Evening star., 1931-12-04
SAVINGS METHODS
TO BE. DISCUSSED
Eastern Bankers win Hold
Meeting in New York
January 1929.
BY EDWARD c. STONE.

ference sponsored by the Savings Divi-
sion. American Bankers Association, will
be held at the Roosevelt Hotel New
York City, on January % and %. The
conference field comprises all inst.tu
sions interested in the savings business
in the States of Connecticut, Delaware
District of Columbia, Maine. Maryland
Massachusetts, New Hampshire New
Jersey, New York, Pennsylvania, Rhode
Island, Vermont, Virginia and West
Virginia.
The program discussions will deal with
basic factors entering into the savings
business, including the Federal Reserve
System, investments in q transaction
period such as the present, the home
loan discount banks, essentials of mort
gage appraising. depression proof invest
ments, gold as it affects investments
through trade and industry, the ques-
tion of unemployment insurance and
recent defaults in municipal bonds in
some parts of the United States. Jay
Morrison of Seattle, Wash, is president
of the division, and the chairman of the
Conference Committee is Henry r. Kin
sey Of Brooklyn, president of the Saw
ings Banks Association of the State of
New York
Henry Bruere, president of the Bow
cry Savings Bank and member of the
Executive Committee of the Division, Is
chairman of the Banquet Committee
As one of the entertainment features
the delegates have been invited to in
spect the control room of the Holland
Tunnel 1t is expected that several
Washington bankers will attend the
sessions, the annual conference having
grown steadily in Importance during
the past few years.
Acacia Reports November Gains.
President Montgomery of the Acacia
Mutual Life Association reports substan-
tial gains in November business. Busi-
ness reached an aggregate of SO, 900, 900,
bringing the total insurance in force to
more than 1864 5000 Net lapses, he
reports, revealed a decrease of SloO 900
as compared with the previous month
while the number of individual policy
holders was substantially above the
total for the same period last year.
The Acacia chief executive said that
business development is not moving
along a set line and that the policies
making up the total volume are of
many and widely varying denomina-
tions, indicating well distributed
strength
Viewing the character of the busi-
ness, the fact that it emanates from
all sections Of the country, including
Washington, and in the light of the
figures themselves, we feel justified in
conservative optimism and definite
the association, but in the steady de-
velopment of trade as a whole" Mr..
Montgomery concluded.
Pennsy Reports for Quarter.
THE report of the Pennsylvania Rail
road for quarter ended September so.
1881, shows net income of s6,ll7O80.
after taxes and charges, equivalent to
IS cents q share tpar $50 on 13,162.4l6
Shcrss of capital stock outstanding at
en6 OF period This compares with
s2l ,265,l92 or 81 "a a share on 12,978,-
2l2 shares in September quarter of
193G.s
Net income fer nine months ended
September 80, 1881, was SIS, ,681 ,943. after
teXeS and charges, equal to 73 cents a
share on l3i62,416 shares of stock.
comparing with s5l .242097, or S3.S5 a
shara on !2,978,2l2 shares in first nine
months Of previous year.
Richmond Reports Bank Loans,
Six loans to member banks in Vir-
g1nla have been made by the Loan Com
mlttee of the National Credit Associa-z
ton, No /, fifth Federal Reserve dis
trIct, according to a report made by
the chairman, Julien H. Hill, a Rich
mond bank president.
These loans are made only after the
most careful consideration and are ex-
pected to prove tower of strength to
banks which have sound assets TEMPO
rarily tied up Organization of the Ma
tional Credit Corporation has already
had Nationwide effect in building up
confidence.
No applications for loans for any of
the Washington bankers have been re-
ceived by the local committee, the
members of which were selected from
the Washington Clearing House Asso-
citation and the District Bankers Asso-
citation. 1t will be recalled that Wash
ington was the first large city in the
United States to record 100 per cent
subscriptions by all the banks in the
city to the national fund. The fact
that local banks have not needed loans
is considered most gratifying by Capt.
tai fnanciers. -a--
The october statement of operations
o. Washington Rapid Transit Co. was
filed yesterday with the Public Utilities
Commission. 1t shows in the item of
net income for that month deficit Of
s1,986.59, aS compared with one of
S98744 for the month last year. For
10 months the companys deficit totals
S363973 81, as against S22, 1853 SO for the
corresponding period year ago.
With the Mutual Fire Insurance Co
Of the District of Columbia approach
ing the close of its seyenty-seventh sue
ceSsful year, L. Pierce Boteler, secre-
tary OF the company, in a letter to
poilcyholders, states: 1T is a pleasure
10 report that the business of the COM
pany this year has suffered but little
from the economic disturbance. We
have not. like many corporations, been
compelled to charge off losses in de-
preclated values Of stocks and bonds.
our assets being chiefly well secured
real estate mortgage loans Conse-
ouentiy we anticipate showing our
usual splendid results of savings to our
policyholders."
Today's Exchange Trading.
Todays trading on the Washington
Stock Exchange opened vita a turn
over Of Is shares of Washington Railway
& Electric preferred at "a. Another
transaction during the session was the
sale n l0-share lot of Capital Trac-
tion at d up z of a point from yes
tcrdayS close
TIE. largest bond sale was 81 900
transfer in Washington Railway e.
Eloctac Is at 85a4. Washington Gas
Light IS, series A, figured in a $500
turnover at 100
Tte usual third quarter dividend
acton b. several local banks is due
soon, the usual payments being ex-
pected around the first of January. AT
preSeat MeTgenthaler and Peoples Drug
are the only eX-diyidend issues on the
exchange
Heard in Financial District.
It Is now expected that. more than
$50 bankers and insurance men will at
tend the joint dinner tomorrow night
a. the Willard of the fiduciaries section
of the District Bankers Association and