Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-03
SAVINGS DEPOSITS
CONTINUE ADVANCE
IN 39LOCAL BANKS
Controllers Report on Re-
cent Call Shows $11,997 900
Gain During Past Year.
w. R. & {. PED. QUITE
ACTIVE ON EXCHANGE
Banker Considers Present Good
! Time for Young Men to
Enter Business.
BY EDWARD C. STONE.

! Deposits in washington savings
thanks, national banks and trust COM
tpanies are still mounting rapidly. The
--latest report on the local banking sit
enstion, issued by the controller OF the
Fcurrency since the recent call, places
aavinQs deposits at $99, 24l 900. COM
pared with 500, 100000 following the
fcall Of December 81, 1880 and $67. 244,-
nm shown in the consolidated sLate-
tment Of March 81, 1880.
Comparisons show gam IN savings
Of s6.I35, 900 in the first three months
fof the present year. and a very sig
nificant advance of $11 $4,000 between
March. 1880, and March, 1881. This
increase of nearly $12,000,000 in local
savings in the past IL months is the
most striking example to date OF the
manner in which people IN the Ma
tional Capital are saving money lor d
rainy day. -
The stock market crash started the
thrift move and the unemployment Sit
nation gave it further impetus by re-
Vealing to those still having JOBS the
great necessity of reserve funds. 1t IS
impossible to say just what portion OF
this money IL pure savings. Many IN
vestors are keeping money In the saw
ings departments Of the banks awaiting
reirlyestment at an opportune time.
However, it is believed that the greater
part of these deposits are strictly saw
inRs, exclusive of Christmas club &C
counts.
The returns from the last call state
that the - local national banks have
an aggregate OF $50,612,000 in savings
deposits, as evidenced by savings pass
books: the % savings banks have $2l,-
$1,000, and the five trust companies
are carrying $26.762, 900 in savings
Pass books indicate that the number
of individual accounts IS not as large
as a year ago. being 309,43l, against
3I2.469 in March. 1890
The controllers report shows tnat
aggregate resources of $34f $4,000.
against the much lower f1gure OF $3l7,-
'692, 900 on the corresponding date
year ago.
Trading on d. c. Exchange.
Washington Railway 81 Electric pre-
'ferred was IN demand yesterday IN
small lots on the washington Stock
Exchange. Fsderal-American National
Bank a. Trust Co. stock was also in
demarel, Riggs National being the only
other bank issue to appear on the
board. Bonds, except Washington Gas
6s, were neglected. Sales follow:
EQbOuld& G4EIWAC - n PSA N~AAb ~
fkrred-5 at 110A. so at ITO.
Washington Railway & Electric pre-
1erredE10 at 981z, 2 at 9Sh, 10 at
1885,, 10 at 06A.
sFederai-American National Bank g.
Tfust-10 at so, 10 so. 10 at so, 10
at so, 10 at so.
Riggs National Banjo at 4l0.
Lanston Monotype-3 at 102.
Washington Gas IS "A"-$l 900 at
Th2 Gin nm ar I021.
/ Washington Railway g. Electric pre-
sferred-34 at 98A.
Lanston Monotype-2 at 102.
Sees Fine Business Chances.
Guy Emerson, vice president Of the
bankers Trust Co., New York, who
presided at the annual convention of
The Association Of Reserve City Bank
efs in Richmond, scouts the view held
Thy many parents and declares that this
kae q good time for young men TO start
out in business.
Young men who finish school and
cpllege now and experience difaculty In
getting the work they want will be
snuch better of by the time they reach
i+p than the men who got of to flying
Etart with prosperity, Mr.. Emerson
syerred. Those who ind it harder at
the beginning will become better trained
in the elements Of business and better
equipped TO ascend the scale than those
who had II easier, he said.
The present depression will be fol-
lowed by gradual recovery that will lead
70 greater prosperity than we have ever
had, Mr.. Emerson declared, because 1t
will be a saner, more reasonable con-
dition. Men are taking stock of their
business now and learning things that
viii cause them to exercise more care
in future to keep business on an even
keel he believes.
Treasury Still Going Strong.
Rome c. Stephenson, president Of the
American Bankers Association, and the
late George o. Watson, so long an out
standing banker in the local financial
district, were unusually close friends. 1t
happened that Congress had passed the
soldier bonus bill just the day before
Mr.. Stephenson arrived here for one
of his short visits. He stepped TO the
phone at the Union Station and, dis
Ruising his voice, called up his old
1riend
Hello, is this Mr.. walsOn'"
Il believe you're banker, the head
OF oanK?"
Yes"
We'll, what can you tell me about
Government bonds?"
You will find the quotations every
day in the newspapers They"
Yes. but I understand the soldiers
ore going TO take all the Governments
money" said Mr.. Stephenson, with q
chuckle.
with whom am I speaking2" quizzed
Mr.. Watson, as his suspicious became
aroused.
George. this is Rome. I'm coming
mp"
Financial District Gleanings.
Parnum l. Cotton, chairman of the
Giduciaries section OF the District Bank
ers Association, reports wide interest
5n the dinner meeting set for Tuesday
might at the Willard, when Edward j.
Reilly, legal editor Of Trust Companies
Magazine and trust counsel of Moodys,
will be the speaker.
The Great Atlantic g. Pacific Tea Co.
has declared the regular quarterly divi-
dents OF $50 on the common stock
and SITS on the first preferred. both
payable June / to stock of record
May 8.
Spencer Trask 81 Co.. pioneers in
public utility financing, celebrated the
fftieth anniversary Of the adoption OF
the present firm name. in New York
during the week. The firm, which now
fNs Is partners. has been particularly
aW'ive in developing the electric lighi
~AI ..aunnS ss.I.aofFu IAmaAa ~ K0lAM,