Evening star., 1934-12-01
F|RSTSAV|NCSGA|N
SINCE 1880 SCORED
Jump of S742,132,000 Over
Last Year Revealed in
A. B. A. Survey.
BY EDWARD C. STONE.

savings in all American banks showed
an increase in the annual compilation
of the American Bankers Association
with its figures for the year ending
June 80, 1884. it is brought out in
statement by w. Espey Albig, in
charge of its savings division.
Savings deposited in banks as of
June 80, 1884, gained 3.5 per cent
during the past year, Mr. Albig says.
The aggregate is an increase over
last year of $742, 1872 900, the first since
the year which closed June 80, 1880.
This is a notable achievement, for
the decline since 1880 had been pre-
cipitate and all-embracing. In that
year savings had reached the all-time
high of $28,478,631, ,0OO A year ago
the amount was $21, ,l25, ,534, 900. loss
in three years of 1888 ,O97, 900. This
year the figure stands at S2l. 1867, $685.
600, an advance over last year, but
recession of $3.50, 965, 900, or 23.2 per
cent, from the high mark of 1880. To
find an equivalent figure it is neces-
sary to 60 back 10 years, when the
total volume of savings stood at S21,-
1873, 8,734,000. the report adds.
DepositorS. too have gained in num-
Der, going from 39,262, ,442 year ago
to 39.562,174 this year, gain of 299,-
1872. Four years ago there were ST.
729,432 depositors, or one depositor
for each 23 persons in the country
Now there is one account for each
80 persons.
Other Deposits Also Gain.
The realization of a loss of over
100000 depositors in the face of
population increase over the four
years of 3,650,000, indicates dramati-
cally the price in fear, despair, pow
erty, wrecked ambitions, loss of crea-
ture comforts and cultural opportuni-
ties exacted by the Generalization in
business and industry during the past
five years, Mr.. Albig says.
The increase in individual deposits.
including both savings and demand
deposits during the past year was
also notable he points out. The high
point was reached in 1923. with de-
posits of more than s51 OOOO,O 900
The volume declined rapidly until a
year ago, when it stood at S35,546,-
100000. This year it again started its
upward climb and reached the sum
of S38, ,O98, 883 900. a gain of S2,552,-
476, 5000, or 10 per cent, over year
ago
The rapid rise in individual depos-
its was not reflected by the gain in
savings deposits, he continues. The
bulk appeared on the side of CONNER
ri 6annSitc TY,
deposits comprise 81 per cent of indi-
vidual deposits as against SO per cent
year ago. Apparently the necessity
confronting many persons of living
on their reserves prevented an in
crease in savings deposits comparable
to that in individual deposits, the re-
view concludes.
Rail Earnings Per Share.
Virginian Railway reports for 10
months ended October 81, 1884, net
income of $2,797,89l after taxes and
charges, equivalent after dividend re-
quirements on per cent preferred
stock, to SAT- a share on 312,7l5
shares of common stock. This COM
pares with $2,348.665, or 50 O4 a COM
mon share. in first 10 months of 1888
Norfolk & Western Railway reports
for 10 months ended October l. 1884
net income of s16,692,517 after taxes
and charges, equivalent after dividend
requirements on 4 per cent preferred
stock. to Sl1.32 share on l.406,4 ,483
shares of common stock. This COM
pares with $18,6o6,O79, or S12.68 a
common share, in first 10 months
Of 1888.
Western Maryland Railway reports
for 10 months ended October 81, 1884,
net income of $804, 1922 after taxes and
charges, equal to $453 a share on
77,420 shares of per cent first pre-
ferred stock on which no dividends
have been paid. This compares with
S682,7l3. or S385 share, on first
preferred stock in 10 months ended
October 81, 1888.
Hecht Sees Lower Interest.
Bankers here we're much interested
In the visit of President R. S. Hecht
of the American Bankers Association
to President Roosevelt at Warm
Springs, to urge definite limit on
insurance of bank deposits and to ask
for new deal in bank examinations,
SO that all banks will be treated alike
His purpose in this matter is to keep
banks up to a standard where there
will be no failures which will have to
be paid for by sound institutions.
Insurance deposits up to $4,000 is
the amount most commonly men,
toned when probable action by Con-
gress is discussed. That figure is tenn
porarily in effect now.
President Hecht predicts a further
decline in money rates. He told the
President he had no apprehension of
large Withdrawals from banks, as 2l2
per cent on savings is more than de-
positors would get from investing in
Government bonds.
His visit was indicative of the new
Cooperation between the banks and
the administration which has de-
veloped since the A. B. A. convention
here in october.
Heard in Financial District.
The Lanston Monotype Machine Co.
paid its regular quarterly dividend of
81 per share yesterday. Potomac Power
and Washington Railway g. Electric
Cos. have also paid the regular dlvl-
dends due at this time.
Albert D. Graham, chairman of the
First National Bank of Baltimore. is
to be chairman of the committee
which will redraft Maryland Banking
regulations, as requested by Gov.-elect
Harry w. Nice. Work will begin at
once.
Maryland Fund declared initial cash
distribution of IS cents, payable De-
cember Is to holders of record Novem-
ber 80 and a stock distribution of 8
per cent. payable February l to
holders of record January Is. The
cash distribution covers the period
from date of incorporation. June %.
1884. through November 30
A series of amendments to the in
vestment bankers code covering itemi-
zation on company reports of stock
dividends received, and commissions
to bankers by stock-selling syndicates,