Evening Star Newspaper, November 6, 1930, Page 13

1. C. BANKS GAINING, N SAVINGS TOTAL Deposits in 40 Institutions of Capital Were $93,743,000 on September 24, BY EDWARD C. STONE. Bavings deposits in 40 Washington banks are higher now than they were & year ago and also above the June 30, 1930, figures, according to an analysis “ <ot the banking situation just completed by John W. Pole, controlier of the cur- Tency. An abstract from the reports of con- dition of mational banks, savings banks and trust companies in the District of Columbia &t the.close business on Sep- tember 24 shows that deposits evi- denced by savings pass bpoks, exclusive of Christmas savings, totaled $93,743,000. On the June call these same deposits aggregated $90,509.000 and on October 4, 1929, they amounted to $85,934,000. ‘These figures show the substantial gain of $7,809,000 since October of last year and a gain of $3,234,000 between the September and June calls of the present year. Gain of Nearly $8,000,000. It has been generally supposed that sayings had been mounting during the past year, but the fact that these ac- counts have gained nearly $8,000,000 in the 12 months will be highly gratifying. On September 24 the 12 national banks had $44,735,000 in their savings de- partments, 22 savings banks were car- Tying $21,933,000 and the trust com- pany savings departments had $27,933,- 000 in savings on their books. ‘The number of savings accounts, however, is .ot as large it was a year ago, but larger than on June 30 of this year. The national banks have 94,599 savings pass books out, the sav- |, ings banks show 134,572 pass books and e the trust companies report 96,479 sav- ings pass books outstanding. This means that the three groups of banks had 135,650 savings accounts on the date of the last call, compared with the smaller total of 312,120 on June 30 and :Ml ’l;;ger number, 335,118 on October w Thus, while the total number of peo- ple in Washington carrying savings ac- counts has dropped since the New York stock market crash of last Fall, the amount of money in the various ac- counts has increased. As noted shortly after the last call, total deposits of all kinds in Washing- ton banks on September 24 amounted to $265,689,000, compared with $261,- 966,000 on June 30 of this year and $269,557,000 on the corresponding call of ‘October 4, 1929. Bankers Publish Biggest Bulletin. ‘The monthly bulletin of the District - Bankers' Association has made its ap- nce and contains a great deal of teresting matter regarding the re- cent convention of the American Bank- ers’ Association at Cleveland. Francis G. Addison, jr., representative from the local association on the A. B. A. ex- ecutive council, presents a most_ com- lete report in the bulletin and Robert . Fleming, at the request of President McLachlen, has reviewed many vitally important matters that came before his * attention during the sessions. Mr. Fleming is a member of the executive council of the national bank division. The bulletin also contains an un- usually complete history of the Ameri- can Bankers' Association. It reviews B. and a special report on a recent ® meeting of the District Bankers' Ad- Committee. This committee reconmends the regular Christmas Savings Club campaign on the same lines as in previous years, the drive to start on Saturday, November 29, and erd January 15, 1931. the largest edition of the bul- letin ever put out by the association. ‘The first article relates to plans for the next annual convention in June. New Bank Director Elected. At the regular monthly meeting of the board of directors of the Washing- ton Loan & Trust Company yesterday afternoon, Charles Parker Stone, presi- @ dent of Stone & Fairfax, Inc, was elected to the board. Mr. Parker has been prominent in the real estate