Evening star., 1936-05-16
SPENCER CHEERED
BY SAVINGS TREND
New Chief of Mutual Bank
Association Optimistic
at Closing Session.
BY EDWARD C. STONE.


should be fully maintained and per-
haps increased on the present basis
of industry and employment, was the
opinion expressed by Carl M. Spencer,
new president Of the National Asso-
citation of Mutual Savings Banks, at
the closing session at Atlantic City,
He is highly optimistic on the thrift
outlook.
Even slight improvement in the
spread of employment would add to
the current flow of savings he said.
For a year or more we have noted
a steady gain in the number of small
accounts the best barometer Of saw
lngs. rather than the average Of ac-
counts or the total Of deposits. How
ever, regarded from the latter stand
point, it Is impressive to observe that
mutual institutions, long the corner
stone of the savings structure. now
hold almost $40 600, 900. 900 of deposits.
This great sum Is about one-fourth of
all American bank deposits and close
to the high mark for mutual institu-
tions in the 100 years of our history.
1T is heartening to see that the
ideal of personal independence still
thrives. At the same time the gam
bling spirit is entirely too active. Any
one may see it at work in many direc-
tions. Surely we have not forgotten
the lessons of 1929" he warned
Another speaker, Wilson G. Wing,
Rhode Island banker. declared that
the Social Security Act is one of the
most important measures ever en-
acted in the Nations history, because
of its bearing on industry and indi-
viduals and on the national attitude
Of mind.
There has been noticeable i'm
provement" in municipal finances and
methods of administration in the last
year. according to the Committee on
Municipals and Government, of which
s. B. Lloyd. president. Philadelphia
Saving Fund Society, is chairman.
Bankers Ready For Conclave.
The delegation representing Wash
ington Chapter. American Institute
of Banking, to the national conven-
Saturday, May 80. It will be headed by
Paul j. Seltzer. president of the chap
ter who is with the American Secur-
ity g. Trust Co.. and will include Will
liam H. Laughlin. first vice president
of the chapter. Washington Loan &
Trust Co.: j. Earle McGeary, w. B.
IIibbS & Co.: I. j. Roberts, assistant
treasurer, Riggs National Bank: T.
Hunton Leith, cashier, Security Saw
ings & Commercial Bank; past presi-
dents of the Institute, G. Elmer Fla
ther, member of the board of COVER
nors. assistant treasurer Union Trust
Co.: Robert G. Whitton, national
chairman Forum Committee, assistant
cashier First National Bank, Alexan-
dria. Va, and G. Crawford Turnbull.
chief consul, assistant cashier, Nor
ris Plan Bank.
Mr.. Whitton will make his annual
report on national forum activities at
the general meeting in Seattle. Mr.
Roberts will speak at the bank man
agement conference. Mr.. Flather,
chairman of the local publicity COM
mittee, will display Washington's pub
licity.
The cross continent trip by special
train will include visits and enter
tainment in Columbus. Kansas City.
Colorado Springs, Pixies Peak, Salt
Lake City, Yosemite National Park,
California, Portland, Oreg.; Glacier
National Park, Minneapolis and Chi
cago.
A week will be spent in Seattle par
ticipating in the many convention ac-
tivities including banking education
al conferences, conferences on chap
ter administration. public speaking,
debate contests and elections.
Virginia Bonds Awarded.
An issue of $4,000 of refunding
bonds Of the town of Waynesboro,
Va. has been awarded to Frederick E.
Noting. Inc. of Richmond. at prem
ium of S2,239. The bonds bear per
cent interest and mature serially from
April /. 1887. through April l. 1857.
Frederick E. Noting. Inc, also has
been awarded an issue of $50.000
Town of Orange, Va, 314 per cent
refunding water bonds, maturing SER
tally from May l, 1947. through May
l, 1866. The bonds were reoffered and
5 per cent to 800 per cent
Cumberland, Md, plans the sale of
S150000 flood repair bonds on May
rs. The proposed issue represents the
first inStalment of the 100000 flood
repair loan authorized by the Mary
land Legislature at their March spe-
Cial session.
Heard in Financial District
The first bid for Peoples Drug
Stores common stock, when it was
listed on the Washington Stock Ex-
change yesterday, was 40, with 411a
fsked. The bid was the same as sales
on the Washington Stock Exchange
on the same date. This stock is con-
sidered likely to be one of the more
active issues on the Exchange in a
short time. Peoples Drug sales reports
80 far this year having been highly
favorable.
The West Virginia Bankers Asso-
citation will cross the line and meet
at Hot Springs this year. for the an
nual convention. The convention
oates conflicted with General Mo-
tors meeting at White Sulphur
Springs, so the West Virginia flnan-
ciers decided on Hot Springs, June
26 and 27. The Maryland Bankers
Association will again go to Atlantic
City on May 81 and %.
An increase Of $3,969, ,444 in freight
revenue is estimated to have been OBJ
tained by the Chesapeake g. Ohio in
1885 from emergency surcharges al
lowed by the Interstate Commerce
Commission. effective April 10, 1895.
A petition for indefinite extension Of
these increases in freight rates, now
scheduled to expire June 30, is pend
ing before the ICC.
Orders for air conditioning equip
ment booked in March were valued at
S3.477,752, compared with $2,611,241
IN February. the Department of Com
merce reports.
phous nAicfoI provoofad