Evening star., 1934-12-05

figure than either M
1927, ,O52, 500 re- Rame e sfenhenson
ported at the end
of September this year or S3l4,43l $40
at the end of October last year. De-
posts in both member and mutual
savings banks showed increases Tor
the past month and past year.
A comparison of the total of Sl,l1O,-
$4,000 in debts to individual &C
counts reported for the five weeks
eneded November IA, 1884, with the
total reported for the preceding five
weeks. ended october 10 this year,
shows a decrease of s30928,000, or
% per cent. A decline during the
more recent period is seasonal, due
to heavy payments of dividends and
interest on October l. but the decrease
this year was less than occurs in most
years. Twelve of the % cities reported
higher figures for the more recent
period, six of the increases being due
at least in part to Improvement in the
textile industry.
In comparison with figures reported
for five weeks last year, ended No
vember Is. 1888, corresponding figures
for the five weeks ended November IA,
1884, show a total increase of S149,-
$4,000, or 1874 per cent, somewhat
smaller increase than was reported in
other recent months in comparison
with corresponding periods last year.
All of the reporting cities showed
higher figures for the 1884 period eX-
cept Lynchburg and Roanoke, the
decline in the latter city being less
than l per cent, Chairman HoXton
saws.
Collections in wholesale lines were
also better in October than in any
recent month. Cotton growers, with
prices more than sufficiently higher to
compensate for decreased production
this year, are in better position to
buy consumers goods, and tobacco
growers are realizing more money for
their 1884 crop than for any other
crop in number of years. Farmers
throughout the fifth district raised rel
atively large crops of food and feed
crops, and all money crops yielded
well. the review states.
Stephenson's Death Regretted.
Bankers in the financial district
here today expressed deep regret over
the death of Rome C. Stephenson,
former president of the American
Bankers Association, who passed away
yesterday at his home in South Bend,
Ind, at the age of 50 years.
He had planned to attend the recent
national convention of the A. B. A.
held here, but had to give up the trip
at the last moment on account of ILL
ness. While an official in the A. B. A,
he attended two conventions of the
District Bankers Association, making
addresses at each one, so was known
personally to the majority of the cityS
leading financiers.
Mr.. Stephenson was one of the most
likeable of men. He possessed re-
markable ability to remember names
and faces. He worked hard in the
interest of banking, both in .the ma
tional association and in his home
city. President of one bank and
active in the management of another,
the depression, the bank holiday and
the general financial situation prevail
ing after 1929 proved a severe strain
on his health. Those in close touch
with him had realized for some time
the seriousness of his condition.
Bond Club Address Lauded.
Members of the Washington Bond
Club we're enthusiastic today over
the address of Sir Willmott Lewis at
yesterdays luncheon, presided over
by President James P. Nolan. 1t was
his second appearance before the
club. In a talk teeming with new
ideas, Sir Willmott discussed private
property as it relates to freedom,
traced four periods in the history of
money and drew a striking picture
of the relationship between things
and values.
At one time certain definite things,
as, for example, power plants, were
valued at their actual worth. In
those days things and values were
the same. Then came holding COM
panies. One holding company was
established over another, and per-
haps another over the two. Soon
things and their real values were
completely divorced.
Property has often come into ire
sponsible ownership, endangering
freedom, the speaker said. Thou
sands of investors have become own
erS of 10 shares of stock in some
great corporation. They do not and
cannot exert any control in manage
ment Such a situation leaves con-
troll in the hands of very limited
number of directors and in many
instances has brought about Govern
ment action toward supervision. Ir-
responsible ownership has required
protection.
Governments do not change social
conditions, Mr. Lewis said. The re-
verse is true. Social conditions change
governments, placing great RESPONSE
bilities on every voter. Such duties
should not be neglected. In con-
clusion, the journalist quoted noted
historian to the effect that great
changes are not made by few giants.
but the average citizens, through the
use OF their voting powers.
ID. c. Bank Votes Dividend.
Directors of the Bank of Commerce
q Savings declared a dividend OF So
per share on the stock of the bank, at
their meeting yesterday, payable jan
uary 2, to stockholders of record De-
cember 80.
Capital Transit stock sold at 261a
ex-dividend on the Washington Stock
Exchange today, 10 shares changing
hands. Potomac Electric Power 6 per
cent preferred was strong at 1097s.
Five shares of Riggs National Bank
common changed ownership at 2l1
and 10 shares of National Savings &
Trust stock came out on the board
at 100. Bonds were quiet.
At the last meeting of the Board OF
Directors of the Fidelity Storage Co.,
Harry S. PLACER resigned as manager
of the real estate department, effec-
tive December 81.
Mr. PLACER has been associated with
the storage company since its founda-
ton in 1905. President David B.
Karrick expressed the regret of the
directors over his withdrawal. He is