Evening star., 1932-12-02
D. c. BANKERS SEE
SAVINGS RISE
FinanCierS Forecast Growth
in Number of Accounts for
| Next IL Months.
BY EDWARD c. STONE.

CuSc4ng the report OF the american
Bankers Association showing that
savings bank deposits in the United
States on June 80 were S3,925, $4,000
less than a year ago and that there
were 7.oE7 $40 fewer savings depositors
Only three States revealed a deposltor
increase, Colorado. Tennessee ana MIS-
scuri The report showed an advance
OF 100000 in postal savings and dis.
counted some CT the eXtraVagant
guesse5 On the amount of money IN
boarding.
Bankers here hold to the view that
the high cost of Government has been
ore Of the leading factors in the de-
crease in bank depositorS. The burden
Of taxation has forced many savings
account holders to draw out thelr
ncney in order to save their homes
and farms. The direct taxation on
property, interest due on mortgages, OF
in many cases the principal, have made
a demand for money that could be met
in no way but by savings Withdrawals.
Local bankers, who look Eor improve
ment during the coming year, oeheVe
that many of these accounts VIII be re-
oDeacd in the next II months. Ihey
also point out that conditions IN wash
in1ton have been much more faVorapie
than in other large cities or IN the
country districts.
Savings Ahead of 10 Years Ago.
TIE number Of disturbing factors en-
teriug the savings situation TINS year
is unprecedented. w. ESpey Alblg
saws: Unemployment arises from
many causes. Back of it are reduced
prices for grain. dairy products MN
erals and processed goods; lessened eX-
ports and droughts. This year aInoS'
all tine factors are destructive. Natural
" not all the States or divisions OF the
country faced recessions of similar pro-
portions In some areas there were
coed many more factors operating than
in others. 100
tsrp Are savings in banks to be the
nlavthing of economic chance, unre-
lieved to any considerable degree py
action Of political government? Are
the spectre5 of old age. disease ana de-
psndency, which were belng orlVeI
farther and farther into the backgrouho
hv accumulated savings. to be allowed |
easy return? The question is entltleo
to real consideration.
Drastic as has been the recession |
thera is hope that solution OF some OF
the prcb,ems which now veX the world
will restore industry, agriculture, trace
and commerce to more profltaole
basis. Savings are yet 533 greater per |
inha bitant than 10.years ago, and Sioo
greater than in 1872 Mr. Alnlg
concludes.
So lar as Washington is concerned, a |
cood deal of the money laid aside IL |
Christmas Savings Club funds even
tually finds its way in permanent saw
inq5 accounts. In many cases cluo |
members have taken half OF thelr |
check totals to their savings account |
passbcoks.
Bank Greets Hosts of Friends.
The Bank of Commerce & Savings |
today held open house in connection
with its silver anniversary. A host OF
visitors were received. One OF the
features Of the anniversary was a
radio address last night by President
NJ. D. Rosenberg who paid speciai
tribute to five men, now dead. VINO
served un the board of directors: Ash:ey
M. Gould, former justice OF the DlStrlcV
Supreme Court; Richard j. EarnshaW,
president. Boston Baking Co; Ellie
Sheetz proprietor, Martha Washington
Candy Co.: William A. Bennett, vice
president, Equitable Life Insurance Co,
and Alexander Wolf, prominent mem
ber of the local bar.
The bank president stated that the |
institution had just mailed $500 Christ
mas Savings Checks, totaling some |
100000 and congratulated their re-
cipients en- their thrift.
This bank, now located at Seventh |
and e streets, opened its doors on the |
first day, December 2, 1907 at Eighth |
and G streets northwest. Its present |
home has been twice remodeled and |
expanded.
Conference Plans Reported.
The annual Eastern regional savings |
conference, sponsored by the savings !
division, American Bankers Association, !
will be held at the Waldorf Astoria |
Hotel in New York January 26 and 81, !
with several Washington bankers al
ready planning to attend.
The theme selected for the con-
ference, How to Strengthen Municipal
and State Credit is Of particular i'm
portance because the portfolios of many
banks contain bonds issued by States
and municipalities w. ESpey Albig, |
who is in charge of the savings division,
said The weakening of the credit
structure in any city or State is reflect
ed in the lower price of their securities"
Henry r. Kinsey. president of the
Savings Banks Association of the State
of New York, is chairman of the Con-
ference Committee. and Henry Bruere,
president CT the Bowery Savings Bank,
of the Banquet Committee. The preSi-
dent Of the division is Gilbert L. Dame
of Grand Rapids Mich
The conference area comprises Con-
necticut, Delaware, District of Columbia,
Maine, Maryland, Massachusetts,, New
Hampshire, New Jersey, New York,
Pennsylvania, Rhode Island, Vermont,
Virginia and West Virginia.
Trading on d. c. Exchange.
Washington Gas Light IS led light
trading On the Washington Stock Ex-
change today, two 81 900 transfers be-
ing recorded at 1919. Potomac Elec-
tric Power 5l2 per cent preferred stock
figured in a small sale at l07l2 and the
same corporations 6 per cent preferred
stock came cut at 1908. Both these
stocks paid their regular dividends on
December l. The only stock on the
local board now being quoted ex-divi-
dend is Peoples Drug Stores 6l2 per
cent perferred.
IL an interesting talk before the
District of Columbia Life Underwriters
Association at the regular luncheon at
the Washington Hotel yesterday, James
Drewry, general agent in Ohio for the
Mutual Benefit Life of New Jersey, dis
cussed the value Of life insurance as an
investment and stated that a recent
survey made in his territory indicated
that there was no better investment to
be had in any field.
Notwithstanding the generally poor
reports Of 1882 earnings, which may be
expected after the first of the year, more
than 100 large corporations, on the
basis of present estimates by the Stand
ard Statistics Co, are expected to earn
by a comfortable margin their total
dividends of more than half a billion
dollars.
New York City bank stocks exhibited
comparative steadiness in a narrow
trading range during November, Holt,
Rose & Troster report. The firms
weighted average of II representative
stocks advanced from low Of 53.78 on
November 3 to the months high of 6l.95