Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-08
RESOURCES MOUNT
RAPIDLY IN BANKS
HERE DURING YEAR
Undivided Profits and Funds
for Dividends Also Higher,
Controller Reports.
BOND CLUB MEMBERS
TO HEAR RAIL EXPERT
Saturday Trading Reviewed on
Local Exchange-Institute
Committees Appointed.
BY EDWARD C. STONE,

BY EDWARD C. STONE.
Washington's 80 banks had total re.
sources of 1887 900 at the close O.
business on September 80, the date OF
the controllers last call. This figure
compares with slightly larger resources
OF $340, 10000 on the cali of June 80
1881, but shows substantial increase
over the September "a call year ago
when total resources of 40 local banks
aggregated $326, 633 900.
Details from the abstract summary
OF the condition of local banks on Sep
TENDER 20. reveal that the banks here
have aggregate capital stock amount
ing to $32,328,000, national bank CAPT.
tallzation being $11,175000; savings
bank capital stock, $2,753 900 and trust
company capitalization, $9,400,0oO.
Local banking institutions have a to-
tai surplus of $20,278, 900, of which
$8,725,000 is held by the national
banks; $1,803,0 900 by the savings bank
group, and $9,750, 900 is on the books
OF the trust companies. While the ag-
gregate capital stock of the local banks
has remained unchanged for some time,
they had little larger surplus fund at
the time Of the June 80 call and also
a year ago in September.
Large Undivided Profits.
Washington banks now have unoi-
Vided net profits amounting to sc, $685.
900. The division of these profits shows
that the national bank group holds
$3,O73,000, the savings banks have
S834,000 and the trust companies are
carrying $2,789,0 900. Although below the
June figures, the aggregate undivided
profits are substantially ahead of the
report made following the call of Sep
TENDER "a, 1890.
Another item of special interest in
the Washington bank summary relates
to reserves carried for dividends and
contingencies. These reserves now total
$3.50 900, compared with the lower fig
ure of ST. 900 revealed by the June
80 call, End the still lower figure of
$l,452,000 reported at the time of the
September call year ago.
Controller Poles summary, taken as
1t is from the individual statements of
all the banks in the city, will be re-
ceived with great interest and satisfac-
ton by local bankers, since the abstract
depicts Washington financial institu-
lions in very sound position. Little
wonder that the status of the banks
here is the envy Of bank officials in
some of the far corners of the country.
AS already noted. Washington resi-
dents had $120,218,000 sailed away in
savings on the date of the last call,
against $l13,878,000 in thrift accounts
in September, 1890 There are now
525.379 savings passbooks held by de-
posltors. compared with 315,650 Savi,gs
accounts in the local banks a year ago.
Trading on d. C. Exchange.
Washington Railway e. Electric pre-
ferred sold to the extent of 10 shares
on the Washington Stock Exchange yes
terday at "a, the same price as in other
sales during the week. A 100-share
block Of Real Estate Mortgage g. Guar
anty preferred changed hands at 612
and Potomac Electric Power 5 p per cent
preferred registered 6-Share sale at
1861, up 4 from several other quota
tions recorded in the past few days
Bond business was confined to 81 900
sale in Washington Gas IS, series A, at
1003s, up Il.
The securities not listed under Ex-
change rules were called off and few
changes in quotations noted. The bid
on Cosmos Club 412s is now SO, May
flower Hotel IS stand at 25 bid and 27
asked, and A is now being asked for
National Press Building first SIPS. The
largest spread between bid and asked
prices in this list Is on Munsey Trust
Co. stock, 100 being bid and 100 asked
Lawrence M. Proctor, president of the
Washington Bond Club, announced yes
terday that Julius H. Parmelee, director
OF the Bureau of Railway Economics,
will be the guest speaker at the No
Vember luncheon at the Carlton Hotel
next Tuesday noon. Mr.. Parmelee will
discuss Railway Credits and Rates"
The Bond Club officials are highly
elated Ito have this railroad expert ad-
dress The members. He was the first
and one 10 the chief witnesses for the
railroads al the recent xate hearings be-
fore the Interstate Commerce Com
mission and showed a remarkable
knowledge of railroad finances and traf-
flc.
What railroad b1nds are likely to do
in the next few weeks is of the greatest
Importance to bond men here and every
where. Mr.. Parmelees information
Institute Committees Named.
Three important committees-Ar-
chives, Audit and House-were appoint
ed yesterday by President Aubrey o.
Dooley Of Washington Chapter, Amer
lean Institute of Banking. The Ar
chives Committee includes Robert G..
Wilton, First National Bank of Alex
andria. chairman; j. Earl McGeary, w.
B. Hibbs & Co.; Norman E. Towson.
Washington Loan & Trust Co.. William
G. Winstead, National Metropolitan, and
William P. Keith, American Security &
Trust Co.
MI. Whitton, the new chairman, was
educated in che Alexandria High School
and the Washington Preparatory School.
is an institute graduate, has been on
all major committees and the board of
governors and " is delegate to the ma
tional conventions at Philadelphia and
Tulsa. He Is assistant cashier of the
bank in which he is employed and presi-
dent of the Mortgage Finance Corpora
ton of Alexandria.
The purpose of the committee is to
maintain records of chapter activities,
preserve such records for future guild
ance and collect historical data on in
stitute matters.
The Audit Committee chairman is
Lloyd H. Johnson, Northeast Savings
Bank, and the other members are Ar
thur E. Meade Departmental Bank. and
Nelson M. Stokes, Lincoln National.
Chairman johnson got his first banking
experience in Syracuse, N. Y, where
he was educated and took a special
course in fine arts at Syracuse Uni
versity. He has taken many Washing
ton Chapter courses and has been with
the Northeast SavicS Bank since
1921. The committee which he heads
audits all committee accounts, treas
Erer'S records and verifies all the chap
ter's receipts and disbursements.
Miss Anna p Crawford, McLachlen