Evening star., 1931-06-24
new SAFE DEPOSIT
RULE CONSIDERED
Box Renters May Be Required
to Post 81 on Receiving
Keys.
BY EDWARD c. STONE.


by EDWARD c. STONE.
Renters Of safe deposit boxes in
Washington are likely to be required
in the future to make deposit OF 81
when they obtain their keys, according
to a proposal now before the District OF
Colunbia. Bankers Association. The
frequent loss Of such keys has caused
a good deal of trouble and no little ex-
ipense among the local financial institu-
tions, so much so that the matter has
been given special attention and study
by the safe deposit section OF the aSso-
ciation, The proposal has been referred
to the associations council OF admins
tration for approval.
The Recommendation of the safe de-
posit sectipn calls for Its adoption by
all the member banks in the Capital.
Such a pan is now in successful OPP
Grafton IL several other cities. The 81
deposit u, of course, returned when the
box rentss turns in his keys at such
time as he gives up the safe deposit
box A QUESTIONABLE shows that large
majority of the local banks are favor
able to the plan. 1t is held 1t would
make the customer much more carefl
in efforts to prevent loss OF his keys
and at the same time check a STEADY
financial drain on the banks
This is one of the first problems to
be referred to the new administration
which came into being at the Hot
Springs convention. During the past
year Frederick H. Cox has been chair
man of the safe deposit section. An
other important matter taken up during
the year was a proposal relative 70 tne
adoption OF uniform rates OF box
renters.
This is a matter of interest only to
the banks themselves, as Is the pro-
posal to increase the charge for mem
.bership in the safe deposit section. The
increased charge would include sub
scriptions to one Of the leading publica-
tions in the country covering all sa1e
deposit problems.
Insurance Association to Meet.
At the June meeting of the District
Of Columbia Life Underwriters ASSocla-
tion, tomorrow noon at the carton
Hotel, the newly elected ofhcerS Will be
installed, and an outline of the coming
years activities presented. DAVID ..
Bethune succeeds John H. Snyder as
president The other officers are Philip
L. Baldwin, vice president; j. e. NC
Combs, second vice president; Daniel j.
Harrison, secretary, and George B. Far
quhar treasurer.
John F. McElfresh and John p. Lynch.
This years committee chairmen include:
bulletin, j. Alan Maphis; educational,
Russell Shelk; field practice, Maynard
C.. Burrell; managers section, II. Law
renee Choate; membership, Lawrence
c. Crawford; civic agencies, H. Cochran
Fisher; Bank & Trust Co. Corporation,
John r. McElfresh; program, Harold
D. Kraft, and legislative, JOSEPH a.
Mari.
In and Out of the Local Banks.
IS we believe that holders Of New York
bank stocks are due for q pleasant sur
prise when second quarter statements
are issued" says a Gotham brokerage
firm, adding that inquiries among off,
GERS Of important institutions indicate
that current earnings are well above
dividend requirements. Several Wash
ington banks state that the same situa-
ton Is true here.
It was brought out at the recent
bankers convention that IS banks in
washington have 69,953 savings ac-
counts OF $5 or less, averaging $1.92 per
account and totaling $134,470. 1t is
this state of affairs that has brought
about a move to raise the size OF de-
pcsit before interest is paid on it, the
present rule Of 81 up being considered
too expensive.
the local Office of Hemphill. NoyeS Is
Co, won the Coleman Jennings Tennis
Cup for the third time at the Hot
Springs bankers convention so 1t now
becomes his permanent property. He
announces that he will give the as
sociation new cup before the next
convention which he will not compete
for himself.
Within Just one year Washington has
seen five new bank presidents take
off1ce--John Walker, Chevy Chase Saw
1ngs Bank; Joshua Evans, Jr., District
National; Francis G. Addison, Security
Savings & Commercial; John D. How
ard, Seventh Street Savings Bank, and
Joseph Schiavone, International Ex-
change Bank. Mr.. Schiavone returned
to bank of which he was president
when 1t was founded.
Three former winners Of the Mclean
Cup at D. c. bankers conventions
failed to qualify this year,. Frank
White, Maurice Otterback and Charles
I. Taylor Mr.. Taylor was unable to
nose out victory in spite of very fine
coaching by another representative Of
the National Metropolitan Bank, C.
Lewis Ecklof, an assistant cashier.
Albert S. Gately and j. T. Exnicius are
improving every year and are bound to
win some day.
AT the regular monthly meeting held
today, the, directors Of the, National
Bank OF Washington declared the usual
semi annual dividend Of per cent,
payable July 2, to stockholders Of rec
ord June 80.
The Norfolk & Western Railway has
declared regular quarterly dividends Of
$3.50 on common stock, payable Septem-
her 10 to stock Of record August 81 and
II lt,,ak -kA
payable August l9 to stock OF record
July 81.
: American Ice Co. directors have de-
cIared the regular quarterly dividend
Uf rs cents on the common stock and
$3.50 on the preferred stock, both pay
able July IS to stock of record July 6.
A second quarterly dividend of $1.50
was declared on the preferred stock,
payable october 26 to stock Of record
october 2.
Norfolk g. Western Railway Co. re-
ports for five months ended May 81 net
income of $6,847,794 after taxes and
charges, equivalent after dividend re-
,quireuents on per cent preferred
stock to $4.59 a share on l,406,483
shares Of common stock. This COM
pares with $11 ,999,912 or 1925 a COM
mon share in first five months of pre-
vlouS year. May net income was ST.
452,728 after taxes and charges, against
;t2.641, ,5s5 in May, 1880.
Bonds in Excellent Demand.
Washington Railway g. Electric IS
were in excellent demand on the Wash
ington Stock Exchange today. Sales
totaled $4,000. The market opened
at 9034 and closed at 90A.
Small sales were recorded in WASH
iington Gas Light IS, series A, at l0lAa,
and Capital Traction SIS appeared on the
hoard at S3