Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-16
SAVINGS DEPOSITS
INCREASE IN D. c.
Washington Banks Report
/ Gain, While Other Institu-
i tionS Have Decrease.
BY EDWARD c. STONE.

A0BEAAND ~ - OeNE'
w Espey Albig. deputy manager of
the American Bankers Association, re-
ports quite drop in savings in the
banks of the country during the past
year. but his figures reveal that Wash
ington has gone against the general
trend and is one of the outstanding
bright spots of the Nation. His report
made for the savings bank division
of the association says that at the close
of the year riding June 80, 1881, saw
ingS deposits in banks and trust COM
panies stood at S23,2i4, 100000, a de-
crease OF S270 085 GOO. as compared
with the preceding year. also consld-
erably below the 1929 total His report
notes a great gain in savings in some
sections of the country and sharp
SlumpS in others.
Reviewing the Middle Atlantic States,
Mir. Albig says that every State in
this group shows an increase in saw
1ngs over last year, the gain being al
most $400 600, 00e:T In this area, II any
where the seepage of commercial and
investment funds into savings deposits
would be greatest.
More Depositors in ID. C.
In depositors only Delaware and
District Of Columbia show an increase.
Pennsylvania and New York show the
greatest declines. the former having
decrease Of ga per cent and the latter
Of 1.8 per cent from last year. The
diminution of depositors in PennSyl-
V2nia aside from unusual factors, can
be explained by the low condition OF
steel, coal and textiles during the year
and the unsatisfactory return from
farm products.
Maryland joined Delaware and Dis
trict of Columbia in an increase IN
individual deposits, while New York
1anG - r. of
Pennsylvania of $138, 100000. This is
explained BY the recession in business
activity which would reduce the dis
counts for redeposit in banks. The in
crease in savings in the Middle Atlantic
States amounted to $337,000,000, the
decrease in depositors to $4,000, and
the individual deposits TO 100000, |
Mr.. Alb.g says.
Drop Slight in Virginia.
without exception the Southern
States showed a decrease in savings
deposits. although that of Virginia and
Texas was relatively slight The total
decrease amounted to s217,ooo, 900, |
While the dcpositors decreased by 25l,-
o00. and total individual deposits by
S525 100000. The low price for the
staple product, cotton, and its by |
products was of course an important |
factor. as we'll as similar low prices for |
OLl4EE pIOOQCkS o. tilE SOL.
Attention also must be given TO the |
fact that in the South the checking
deposits in banks are ordinarily not
adequate to cover the demands of trade, !
manufacturing and commerce. In con-
sequence of the lower rates of interest |
paid on time deposits. banks are used |
by savers simply as a reservoir to ac- !
cun2ulate money which will presently |
b. utilized for investment purposes. !
Undoubtedly there is much less in
Nestment in savings" in the South than |
in New England and in the Middle At |
lantic States, Mr.. Albig concludes.
Loft Reports Sharp Gains.
Loft. Inc. reports sales for October |
Of $3.50, $780, an increase of $296, 684 i
over October, 1890 a gain of 81 per |
cent. Loft also reports for the first |
10 m0ntnS of the present sales totaling |
Sll.032 276, compared with S6,880,850 |
IL the like period year ago, an in |
crease over Sf,006,000, or 81 per cent.
The CANDY and restaurant company |
reports that during October there was |
gain in customers of 701 SIS, making |
the total number Of customers for the !
month, 3,0l2,l60. The gain in customers
for the 10 months over the same period |
in 1880 is reported as 5,396,282.
s6O,OOO,O0O Treasury Offering.
TIE Treasury offers for subscription |
to the highest bidder $50 900 600 of |
Treasury bills to be dated November !
% and maturing February "a, 1892. |
Bills which rarely run for more than /
81 days, in the present case will run |
for 80 days. Bids will be received /
fer the new offering up to pm. No |
Vember 20.
The Treasury has been issuing bills !
each week since October Is in order |
to meet weekly maturities. The present |
condition Of Treasury with eXpendi- |
lures running far above receipts, has
made necessary heavy bill financing
to meet current expenses.
Money conditions, according TO the |
rate Of interest received on last bill !
issue are slightly firmer.
TOday's Trading on Exchange.
Trading in Washington Railway 81
Electric IS topped business on the local
exchange today Three $1,000 sales |
were made at sc 4. In the stock divis-
ion the leading sales were four small |
transfers in Potomac Electric Powers
sig per cent preferred at 1879, ex-
dividend. Washington Railway 81 Elec- |
trio common and preferred stocks were
added to the list Of ex-dividend issues |
today, the usual dividends have recently
been declared.
Bank to Honor Schiavone.
F. j. Kaufman. vice president and
cashier of the international Exchange
Bank has appointed a committee to
draw up suitable resolutions on the
death of Joseph Schiavone, the presi-
dent consisting Of Henry NJ Camp
chairman; High w. Barr and Elias
Weinsteln. The regular monthly
meeting Of the board took place short
~ after Mr.. SchiaVcne's death and the
committee was named at that time 1t
Will be recalled that the District Bank
CrS Association also has a committee
drafting a set Of resolutions to be pre-
scented at special meeting Of the as
social on in the near future. 1t IS too
soon to make any forecast regarding
Mr.. SchIaT0ne's successor as president
Of the bank.
Heard in Financial District.
The s S. Krcsge Co. has declared
the regular quarterly dividends of 40
cents on the common and Sl.75 on the
preferred stock, both payable December
g to holders cf record December II.
Inc New York Stock Exchange
Monthly Bulletin. just received here
contains discussion OF the term set
tlement system in connection with vari-
Gus leading stock exchanges Of the
weird.
The Bond Club of New York will
hear an address next Friday neon By
Patrick J. Hurley. Secretary Of War.
West Virginia Midland Railroad has
been authorized by the Interstate Com
merca Commission to abandon its en-
tire I7-mile line from Holly Junction
10 Diana, W. va The timber terri
tory which tho line serves has been
depleted, according to the application.
SILVER PRICE TOPPLES
ttHI&-n AtN< 0-, /, ,n~