busi» ” ness in Washington and vicinity for many years. He is the son of one of p the founders of the firm and me president when his father retired ‘rom active business. Exchange Elects Parker Member. ‘The board of governors of the Wash- ington Stock Exchange today elected Chauncey G, Parker, jr., to member- ship. Mr. Parker is a member of the newly established investment banking firm of Auchincloss, Parker & Redpath, in the Natlonal Savings & Trust build- ing. He is a Harvard man, is a former ‘imanager of the local office of J. A. W. Iglehart & Company and was afterward connected with the Washnigton office of the National City Co. He takes the seat on the Exchange formerly owned by James M. Green. Annuity Sales Gain Sharply. + The Pidelity Investment Association reports a gain of more than 39 per cent in volume of business for the nine months compared with the correspond- ing period of 1929, according to H. C. Harris, manager of the Washington office. For the third quarter of the year the increase was more than 47 per cent and for the month of Sep- tember it exceeded 39 per cent, -The figures follow: 1930. 1929. Beptember .. $6,648,000 $4,780,000 Third quarter .. 14,000,000 9,500,000 ™ Nine months ... 37,126,000 26,528,000 @& , The association has paid out $11,500,- 000 to contract holders in the last eight years, according to D. A. Burt, presi- dent, and now has resources $24,164,984. Equitable Elects Officers. The annual meeting of shareholders of the Equitable Co-operative Building Association was also held yesterday. Here there were no ohanges, all officers | and directors being re-elected. They are the followinz: John Joy Edson, | president; John B. Larner, first vice | ¥ president; Gilbert H. Grosvenor, second | ¢Vice president: Walter S. Pratt, jr. secretary. Directors: Ralph P. Barnard, Frederick V. Coville, John Joy Edson, | Gilbert H. Grosvenor, John B. Larner, | Robert L. Lewis, Harry G. Meem, | Walter S Pratt, jr, Prederic B. Pyle. Trading on D. C. Exchange. Trading was rather quiet on the Washington Stock Exchange today. Forty shares of Washington Rallway & Electric preferred changed hands at 98%, 20 of Columbia Sand & Gravel preferred sold at 85, Mergenthaler Tegistered 90% and 100 shares of Na- tional Mortgage & Investment preferred moved at 5. Potomac Electric 6 per | cent preferred sold at 110},. Bond trad- | was confifed, to Washington Gas issues at recent price The local banks maintaining Christ- mAs Savings Clubs have decided to s make the annual payments to members on December 1. ‘This means that about 87,000,000 will be distributed among the nds of members. About $8,000,000 Was subscribed this year, but not all the members were able to keep up their Dayments on account of business . The amount, however, is 50 substantial that it will be a powerful factor in local Christmas trade. Financial Distriet Notes. Edward L. Huigr vice president of the U Trust Co.,, has :tl:l;’md from motor tour e South, ‘with visits at Blot , N. C., ! wing Roek, C., and , 8. C, Kenzle W. Walker, president of the Collateral Shares g M.Muu:nn Prov. Add 00. High. Low. Close. Close 87 Abitibi P& P pt 110% 104 Abraham St pf (7) 19% Adams Exp (1.60)... 85% Adams Exp pf (5)...100s 3% Advance Rumley.... 16 Advance Rumley pf. % Ahumada Lead. . 96% Air Reduction (t4%4) 10 Alr Way El Ap (1%) % Ajax Rubber 4% Alaska Juneav..... . 10% Allegheny Corp..... 48% Allegheny St1(12.55) 192% Allled Ch & Dy in6). 121 36 61 4 Allled Ch & D pf (7). Allis Chalmers (3) Alpha Port Cmt (2 Am Beet Sugar...... 22% Am Bosch Magneto. . 36 118 64 a8 108% Am Can (15).. 35 3% 3614 21% Am Colortype ( 9% Am Com Aicohol. ... 10 26 36 80% 97 80 14 27'% Am Ice (14). 20% [ 2814 Am Locomotive (4).. 