Evening star., 1933-01-21
NEW MEETING DATE
SET BY EXCHANGE
Annual Business Session in
| January Will Simplify In
I come Tax Records.
BY EDWARD C. STONE.

y BY EDWARD C. STONE.
Members of the Washington Stock
Exchange recently changed the by
laws relative to the date Of holding the
annual meeting In the past the an
nual meeting has taken place on the
third Wednesday in November and Oh
ficers elected for the coming year.
such was the case last year when 9.
H. Gockeler was made president.
The date has now been changed
from November to the third Wednes-
day in January which simpllneS tne
handling of yearly records Tor income
tax purposes. The members eApieooc,S
the opinion that it would be mucn
better to hold the meeting shortly
after January l than back in Novem-
her. so that records can be easily as
sembled for the full calendar year.
Article 3 of the constitution has
been amended to read: Section l.
The annual meeting Of the members
of the Washington Stock Exchange
for the transaction OF general ana
special business shall be held at tne
rooms of the Exchange, on the tMro
Wednesday of January OF eacn year,
at - o'clock, at which time ana
mace there shall be elected separately
and by ballot a president, vice presl-
dent a secretary and a treasurer, 10
serve for the ensuing year or untll
their successors shall have peen
elected" o..,,+
officers will serve several weeks longer
thn one full year.
Conditions Worse 12O Years Ago.
.s.-e;,c washington Chap
ter American Institute OF Banking re-
cently Harold Stonier, national eou-
cational director, said: So, ,-.
"Historical experiences. while lnIer-
esting, never exactly parallel eacn oenei :.
However, there is great deal InaS
interesting in the story OF an Enghsn
manic 100 years ago. We are APT W
svmpathize with ourselves on tne
Ground that our Federal debt burden Is
Greater than that which any other ma
tion has ever been called upon 10 pean a.
But perusal of Englands history lI9
wears ago reveals the fact that Sne nao
a debt of $4,000, 100000 and popuia-
ton of only 100000. .,o,oo
1--WE have a debt of nearly $2O000,.
oo0 600. according to the 1882 report Oh
the Secretary of the Treasury. Eng,
land. 100 years ago. was therefore ~
per cent more in debt per capita IMAM
We are at the present time. She had
an unemployment situation far more
difficult than the present one, eltner III
ENGLAND or in this country. There were
hunger riots. massacreS, and widespread
dissatisfaction. England lost Az per
cent of her foreign trade. In oroer 10
save money she reduced her armed
forces by over SO per cent"
Number of Big Banks Decline.
THE AZ banks Of the country which
~encrted deposits of more than $780,
f,l0 600 as of December 81 hold 81 per
cent of the total deposits in all the
Commercial banks in the country while
los banks having deposits OF more
than 10000, 900 each hold At per cent
of the bank deposits of the country,
according to the annual tabulatlon OF
the larger banks of the country pre-
pared by the Finance Age.
Because OF consultations and 1al-
ures. the number Of large banks IS con-
stantly decreasing, although not IN the
same ratio as the smaller banks, tne
Financial Age comments. F1Ve years
ago there were 283 banks, facn W1sii VIII
deposits of S2O,OO0,000 or more. In 1881
the list contained the names OF 2l0
hanks. In 1882 there was further re-
duction of. is, bringing the total down
to 1876. o-
The aggregate deposits of the 1876
banks which had DEPOSITS OF $2O,O0O,-
COO or more at the end of last year were
S21.1O9,342 900. These banks had de.
posts of $17,777,7 900 at the END ,sd OF
1927, showing gain OF $3,33l ,604,o0O
in the last five years.
Postal Savings Hang Up Record.
Postal savings deposits at the close
of 1882 reached total Of 5000, ,238, ,726,
another record, according to the Post
ONCE Department. This total compares
with S6O5 $4,000 year earlier, or
gain of 1924, ,644,706 for the year. In
the middle of the year these deposits
amounted to $784,820, ,623.
The rate of increase in deposits
slowed down considerably during the
latter half of 1882. The average
monthly gain for the year as whole
was S24,553,725. For the first SIX
months the average monthly gain was
S2s87l, 100, while for the last six
months it was S19,236,350.
Declaring that mo time in many
years has called for more careful plan
ming in the use of personal income"
Adolph Lewisohn, New York banker,
opened National Thrift week over the
network of the National Broadcasting
Co. More than 40 national organiza-
tions which are concerned with bus1-
ness, civic, educational and social life
are cooperating in observance Of Thrift
week, he said.
Heard in Financial District.
James F. Behan has been elected
treasurer Of American Telephone &
Telegraph Co. to succeed Hugh Blair
Smith, deceased. Mr.. Behan has been
associated with the Bell System for
practically 80 years. He was made as
sistant controller in 1920, from which
position he goes to his new Office OF
treasurer.
Eugene Meyer. governor Of the Fed
eral Reserve Board, appeared before
Senate Banking and Currency Subcom-
mittee and in brief statement opposed
the Sheppard bills to make eligible for
Federal Reserve discount paper of fl
nance companies. The governor filed
with the committee q report from the
Federal Reserve Board bearing out his
opposition to the measure.
Newspapers all over the country are
commenting on the fact that the
Chesapeake & Ohio showed an increase
in gross revenues in December over the
some month of the previous year, the
first such increase to be shown since
January. 1880. The increase was largely
due to a pickup in the coal business
In the full year of 1882 the railroad
earned S305 per share on common