Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-15


value of getting together for the dis
cuSsion of common problems. One
means of getting together has been
the weekly luncheons, inaugurated in
1922. for senior bank officers to bring
about more intimate and more fire.
luncheonS is always frank and never
carried beyond the meeting room.
Ideals are exchanged and problems
worked out.
"One outgrowth of the weekly lunch
cons was the creation of a protective
committee. Another was the appoint
ment of an advertising committee. The
advertising committee has conducted a
number of cooperative campaigns,
which have not only been productive of
results, but have meant a tremendous
saving in money TO the participating
banks It's first campaign was to pro-
mote Christmas savings clubs and was
put in operation in 1925. Today the City
of Washington stands first in the
amount of the individual average Of
Christmas club savings. The 1880 club
has a membership of 2,192, represent
ing $7835.123. The 1925 club had &c.
279 members, representing $4,447,741.
mo single activity of the association
has done more to improve banking
methods and practices in the District
of Columbia, to protect the business,
promote the welfare of its members and
foster fraternal relations among those
engaged in the banking business of the
community than has the custom of the
senior officers of the banks meeting at
luncheon weekly" the Washington
banker asserted.
The conference sponsored by the
American Bankers Association, heard
sixteen speakers yesterday on various
topics relating to bank management
lie s1E
experience in a most interesting light
The sessions close tonight.
Fifth District Building Status.
After an unfavorable record during
the closing months of 1929, building
permits in 80 fifth district cities turned
upward In January and exceeded in
estimated valuation the volume of
work provided for in January permits
of the preceding year. New York pro-
vided for in January 1880 permits was
higher valued than permits for similar
work issued in anysother month since
July, 1929, and was 1913 per cent above
estimated valuation in January, 1929.
The actual number of permits issued
last month was less than in the cor
responding month of the previous year,
but the average value of each permit
was higher in the 1880 month. The
value Of alteration and repair permits
issued last month was less than N jan
uary, 1929, chiefly due to unusually
high figures for this class of wcrk in
January last year in several cities.
Combined valuation figures for all
classes of permits issued in January,
1880. exceeded the January, 1929, total
by S414,103, or 4.3 per cent. Exactly
half of the 80 reporting cities showed
higher 1880 valuation figures, the small
er cities comparing somewhat more IA
vorably with their 1929 records than
the larger cities.
Norfolk reported higher figures for
new construction than last year, but
a material decrease in alteration and
repair work resulted In decline IN the
1880 total for all classes Of work, the
Richmond Reserve Bank says.
American Stores Boost Profits.
Operations of the American Stores
Co. in 1929 we're featured by an in
crease in the profit margin on each dol
lar of sales and a continued expansion
in gross, effected mainly through con-
centration and promotion Of sales IN
established units.
Net income for 1929 was $6,594,S22,
or S4,25 a share, against $5,57o,669 in
1928, or 1881 share. Net earnings
from operations, before depreciation
and taxes, were $7,8O2,673, compared
with $6,738,368 in 1928, an increase OF
$1,064, 305, accounted for by gain in
ncrgin of profit to 48 per cent from
43 per cent and an increase in gross
sales to S143,346,157, record figure for
the company, compared with $137,3 11,-
513 in 1928, previous record.
The 1929 sales results were the more
impressive, as the company added only
SO stores to its chain during, the year,
bringing the total as of December 81
last tn q EdA units the f0rAHnniY1Q
three years expansion was at the rate
of 1877 additional stores year.
February Insurance Gains.
Figures compiled for last month show
that Americans purchased in February
81 per cent more new life insurance
than was bought in the corresponding
period year ago. These February
figures transformed a decrease for
January into a slight increase for the
two months of the year
These facts are indicated by report
of the Association of Life Insurance
Presidents, comprising "A member COM
panies. which have 80 per cent OF the
total volume of life insurance outstand-
ing in all United States legal reserve
companies.
For February the total new business
of all classes written by the A COM
panies was 81 ,oo3 ,478 900, against $973,-
o48.O0o during February Of 1929: new
ordinary insurance amounted to $780,
735,000, against $685., 663 900; industrial
insurance amounted to $2l2,8l3,00O,
against $3.50 7780 900, and group insur-
ance was 1880, 900, against $58,6O7,OOO
Seay Elected Vice President.
At meeting of the board of directors
of the Federal American Co. yesterday
afternoon the regular quarterly diV1-
dend of 81 so per share was declared
on the preferred and a dividend OF 80
cents per share was declared on the
common stock payable April to stock
holders of record Mgrch 26. William
M. Seay was elected vice president. DR..
OF the company.
New Bond Club Members.
At recent meeting Of tne board OF
governors of the Bond Club OF Wash
:ngton the following were elected mem
bers Of the club: r. Bascom Broun. Jr..
local manager of Baker, Watts q Co.:
Samuel j. Cohen of Stein Brothers IL
Boyce. and Robert K. Carpenter OF
Hemphill, Moves & Co. Tentative plans
for the third annual outing of the club
were discussed. Place and date have
not yet been selected.
Financial District Notes.
The Southern Railway has declared
regular quarterly dividends of 50 on
common and SIPS on preferred, COM
mon payable May to stock Of record
April / and preferred payable April is
to holders Of record March "a.
Walter s. Clifford, president of the
American Telephone q Telegraph Co.,
has been elected trustee of the Bank
I for Savings in the City of New York.