7914 7% 80 19% 38 5% 29 39 40 96 6% 16 192 107% 109% 120 101 106 66% ) 18% 2% b% 33 20 30 Am Br Shoe (2.40). . Am Br Sh & F pf (7) Am Brown Bov Elec. Am Brown B E pf (7) 508 150 Am Car & Fdy (6)... 2 Am Chain (3). Am Chicle (13) 4 308 6 [40). Am Encaustie (1). Am European Secur. Am & For Power Am & For Pw pf (). 56 Am & For Pw pf (7). Am & For Pow 2d pf. Am Hide & Leath pf. 3% A HANE RN NS RO A RN Am Internat! Am La Fr & Foam e Am Locomot pf (7).. AmP&LpDLA (3%). Am P & L pf A st (5) Am Rad&Std San(1). A Snuft (133%).... Am Soly & Chem pf.. Am Steel Fdy (3) Am Stores (+214) Am Sugar Ref (5). Am Sugar Ref pf(7). Am Sumarra Tob. Am Tel & Cable (5).. Am Tel & Tel (9).... Am Tobacco (5)..... Am Tobacco B (5). Am Tobaceo pf (6) Am Type Fdry (8). Am Type Fdy pt (1 Am Water Wks (nl). Am Woolen Sa Am Woolen pf. Am Writ Paper ctfs.. Am Zinc Lead & Sm. Anaconda Cop (2%). Anaconda W & C (1). Aachor Cap (2.40). 14% Andes Copper (1)... 17% Archer-Dan-M (2)... 65 Armour of Del pf (7) 3% Armourof Ill (A)... 1% 42 20% 54 11 2% 60% 19 . 1% 37 3% .Aviation Corp of Del Armour of Il (B).., Armour of Il pf (7 Asso Appl Ind (4). Atl Coast Line(+10). AtGulf & W I pf (5) At Refining (12).... Atlas Powder (4) Atlas Stores (n1) Atlas Tack.. ... Auburn Auto (§4) 25 Austin Nich pr A (3) 100s Autosales..... .... Auto Strap Saf R(3) 2% 19%; Baldwin Loco (1%). k3 9% 7% 106% 581 14% 90 67% 2% 16% 314 67 122 28 16 59% 60 16% 1% 200% 20 Balto & Ohlo (7).... 10 Balto & Ohfo pf (4).. 1 Bamberger pf (6%). 180» Bang & Aroos (3%) 1 Barnsdall A (2) Bayuk Cig 1t pf (7). 108 Beatrice Cream (4).. Belding-Hemingway Bendix Aviation (2). Best & Co (2).. . Bethlehem Steel (6). Betblehem St pt (7). Blaw-Knox (1%).... Bohn Alum&Br(1%) Bon Ami (A) (15)... Borden Co (k3). Borg Warner (3). Botany Con M (A). Briggs Mfg Co. Bklyn-Man Tr (4). Bklyn-Man Tr pf (6) Bklyn & Queens. ... Bklyn Union Gas (5) Bruns-Balk-Col. . Bucyrus (1).... .. Bueyrus cv pf (234). Budd (EG) Mfg.... Budd Wheel (1) Bullard Co... Bulova Watch (3) Burr Add Mach (1).. Bush Terminal (2%) Bush T Bldg pf (7).. Bush Term deb (7) Butte Cop & Z (50¢) Butte Superior. Butterick Co B (AM). Calif Packing (4)... Callahan Zinc & Ld. Calumet & Arizon: Calumet & Hecla. ... Campbell Wyant (2). Canada Dry G A (5). Canada South (3) Can Pacific new. ... Cannon Miils (1 60) Capital Admin (A).. Cent RR of NJ (112). Cerro de Pasco (4)., Certain-teed Prod 4 Checker Cab 14.20).. Ches & Ohio (£34)... Chesapeake Corp (3) Chic & Alton . . Chic & Alton pf. ... Chic Great Western. Chic Great West pf Chic Mil St P & Pa Chic Mil St P& P pf Chicago & N W (5) Chi &N W pf (7). Chic Prieu Tool. ..., Chi Pneu T pf (3%). Chi R | & Pac pf ¢1). City lce & F pf (6%) 20» City Stores (50c)... 1 Coea-Cola (6) ien B Colgate-Pal-P (234). Colg-Palm-P of (6) Collins & Alkman % Colonial Reacon Col Fuel & Iron (1) Col Gas & El (2). @ Colum Graph (a%).. Columbian Carb (t§) 28 Comm Credit (2).... 29 Comm Credit A (3) 23 Comm Cred 15t (61%4) 350s Comm C 18t xw (611 Com In Tr (§1.60). Comm Solvents (31 Comwlth & So (60c) Comwlith & 8o pf Conde Nast Pub 2). Conpoleum-Nairn. ., 13 Consol Cig pr pf 6% . 1508 Consol Film «2)..... 6 4 Consol Film pf (2).. 8 1% 3% 18% 2% Cousl Baking Consol Gas N Y (4).. 264 Cons Gas N ¥ of (§). 21 Consol Textlie . 5 Contaliner A (1.20).. 3 Contafer B 8 Contd Baking A. 10% 37 1056 20 88% 1% 89 904 108 1083 ] ke 8% 18% % B 1% 19% 2% 3w 11 37% 105% 19% 87 32 4 20 1% 98Y 108% 12% 29 687 116% 1% 414 53% 627 26% 136% 833 32 17 124 239 30% 17% 3918 ™, 813 197 19% 5% 14 115% 14614 54 92 33 44% 123 86 31% 22% 86 58% 3% 45% 62 12% T4 40 29 6615 148% 123 123 Stock and Sales— Dividend Rate. ~Add 09 Hisn. Contl Baking pt (8). Cont] Can (2%) Contl Dia Fibre (1).. Contl Insur (2.40). Contl Motors. Contl Oil of Del. Contl Shares (1). Corn Pr Ref (14%) COty INC..eeveeesee Crof Wheat (12%) Crosley Rado. ...... Crown C&S pf(2.70). Crown Zellerb'ch (1) Publish pf () Wright Corp. Wr Corp A. -Ham (3%). Davison Chemical. Deere & Co pf (1.40). Delaware & Hud (9). Del Lack & Wn (17). Denver & RG W pf, Detroit Edison (8)... Devoe & Ray (1.20) Diamond Match (8) Dia Match ctfs (8) Dome Mines (1), Dom Stores (11.20).. Drug Corporat (4)... Dunhill Int (1).. 