Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-08


the banks showing S3$ M
a decline of Soc
407.25 in deposits John n. Leonard
this year, compared
with the June %, 1928, call.
BY groups the national banks and
trust companies revealed losses over
March and the savings banks scored
gains but not of sufficient proportions
to offset the other declines. Eight ma
tional banks recorded a drop in de-
posts, while the other four had adj
VanceS.
The largest gain made in the nation
al bank division was attained by the
Commercial National which reported
an increase of $549,4 80. Next came
the National Metropolitan. with an adj
vance of over 1858, 71448. The others
showing increases we're the Franklin
National and the Second National.
Declines were general in the trust
company division, six of these institu-
tions being below the March call in
their figures. The Union Trust Co. was
the only one of this group to check up
an advance. This bank gained $685.
762.52 between calls. This group as
larger decline than that of the nation
al banks, which needed 81 .621. 1924 to
equal the record of March q.
Savings Banks Report Gains.
The gain made by the local savings
banks amounted to $660,452.91, this adj
vance being scored by II banks. Five
others reported declines. The largest
gain was made by the Bank of Com
merce g. Savings, with an advance of
S152,31427. Next came the United
States Savings Bank, with an increase
of S106,74490 Third in this group was
Potomac Savings. with the Depart
mental Bank running close fourth.
Complete comparisons appear in an
other column in today's financial Sec
ton. Local bankers consider that the
showing as a whole is good one. A
decline had been generally predicted.
Taxes appear to be the chief factor in
the decrease. Two installments of in
come taxes really figure in this return.
Checks for the March payment did not
generally come in for payment until
after the March call and another pay
ment was made on June Is. The Sec
ond half of the personal tax and the
second half of the real estate tax also
came out of this call.
1t also happened that a record num-
Der of rights to purchase stock expired
in June. A large number of washing
ton investors took advantage of these
opportunities and made some heavy
Withdrawals in their bank accounts to
meet the payments.
Press reports indicate that banks all
over the country have been reporting
lower deposits for some little time.
Between the calls of December 81,
1928, and March 81, 1929 the Wash
ington banks gained S4016,666,12. Tie
loss on the June call has made sev9e
dent in that advance, having reduced
it to $2S6,326.32.
Leonard Celebrates Birthday. \
John ID. Leonard. vice president and
treasurer of the Washington Savings
Bank, Tenth street and Grant place, is
another local banker who celebrates his
birthday during the heated term. He
has just passed the f1fty-fourth mile
stone.
Mr.. Leonard is lawyer as well as
banker, having graduated from the
Georgetown Law School, He was admit
ted to the District bar in 1894. He or
gained the Washington Savings Bank
In 1917, and became its first president,
later turning the duties of the office
over to Thomas E. FARRELL.
John%Leonard has always been deeply
interested in the District BankerSIAsSo
citation. Should the president of the
association call the annual convention
to order and not see Mr.. Leonard sitting
in the first, second or third row, he
sent out after him. The savings bank
officer hasn't missed convention in
years, If ever.
Local Securities Steady Today.
Securities more than held their own
on the Washington Stock Exchange to-
day when the weeks trading opened.
Capital Traction opened at 9434, but
also sold at 95 during the session, the
days turnover being A shares.
Potomac Electric per cent preferred
sold up to 100. The 6 per cent preferred
again sold at 112. Washington Rail-
way & Electric preferred sold to the
extent of 40 shares at 81.
Two of the higher priced bank stocks
appeared on the board, 10 shares of
American Security & Trust selling at
455 against the last sale at 451, and
10 shares of National Savings &, Trust
Co. changing hands at $50, against the
last recent sale at SOS.
Merchants Transfer & Storage came
out at 1919, Federal-American Co. pre-
ferped at 1914 and Washington Me-
chanics' Mortgage Co. at IL. Heavy
sales in Real Estate Mortgage & Guar.
Mergenthaler Linotype was active, II
shares changing hands at 1055s.
>>Annacostia & Potomac Railroad SIS
and Washington Gas IS, series B, led
the bond market. Prices were firm.
Heard in Financial District.
G. H. Pope, vice president of the
Munsey Trust Co., and secretary of the
District of Columbia Bankers Associa-
ton, is passing a month at his old
home, in Goshen, N. Y.
John Joy Edison, chairman of the
board of the Washington Loan 81 Trust
Co., has been reelected a trustee of
George Washington University. He has
served in this capacity since 1901.
Seventy-seven members of the staff
of the National Metropolitan Bank and
guests were guests of the bank Satur-
day and Sunday at week end outing
at Piney Point. All reported a most
delightful visit away from the heat of
the city.
The common stock of the Washing
ton, Baltimore g. Annapolis Electric
Railroad has recently been the sensa-
ton of the Baltimore Stock Exchange.
It recently jumped over points, and Is
more than Z points above the years
low. Efforts to obtain the road in con-
nection with possible railroad mergers
are the reasons given for the excep-
tional activity in the stock.
4 The Park Savings Bank pays its 5
per cent semi-annual dividend on July
10, to shareholders of record on July /.
LARGEST BANK IN U. S.