Evening star., 1928-12-15

1.tE
q gain in the pop b
ulation OF IL per -'---~
cent. J. Damn Faber.
New York stands
first in per capita gain in the Unite
States, its gains in savings being S4
per inhabitant over last year. Tn
District of Columbia had gain OF $2(
with percentage increase higher thai
any State in the Middle At
lantic group, save Maryland. Mary
lands gain per inhabitant in 1928 wa
S37. Possibly no State in the Eas
has developed more energy during tn
past few years to bring about diverSif1
cation in industrial and agriculture
enterprise, the report says.
The picture in the South is differen
compared with that of year ago. Thi
year aside from the coal doldrumS il
West Virginia and the leveling out pro
cess which continues in Florida, tn
savings reports indicate widespread
prosperity in the South. Diversificatiol
in agriculture is increasing apace, foot
ravages are being repaired and plan
for control of the Mississippi have de
veloped new energy in the valley. Texa
led the South with savings gain pc
inhabitant over the previous year o
lat per cent, followed by Georgia will
liza per cent.
OF the six groups in the United State
the Pacific States rank third in saving
deposits per inhabitant, having $272
against $500 for New England and $43
for the Middle Atlantic States. Thi
group is followed by the East Centra
States with $198, the West Centra
States with $50, and the Southern
States with $63. Every State in tn,
Pacific group has had decided gain
over the preceding year.
d. C. Trust Companies Stand High.
The recent publication of data on tn,
trust companies of the United State
shows that in the recapitulation of as
sets and liabilities of trust companie'
by States, the District of Columbis
excess of $4,000, 900, are twenty-thirt
on the list
When it is considered that there art
only seven trust companies situated il
the District of Columbia, the report i!
most creditable one in the volume o.
business transactions by our local trus
institutions The report as of June 80
1928, shows that the total stocks anC
bonds owned by these institutions ag.
gregated $22, 100000. Their loans, note.
and mortgages aggregated in excess Of
$64 100000. Total cash due from bank!
and bankers was $15,000,00 Total rea
estate, banking houses, etc., totaleC
$10,000,000. The capital and surplus
and undivided profits employed b.
these banks aggregated $23 3,000,000
while the deposits and due to banks ans
bankers were in excess of $88, ,000, 900.
This very interesting compilation wa
prepared by the United States Mortgage
g. Trust Co. of New York, which com
piles annually statements of the con.
ditions of the trust companies all ovel
the United States.
New Auditors Section Formed.
At the organization meeting of the
new auditors section of the District
EBankers' Association late yesterday j
damn Faber. auditor of the American
Security g. Trust Co. was elected chair.
man. Raymond @. Marx, auditor of the
Riggs National Bank, was made vice
chairman, and Ralph Endicott of ths
washington Loan & Trust Co., Secre.
tary.
The section has an executive council
,Of five members, including the officer!
and Arthur j. Linn, controller of thl
American Security & Trust Co., anS
Leo E. Maddigan, controller of th'
Mount Vernon Savings Bank. There
were delegates present from Is banks
with Wilmer j. Waller, vice presiden
lof the District Bankers Association
presiding. Election of Mr.. Faber a.
chairman was IN recognition of the work
he has done for the auditors confer.
tence which has been functioning in.
ldependently here for about a year
The recently formed fiduciaries sec
ltion met yesterday for the first tim'
and adopted bylaws. The safe depoSi
section viii be organized next Friday.
More Dividends Declared.
At the regular monthly meeting o
the board of directors of the NortheaS
Savings Bank, the regular semi-annua
a per cent dividend was declared, plu
Ian extra l per cent dividend. The.
also transferred $1,000 from undivided
profits to surplus, making the surplus
of the institution $4,000.
The directors of the Anacostia Banl
has declared the regular quarterl,
dividend of 5 per cent, payable Decem
lber 81, to stockholders of record De
Ecember "a. This makes dividend pay
lment of 20 per cent for the year.
The Southern Railway Co. has de
iclared the regular quarterly dividen
of So on common and $1.25 on pre-
Herred, the common payable Februar
II to stock of record January and tn
kpreferred payable January Is to stoc
Aof record December 26.
The directors of the Real Estat'
Mortgage & Guarantee Corporation, "a
T jackson place, have declared the semi.
annual dividend of per cent on the
prefeyged stock Ct !s payable December
81 to sUock eff record on December 20
As noted in late editions of yeSter-
Hiay's Star. the Columbia National Banl
has voted a Christmas bonus of on,
months salary to all employ&> of th'
bank.
Financial District Notes.
Stroud, Kurtz g. Co., Inc, in tn
Transportation Building. and E. H. Rol
aims g. Sons, in the Southern Building
are offering $4,500000 Intercontinent
Power Co. per cent debentures, du
in 1948. The bonds are priced at 8
and accrued interest to yield 6.35 pc
cent. The bonds have class A commol
stock purchase warrants attached
The fortnightly review of G. M.
Murphy SS Co. is devoted to fore
cast of the automobile business in 1925
Quotations are presented from the presi
dents of many leading companies j
which they predict steadily expandin
business during the next IL months
Most Of these magnates predict ne
sales records.
President Maurice D. Rosenberg {
the Bank of Commerce & Savings hs
been named counsel for the inaugurs
committee.
The Department of Agriculture est
mates the farm value of crops in tE
United States in 1928 at So, LASS, ,052, 90
This compares with an estimated far
value, revised, of $8.522, ,560,0 900 for tt
crops of 1927. These values are base
on prices paid to farmers on Decemb'
/. or in the cases of commercial true
crops, on the seasonal farm prices.
its report the department lists abol
81 kinds of crops.
The three Protestant churches {