4 Du Pont de N (14.70) Duques Lt 1st pf (5). East Roll Mill (ht2). Eastman Kodak (18) Eastman Kod pf (6). Eaton Axle &8 (3) Elec Auto Lite (6)... Electric Boat. i« ElPow & Lt (1). El Storage Bat (6). Emerson Brant (A) Endicott-John (5). 4 Eng Pub Serv (2.40). Equit Office P1dg (3) EroRR...co0e0 o Erie RR 1st pf (4). 1004 6 1 5 6 3 3 . 3 1 5 39 7 1 4 8 3 0 1 1 5 2 4 2 2 0 3 3 114 1 3 89 208 1 Fairbanks Morse (3) 30, Fed Wat Svc A 2.40 Federated Dept Str: Fid Ph Fire In (2.60 Fir F! Foster Wheeler (2) % Foundation Co. Freeport Tex (15). Fuller pr pf (17.94) Gabriel Co (A). Gamewell Co (5). Gardner Motor. Gen Am T’k Car (34) Gen Asphalt (4) . Gen Bronze., Gen Cable. Gen Cable A Gen Cigar (4) Gen Elec spec (60c) . Gen Food Corp (3). .» Gen Gas&El A(e30c) Gen Mills (3). Gen Mills pf ( Gen Motors (13.: Gen Realty & Util. Gen R & Ut pf (e6).. Gen Refract (14%). Gen Theatre Equip. Gillette Saf Raz (4). Gimbel Bros........ Gimbel Bros pf (7). Glidden Co (1.20) Glidden pr pf (7). Goodrich (B F). 4 Goodyear Tire (6) Goodyear 1st pf (7) Gould Copper. Graham-Paige. Graham- Granby Co “Grand Silver S {m1). Grand Unton. .. Grand Union pf (3). Grant (W T) (1).... Gr North pf (5 - Gr Nor ctf Ore (a %) t Sug (1.40).. t Sug pf (7). Greene Cananea Cop. % Grigsby Grunow.... Gulf Mobile & North, Gulf Mob & N pf (6). Gulf States Steel, Hahn Dept Stores. ... Hahn Dept S pf (6%) % Hall (WF) Pr Go (2). 83% 5 5 49 43% 9% 21% 41 18% ™ 95 3% 15% % 20% 2% 14% 3% 131 10 85 2% 56% 140% 26% 62 16%, 16% 116 40 8 5% 40 18 50 31 51% 101 25% 17% 5% 0% 64'% 118% 118% % Hanna pf (new) (1), Har Wk Ref (12%4).. Hartman (A) (2). Hartman Corp (B) Hayes Body.... Hershey Choc (5)... Hersh Choc pf (15).. Hollander Sons. Houdaille Hershey. . Household Fin pf (4) Houston Ofl (b10%). Houston Ofl (new). Howe Sound (14%). Hud&Man Ry (3.50). Hudson Motors (3).. Hupp MOtors-....... Iilinots Central (7). Illinois Cen 1s In (4) Independ O & G (2).. Indian Motor Cycl Indian Refining. Ind Ray (h5% stk).. Ingersoll Rand (16). Inspiration Copper. . Insurance Sh (45c. Interboro Rap Tran. Intercont Rubber. Interlake Iron (1)... Int Agricultural Intl Bus Mach (n6),, Intl Carriers (25¢).. Intl Cement (4)..... Intl Combustion Intl Harvester (234). Int Harvester pf (1). Intl Hydro El A (e2) Int] Match pf (4).... Intl Mer Marine (2). Intl Nick of Can (1). Int Nick Can pf (1).. Intl Paper pf (7). .. Intl Paper & Pwr Intl Pap & Pow (B).. Intl Pap & P of (1) Intl Printg Ink (2%) Int Rys Cen A pf (5). Intl Salt (3).. . Int Shoe (3). Intl Sflver pf (7) Intl Tel & Tel (2). Inter Dept Strs (2).. Investors Equity (2) Jewel Tea (14) Johns-Manv pf (7). . Jones& gh pf (7). Jordan Motor Car. KC P&L 18t pf B (6). Karstadt (R) (1.03). Kelly-Spring Tire. .. Kelly-Spring 6% of.. Kelsey Hayes (2). Kelvinator Corp ... Kend Co pf (16.37).. Kennecott Copper(2) Kolster Radio. y Kresga (SS) Co 1.60. Kresge (SS) pt (7).. Kress (SH) Co (p1). Kreug & Toll 11.60). Krog Gr & Bak (n1). Lambert Co (8)..... Lehigh Port Cmt (1) Leh Port Cem pt (7). Lehigh Valley Coal.. Lehigh Val (14%) Liggett & Myer (15). Lig & Myers B (5).. Link Belt (2.60)..... Liquid Carbonic (4). Loew's Inc (3) Loft Ine. ... Long Bell Lumb ( 3 38 21 3 BT YT T 404 10s 13 P - ot P e anal ® 8 N 108 408 12 108 3 69 48 12% 5% 2% 14 103% 48 120% % 114% 9 A ISTOCKS DEPRESSED IN HEAVY SELLING Utilities Group Forced to New Low Point by Persist- ent Pressure. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 6.