Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-12-03

The market closed HfSasEA AsA'A- zAGaaaa
with IA shares SELL Charles f. Mitchell.
ing at 1864, sales
reaching 430 shares.
The strength in this issue is said tx
be due to the company'S excellent an
/ nual report. There was but one salt
in Federal Storage preferred, this stocl
coming out at the new peak of liz
against the last sale at LOT. The gain
in Capital Traction came at the enc
of the session when 10 shares opened
at 107II and two more sold at 1912
Fifty shares of Commercial Nationa
! Bank stock came out at 260, 10 share!
| of National Savings & Trust moved al
| SOC, against the last sale at SOP, while
| Riggs National Bank warrants agar
| changed hands at 305.
| Railway & Electric preferred re-
manned at 99%, Federal-American Co
common registered SIS, and Potomac
| Electric 512 per cent preferred at 1882
| In the bond division recent quotations
| were maintained in moderate trading.
Christmas Clubs Starting OFF Well.
Bankers reported today that first pay
ments we're being made in large number
| in. the 1929 Christmas Savings Club
now being started by 80 Washington
banks. Every year reflects a splendid
increase in these deposits and 1929 i
sure to be no exception. Bankers claim
that the reason for the steady increast
is due to wider appreciation of thu
value of systematic deposits as a means
of accommodating funds for many otheI
purposes than the original idea of nav
ing money simply for Christmas gift
and expenses.
The banks have co-operated with tn!
public, maintained and advertised thu
/ clubs in spite of the fact that no direc
profit is expected from funds that ar
gradually deposited throughout the yea
and suddenly disbursed at one time
| The overhead cost of operation is sale
| to be as great as for the receipt of larg,
deposits and the interest paid adds an
other heavy cost.
However, the banks figure that thu
| clubs make the community prosperous
! and the banks can only prosper if theil
community does. And the funds tina
come back to the banks as permanent
savings are no longer to be considered
lightly.
Section Soon to Be Organized.
This week will see the organization
of the new fiduciary section of the Dis.
trict Bankers Association. The detail.
are to be carried out next Friday after.
noon at headquarters.
Previous to that date the council o.
administration will have special meet
| ing and arrange the final details. Some
| weeks ago the local banks were asked
to delegate representatives who would
take special interest in this new stel
aimed at ,enlarging the usefulness Of
the association, and the response has
been most gratifying.
The other new sections to be launch.
ed later are the auditors section anc
the safe deposit section.
Mitchell Made Bank Director.
Charles E. Mitchell, president of the
National City Bank, the largest insti
tuition of its kind in the world, ha
been elected class A director in tn
New York Federal Reserve Bank. MI
Mitchell, who has many personal friend
in Washington, is one of the leadin
bankers in the country. He will begil
his new duties on January / and serv
three-year term. He succeeds jackson
E. Reynolds.
Pierce Sponsors Aircraft Issue.
The Douglas Aircraft Co., which ha
Just taken over ts.e assets of the Doug
las Co., has announced program {
expansion The firm plans the intro
duction Of considerable new capita
The bankers sponsoring the new pre-
gram are E. A. Pierce g. Co. and Bla
& Co.
Partners Occupying New Offices.
Karl w. Corby and j. Thilman Her
drick, partners in w. B. Hibbs & CO
are now occupying their new Offices
the darkroom on the third floor of til
Hibbs Building. The suite, which eS
tends across the entire front of til
building, is fitted with the latest ere
ations in artistic Office furniture an
the rooms carry out the oak colo
scheme of rich browns. Over tn
mantel in the Office hangs an oil paint
ing of W. B. Hibbs, founder and seniC
, partner of the firm, and on one of tn
, walls is portrait of the late Charlie
I. Corby. Just off the room occupie
by Messrs. Corby and Hendrick is
conference room fitted with ticker an
telephones.
w. B. Hibbs continues to maintai
J his former private Office and w. v
Spaid now has his Office in the front {
the building on the main floor.
Heard in Financial District.
William D. Hoover, president of tn
National Savings g. Trust Co., wa
back at his desk today after spendin
Thanksgiving and the week end wit
relatives in West Virginia. On his re
turn to the Capital he was delighte
to learn of the arrival of anothe
grandson.
John r. Waller, president of the In
ternational Bank, has returned from
few days spent in Atlantic City.
Robert v. Fleming was back at hi
Office at Riggs Bank this morning aft
err a few days out of the city for
short rest.
Frank w. Stone, vice president {
the National Savings & Trust CO
passed the week end at Atlantic Cit,
making the trip by motor.
Craig B. Hardwood, president of ii
American Bankers Association, is to /
the guest speaker at the annual Dime
of New York Chapter, American Inst
tute of Banking, Thursday night
Morris Plan Bank Absorbed.
The Morris Plan Bank of Virgini
absorbed the Morris Plan Bank of No
folk, the oldest bank operating und
the Morris plan. 1t was organized
Arthur j. Morris, in 1910. Through II
merger the Virginia bank increased
capitalization from 100000 to $4,000
and now has total resources of $4,000
900, making it the fifth largest Morn
plan institution in the countr
Branches are operated in Richmon
where the main Office is located, and
Petersburg, Roanoke, Newport New
and Norfolk.
C4noI nooro %1onc uinh