Evening star., 1932-12-23

Grafton by the c.H. pops
city's leading
bankers. The banks have taken many
important steps toward better protec-
ton. The annual Christmas savings
EHnb campaign has already produced
9ew records for the 1888 memberships.
.-Other committees have been equally
active and helpful although they do
not report the results of their efforts
until the annual convention. But
President Pope gives them unstinted
: The head of the association declines
to make any predictions for 1888. He
hopes for and expects economic i'm
provement. But Mr.. Pope will not at
tempt to say just when and how the
changes will come about. Nobody
Knows he says.
: d. c. Banker Urges Greater Thrift.
: Greater interest In thrift in 1893 was
John NJ Riordon, executive vice presi-
dent of the Bank of Commerce g. Saw
tngs, In q radio address on "Christmas
Savings" made last night from a local
station The banker traced the history
Of the Christmas savings club and in
Z strong appeal for q successful eco
pomic program, declared
= Saving, like everything else In life"
Mr.. Riordon asserted, "is largely a
matter Of habit. Wealth. is not ac-
fumulated by the occasional or spas
experience teaches them that those
who grow wealthy are those who make
1avings habit and add, week by week
and month by month to their reserve
funds. Some people attempt to get
Tich through the purchase of securities
before they have money in the savings
bank. This is putting the cart before
the horse. The savings account must
come f1rst, and the balance in the
account should be adequate In amount
before any other investment Is made.
~ mo matter how large your income,
you will never be successful unless you
can save money. II you have earning
power, plus savings ability, you can
surely become rich. However, If you
cannot save money you may IS well give
:, mo one has better opportunity than
. banker to learn how and why it Is
shat some people grow rich and others
Srow poor. From long observation he
has learned the rule of success. Before
giving you the true rule OF financial
success I wish to speak briefly upon a
popular delusdon concerning getting
Eich. Some people mistakenly believe
That success Is largely matter Of
chance. This belief has been epitomized
m the old Western mining camp motto
One lucky investment beats lifetime
iof savings Nothing could be mere
k1oneous than this belief on the part
of some people that their ship will
come IN when they have never sent out
+ ship.
;. 1T Is true that there are perhaps a
3ew hundred successful spectators in
the United States. It is also true that
there are possibly . million would-be
successful spectators who support the
few hundred rarely gifted ones. This
million Of would-be spectators pay
IN the speculative fever Of 1929. with
It's disastrous collapse, they paid not
only millions, but billions Of dollars for
to wealth. 1t is an all but universal
path to poverty.
j, "Just imagine the Joy Of Christmas
club members who received on Decem-
Der l, 1882, their Christmas savings
checks. Thousands OF people have ac-
Sumulated money, In the easiest pos,
5ible way. Their reward Is Joy and
happiness. The usual holiday financial
worries have been overcome by careful
planning and persistent saving" Mr..
Riordon concluded.
:" Reslgnation Interests Bankers.
-, -, Unusual interest was shown among
local bankers In the resignation of Al
bert H wigKin, chairman of the board
OF the Chase National Bank, who will
be IS on February 81.
When he became president Of the
bank In 1911 It's capital. surplus and
undivided profits amounted to $l2,953,-
397. Today the New York banks capi-
"a amounts to $266, ,335, ,062.
=. has been active In banking In New
To-k for the past 80 years and has
been connected with most Of the lead
ing financial developments Of this long
period. In recent years he has been
especially active In world banking
affairs
caared that there must be a readjust-
ment in the war debts. Back In 1926
he declared that trade barriers should
be lowered In order to help the expan-
sion of world trade.
His views on banking have been so
often quoted that many local bankers
who have never seen Mr.. Wiggin feel
personally acquainted with him. Since
he remains connected with the Chase
National, he will still be heard from
N the future.
Capital Traction Stock Scars.
Capital Traction stock was the prize
performer on the washington Stock Ex-
change today. due to the passage Of the
local street railway merger legislation in
the Senate late yesterday -.
Capital Traction opened with a To-
fhare lot selling at ss4. an overnight
rain Of 314 points.
Before the session closed four 10
Share lots Of Traction changed hands
q 10 nat, or gain since yesterday OF
FL points and an advance Of points
In the past few days
Washington Railway q Electric pre-
ferred also appeared on the board, two
l0.share lots moving ut SO in the early
trading and two more 10-share lots
selling after call at the same figure:
ss,These two merger stocks" got all
fhe attention at today,s session. all
tie bonds. As well as other stocks, being
neglected.
National Capital Bank stock Is now
heing quoted ex-dividend. East Wash
ington Savings. Security Savings & Com
mercial, National Union Fire Insurance,
American Telephone, and Norfolk &
Washington Steamboat Co. stocks have
also been added to- this list, following
recent dividend declarations taA.
Directors Of the District National
hank at their monthly meeting yester-
day declared the regular quarterly divi-
dfnd Of Il 50 per share on the capital
stock, payable December 81 to stock
holders Of record December 23.
The District Underwriters Associa-
ton Is pushing plans for the annual
sales congress to be held In connection
With the Adaryiand Association. in this
CITY,. In January. General Chairman
Thomas p. Morgan, tr. announced to-
dAy that the speakers will include Grit
nm M. Lovelsce. vice president New