—Princi- pally because of the aggressive and * | large scale selling of the public utilities the stock market today looked weaker than ever, In the list under pressure new lows were the rule, and declines in a long list of miscellaneous industrials brought many of them down below any- thing recorded so far in this bear move- ment. The market started in still appre- hensive over the results of the elections upon the affairs of the water, electric light and power corporations. 'Liquida- tion in these stocks continued and was helped along by offerings for short ac- count. Before two hours had passed almost every active issue in this class had broken through its old resistance point, New Lows Recorded. Among the notable new lows were those in American Water Works, Co- lumbia Gas, which went through 40 for the first time; Consolidated Gas, con- sidered a high-grade investment issue, but which sold under 90, also for the first time; North American Co., one of the oldest df the holding organiza- tions; Standard Gas & Electric, United Gas Improvement and United Corpora- tion. American Telephone & Telegraph was not exempt from the downward trend and likewise sold at a new low. That the market is exaggerating the political factor in the outlook for the utilities admits of no dispute. In the present state of the Wall Street mind, however, fear and not reason rules, and besides, the utility stocks have long sold on a high appraisal of earning power and to give a modest return on the investment. The two latter condi- tions were in a fair way to be remedied at the pace the market was going today. Losses Are General. Sympathetically with the break in the utilities, General Electric went to a new low, but curiously enough Westinghouse Electric received support, probably from previous sellers for the’ decline. The igh-priced _industrials ranged lower during the early trading, with a new low in Eastman Kodak, although here, too, there was an exception in American Can, which benefited from ., short covering. The outstanding case of support was that of U. 8. Steel, which, although it broke through 142 soon after the open- ing, rallied over a point. On the other hand Republic Iron & Steel went to a new low following the third quarter statement showing a new 1oss of $1,740,- 509 after interest and _depreciation. Radio made a new low by a fraction and so did Vanadium, Bethlehem and ‘Crucible. Railroad stocks were not as active as the industrials, but they had their share of new lows. Among them were Lacka- wanna, Pennsylvania and Southern Pa- cific, to take three issues of investment rating. New Haven came down not- withstanding the fact that it has made a be(ey showing this year than most of . | the carriers, and Southern Railway ex- 4% 104 50 i tended its loss. Opening Is Lower. Stocks, after opening lower and regis- tering numerous new 1930 minimum quotations, rallied after the first half hour. Sales in this time amounted to 417,800 shares, against 260,100 in the same Wednesday period. The weak opening doubtless was due to the impairment of accounts as a result of the scores of new lows made near Wednesday's close. Softness of public utilities was attributed in some quarters to the unexpected reopening of the Federal Trade Commission investi- gation as well as to the psychological effect of the elections. Public utilities scoring new low levels_before the rally included Amer- ican Power & Light, American Water- works, Columbia Gas & Electric, De- troit_Edison, Electric Power & Light and Pacific Lighting. General Motors stood out prominently because of the number of big blocks changing hands. Packard and Nash hit new lows. The gain in gasoline stocks created heaviness in the ol sénding Atlantic Refining, Mexican Seaboard and Ohio Oil to new lows. iCOAL AND COKE EXPORTS LEAD BALTIMORE TRADE Special Dispatch to The Star. BALTIMORE, November 6.