Rand,
assistant cashier; Dion s. Brney. Al
torney. Directors. Dr.. Gregg G. Bird
sail. Dion s. Birney 3. n. Gruver.
Jesse IT. Hedges. Judge George II.
Macdonald. Charles W. Morris, Fran
els NJ Savage, Judge Milton Strasbur.
ger, DR.. aCrden F. Warner and J, p
Cissel.
Mount Vernon's Fine Record.
The Mount Vernon Savings Bank.
which is observing it's sixth annver-
sary, has made a splendid report in
that period of time. On May 10 1920.
the banks deposits were $379.9S2.
| while on May 10 of the present year
! they had risen 10 a total of $685.
| COS. 1t will thus be seen that the
increase in the six years has been
$3577,622.
The institution has a most attrar-
! tive building of its own AT the corner
| of Massachusetts avenue and Ninth
street. and the rapid growth nj the
| bank has led the directors 10 plan for
| further expansion AT an early date.
| The officers state that. the bank now
| has the largest number of Christmas
| savings accounts of any institution in
| the city.
r. Golden Donaldson is chairman ~
the board, the other officers and d.
| IcClOTS DSiHE w lllldIn Muenl6lSan,
| president; William r. Baum. vice
president and cashier: William ".
Johnston, vice president; F. c. Davi-
son. vice president: Robert T. High
| field. Frank w. Lee and r. Edwin
| Norris. assistant cashiers. and Hayden
/ Johnson. counsel. Board Of directors
James H. Baden, William r. Baum,
Albert ]. Berries. G NJ BuGniazet. F..
c. Dawson, r. Golden Donaldson.
Charles P. Ford. Harry w. Hahn.
Samuel J. Henry. Fred Hewitt, Hay
| den Johnson. William II. Johnston.
| DIR. L. F. Koss Henry c Moses. VIII
| liam Muehleisen. H. Glenn Phelps. r.
l.. Rienhart. II. S. Walcott and q. p.
Zantzinger.
Bank Stocks Lead Market.
| Bank stocks led activity IN the
Washington Stock Exchange when
the weeks trading wound up today.
! Ten shares of National Bank If
! Washington stock opened at 255 and
| after call 10 more were sold a 217is
Six National metropolitan shares sold
at 400 and 10 shares of Merchants
Bank and Trust Co. stock came out
at 1853. Ten shares of Farmers and
Mocha mics brought 297.
| Capital Traction figured in three
sales today at 104. the price being
unchanged from yesterday. Potomac
| Electric preferred sold at 1922 80,
shares of Merchants Transfer and
Storage preferred went at 90, and
the market closed with the sale ~
| 10 shares of Mergenthaler Linotype
at 1861. There were two bond trans
actions at unchanged prices.
New Secretary Is Elected.
At the regular meeting Of the hoard
| Of directors of the Equitable Building
Association Walter s. Pratt. it,. was
elected secretary of the association 10
succeed the late Frank p Reeside.
who held that position since 1898.
| 2S years. to the date of his death.
! Mr.. Pratt has been connected with
| the Equitable since 1893 and has held
! the Office of assistant secretary for
| more than Is years. He is held in
| high regard by its members and is
| well known to the public.
Drop in Bank Resources.
A decline OF almost 81 600 900 600 in
! the combined resources of the 5000
| national banks on April IL. the date Of
| the last call Of the controller of the
currency. as compared with December
81. is reported by Controller Mcintosh.
Resources totaled $24 .S93. 665. 900 on
| April II. compared with $25 $50 .4lo 900
on December 81 and S23.SS2 1853 900 on
April s, 1925. Loans and discounts
amounted to $13.30l .306 900. a decrease
since December 81 of $3.50 972 900. hut
an increase in the year of $S32 ,47O. 900.
The percentage of loans and dis
I counts to total deposits on April ~
was 65.93. as compared witch 64.21
on December 81 and 64.33 on April S
a year ago. Investments of the banks
| in United States Government secur-
| tiles amounted to $3.50, 1928, 900. an in.
| crease of $1S,013.000 since December
81 but decrease of 1885, 900 for
| the year.
Association i'm New Home.
The District Bankers Association is
now in its new home in the Decker
Building. on + street. While il can
not be said that the new headouar-
tiers are in perfect order. neverthe-
less the records have all been trans.
ferred and Miss Grace Bromley. the
assistant secretary. is arranging them
as rapidly as possible. The additional.
space will be greatly appreciated. es-
pecially after the institute opens in
the Fall.
Bank CIearings Improve.
Some little improvement appears in
bank settlements this week, leading
cities in the United States reporting
an aggregate of bank clearinEs
amounting to $500. 7se 900. This is
an increase of 3.6 per cent over the
corresponding week of 1925. and com
pares with a loss of rs per cent last
week. There is an increase at New
York City this week. the clearings Of
IS ,236, 900, 900 being 20 per cent In
excess OF those for year ago while
the outside centers report a total Of
So. 473, 739 900. which is a gain Of so
per cent. Most of the leading cities
outside of New York show gains this