Evening star., 1928-03-25
SAVINGS BANKS HIT
! BY INTEREST LIMIT
Active Money Now the Rule,
w. Espey AIbig Tells Re-
glonaI Meeting.
RY EDWARD c. STONE.

e. ESpey Alblg. deputy manager OF tht
American Bankers Association, declared
81 the closing session Of the Eastern
Regional Savings Conference in New
York
s"The 6ay has passed when people are
Willing 70 put their money 10 sleep
lfe asserted 1T must be as active as
they are themselves. and the savings
twnks. restricted as they are, cannot
obtain results equal 10 other forms OF
Investment,
Tn the past six years Si,0oo,00oo oo0
has hNen placed in investment trusts.
ne told the 4I2 bankers present, The
reason that savings banks ere not get
ing the capital which is going into the
investment trusts" added Mr.. Alb!g
'sss that We cannot offer as high Are
tarn on accounts, due. for the mos:
uert. 10 the legal restriction imposed
tyz1ora us hv law.
There is no doubt that recent de-
ve'ounents. broadening the legal list
frSf among them. is an important Ster
er,S ne should BE- th"nkful for havinc
Obtained that much bit there Is st.N
r,uoh n b. done along these lines 81
th~t tho sevi~~S h>n'Ss rrav offer TN:
n the Hnh'i~ n which it is so much In
tereStp6-p-ost"
As1HHf1- nTg1SF IA~FS Wf''n MI. AtNfN
h-os,~ht o,,t wern thst So nar cent of
ta,a individual deposits in tn" country
are savings CeuositS and that III"
sraount Of savings DEPOSITS alone is
r-es;sv .ode~ than the total amount OF
6erosit in 1918
Research Bureau Advocated
Formation Of a savings bank invest
rnent rnsearr1a bureau with an endov-
skSSH
conditions throughout the country as an
psr - small investors. was urged nv
Ware Shaw Of Boston One nf the chief
>i-1s Of she bureau he said. should b.
trs furnishing nf 6eDoSitors with COM
r,'s+a investment information. He suS-
r~s+eS th=f every bank have at least
ore Investment aid representative He
--rnld charge the depoSitnr for the serv-
ire however. so he would feel that he
waS getting something worth while.
Henry By7lere vice president of the
p.vawv Savln1s Bank advocated plan
aF cid age indeusndsnce. He would
nn~r ev~rv rnlp10veT person begin 70
sewe before he is 2s and save svste-
rsaticaIly until he is SIS. when he should
have an income Of 500 month. the
sneaker said There are now 3,700.00o
such persons in the United States. To
involve the saving each year S485.-
GOO coo
Oswa1d W Knsnth Of r II. Macy &
CO. discussing installment buying, said
that the retail cash house has not SUI
fered from this sG1rce.
q have come TO the. conclusion" he
explained. that the recent prosperity Of
this country has not been due to the
growth Of instalment buying: 1t has
been sccomuanied by this growth. The
query Of whether these credits can De
maintained through a period of unem-
psevment seems still open TO question.
The value OF Christmas savings club
and vacation clubs was discussed at
considerable length Contests among
bank employees in obtaining new ac-
counts was also strongly urged by one
SPEAKER
! AIRS. Annie P Kenny. formerly d.
rretor Of the Personnel and Financial
Guidance Bureau Of the Illinois Afer-
chants Trust Co. of Chicago. spoke Of
ff7e value Of supplying some sort of
q ceDartment IN savings banks where
people could go 10 obtain information
Concerning budgets Of their expenses
sad proper investments.
Beard Trading on Exchange Here.
Saturday trading covered a board list
~ local iSgles on the Washington Stock
Exchange. price changes being moderate
Tire most sales took place in Railway
q Electric preferred. 20 shares at I0334
Capital Traction opened at f0Si4 the
seek ssiI being ex-diyidend.
: Washington Gas closed the week al
SDis. Langton at i0e Mergenthaler at
n57s sn6 Sanitary Grocery preferred
= 1862 Merchants Transfer e. Stor-
as.
foT the first time In several weeks. two
E1sres changing hands at 100.
Potomac Electric Power per cent
preferred was strong at 1929. while the
S1z per cent issue moved at i0Sis. TWO
bank gtocks came out, nine shares of
National Bank Of Washington selling
~ BIO and 10 shares Of American Se-
csl-1fr IL Trust at $50
Tn the bond division Barber G Ross
siax opened at e7I<. advanced 10 g7I2
and ciOseo higher al 9T2z. three $500
bonds changing hands Capital Trac-
fson SIS sold a. i03ss and Washington
Cs5s SIS a. 1885,. $500 bonds figuring
&c both transactions.
Most of Ehe weeks changes in the un-
listed department were upward The
naest interesting spread between bid and
asked prices was an Washington Base
Esli Stock. The bid was raised from IS
tD IS with 100 asked
Jump in Local Bank Ciearings.
Bank ciearngs In Washington took .
k1n9p during the week ending March ~
being well shesd Of the previous Neek
enc also Of the corresponding week last
year Cheeks cance,ed III the local
Gearing house amounted to fzS 220. 600
compared with SIS ,4ss 000 for the pre-.
eeolng week, and sn increase of "a
pr cent over the same week q year ago
Baltimore also reported gain. ne
Reek6 ciesrsngS totaisng si05. .s7e 900
seek sna an increase of about 4 pei
eenG over the corresponding period 10
1897 Richmond had an unusually
payoc gain Cancelled checks reaching
5zs 2S0 900 against Ssl e97 900 for tn
FFesa04s week and up 20 20 per cen
from laSt year Norfolk had q gain ogel
f3ae pgetloQs week. but the figures ger'
behind those of last year at the Fam'
ETee
According " Ersdstfeets Review
eesFlngk Tor me country as @fol'
acre ~ t. SO 257 Dol 900 oyer the pre-
xscIng Beek an increase d 10 PER cen
aDc - PER cent oYeF year ago
Bankers 10 See Payne's Home.
Wnlle st Non1auk Peach at their an.
nua3 convention msny Washington
BANKERS VII yt< the boyi1ooe nome d
1gan Howard Payne author VI Home
Eweet Eome 1f9e oranatls1 ard seto
lived a. Eaat Hampton Long Island, ~
plans years ElgGre the original nous
1t}g Is Stan6lng n vas owned BY tfa'
10 aeopsl Church for yeaTs sTad after
ago sole v private Interests The hts
igrie house Il stiil IN fine preservation
aBo Is only about 10 miles on 2 g0os
motor foao from the Montsuk Mano
ssoaE.
Heard in Financial District,
Local brokers are n9uct interested u
t1te petition being circulated on IA
fseW YORK EDCck Exchange asking f0