Evening star., 1928-10-17

ticipantS in school savings banking,
1851, ,602 each week. During the year
these pupils deposited $26,005, 1885, .04, re-
ceived interest in the amount OF S94I-
6lO.87 on these deposits, and at the
end of the school year had net savings
for the year of $9,476, 1912
over the preceding year, the num-
ber of schools increased 81 per CENT
the enrolment in schools affording op-
portunity for school savings banking,
ST. per cent; participation by pupils,
6.3 per cent: deposits, 81 per cent;
interest, 1915 per cent, Withdrawals
15.4 per cent, and net savings. OH per
cent. The one outstanding disturbing
factor is the increase in the percentage
of money withdrawn.
"The year has witnessed depression
in a great industry-coal--in several
States where school savings banking is
widely practiced, but it is TO be hoped
that bankers and boards of education
which are financing school savings will
insist that efforts to conserve school
savings deposits shall be made at least
equal to those in securing it in the first
instance"
There were 81 schools in Washington
last year which had schools savings, in
which 6.436 pupils participated. In
l926-27 their deposits were S38,433.53,
and in 1929 had risen TO SS8,644.19.
Net savings in the 1926-27 period,
S33.33358, and in 1929 net savings
had climbed to $50, 8,644.l9.
Faber Heads Auditing Section.
j. Damn Faber, auditor of the Ameri-
can Security & Trust Co, is president
of the District of Columbia Conference
of Bank Auditors and Controllers.
which is now to become new section
! TO the District Bankers Association.
The organization became affiliated with
the American Bankers Association last
year shortly after its organization. The
action taken by the local bankers at the
October meeting will make the organ
ization's deliberations and conclusions
much more readily available to the
! D. c. Bankers Association.
| Mr. Faber has been auditor of the
trust company since November, 1923, to
/ which position he came after three
years connection with the Guaranty
! Trust Co., in New York Born in Nor
folk, he was educated in the Washing
! ton public schools, became certified
| public accountant and took law de-
| gree at National University, becoming
member OF both the District and
Maryland Bar Assertions. Mr.. Fancr
eAAS
old Union Savings Bank and after
ward with the Lincoln National. He
was a second lieutenant in the World
war, serving in the finance division in
the Ordnance Department al Aberdeen
Proving Ground.
Sanitary Common in Wild Gain.
Sanitary Grocery common opened at
| 42O, went to ATS and closed at 455 on
| the New York Curb yesterday, max
/ ing a gain for the day of 40 points.
This is the stock into which three
| shares of Sanitary preferred are con-
vertible for one share of common. The
| stock has come TO the front recently IN
/ connection with the proposed merger
with Safeway Stores. Yesterdays wild
! advance, however, has not been ex-
/ planned.
will remain so until November 9. while
the stockholders are voting on the
merger plan. The right to convert
the preferred into common expires NO
vember IS and the preferred STOCK Is
to be called as of December at $llO
and interest. That means tnat tnoSe
wishing to exchange the stock must DO
so between November 9 and Novem-
Der 26.
Fleming Cup Arouses Interest.
The Pop Fleming Trophy hand
some cup presented TO the District Bank
ers' Association at last weeks lunch
con by I. A. Fleming, the veteran f1nan-
cial editor and writer, was frequently
referred to by bankers attending to-
! DAVIS luncheon. The cup was most
gracefully accepted for the association
by President Robert v. Fleming, who
expressed appreciation Of the spirit in
which it was given and praise for the
| donor.
A picture of the cup has already ap-
neared in The Star. At Pops request
The cup will be competed for only by
active bankers attending the conven-
tions. II is to- be made permanent
cun and will not become the personal
nronertv of any banker who may win
il three times. It will probably be Of
fered as 2 golf trophy, although thf
association officials are to determine
this later.
Hotel Bonds Are Listed Here.
The board of governors of the Wash
ington Stock Exchange today listed
S750,000 Chamberlin-Vander Hotel
first mortgage 6la per cent sinking
fund gold bonds, due July J 19A2.
This IS part cf s. 100000 on',
s7sc,o0 Of which have SO for been pc'
oct u was the first new l.5t!ng oc the
local exchange 4o- come. Trading W..
&c permitted =. TIE bonds tomorrow.
Me-gentha!e- Leads Exchange Today.
Mergenthaler Linotype led the local
exchange today with a 250-Share turn
over The stock opened at 1902 and
closed at 1003s, there being IL different
sales, the largest block being 10 shares
Gas moved at 100, Railway & Electric
preferred at 100H and l00Hs and z
shares of Capital Traction sold at 105
Lanston moved at ia and several othei
stocks appeared at recent prices. Bond'
were also quite active.
Heard in Fina nciai District.
HAIR M Crandal totaJ tooA oyc
81 10000 n Wach.n3Lon arcade co
oon&s rne3e are me boncS when Wer'
ln6crwrlytcn some Two Years ago b,
Craze, P2rr.s & c.. TIE are l-s1ed 9!
L.e Washington Stock Exchange. III
las ss.e bang r.a9e ar So.
E.ge.e {. Thompson h2s ce-rcAt
f..o..... uae -.Ve.,ryS.:.ee--:.y 5a.As-s Co-"e-2
.::o- at Lc!a.J.c C.ty. C:a:.es c4:-o.
Morgan has also -e:u-csc t:o--: -:
same convention.
w. J. Waller, vice presioeht o. tn
Fedcral-American National Bank, i
back at his desk from his annual vaca
ton, having hung up several new gol
records
Peter A. Drury, president of the Mer
chants Bank 81 Trust Co., is passing
few days at Atlantic City.
NEW YORK BANK CLEARINGS