Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-09


t'ss II 81 zaS'NS 's'SA NO work August, 1923
T,ou,x r. farrell. permits numbered
2.192. estimated Il
cost S2,034.373, compared with 2.744
permits and a valuation of $2,00l,6 6s
in August, last year.
Total estimated valuation for all
classes of work was $9.503. $3.50 last
month. a decrease of $2.259, $50. or
1872 per cent. under the total of SILL
763.7l0 for all permits issued in August
1927 Fourteen of the 80 reporting cities
showed higher valuation figures last
month than a year ago but 10 cities
reported lower figures. Seven cities re-
ported gains of more than so per cent,
but in some of them the high percen-
tage gain was due to low figures In
August. 1927. rather than to particu-
larry large figures this year.
| Contracts awarded in August Tor
| construction work in the fifth district,
| including both rural and urban projects.
total s30l71.855. compared with $751;
| 813.073 awarded in August, 1927. ac-
| cording to figures collected by the F.
w. Dodge Corporation. OF the awards
in August. this year, $12,069,03 was for
residential work"
Bank Presidents Anniversary.
October l was an important date in
| the financial and business career of
! Thomas E. farrell. as he was elected
president of the Washington Savings
Bank. Tenth street and Grant place,
on that date in 1923. Since that time
his bank has shown gratifying growth
moving ahead in the service rendered,
| as we'll as in deposits.
| Before he joined the ranks OF loca
| bank presidents Mr.. FARRELL was proml-
nent for years in the real estate field
He still heads a realty company Of hi
| own and is a past president OF tn,
| washington Real Estate Board.
In addition to his banking and real
estate interests, he is president Of thu
Provident Finance Corporation and i
connected with numerous other busi-
ness, financial, fraterpal and civic
| organizations AS member of thu
/ District Bankers Association he Is cne
| of the most regular attendants at the
annual conventions.
Cost of Handling Estates.
Taxes and debts. not administration
expenses. take the largest toll of the
average estate. w. w. Hoffman, presi-
dent of the Fiduciary Association OF
New York. said today in correcting q
!
J York that the National City Bank had
| found that 90 cents on the dollar of the
average estate is consumed in admins
| tration expenses.
| While it is true that the average
! estate will shrink about 20 per cent in
! course Of settlement. Mr.. Hoffman said
| nctual administration expenses account
! for only a small part of the total
shrinkage. taxes and debts taking the
largest share. For example, in estates
of $4,000 to 100000 administration
expenses will take about 6 per cent on
the average.
Bank Call Results Gratifying.
WASHINGTON bankers today expressed
great satisfaction over the substantial
gains in deposits revealed in the condi-
ton statements following the control
ler's call, dated October 3. The gains
were unexpectedly large. 50 large in fact
that some bankers say they can hardly
be maintained until the December 80
! call
/ AS stated Yesterday much Of the inn
! provement in deposits is due to the
/ usual business advances in the Fall. The
| national banks and trust companies are
doing splendidly, as their gains show,
but perhaps the savings bank officials
!
! in DEPOSITS These increases indicate
/ that thrift is still considered the basis
| Of prosperity. The savings bank gains
! are also expected to be permanent.
Tho Red Cross played an unusual
! part in the large deposits on October g.
! Two of the largest banks in the city
/ are repositories for Fed Cross funds.
! Recently very large SUMS from the ma
tional association have been passing
through these banks.
In a few days The Star will publish
the comnle'e tabulation for every bank
! in the city.
Bankers Committees TO Meet.
| w. w. Spaid. chairman of special
COMMITTEES considering amendments to
the constitution of the District of Co.
| lumbia Bankers Association, will cal
| his committee together at 4 I'm. Thurs
dav. at which time amendments pro-
viding for the proposed new groups will
be considered.
F. w Cox. chairman of the District
Of Columbia Bankers Associations
committee on standardized bankine
forms. has announced a meeting of hi:
committee in the rooms of the asSocia.
ton for $50 o'clock Friday
Bank Elects New Director.
The director of the Bank of Bright
wood be elected H. Mason WEIGH t.
the board to fill the vacancy caused
BY the retirement of l.. !. Slavens. Mr.
Mason is prominent in Washington lega
circles, is member of the firm o
WEIGH. Daily e. WEIGH and is a repre-
sentative of A. H. Baker e. Co.
Commodity Prices Lower.
Prices of commodities during tn
week ended October declined ont
tenth of l per cent according to tn
wholesale price index of the Nationa
Fertilizer Association. Declines oc
Cured in the following groups: Foods
miscellaneous. and fuel (due to gaso
line). Advances occurred in fats ant
textiles Since the first of Septembe
the decline in the index has amounte,
to 0.3 per cent and since July z, o..
per cent.
Sanitary Grocery Sales Gain.
The Sanitary Grocery Co. today re
ported September sales totalling Sc,
069,151. compared with S1,508,s59 il
September, 1927, gain this year o
37.13 per cent.
Sales for the first nine months of tn
present year amounted to $17,137,54T
", Ccrfey,Eer 1907 thev t0t ale