—Iron ore, according to a statement com- piled by the Export and Import Bu- reau, is the commodity which is im- ported in the greatest bulk at the local rt. POThe leading exports are coal and coke, according to the same statement, which treats of the city’s foreign trade during the year 1929. Listing the various imported and exported items in detail, the quan- tities of which are quoted in cargo tons of 2,240 pounds, the Teport states that iron ores were import- ed at a rate of 2179805 tons, a figure that is almost half of the total import tonnage, 5,696,641. Less bulky imports, in order of their tonnage during the last year, were petroleum and its products, manganese and manganese ore, sugar and pulp wood and wood pulp. Of the exports, wheat follows coal and coke as the second largest exported commodity, the figure for the mined roducts being 314,585 tons. Third, ourth and ffth places among the leading exports went to iron, steel and their manufactures, petroleum and products and barley, respectively The total tonnage for- exports was 1,440,382, a figure which does not com- pare with that of the import total. Money to Loan first_deed of trust on real éstate. Secuped line interest and. commy ol Joseph 1. Weller lar b & B KW, I WILL SELL $3,000 Hamilton Hotel first mort- gage 6!4%, 1942, @ 60. $8,000 Jefferson Apt. first mort- gage 6%, 1939, @ 59. $5,000 Corcoran Courts first mort- gage %, 1935 @ 2%4. $4,000 Arlington Apts. first mort- gage 634 %, bi 7,000 Wardman Real Estate Prop- erties 6149, bid. 300 Miller Train Control, new, @ 2. 1,000 Miller Train Control, “old,” 204 @ 20c. 100 Virginia Plate Glass, bid. 1,000 Nat. Mort. & Inv. com., old, @ 32¢. 100 Units Vasco Products, @ 7. 100 Vasco Products pfd, @ 2%. 10 Gayety Theater, @ 110. 40 International Bank, @ 66. 500 Action Advertising Corpn. of America, @ 1%. 50 Great Nat. Insurance, @ 7. 10 International Finance units, @ 50. 50 North * American _Develop- 20 Departmental Bank, @ 81¢. THOMAS L. HUME (Established 1899) 1412 G St. Nat. 1346-1347 HUGE GAINS MADE | IN SAVINGS FUNDS Number of Depositors Also Increased During Year, Says I.\. B. A. Official Report. Despite business depression, savings deposits in banks and trust companies of continental United States increased more than a quarter of a billion dollars in the year closing June 30, 1930, or $267,180,000, reaching the highest point ever recorded, according to statements recefved by the savings bank division, American Bankers' Association, and made public here today. This contrasts with a loss in savings of $195,305,000 reported by the division for the similar period a year earlier, which was in the midst of boom times. Total savings now stand at nearly $28,485,000,000, this year’s report shows. “This mark, topping, as it does, the highest figures previously established, isolates the recession for the year end- ing June 29, 1929, as being the only one in time deposits since records have been kept by the division, a period run- ning back to 1910,” declares W. Espey Albig, deputy manager of the associa- tion, in charge of the savings division. “It also further demonstrates that the recession ‘of last year was due to a cause, or causes, other than lack of employment or of earnings, for during that year employment was at very high tide, and enormous sums were distrib- uted in dividends. “This year industry has operated be- low normal. Pay rolls have been i duced, wages also in some places. Un- employment has been rife in practically all parts of the United States, being greatest, of course, in the industrial centers. As a result. the volume of money available for deposit in savings is rgurh lower than during the last year or two. . Number of Depositors Gains. “The total number of depositors re- ported 15 