Evening star., 1932-01-28
SAVINGS DEPOSITS
ON INCREASE HERE
Report as of December 81
Shows Substantial Gain
Over 1880 Figures.
BY EDWARD c. STONE.

AIlbI every Ddllh NdIl IIIC IO4ICA INV
always publishes a summary of the
condition of the national banks, trust
companies and savings banks in This
city separate from the banks OF the
res of the country.
The report just issued shows that
savings deposits as evidenced by saw
inqs paSSbOOkS in the 80 washington
banks now aggregate $l0l 1000, IN
comparison with S93.l06000 on Decem-
ber 81, 1880, or a gain during the year
of S8,42l 900, this sum being separate
from S8,50O,000 more in Christmas say
ingS club funds
This gain of nearly S8.5O0,OOO is con-
sidered highly satisfactory and again
proves that during any slump in bust
ness thrift comes to the front and the
savings departments of all classes OF
banks feel the results. Between the
call of September 80, 1881, and the
last call for 1881 there was modest
slump in aggregate savings, this BENG
due to the extra heavy demand Tor
money at the end Of the year.
The SlOl $4,000 carried in savings ac-
counts on December 81 was divided as tol-
lows between the three classes of banks:
S5O,367. 900 being carried by the y ma
tional banks; S2l,378,000 was in the
vaults of the % savings banks While
the trust companies had the other
S29. 900 on their books.
There was also a large increase in
the number of savings account deposit
urs during the year. On December 81
there were 328,352 savings accounts IN
the local banks, 325,379 on September
% and 3l4,480 on December 81, 1851
showing a gain for the year OF 1887,
another highly cCmmsndable record.
REGIONAL Savings Farley Opens.
That the rank and file of Americans
have managed their financial affairs
better than many leaders OF American
industry and finance was the oplnon
expressed by Edwin Bird Wilson, pioneer
financial advertiser, in an address be-
fore the Annual Eastern Regional SAY
lncs Conference at the Hotel Roosevelt,
New York. today.
1t is not saying too much, accord
ing to Mr.. Wilson. ito say that the So
called little people, the Just folks OF
America. who have lived within their
incomes and have a surplus in the
savings banks are pointing the way TO
financial and economic sanity. Economic
leadership of the people has largely
failed. The people are developing their
own economic leadership, have, in fact,
formed it in principle and now are
leading the way. 1t is simple prln-
Ciple. which. if adhered to consistently,
would mean permanent, though not
spectacular, not excessive, not lIu-
sj0rarv. prosperity. That principle Is,
speDd less than you earn and ac-
cunulate capital reserves for future
needs.
MANY millions Of savers are not only
r0inting the way. but actually paving
the way. to economic recovery. Ihelr
collective Judgment can be trusted to
resume buying at the right time ana
thus start the wheels Of industry ana
commerce. Meanwhile they are filling
the reservoirs of capital, OF tnanclaI
power. for resumption on a Sounoer
basis than We have known IN recent
years" he said.
Pope Appoints Essay Committee.
President c. H. Pope Of the District
Bankers Association has appointed, a
committee to aid in the selection OF a
subject for the annual essay contest
Open to students in the American In
stitute Of Banking The committee is
composed of Howard Moran, wee preSl-
dent of the American Security & trust
Co. Harry G. Meem, president Oh e tne
Washington Loan & Trust Co, ano
George E. Fleming, vice president OF the
Union Trust Co.
The contest is open to all students IN
Washington Chapter. A. / B The win
ners of first. second and third places
are rewarded by trips to the annual
convention of the District Bankers AS
soCiation, which is to be held this yeal
at Hot Springs, Va, in June. The WIN
ners also read their essays at the con-
YentiOn.
Today's Trading on Exchange.
Trading opened today on the Wash
inctOn stock Exchange with Sl,OOC
Washington Gas 6S, series B, selling at
IO3ie.
Lanston Monotype appeared on the
board today for the first time in many
sessions. three small transactions taxing
place at "a.
The final sale was in Capital Trac-
ton. which again changed hands at ID
The low rate taXiCabs hit the Wash
ington Rapid Transit blow during the
past year according to the annual re-
mort made to the Public Utilities Com
mission today Net income for the yeal
1881 showed a deficit of S44088.77
against a deficit in the previous yeal
of S279lO.65. or an additional loss oi
S2117812.
Operating revenues in December were
reported as S4l, 1926 SO, against $50, 1875
in December 1880 or a decline OF
S836O6O. Expenses and taxes were re-
duced during the month by $6,433,26
The company had an operating detlcll
of over $4,000, which was Sl,92l 80
greater than the loss in earnings last
wear On account of economies the ne1
for the month was Sl9O764 better thar
for December, 1880.
Heard in Financial District.
Directors of the American Ice Co
have declared regular quarterly div
idends of $3.50 per share for the fe'
mainder of this year on the company
preferred stock and elected Ralph T
Crane Of Brown Brothers, Hartman &
Co., a director.
Members of Washington Chapter
American Institute of Banking, VII
have their first forum meeting OF TN
season this evening IN the American
Security Building. The subject VII
be collateral Loans
Rome c. Stephenson, FORMER preSl
dent of the American Bankers Assocla
tion. has been a Washington visitor thl
week. coming here to appear at con
greSsional hearing.
The Federal Reserve Bank at Dall7
has reduced its rediscOunt rate from
to 81 per cent. effective today.
stone e. Webster, Inc, declared
quarterly dividend of 25 cents on tn
capital stock, payable F2bIuaIy To- U
stock of record February 5, placing IN
stock on a ST annual cash basis. IN
previous disbursement was 5O cent
paid October Is, 1881.
American Tobacco Co. declared al
extra dividend of ST in addition to tn
regular quarterly dividend of $l.25 OF
the common and common stocks
both payable March ! to stock OF recor'
February 10. In January, 1891, siml
lar extra dividend was declared.
NEW YORK BANK STOCKS