Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-10

December 81 de- Cnaries IT, Aooot'
posts in Washington banks amounted
to $265, 293, 160.17. Declines were noted
in all three groups, national banks,
trust companies and savings banks. The
recession in deposits, however, was
anticipated as there are host of extra
demands on all bank depositors around
the end of every year. A good many
people also switch their bank funds
into Liberty bonds and other invest
ments in order to avoid tax payments.
Excellent Showing for Full Year.
The figures tell a different story when
deposits for the full year are compared
Deposits on December 81, 1927. totaled
S249, $50 607.74 in comparison with the
above mentioned 1865. 293, 160.17 on the
last day in 1928, revealing the splen-
did gain during the IL months of
$15.532.55243.
Looking back at the last two calls of
1927, it is interesting to note that there
was decline in the three months and
that 1t was just about the same as the
falling off in deposits at the end of
1928. The decline at the end of 1927
amounted to 1929, 607.25. The slightly
heavier Withdrawals at the end of the
year just closed. may be largely ac-
counted for by the fact that Christmas
Club payments were larger than in 1927.
According to the figures assembled by
Audley A. P. Savage, auditor of the
National Savings g. Trust Co., the
national banks reported dropping off
Of $5,003, 1924 over October.
Other Cities Report Declines.
Sixteen of the % savings bank re-
ported declines which totaled S1,172,-
667.34. Four of the seven trust COM
panies noted a total falling off in de-
posts on the last day of the year of
$2,763, 278.52.
1t will be noted in the complete
analysis, which appears elsewhere in
The Stars financial section, that the
Farmers & Mechanics National Banks
deposits were included in the Riggs
Natiol-al total, as the merger was car
ried out between the last two calls.
Several local bankers said today that
they believed that practically all the
funds withdrawn at the close of the old
year are now back in the banks. The
Hear end slump was not confined to
Washington. Chicago and many other
large cities have reported a similar
situation.
Heard in Financial District.
GACS1Aol Va OIldIlGS Vt. AQDOI, sec.
rotary of the Smithsonian Institution,
70 the board of directors of the Federal
American National Bank, bringing very
noted scientist into Washington finan-
cial circles. He is one of four new
members just added to this board.
The Virginia Railway has declared
The regular semi-annual dividend of SIS
IN preferred stock, payable February !
70 stockholders of record January 49,.
Peoples Drug Stores sales in Deem
Ger totaled $1,355, 1853, an increase of
IS per cent over the corresponding
month in 1927, when they totaled
-327,415.
President Coolidge has been advised
~ the Department of Commerce that
business conditions are good and that
respects for the immediate future are
IS good as usual. The last six months
# 1928 were better than the first six
months of the year, the President was
old, and they also were up to the
andard of 1927.
Record figures were written into the
'1nals of American banking when
Charles E. Mitchell, president Of the
,ational City Bank of New York, made
'ublic the banks statement Of condition
of December 81, last, showing total
sources of $1,847, 705.548. an increase
e $164 ,902,697 over the same date OF
he previous year.
Takes Washington Position.
John H. Duncan of Baltimore has
ccepted the position of vice president
=. the Capital Title and Guaranty Co.
r.. Washington, and will enter upon
is duties next week. it Is announced.
Mr.. Duncan for the last two years
as been president of the Old Town
ational Bank of Baltimore. the assets
81. which have been sold to the Drovers
Mechanics National Bank, subject to
lie approval of the stockholders OF the
= Id Town Bank.
Peoples Drug Scores New High.
Peoples Drug Stores preferred reach
new high mark on the Washington
ock Exchange today when 20 shares
Id at 134.
Twenty-Five shares Of Capital Trac-
IN sold at 1862, Mergenthaler came
1T at 10334, Potomac Electric Power
per cent preferred at 108la and Ma
0nal Union Fire Insurance Co. at q.
y. c. Paper sold at 81 and 20 shares
National Mortgage g. Investment
'eferred at So.
American Security & Trust was the
lily bank stock out and was strong at
j414. In the bond division there was
$4,000 turnover in Potomac Electric
over IS at 1912, Capital Traction SIS
owed at 103 in light sale and Wash
gton Gas Light IS, Series A, figured
- a $500 transfer at 104H.