52,769,175, a gain of 5,048 over last year. It is only because of the great increase in the number of depositors in a few States that the total for the United States shows a gain. In most States a loss is recorded. This is true not only of savings depositors, but also of savings deposits.” It is impossible to name all factors which increase or decrease savings de- posited in banks, Mr. Albig says, but suggests that lack of faith in the sta-| bility of banks, reduction of the inter- est rate, competition by outside agen- cies offering a higher return and other causes may operate to lower depos- its, even though prosperity is pretty generally diffused. “When conditions in industry and employment are not satisfactory,” he adds, “there is a tendency on the part of those whose income is derived largely from wages to go to extreme lengths in safeguarding themselves financially. ‘They deposit more of their income in the savings departments of banks. If the depression is long-continued, these deposits are slowly but gradually with- drawn.” New Attitude Toward Saving. ‘When the savings record was taken in 1929, he continues, belief in achie ing any material amount of mons through the slow process of depositing savings in a bank was all but discred- ited, assertions were widely made that the industrial recessions as of former times had gone never to return, the lure of profits to be made in stocks at- tracted many, while others “smothered their fears of the vagaries of stock prices by pinning their faith to the name investment trust, since to them that connoted security cf principal and stabllity of yleld.” Withdrawals from savings up to about the middle of De- cember, 1929, were enormous, he says, and points out that while it is not pos- sible to estimate savings in .banks reg- istered at the low point, the gain since that time is more notable than is in- dicated by the statement that thé in- crease in savings from June, 1929, to June, 1930, is $267,000,000. “When the collapse in securities oc- curred innate conservative forces caused | many people to turn again to the time- tried institutions.” he says. The re- port in detail gives the following re- glonal analysis: New England States. Four of the New England States— Maine, Massachusetts, Rhode Island and Connecticut-—show a gain in de- posits over last year and three of them—Maine, Rhode Island and Con- necticut—show a gain in depositors, al- though the ‘district as a whole shows a considerable loss in savings depositors. The loss in savings deposits in one State, well as the loss of depositors, is explained in part by local condi- tions having nothing to do with in- dustry in that section. The net loss in REAL ESTATE LOANS Made at Low Interest Rates TAYLER & RUTHERFORD lieations invited on high - class F e I e et v for 8.5 or 10 years. If so desited. 1520 K St. NN\W. National 0475 FIRST TRUST LOANS Reasonable Rates Courteous Treatment THOS. E. JARRELL CO. N REALTO! 721 10th Street N.W. Nat'l 0765 Guaranteeing The Trade Mark tisfaction Trade Mark Berloy Steel Transfer Cases provide instantly accessible, dust and rodent proof con- tainers for non-current records. Two grades—commercial and standard—in all sizes fulfill any requirements for non-current record filing. STOCKE =1 [ depositors was 22414. Four of the New land States—Maine, Massachusetts, Eng! tat 3 , Rhode Island and Connecticut—show an increase in individual deposits. The large backlog of savings in New Eng- land, taken in connection with the wide diversification in industry, the in- creasing amount of tourist travel and the high, interest yigld, explains the conlleuln‘ prosperity of this region. Middle Atlantic States. The Middle Atlantic States usually turn in a large gain in saving: year ago these deposits in banks in that group stood in