Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-05
GOSPEL OF.SAv|NGS
SPREADING RAPIDLY.
Bankers Enthusiastic Over
Reports Presented at /
A. B. A. Convention.
BY EDWARD C. STONE.

most enthusiastic over the address made
at the American Bankers convention
by Taylor r. Durham before the savings
bank division. The gospel Of savings Is
spreading, he declared, and the saw
ings deposit is now eagerly sought ny
banks. Time was when savings went
begging for a place of deposit-the old
sock, the sugar bowl, the opening IN the
hearth. the hidden drawer all came into
use :. as repositories because there
were no convenient banks doing
savings business. It Is different now,
said Mr.. Durham, who is vice president
of the First National Bank Of Chatta-
nooga, Tenn. Where once a SprlnKnng
of banks encouraged savings deposltS. "
is estimated that IS per cent OF tine
25. 900 banks in the United States now
advertise for them.
Within the past 10 years newspapers
have referred to savings deposits as
"small savings" he said, and 1t Is only
in recent years that savings became
recognized factor Of size and importance
in economics. He quoted the president
of a large bank as saying, in nstructlng
one of his vice presidents to make
study of the savings business: De
lieve the savings business IS the pest m
banking. We are going into 1t strong
Mr., Durham said financial plans would
change with the years, but savings In
some form would remain and commune
popular. -, 49,.
"rospel of savings" Mr.. Durham clteo
the case of Hawaii, whence protest
came some time ago to the SAVINGS
bank division because the Islands were
not represented in the annuaf total Oh
the division. This year their portion OF
savings is shown. During the year CLOS
ing June 80 last. the number OF SAVINGS
depositors in Hawaii increased from
10000 to $4,000 and the amount Oh
savings deposits went up from $3l ,25u,-
600 to almost $44,000.000. The savings
per inhabftant for Hawaii for the year
ended June 80 approximates $126.
Bank Of Commerce Officers.
The board of directors of the Bank
of Commerce & Savings yesterday re-
elected the following officers for the
coming year:
Maurice D. Rosenberg, president;
Joseph Sanders, first vice president; w.
A. Bennett. second vice president; Irwin
Owings, third vice president; John M.
Riordon, executive vice president; Jo-
seph H, Milans, secretary; DR.. Clarence
A. Weaver, auditor; Alexander Wolf,
general counsel.
M. d. Rosenberg has been president
of this bank since its organization in
1907. John NJ Riordon has held the
position of executive vice president for
several years. He Is an enthusiastic
member of the District Bankers Assoc
citation, having served on practically all
the organizations most important COM
mittees.
The cashier is Frank Owings and Oil
yer Exline is assistant cashier. Yester-
days election of officers followed the an
nual meeting Of the stockholders held a
few days ago in Alexandria.
Francis Savage Reaches Home.
Francis M. Savage, retired Wash
ington bank president, IS back In the
city from a visit to Spain and Tan
giers. He considers that the Seville
Exposition is charming success ar
tistically, although the attendance has
been small, and declares that Tangiers
in its commingling of various races and
in the revealing of civilization Of GEN.
turtles past, Is. one of the most interest,"
ing places he has ever visited in his
extensive world. travels.
Mr. Savage is attending George WASH
ington University. AS he is past 70. he
is no doubt the university's Oldest stu
dent. He s.Studying American history.
Check Payments Above 1928.
The volume Of money turnover dur
ing the week ended September %, as
indicated by check payments, was
smaller than iu the preceding week, but
greater than year ago, according to
the Department OF Commerce. SLeel
plant operations were on lower level
than in either the preceding week OF
the similar period Of last year.
Output of bituminous coal during the
latest reported week showed no change
from the preceding week, but was
greater than a tear ago. Crude Pc
troleum production showed a recession
from the previous week and gain over
the corresponding week of 1928. Re-
ceipts of cotton into sight were smaller
than in the corresponding week of last
year.
General index of wholesale prices
ing week and the similar week of last
year Iron and steel prices averaged
lower than in the previous week, but
were higher than a year ago. Cotton
prices and prices for copper showed no
change from the previous week, but,
compared with year ago, cotton prices
were lower and copper prices higher.
Cleaned in financial District.
Bank clearings in Washington for the
week ended october 3 totaled $34,-
100000, a decrease Of IL per cent over
the same week last year, but a sharp
increase over the previous week, when
the figures totaled $26,643, 600. Balti-
more was well ahead of last week and
last Year.
September production of motor We
hicles totaled $4,000, according to the
estimate of the National Automobile
Chamber Of Commerce. This compares
with 5l3,S43 in August and 436,5O7 in
September, 1928.
The estimated nine-month production
is 4,828, 720 units, compared with 3.672,-
$50 in the first nine months Of last
year and 4,601 100 for the full year 1928.
Ennalls Waggaman,. president Of.
Waggaman, Brawner & Co., Inc, Is
combining business and pleasure trip
to Northwestern New York and Canada.
Frank B. Pryor and W.. Eben Burn
side, both of Waggaman, Brawner &
Co., Inc, sare spending q few days in
Richmond and Norfolk.
S. S. Kresge September sales, Sill ,97l,-
O87; increase, .047 per cent over Sep
TENDER, 1923; nine months. $104, 1885,
976; increase, 8 per cent.
So far as can be learned the Federal
Reserve Board proposes to continue its
silent policy on the rise in brokers loans.
In some quarters In the Treasury the
opinion is expressed that the rise In
these loans may now have reached Its
peak, at least for the present.
It developed here this week that the
Treasury ofiicials are in hearty accord
with the views expressed by Controller
Pole at San Francisco urging the extern
sion of branch banking under certain
restrictions. Mr.. Pole had frequent
consultations with Secretary Mellon be-
fore he prepared his speech for the
American Bankers Association conven-
ton.
+ CIGARETTES HIGHER.