Evening star., 1932-10-05

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Franklin National ......... 4.298 ,699
National Savings & Trust. 144946 6l2
Bank of Washington .. 9.889 .597
National Capital ............ l.486.7l2
Park Savings ............. 2,4i8. 500
Second National ........... 1874 697
Potomac Savings .......... 2.975,G83
McLachlen Bank ....-...... 2139. .835
Security Savings & Conn.,. 5.526,527
Lincoln National .... 5.87T 500
Union Trust ..... 9045,255
Seventh Street Savings. l.410.472
Washington Mechanics ..... 2,5l7,222
Taxes are always an important factor
In lowering local bank deposits around
the latter part of September. the 30th
being the last day for the payment of
Intangible taxes and taxes on real eS-
tate
Bankers today expressed optimism
over the outlook. adding that the strong
position of the local banks is worthy of
favorable comment. The condition of
banks all over the country has shown
marked improvement in the past few
months, indicating that the banking
corner was turned long time ago.
Life Insurance Loans Praised
Pointing out how the great life in
surance companies had met promptly
and fully the unprecedented demand
upon them for policy loans when many
other loanlng agencies had almost
ceased to function, Edward E. Rhodes,
vice president of the Mutual Benefit
Life. declared that life insurance. as
never before. has proved itself an incal-
culably steadying influence in these un-
steady times, speaking last night at
dinner at the Hay-Adams House. given
by the Washington Mutual Benefit
Foil raI
closely by large number of local bank
ers who had been invited to hear him.
Asserting that his own company had
cash income sufficient during the last
81 months from premiums, interest
earned. matured loans. together with
the sale of shortly maturing bonds, all
disposed OF at profit. not only to mail
out every loan check the same day the
papers were received, but also to make
some new mortgage loans and bond pur-
chases and increase its cash on hand by
several million All other great life in
surance companies have acquitted
themselves equally well. he added
Discussing the railway bonds situa-
ton. Mr.. Rhodes stated. there are rail-
way bonds and railway bonds and
pointed out that the type of bond held
by life insurance companies is not
causing any uneasiness He disclosed
that in the Mutual Benefit list of bond
investments. there were only two COM
paratively small holdings in default.
one being county bond and the other
q rail
Mr.. Rhodes discussed frankly and in
detail the situation as to farm mort
cages. Here, again, he asserted that
long years of experience proved that the
unusual number of foreclosures result
ing from the depression would not re-
suit in any ultimate loss of principal.
The life insurance company would have
its income somewhat affected But even
under present conditions. this loss Of
income amounts to only Is 100 of !
per cent. he said.
Practically all foreclosed farms were
rented, foreclosures we're only being re
sorted to where necessary. and many Of
these foreclosures could have been
avoided, he declared but for the action
taken by holders of second mortgages
or other creditors.
Fifth District Building Permits.
Building permits issued in August in
80 cities of the fifth Federal Reserve
district for all classes of work totaled
2424, compared with 1892 permits is
sued in August last year, decrease of
26.l per cent, and last months valu-
alton OF So 99l, ,7l2 was 81 per cent less
than the August, 1881 valuation of
S6.l02, 074. Five of the thirty-two re-
porting cities showed higher valuation
figures for the 1882 month, but only one
of them, Danville. Va, reported figures
in line with population figures, the
latest Richmond Reserve Bank report
says.
Contracts awarded in August for con-
struction work in the fifth district, in
cluoing both rural and urban projects.
tctaled Sl3,6l1, ,282. compared with Sl2,-
5489G5 awarded in August. 1881. ac-
corJing to figures collected by the F.
w, Eojge Corporation.
o. the awards in August this year.
$2,62l, POP, or only 1913 per cent, was
for residential work, while last year
residential contracts totaled 81, 1875 $50,
or 1874 per cent OF all awards
Commerce & Savings Officers.
At the meeting of organization of
the board Of directors of the Bank of
Commerce & Savings yesterday all Off
GERS were reelected as follows: Maurice
D. Rosenberg. president; Joseph San
ders and Irwin OWings. vice presidents;
John M Riordan. executive vice presi-
dent; Thomas j. Groom. vice president
and cashier. Joseph H. MllanS. secre-
tary: Dr. Clarence A. Weaver. auditor.
Oliver B. EXline and Francis E. Robey
were reappointed assistant cashiers.
Bonds Lead Local Exchange.
Bonds were again in good demand
on the Washington Stock Exchange
today. The market opened with a
$4,000 sale IN Washington Gas IS. series
A. at 997a. Two more $4,000 sales and
two ST 600 transfers in the same issue
were recorded at par. washington Gas
bonds, series B. also appeared on the
board. 1000 selling at 102l2.
Ten shares of Capital Traction stock
sold today at Ga. Potomac Electric
So per cent preferred came out at
1o41. and 10 sares of Washington Rail-
way g. Electric preferred sold at 80,
Dividend Meetings.
NEW YORK October Especially -