Evening star., 1932-01-05
CHRISTMAS SAVING
CLUBS UNDER WAY
Bankers Expect Memberships
to Equal Those of
Last Year.
BY EDWARD c. STONE.

1t was indicated in the financial dis
trict today that the 1882 Christmas
Savings Clubs will equal last year s
all-time record, both in the amount
of funds subscribed and the number
of subscribers. over S8,000,000 was
subscribed in 1881 by more than
$4,000 members Of the various CLUBS.
Broad inquiry shows that some local
banks maintaining the clubs are pc
hind their records Of last year, Wnlle
others are well ahead. The chance
to Join the clubs closes on January 10
and it is, then. some time before the
AGGREGATE amount. as well as the mem
beTship. is reported. Every year since
1924 the funds involved and the num-
ber of people joining the clubs have
revealed an increase. 1t IS hopeo
another new high mark VIII be eSUaD-
lished this year. Whether 1t IS or not
the popularity Of the clubs VIII again
be demonstrated in remarkable oe-
gree,
Outlook in Fifth District.
Several important industrial an
noIlncements have just been MADE IN
the 9th Federal Reserve district
which have faT-reachlng bearing on
1Q3J DrOsperitv. One Of the most IN
teresting reports is the statement IndL
+he Chesapeake &, Potomac Ielepnone
90. win eypend Sl6O00000 during 1857
in expanding its facilities IN tne DlS-
trict of Columbia, Maryland VHBllAi"
and West Virginia. ,,-a hoe
The Pennsylvania Railroad t9 naS
,+or+e1 worE on a Sl.6OOO00 tunnel
proiect in Baltimore, Wnlch VII str
eerSTi0vnent to 400 men for more thah
q year There are also smaller proJectS
-, Vario,Ig Darts of the fifth district
which will improve conditions
In the Atlanta district, 1t IS reporleu
that several plants will resume opera
tions soon. one being the ran mln az
BirIningham. Ala, which Will ellipIoy
! O0O men. and another. the GooayeaL
TIRE & Rubber Co. factory at 1duSoS1l, 20
AIa which will also give Work 10 I'Ooo
o., o., Tnvti1p mills in the district are
also planning to operate on 1uA Iiiiie'
Controller Seeks Added Power.
Controller of the Currency John w.
DoGn in his annual report, asked Con-
oyose for tn. power to change the man
scernrnt of a bank where it is unSaIlS-
factory and does not try to improve con.
ditions when suggestions are mace nc
said: ,,o..,,,4io. ,,l,icp,
corfront5 the controller OF the cuI
TGnGN III Ills NllAlLA wa ~ 80
banks conduct their banking operatIoils
ALONG prODer lines is the character OF
,,1anapement which he finds IN some
instances in banks under his JurlSolc-
+ion and the inability, under present
laws to deal with this management so
as tn correct various violations WHICH,
if perpetuated. may lead to disaster 20
the banks and to their deposltoTS.
Examinations, criticisms and 6uggeS-
tions have their proper result Where IIle
character Of management Is Such as WIZ
lead to correction Of the improper pIaC-
tiCes and conditions, but where the
ragpmenJ is such that it will persist
in unSound practices, regardless OF IIIG
various warnings given, the only Ilhal
action left to the controller Is a SulI
fer forfeiture of the charter OF the COT
uorati0n. which course must necessarily
brine, about the very result he IS trying
to ay0id-tbe closing of the bank.
There should unqueStiOnably be power
LODGED in a proper body to require
change in the character OF management
of a going national bank where the OH
GERS and directors refuse to correct con-
Giti0ns. ..;...
In my testimony in this connection
before the Subcommittee on Banking
and Currency Of the United states
senate. at the last session of Congress,
1 suggested that Congress should confer
upon a board, to be composed OF the
Secretary of the Treasury, the governor
of the Federal Reserve Board and the
controller of the currency, the power 10
remove officers or directors OF national
banking institutions who have persist
emily violated the law or who continue
unsafe and unsound practices. THIS
recommendation is similar to that mace
by several controllers of the currency IN
mast recommendations to Congress-
Two New Insurance Directors.
William A. Hettinger, president of the
American Building Association, and Le-
roy Gaddis, jr, real estate man, were
elected TO the directorate of the Fire
mem S Insurance Co. Of Washington and
GEORGETOWN at the annual meeting OF
stockholders Of that company held yes
terday.
Directors reelected were Edward G.
Baltz. Millard T. Dixon, Parke A. Gale
her, William NJ. Hoffman, J. Logan Hop
klns. Albert W Howard, Charles H
Kindle. John H. Snyder, Schuyler S.
Symons, Albert w. Walker and James
NJ. Woodward,
New Offices Get Under Way.
Frank p. Morse. who is now manag-
ing the new Washington office OF
Charles D. Barney q Co. is receiving
many congratulations on the quick
business change from one firm to an
other While the location is the same,
yet there was much to be done in
changing an investment office into
New York Exchange Office, with board
room and complete ticker facilities.
Field, Gore d Co. have opened
i
Baltimore. Nd, in charge of Joseph A.
w. IglcharJ and Benjamin Davis Will
liams. IT,. members Of the former IN
vcStment banking firm of J. A. w. Igle-
hart & Co. Personnel will include Rob-
Crt Mclean. ir.: J. S. Ewing and Mar
tin J. Bayly, all formerly associated
with The Igehart firm.
Capital Traction Stronger.
Capital Traction stock showed a bit
more strength on the Washington Stock
Exchange today when it opened at 1874,
two lO-shaTe lots selling at this figure
A lO-share lot was then exchanged at
1873 and the market closed with 70
shares changing hands at 18 The
days trading vas confined wholly to
this issue, bonds being entirely neg
lected,
Annual Bank Meetings Due.
The annual meetings of the national
banks. trust companies and several
savings banks take place during Jan
uary. Vacancies on various boards viii
be filled, but comparatively few cl anges
are indicated at this time The fact
that three new bank presidents were re-
Gently elected in this city vii, daract
considerably from the interest that
might otherwise have been Cen'ered in
the annual election.
Walsh Issues Warning.
Senator David / Walsh in a speech in
Massachusetts, warned against danger Of
depositors of closed banks being ex-
plotted through payment of large fees
TO agents engaged in Salvaging funds.
He holds that Liquidation Of such re-