Evening star., 1933-01-24

l4Z savings DankS III new 1OIk K OldlS
were on 3i2 per cent annual basis; IL
were paying at the rate of 4 Y per cent
and the remainder were on per cent
basis. with exception of four. which
were paying Az per cent on the first
$1,000 and per cent on the balance.
The average interest paid by mutual
savings banks in New York State for
the last quarter of 1882 was 3.71 per
cent, against an average of 405 per
cent in the corresponding 1881 period
For all of 1882 the average interest
paid was 3.73 per cent, the lowest since
1906, and compared with AIS per cent
in 1881. AL per cent in 1880 and
maximum of 4.43 per cent in 1929.
A reduction of approximately one
half of l per cent by all the savings
banks in the State, which hold about
$4,000 900 of deposits, would result
in an annual reduction of slightly more
than S26.000,000.
The Dime Savings Bank of Brooklyn,
according to the Wall Street Journal,
has reduced the interest rate on all 6
per cent mortgages to 5l2 per cent on
so-called open" or past due mortgages.
The Long Island City Savings Bank
plans to make the reductions to 51a per
cent from per cent, effective on and
after March l. Hamburg Savings Bank
of Brooklyn is taking action similar to
that of the Long Island City Savings
Bank.
w. d. Hoover's Twenty fourth Election.
William D. Hoover, president of the
National Savings & Trust Co., is y
prominent local banker who has just
been honored with election for the
twenty-fourth time by the beard OF dl-
rectors. 1t was in January 1909 that
ha u,oc 6rct m 40 r,reSi6aDt of the truSt
company For seven years prior to that
time he had been connected with the
institution as attorney and trust officer.
Before entering the banking field, Mr..
Hoover was a real estate title man"
for five years being vice president and
director of the Real Estate Title 1nSur-
ance Co. Born and educated in Wash
ington, he took his law degree at
GEORGETOWN University. After admission
to the District of Columbia Bar, he used
his legal knowledge to the advantage OF
the corporations with which he was
connected, instead of entering private
practice.
Mr.. Hoover is director in the Nor
folk & Washington Steamboat Co. and
the Terminal Refrigerating & Ware
housing Corporation. He is 33d de-
gree Mason, member of the University,
Metropolitan and Lawyers clubs and
attends the Episcopal Church. His
hobby is golf. his membership being II
the Burning Tree Country Club. years
ago he gained wide fame by making
hole in one stroke, at Hot Springs, Va
Ticker Club to Hold Dinner.
Chester w. Lockwood. president OF
the Washington Ticker Club, Will enter
tain the members Of the club at
dinner at the Chevy Chase Club next
Monday evening, January 80. MT
Lockwood is connected with Hemphill,
Noyes g. Co., and has been active in
the club ever since it was founded.
He succeeded A. Chester Flather to the
presidency at the last annual election.
The Ticker Club is made up Of repre-
sentatives of nearly all the local Offices
of New York Stock Exchange houses
and was organized for protective pur-
poses. 1t came into being shortly be-
fore the late lamented break in Wall
Street when speculative trading was
daily hanging up new all-time records
The club has prospered throughout the
lull which has followed those strenuous
times.
Bankers Select Hot Springs.
The 1888 annual convention of the
Investment Bankers Association of
Hot Springs, Va, October % to 'Novem-
ber l. This selection was made at the
Midwinter meeting of the board of gov
ernors held last week at Absecon. NJ j.
Last years convention was held at
White Sulphur Springs, w. Va. 1t is
planned to hold board and committee
meetings on October % and 20 while
the sessions and forums of the conven-
tion will take place on October 80 to
November l.
The Federal Reserve Bank of Rich
mond reports that retail trade in the
fifth Federal Reserve district has been
in fair volume during the past week.
Merchants, however. are anxious for
some more cold weather in order to rid
their shelves of heavy clothing and
other Winter goods. The warm weather
has also slowed up the demand for fuel.
In the Atlanta district trade is re-
ported to have improved slightly in
January exceeding by a small margin
the business done in the corresponding
period in the previous year. Price trends
are steadier. Construction activity
around Atlanta is brisk.
Rapid Transit Files Report
The Washington Rapid Transit Co.
has filed its December statement with
the Public Utilities Commission. The
statement reveals a deficit of S3,44227,
better showing by S23327 than in De-
cember, 1881. For the full year 1882
the transit company reported decrease
in net income of s63, ,599.95, net loss
of s14,511.18 over the previous II
months.
The Potomac Electric Power Co. re-
ported to the Public Utilities Commis-
sion a net income for December OF
$431. .637. ga, a decrease of SAG. 9.972.32. For
the II months of 1882. net income to-
tailed s4,479 ,86l SO. a decrease Of $l03,-
36277 from the previous year.
Frank L. Dame, chairman OF the
board Of the North American Co,
states that he will remain as the active
executive head of the company. While
the late Edwin Gruhl was president,
Chairman Dame had also been giving
his full time to big utility concerns
affairs. The company's offices in New
York were closed today during the for
mer presidents funeral.
Today's Trading on Exchange.
On the, washington Stock Exchange
today. the new Washington Gas Light
IS figured IN three $1,000 sales at 94A;
WASHINGTON Gas IS, series B, recorded
one 500 sale at 10334. while the series
A bonds moved in two 500 sales at
10034., In the stock division, Potomac
Electric. Power 51a per cent preferred
stock registered LOT and the corpora
tions s per cent preferred witnessed
the sale OF two shares at 1l0A.
New York City bank stocks held
steady during the past week, the de-
crease In the aggregate value amount
ing to $l0,529, 900, or less than per
cent. The aggregate value of the six
teen leading issues amounted at the
close of the week to $1.793, ,389, 900,
which compares with total of ST.
1913 900 reported at the close of the
previous week, and with a total of
S929, 9,895, 600 reported on May 81, 1882,
the low point of the depression.