Evening star., 1926-09-29

amounted to S796.433.O1. leaving the
net additions for the eight-month
period, $1.045.79S.31.
The net additions to equipment
for the 12-month period ended Au-
gust 81 was $1,7S6,06270.
Reports New Bank Making Profit.
Francis NJ. Savage, president of the
Central Savings Bank, the youngest
bank in Washington, told his dlrec'
tors at a dinner last night at Com
monWealth Farm that in spite OF the
heavy expenses connected with start
ing q bank. the institution has made
some money during the past three
months after paying per cent to
depositors. He expects the bank to
be on paying basis from now on and
declares progress SO far has been
more rapid than expected.
The per capita savings in WASH
ington are S155.17, in the country gen.
orally about $165 and in New Eng
land. $435.15. Mr.. Savage stated. The
per capita figures in New England
are much higher than elsewhere be-
cause the rate of interest paid there
has been much higher. In the Balti-
more banks there is more than $780,
O00, 900 in savings bearing 4 per cent
interest. Savings deposits in all the
Washington banks now total about
S75, 900 900, Mr.. Savage said. adding
that had the same rate been paid
here that has been paid in Maryland
and New England it would have made
great difference to depOsitors in the
past 10 years
After stating that the Central Saw
FOL
and more than 100000 in surplus and
undivided profits. the veteran banker
touched on one of his favorite hobbies
branch banking. He recalled that
when he was in South Africa he found
just two banks. One had 600 branches
and the other 500. The one with 500
branches got into trouble and the gov
ernment had to come to it's assistance.
What Mr.. Savage fears is wave of
centralized banking in this country,
which, he asserts. would put an end to
individual enterprise and effort, and
place the Nations vast wealth under
the control of comparatively few
f1nanCiers.
Banking Committees Completed.
Two more committees of the Dis
trict Bankers Association. appointed
by President Howard Moran before he
public today, all the members having
signified their Willingness to serve.
One Is the committee on taxation,
of which Harry V. Fleming, president
of the Riggs National Bank, is chair
man. Serving with him will be
Francis G.. Addison. jr., vice president
of the Security Savings and CONNER
cial Bank; Robert n. Harper, presi-
dent of the District National Bank;
Corcoran Thorn. vice president of the
American Security and Trust Co, and
Eugene e. Thompson, head of Crane,
Paris & Co.
The other committee just completed
is on Treasury relations. Robert v.
Fleming is also chairman of this one
and with him are Charles j. Bell,
president American Security and
Trust Co., and Wilmer J. Waller,
vice president Federal-American Ma
tional Bank. Mr.. Fleming was chair
man of this committee last year and
got along so pleasantly with the
Treasury officials that he was urged
to act in the same capacity again.
Local Market Again Active.
Capital Traction led trading on the
Washington Stock Exchange today,
the issue, which is eX dividend. open
ing at 1O41, dropping to 104ls and
closing at 104, the days turnover
totalling 45 shares. Merchants Trans
fer and Storage preferred sold at 100,
Mergenthaler brought 1861 and Lans-
ton sold at 9Oh. Potomac Electro
Power preferred came out at 1918
and closed at 1071a.
Union Trust Co. stock opened at
225A for IL shares and closed at 225
in a 10share turnover. In the un-
listed department North Capitol Saw
| ings Bank again appeared on the
board, selling at 16.
! Capital Traction 5s sold at 1Ol,
| Georgetown Gas 5s at 100, Anacostia
! and Potomac Railroad 5s at 94l4 and
| Washington Gas 5s at 1015s.
| Institute Enrolment Reaches 258.
Enrolment at the local banking
! institute has now reached 25S. last
nights classes opening with an un-
eXpectedly large attendance. OfflclalS
now believe the 500-goal will be
reached, as many new students Will
take the courses offered in the second
semester and more are expected to
| enroll this week. Glasses meeting for
| the first time last evening were bank
| ing fundamentals. under Eliot ri.
! Thomson; standard economics, under
/ F. j. Donohoe, and investments, IN
| charge Of Y. +. Booker.
Harvey w. Wiley, the. veteran
! food expert who has expressed his
intention of joining the investments
/ class, was out of the city last night
| to fill a lecture engagement. He
plans to join the class soon.
New Mortgage Bond Issue.
J. A. w. Iglehart & Co. will offer
tomorrow a new issue of $50O00O
! first mortgage 6 per cent collateral
| trust gold bonds. series f, of the
Security Bond & Mortgage Co. at
par to yield s per cent. Including
the present offering, S2,750,0O0 of
these bonds have been issued since
the first offering was made on Oc-
tober Is. 1925. The mortgages Sc
curing these bonds are guaranteed
Internationally as to payment OF
principal and interest by the Mary
land Casualty Co. The bonds are
dated October !. 1926, and the ma
turtles are from one to five years.
100000 of the bonds maturing each
year Principal and semi-annual IN
terest are payable at the Maryland
Trust Co, Baltimore.
Leslie NJ. Shaw, former Secretary
of the Treasury, was the guest or
honor and principal speaker at a din
ner last night given by c. Z. Moran
& Co. to it's force of security sales
men, The only other guests outside
of the organization were Morris
Cafritz and Morris GerwirZ. president
and secretary, respectively, of the Fed
eral Security and Mortgage Co.. for
which c.. E. Moran & Co. are the
! fiscal agents.