Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-30

State<Pianters Ma
tional bank Il
Trust Co. Of Rich. John N. Miller jr.
nond as chair
man for the Old Dominion State, re-
ports that the Virginia organization y
practically completed. Mr. Hill state'
that the banks all have the subscrip,
ton forms and he believes there VII
be 100 per cent response.
About 225 Virginia banks have al
ready made their subscriptions. which
aggregate about Sc 900 900, 1t Is anti
cipated that final reports will swell
this t9tal considerably and It IS also
announced that the new Loan Commit
Tee viii probably hold a meeting within
the next 10 days.
The other states In the fifth dis
trict are getting their own organizations
wen under way Reports from new
York. Boston. Philaceipnia ano many
othrr places outside the Richmond Re-
serye district indicate great progress. II
is also stated in Treasury circles mere
that forming OF the big credit pool has
already had a substantially oenenclal
eject on the economic situation all over
the country.
Miller Has Brilliant Record.
Unexpected and unsought fame some
path and arrives overnight. Tnat Is
what President Hoovers plan LOT
Nation wide credit pool did for Jonn
M Miller, IT., Richmond BANKER, VINO
was recently made the fifth Federal Re
serve districts director in the Nataonai
Credit Association.
For years q widely known flnancier
in the Old Dominion, Mr.. Miller has
suddenly become an outstanding inquire
from Hagerstown. Nd, to Columbia,
8 C.. and from Norfolk. Va, to Hunt
ineton. w. va. His first move In the
national credit organization was to APP
point organizers in the ave States IN
the fifth district and in Washington for
forming the necessary local units.
Then he rendered every assistance TO
bankers all over the district. with the
result that the organizations have now
been completed and the loan commit
tees named. His friends say he is a
remarkably keen banker. Born IN
Lynchburg on March 81, 1858, he began
his financial career as a clerk In the
Lyrichburg National Bank in 1888.
Later he became cashier of the First
National Bank in Buchanan, Va.
His banking ability became so well
recognized that he was m sde ma
ttoual bank examiner. From 1888 70
1000 he WAS with me Merchants d
Farmers National Bank Charlotte. N.
G. moving from there to what is now
of sRichmond, of which he has long
been president. A former director IN
the Richmond Reserve Bank, he Is now
a director in nearly a score OF very
important corporations, and stands at
the very top in Virginia capital bank
ing circles.
100000 Savings Accounts.
That both the number Of depositors
and the amount of savings deposits
have continued to. increase year by year
for more than 30 years, with the single
exception of 1929, and that the total
amount held in the form OF savings
deposits by American banking institu-
tions Is almost twice the size of our
entire national debt. were among the
interesting facts brought out in a
radio address by Howard Biddulph,
president of the National Association
of Mutual Savings Banks
More than $4,000. 900 people in this
country, the speaker went on 10 say,
have savings accounts in banks, or
more than half the entire population
above the age of 10. The total volume
of their savings deposits is more than
country has so large a sum of money
been placed by so many different people
in 4 single form of investment.
Today's Trading on Exchange.
The opening sale on the Washington
Stock Exchange today was 81 900 trans
fer in Washington Gas SIS at i0l. Po-
tomac Electric Power IS figured in
$1,000 turnover at 1914. while two
81 900 sales in Washington Gas IS
Series A. were made at 100. The Serie:
b Gas bonds moved at l03. Another
important bond sale was 81 900 Wash.
ington Railway a. Electric IS at S5la.
While bonds got the most attention
today, a small lot of Potomac Electric
Power per cent preferred stock moved
at ITO, and the corporations SD pei
cent preferred came out at log Foul
1o-share lots of Washington Railway a
Electric preferred changed hands at %
Washington Clearing House figure:
for today, $3,S4S,os4.Se.
Peoples Drug Stores Earnings.
Peoples Drug Stores. Inc, report.
for nine months ended September 80
1881, net profit of $3.50 AT after charge.
and Federal taxes, equivalent after div,
idend requirements on 6i2 per cent pre-
ferred stock. to 81 so a share on l22. 10
no.par shares of common stock. Thi!
compares with 1855. $50. or S206 {
share on l2s. COS common shares in frs
nine months of 1880
Virginia Railway Co reports for min,
months ended September 80. 1881. ne
income of $2377 $50 after taxes anC
mentS on 6 per cent preferred stock
to S3.5S a share on 312, IT'S shares o
common stock This compares Will
SS,l23,S46, or 500 a common share. il
FIRST nine months OF 1880
September net income was SAT- so!
after taxes and charges, against $4o4,
400 in September. last year.
Heard in Financial District.
The fiduciaries section of the Distric
Bankers Association held its first Fal
meeting yesterday afternoon at bankers
headquarters in the Becker Building
Plans for the coming Winter were dis
cusscd and partial committees named I
carry on sthe work. 1t is probable tina
there will be another Joint meeting thi
wear with the Life Underwriters ASSo
citation. Kenneth Brooks presided.
William P. Allen OF Wilmington. Del
q member 81 the board OF directors c
ChildS Co., has been elected preSider
OF the connany filing the vacanc
which has existed since March. la2!
Mr.. Allen has resigned as vice presider
OF z. /. du Pont de NemourS a. Co. {
devote his major activities to Childs.
Following the resignation OF Waite
s Franklin to become president Of tn
wabash. the Pennsylvania Railroad an
nounceS the appointment Of r. K
Rochester. general manager Of the raj
roads Eastern region, TO succeed NJ
Franklin as assistant TO the vice pres
dent in charge Of operation
Edwin @. Merrill, president of Ban
Of New York A. Trust Co, has bee
elected director OF Virginia iron, Col
g. Coke Co. TO succeed the late job
n Newton.
Directors of Mccrory Stores Corpors
ton have declared the regular quar-