Evening star., 1932-09-22
WASHINGTON BANK
.. DEPOSITS STEADY
Savings Have Mounted More
Quickly Than Checking
Accounts in Capital.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
DEPOSITS in Washington banks are
holding up we'll, officials in several OF
the city's leading financial institutions
said today.
Reports from New York state that
bank deposits in Gotham are now at tne
highest point they have been this year.
No new high marks have been scored
recently in Washington, vet deposits
here are said to have held their own IN
q satisfactory manner.
Several bankers report that savings
deposits have recently gone ahead faster
than checking accounts. This Is due TO
the fact that good many people are
holding enough money back on their
checking accounts to pay their bills with
cash. In this way they avoid the Gov
ernment'S 2-cent tax on checks.
The increase in stock market activity
is given as the chief cause for the re-
cent advances in New York bank de-
posits. That makes the situation bit
different in the Nations financial capt.
tai from what it is in the political capi
tai or in any other city in the country.
A few 1000, ,000-Share days in the New
York Stock Market give bank deposits
a boost and lift bank clearings much
more sharply.
Controller of the Currency John W.
Pole is expected to issue call for the
condition Of all Washington banks and
of all the national banks in the coun-
try within two or three weeks The call
will find the local banks in an un-
usually liquid position. Local bankers
also declare that these institutions have
plenty of money to loan on any sound
business project. Loans are likewise
being made to regular patrons on high
grade stocks.
Metropolitan Votes Dividend.
Directors of the National Metropoll-
tan Bank have declared the regular
semi-annual dividend of per cent on
the capital stock, the disbursement be-
ing payable october Is to stockholders
of record October 5.
The largest transaction on the Wash
ington Stock Exchange today was made
in the bond division in Washington
Railway & Electric Is, $1,000 selling at
87a4 Washington Gas Light IS, series
B figured in a $500 sale at 1929.
In the stock department 10 shares OF
Potomac Electric Power 5l2 per cent
preferred came out at 1922 and IL
Shares of Washington Railway & Elec-
tric preferred appeared on the board
ct 81.
Declares Revival Under Way.
George w. Norris, governor OF the
Philadelphia Federal Reserve Bank, ad-
dressing a group of business men, stated
tnat for the first time in three years
I honestly can speak words OF en-
Couragement.
The financial panic is over, but the
industrial depression is not" he said.
"A slow recovery apparently is on the
way. The business revival can be ce-
layed only by major handicap, Such
as payment of the soldiers bonus or
failure to reduce all taxes and all forms
OF governmental expenditures"
Mr.. Norris has several friends among
Washington bankers, who will be deeply
interested in his business views. He
has an opportunity for unusually wide
observation.
Officials to Address Bankers.
Following the announcement that
President Hoover will greet the bankers
at the Morris Plan convention Septem-
ber % at 1890 at the White House,
comes the statement that Secretary OF
Labor william N Doak will address the
convention delegates at their annual
dinner on the subject. The working
Man and His Financial Problems" The
Secretary of Labor halls from Virginia,
the home of the Morris Plan, and the
w
his address.
The committee also announces that
Arthur A. Ballantine, UnderSecretary
OF State, will also appear on the pro-
gram He will speak Thursday morn
ing, September 2S.
Bertram Chesterman. president of the
Washington Morris Plan Bank, stated
today that all plans are now completed
for the convention which promises to
Of hn
held.
Loft Sales Reveal Increase.
Sales for first eight months Of 1882
of S8,937824.76, an increase of S473,-
1883, or 81 per cent over the same
Total customers for this period Of 23,-
925,701, an increase of 1,510,993, or
ST per cent over the same period OF
1881, today'S report says.
Members of the District of Columbia
Underwriters Association held their
first luncheon of the season this noon
at Hotel Washington, with Fred L. Wells
new president, John P. Lynch, presided
and David S. Bethune gave a most in
tereSting account of the national con-
vention held in San Francisco. He is a
member of the National Executive Com
mittee and was present at all the i'm
portant convention sessions.
Heard in Financial District.
Secretary of the Treasury Mills an
nounces an offering of S100,000,000 Of
Treasury bills to run 81 days from Sep
tember %, the proceeds to be used to
pay of a maturing issue on that date
Of like sum. Bids will close Mon
day September 26.
The Chesapeake Beach Railway would
establish ferry service across Chesa-
peake Bay on Reconstruction Finance
Corporation funds, according to re-
quest made of the Interstate Commerce
Commission for approval of 100000
loan.
]. G. Bradley, West Virginia coal op-
orator, told President Hoover at the
White House yesterday that employment
has been increased 10 per cent in the
bituminous fields.
Stock market followers found their
way into local board rooms in large
numbers again today. They found the
tape moving very fast, but not up to
the speed of yesterdays close.
The Business Economic DlgeStS in
dey of business activity advanced IA
points in August to SIS per cent of
, normal the first upturn since April.
1881. The underlying situation shows
further improvement in September, the
Digest adds