Evening star., 1934-02-02
MUTUAL SAVINGS
DEPOS|T0RS GAIN
Total 13,413,049 January
I, or Within 10000 of
AN.Time Peak.
BY EDWARD {. STONE.

operate. 1nlS gain DrOuRnC tne grdNQ
total of depositors to 13413,049 on
January l. within 10000 of the record
number for all time. according to in
formation made public today by the
National Association of Mutual Saw
ings Banks.
The trend of saving in the last six
months was distinctly better than in
the first half year Improved condi-
tions of employment were everywhere
reflected by the decreased demand for
cash reserves held by the public In
the first six months of 1888 all mutual
savings banks in the country had a
decline in deposits of 1897 .628. 1872. but
In the final six months the decline
amounted only to 1877, leaving
deposits of S9,594, ,6l0,845.
The trend of assets followed the
same curve, reduction in the first six
months having amounted to S241,-
959,476 and in the last half year to
S82, 9,258, total assets on January
amounting to Sl0,856000262
The average account belonging to
each depositor in mutual institutions
on January ! amounted to s7l532
and the average interest rate paid at
that time was 3.3l per cent. In COM
menting on these figures Philip A.
Benson, president of the association.
said
The gain in depoSitors is a very
satisfactory indication of improved
national conditions. Throughout more
than 100 years of operation the ex-
perience of mutual institutions has
shown that depositors usually increase
toward the end of depressed period
This time the number is larger than
ever before. 1t is a sound reason for
confidence when we find so large a
number of people so well protected by
their own earnings"
In list of the 100 largest mutual
savings banks in the United States.
the Savings Bank of Baltimore is
placed tWenty-third in size with S84,-
650,l85 deposits: and the Etaw Saw
ings Bank. also of Baltimore. is forty
NTH in the compilation. with de-
posts of S43,723,695. There are no
mutual savings banks in Washington
d. c. Exchange Shows Pickup.
The New York Produce Exchange
has made a tabulation of total share
transactions on various exchanges
during the year 1888, adding a COM
parison with 1882
Share transactions on the WASH
1ngton Stock Exchange totaled 11,433,
against 9,035, an excellent gain dur
ing the year, considering prevailing
conditions
The Baltimore Stock Exchange
handled 633086 shares during 1888.
against 350,285 shares in 1892, an
other good advance.
The Richmond Stock Exchange re-
ported a 52157-share turnover. as
compared with 1850 in the previous
year. making the best percentage rec
ord Of any of the 25 exchanges men
toned.
The New York Produce Exchange,
which presented the report, had
share turnover of 1O.396, ,427, against
4.570,l24 in 1882. The New York
Curb noted one of the best records of
increased business, 100,920,77l, against
s715e ,8s7 a year ego.
The New York Stock Exchange re-
ported 6540l6.452-Share transactions,
compared with 425,234,29s.
Urges Tax for Guaranty.
The Federal Deposit Insurance
Corporation would be the recipient
of a steady flow of revenues with
which to meet demands for de-
posit liquidation of closed banks.
under a plan advanced by Chairman
Fletcher of the Senate Banking and
Currency Committee.
Under the plan all revenues re-
eeived by the Federal Government
from the 2-cent tax on bank checks
k&o 10 u
lessen the burden of possible un-
limited assessment upon the bank
members in event of failure.
Chairman Fletcher says he is ad-
vancing the plan because of demands
both in and out of Congress for
d, legislation removing the unlimited
assessment provisions under the per-
nanent insurance law.
Since depositors pay the check tax,
It is only fair that the revenue go
to protect their money in the banks,
the Banking Committee chairman
said
The bank check tax is an emer-
gency measure enacted with other
excise taxes to meet the depression
costs of the Federal Government. 1t
would be extended under the Fletcher
insurance fund is reasonably forti-
fed to meet any contingency which
might arise under a banking system
properly supervised by Federal au-
thority.
Capital Traction Sells at 231z.
Capital Traction scored another new
high mark on the Washington Stock
transactions selling at 2312. The mar
ket closed with 1917 bid and 25 asked.
Mergenthaler Linotype was espe-
cially active today. 141 shares chang
ing hands during the session at 2712
and 273s. The closing sale was 40
share block. the only sale under 271a.
Real Estate Mortgage & Guaranty
preferred figured in 10o-share turn
over at 12. Railway & Electric pre-
ferred sold at 86 for a single share,
while single share of Potomac Elec-
trio Power 6 per cent preferred sold
at 11012.
Bonds were also in good demand
around recent price levels. 1t was the
busiest session of the week
Financial District Notes.
L Ilc 1AlHSIlCdll bdllkeIS ASSOCldl1O11
Journal states that the 1884 capital
market will bear heavy burden of
refunding issues, maturing obligations
this year including S25O,0O0 900 in in
dustrial, s400,000,000 in railroad and
$l50000,000 in utility bonds.
While the majority of current trade
indices are encouraging, the A. B. A.
review adds, it regards the failure of
unemployment to keep pace with in
creasing production as unfavorable.
The Myersville Savings Bank at
Myersville. Frederick County, Nd,
which had been operating on a reStric-
tive basis since the bank holiday. has
reopened in full. following reorganiza-
ton, John j. Ghingher. State bank
commissioner, announces.
FAVORABLE DIVIDEND