round figures at $11 800,000,000. This year added over $600,000,000 to that sum. Every State contributed toward that increase, from the Empire State with a rise in excess of $432,000,000 to Delaware with $268,- 000. This group and that of New Eng- land were two, out of the six compris- ing continental United States, which improved their position over last year. The New England States and those of the Middle Atlantic group together ac- counted for 61 per cent of the savings deposited in banks in the United States and for 53 per cent of the depositors. In the Middle Atlantic group all the States showed substantial gains in de- positors except the District of Columbia and Delaware, aggregating 390,960. year ago were increased by ‘an interest allotment of 4 per cent, the result would fall short of the an- nounced gain in savings over the past, year by about $59,000,000. Southern States. In the Southern States increases in savings were registered in Loulsiana, Texas, Arkansas, Kentucky and Ten- nessee. The number of savings de- depositors increased in Virginia. Ala- bama, Mississippl. Louisiana, Kentucky and Tennessee. The great diversifica- tion of industry in these States is & factor making for the more favorable showing. The low price during the: past year of agricultural products com- mon to this area could not help but af- fect the savings business of banks. The total recession in savings amounted to $56,986,000, and the decline in the num-~ ber of depositors was 83,790. . ‘The first concrete roads in Germany were built as early as 1890. a First Mortgage Loans On improved R and nearby Maryland and 1 Estate in the District of Colum! Virginia for 3, 5 or 10 year terms on your Home Apartment S%% Office Building Busis Property RANDALL H. HIAGNER & COMPANY MORTGAGE LOAN CORRESFONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 National Metropolitan Bank 15th St., Opposite U. S. Treasu 1814—Oldest National Bank in the District of Columbi: Since You Made Your Will —have conditions arose which counsel changes therein? fl Our Trust Dept. will be glad to advise you in the matter, draft necessary codi- cils or revise your will entirely, if de- sired. {Conference will in no way obligate you. 3% on Savings PROPERTY Apartment House MANAGEMENT MANAGEMENT E have demonstrated the efficiency and saving in our management of apartment houses for over a third of a century — relieving owners of all the annoying details, and increasing revenues. B: F. SAUL CO. 925 15th St. N.W. M ORTGAG Nat’l 2100 E LOANS Guarded Assets /4 /O great institutions typifying Amer ican prudence—life panies and savings banks—guard the insurance com- safety of their assets closely...investing the billions of dollars placed in their custody with the utmost care and regard for security. And what is their choice for a sound and stable investment which assures maximum safety...First Mortgages. Charged with the great responsibility in pay- ing in full all policies, the leading life insur- ance companies of the nation this year have placed about fifty per cent of their funds or more than,six billions of dollars in First Mortgages. More than five billion dollars, also half of their resources, was invested last year by the 611 mutual savings banks, located in 17 States of the country, in mortgage loans. These investments were made scientifically and painstakingly, solely on the basis of safety of principal and income yield. The selection of insurance companies and savings banks should also be YOURS. The 6 per cent First Mortgage Notes issued through Swartzell, Rheem & Hensey Company, too, with their perfect record of more than 61 years without loss to an investor, demonstrates that investments in these notes are truly GUARDED ASSETS. SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS