Evening star., 1932-03-22
SAVINGS DEPOSITS
ON INCREASE HERE
Steady Growth in Bank Ac.
counts Shown Since
First of Year.
BY EDWARD C. STONE.

Savings OepOSlLS III washington DdIlkS
are climbing.
Inquiry at many banks today revealed
that aggregate savings deposits in the
National Capital are now larger than
they were two weeks ago, month ago
or at any time since the first of the
year.
The increase is not startling but
steady and substantial, bankers state.
In fact, bankers here hardly know the
reason for the higher figures. Not all
the banks report increases in their saw
ings departments. Holding their own
in savings deposits" is the way some
bankers put 1t.
No doubt one of the factors for the
better standing of savings accounts is
the complete turnabout in bank fail
ures in other parts of the country since
the Reconstruction Finance Corporation
started to function. Suspensions have
almost reached the vanishing point,
while the number of banks being re-
opened for business has shown a marked
increase. The new trends are both
significant.
The drive against keeping money hid
den away in safe deposit boxes and
elsewhere has also brought certain
amount of cash into savings accounts.
tbs was evident when some customers
brought the cid large-Sized paper bills
into banks, showing that some Of this
money has not been in circulation for
a long time. During the campaign
people who had money hidden away
renewed their confidence and placed the
money in the banks, instead of in
baby bonds" in order to get the larger
yield
Most bank officers, however, say that
the improvement in savings is due
chiefly to the old idea of providing for
a rainy day" The value of thrift has
never been more evident than it is right
now.
Just what the savings increase is,
will be shown in the next bank call
soon to be issued by Controller John w.
Pole Such a call is usually issued
around the last of March. 1t covers all
the banks in Washington and all Ma
tional banks in the United States.
Retail Sales Reported Better.
Latest reports from the II Federal
Reserve districts indicate that retail
trade is improving in some sections.
Retail trade in this district is reported
as more active than early in the month.
Most of the large cities in the South
state that retail trade is now the best
it has been this year, although the
Atlanta bank says 1t is below year
ago.
Dallas reports marked gains in retail
trade and Chicago notes lively in
crease in department store trade dur
ing the past few days. Chicago reports
the volume of trade up to the same time
a year ago although the dollar value Is
of course lower. Boston trade has SUI
fered severely from bad weather.
Cleveland reports that knitting mills
are now at peak capacity but retail
trade shows little change. Silk sales IN
Philadelphia are up 20 per cent. Slight
gains are noted in sales in the Mime
apolis district and Kansas City stores
report improvement. -,
Textile mills are active, steel mills
are quiet, unemployment is little
changed, but sentiment is better, ac-
cording to the majority of reports. Sew
eral districts point to better banking
conditions and slightly easier money.
Acacia Has Insurance Gain.
President william Montgomery of the
Acacia Mutual Life Association, reports
that the volume of business written thus
far this year by the company Is per
cent ahead the same period in 1881.
The Field Advisory Committee, COM
posed of Acacia's three leading branch
managers, has been holding series OF
conferences with home office executives
as part of the regular program mapped
out for the committee some years ago |
by Mr.. Montgomery.
The branch managers who have |
earned a place on the committee this |
wear are Roland Suter of Baltimore, |
Clarence L. Fritz of Newark, N. j., and
Cornelius Legters of Tampa, Fla. 5. II.
Bowman, Acacia's Pacific Coast super
visor is also here.
Home Office officials who have par |
ticipated in the committees discussions
include Mr.. Montgomery, j. P. Yort,
secretary and actuary, and Samuel E.
Mooers, field secretary.
Purchase of Stock Approved.
At the annual meeting Of the Ameri-
can Stores Co. held in Philadelphia, ol-
rectors we're reelected.
Stockholders approved purchase dur
ing year 1881 of 39,277 shares OF the
company's stock in the open market at
an average price of about S3S snare |
Stockholders voted to cancel and retire
100000 shares of capital stock now In
the treasury, leaving 100000 shares OF
stock still in the treasury.
Action of the directors in canceling
the employees welfare fund and trans
ferring cash and securities in that fund
to the treasury was approved. Now
more than 10000 are employed by the
company.
Trading on ID. C. Exchange.
The Washington Stock Exchange
opened today with 20 shares Of Capital
Traction selling ex dividend at 1874,
up q from the last previous sale. After
call, two other 10-share lots changed
hands at the same price. small lot
of Merchants Transfer & Storage pre-
ferred appeared on the board at 78, also
eX dividend
Both type stocks figured in the days
business. Mergenthaler Linotype, which
is now selling ex dividend, figured in
four 10-share sales and two 5-share
sales at AZ. Lanston Monotype recorded
three sales totaling "a shares at 66,
holding the gain which it made
yesterday.
The only bond sale for the day was
in Washington Gas 6s, series A, $1,000
changing hands at par.
Norfolk & Washington Steamboat Co.
stock has been added to the ex dividend
list, following the recent dividend
declaration.
Heard in Financial District.
Directors of Federal-American Co.
have declared a dividend Of Sl.50 on
its preferred stock, payable April /, to
stockholders of record at close Of buSi-
ness March %. A dividend of IS cents
per share has been declared on the
common stock, the foregoing dates be-
ing applicable.
The Committee on Standing Banking
Firms of the District Bankers ASSocia-
tion will hold an important meeting
this week and work on the report to
be presented at the annual convention
at Hot Springs. Thomas J. Groom is
chairman OF the committee.
The Board of Governors and Nomi-
mating Committee of the Washington
Bank Women's Club will meet this eve
ming and complete plans for the an
nual meeting and election of officers to
take place Tuesday. March 90.
Notices have been posted IN the local
New York Stock Exchange Offices an