Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-17
SAVINGS DEPOSITS
SHOW SHARP GAIN
Washington Banks Report
! $10,+39, 900 More in Ac-
- counts Than Year Ago.
nv EDWARD C. STONE.

RAVlnRN
banks on June, 80 1891, totaled $780,
s4e. 900. Just s1o4ss,ooo more savings
than were In 20 local banks on June
% . year ago.
The total Ia also well ahead of the
total aavings in local banks on March
as of this year. when savings totaled
see. 24l. 600 according to q report made
TODAY by the controller Of the currency
following the call which he sent out
recently.
Controller Poles report shows that
the IL national banks on June 30 1881,
had ISL .072.000 in savings deposits. as
evidenced by savings passbooks; the ~
savings banks held $22, $4,000 in saw
inas deposits, and the five trust COM
panies were carrying $27 ,052.0O0 in saw
ings on their books
Today's compilation showing the con-
dition OF ell the banks in the city does
not include the money in Christmas
savings clubs in the savings totals. The
reports on the various other items shows
very plainly that Washington banks are
In particularly sound condition.
At the present time the analysis in
dicates that the local national banks
have an aggregate Of lo1;ssS savings
total of l42.162 such accounts. while
the trust companies have 75.052 thrift
accounts. The figures reveal total
Of $325.052 savings accounts in the
local banks.
This total compares with 309.43l
savings accounts on March 2S. 1881,
and 3l2.l20 savings accounts on June
40 year ago. These figures reveal
gain Of 1882 new savings accounts
during the past ~ months.
Title Firms IN Working.
II is announced in the financial dis
trict that the directors of the District,
LAWYERS and washington Title 1nsur-
ance Cos have approved working
agreement to take over title work of
the Title H. Investment Co. OF Mary
land. which Is located at 923 Fifteenth
street northwest. The work Will be
carried on through . new corporation,
the name of which has not been Sc
iected. title officials said today.
Directors Of the three first companies
mentioned stated the plan which they
have approved will in no sense result
In A merger of the four companies. and
that the new company will pay the
District Lawyers and Washington
companies q certain percentage OF It's
profits. Directors OF the Title ~ In
Vestment Co. OF Maryland are expected
to approve the plan at once.
Under the plan, investment activities
tered on the upper floor Of its present
location but title activities of the new
company will be housed In the building
Of the District Lawyers and Washington
Title Insurance compa MES, at 1913 /
street northwest.
It was announced further that titles
on property located In Maryland Will
be issued in the name OF the new COM
pany. The same oficers will continue to
manage its work.
Francis z. Smith. ir.. has been
elected vice president and title ofhcer
Of the Washington, District and Law
yers compa MES, to succeed William NJ
Hallann, who has resigned to handle
title work for the United States De-
partment of Justice. Mr.. smith was
also elected q director Of the DISTRICT
Title Insurance Co. to succeed Charles
r. Allen. who died recently.
Directors Of the District. Lawyers and
Washington companies declared the
serni-annual dividend of per cent pay
able Monday.
Capital Traction Goes Higher.
Capital Traction made another new
high mark on the Washington Stock
Exchange IN today's trading.
The stock opened at asa and ad-
vanced to 39i4 at the close. Most OF
the trading was in l0-share lots. the
days sales totsling So shares. IT has
been several months since this stock
was as high as 1914.
The volume of trading indicates no
particular buying wave In the stock,
but reflects considerably more conf
dence In the outlook. Bidders for
Capital Traction find little stock for
sale except at higher prices.
Washington Railway preferred sold at
100 today and Lanston Monotype
olN m
. 5o-share turnover.
Washington Gas IS. series A. sold at
1903. D. c. Paper IS at 30. and Chess-
peake IL Potomac Telephone IS OF
Virginia At l0434.
Washington Railway g. Electric As
came out in a $4,000 block at 81 u.
The company's preferred stock moved
at l0Ol4 and l00as.
New York Bank Stocks Reviewed.
recent review Of New York bank
stocks which came into great popular
in Washington during the Hoover bull
market. and are still widely held here.
contains the following facts regarding
these securities as group:
About 25 per cent OF the Nations
total bank deposits a,e located In New
York City. The largest bank and the
largest trust company in the world ere
In that CITY. The average age OF l9
leading banks in New York is rs years.
a period during which there have been
10 major depressions prior to the cur
rent one. The unbroSen dividend record
Of these institutions averages 81 years.
In 1905 total resources OF 25 largest
banks were shout 81 900 900 900. where
as today Chase Ma ional has over s2.-
500 900 900 resources. and National City
and Guaranty Trust are close to the
$4,000 ,000,0 mark"
Resignation Stirs Interest.
Much interest was manifested in the
fine ncial district today over the resig-
nation OF Corcoran Thorn, president OF
the American Security (; Trust Co. as
q director in the Washington Gas Light
Co. which was announced yesterday.
Mr.. Thorn was elected a director OF
the gas company on April :. 1890, fill
ing the vacancy caused by the resigna-
ton OF H. Prescott Galley At that
time George A. G.. Wood. afterward
made president of the company, was
elected to the board.
Mr.. Thorn gave as his reason for re-
signing the 1act that he leels he has
too much work on his hands and there
fore must cut down some OF his f1nan-
cisl activities outside Of the bank.
He is known to be a substantial
holder of washington Gss Light stock
and the trust department OF his bank
also holds large blocks Of the company's
securities in trust
II vii, os recalled that President
Wood was erected a director in the
American Security a. Trust Co. At the
last annual meeting. He is also di-
rector in the Munsev Trust Co.
II could not be learned at the gas
company's head office today who will
succeed Mr. Thorn, whether the direc-
tors will elect another Washington man
or take some one from outside of the
city.