Evening Star Newspaper, January 9, 1933, Page 16

TA—16 xkk BRANCH BANK GAIN PREDICTED INU. §, Growth of System Traced in Report of Committee on Social Trends. By the Assoclated Press. NEW YORK, January 9.—That Amer- fcan banking will ' move toward greater centralization in the future, with the likelihood that branch banks will multiply both in the State and national systems, is the conclusion pre- sented in the report of the President’s Committee on Recent Social Trends. The numbers of banks h branches has grown from 79 to 72z since 1900, the report says, and there are 288 chain and group systems. The number of banks merging and consolidating has grown constantly from 20 in 1900 to 735 in 1930. Meanwhile the total num- ber of banks has declined from 29,230 10 1920 to less than 20,000 in 1931. Special Report. This consideration of banking is drawn from the special report on | cconomic organization by Dr. Edwin F. Gay, professor of economic history at Harvard, and Dr. Leo Wolman, profes- | sor of economics at Columbia Uni- | versity. It is one of 29 chapters in the | two-volume, 1.500-page report of the | Committee on Recent Social Trends. “Since the war,” the economics re- port says, “the instability of banks in agricultural areas, the vulnerability of the small bank to rapid changes in economic conditions, and the contagion of the combination movement in other business fields produced a great ac- celeration in the tendency toward larger banking institutions and toward the centralization of control “Branch banking has received partic- ular attention in recent yvears as one | means of providing a banking system | which can effect greater equalization | and more efficient utilization of the credit resources of the country. “The future trend in banking organ- {zation would seem to be in the direc- tion of the multiplication of branch banking systems and liberalization of the laws respecting them. “This conclusion is supported by the great rapidity with which branch bank- ing has grown in the past decade. Be- fore 1921 the movement was confined principally to State banks, but since then national banks have expanded in the same way.” Branch banks are directly owned branches of central banks, as distinct from chain and group banks which are constituted from many individual banks under the control through stock owner- ship of individuals or holding com- panies. Extent of Control. These chain and group banks, grow- ing most rapidly in States which re- strict or prohibit branch banking, con- trol 2,047 banks with aggregate loans and investments of $13,600,000,000. The systems control 10 per cent of all banks and 31 per cent of all loans and in- ‘vestments. “Undertaken for the same reasons as motivated the promotors of branch and group banking,” the report says, “the need for mergers has unquestionably been increased since 1929 by the ex- pedient of absorbing weak banks, which are on the verge of failure, into the stronger institutions of the same com- munity. “Bank consolidations, comparatively rare before the wer, rose sharply in the depression of 1921 and have in- creased constantly ever since. In this ‘movement, also, all types of banks, na- tional State, trust companies, stock and mutual savings and private banks, have participated.” Washington Produce WHOLESALE PRICES. Butter—One-pound prints (93 score), 28; tub, 27; one-pound prints (92 score), 27; tub, 26; one-pound prints (90 score), 26; tub, 25. ¥ggs—Hennery whites, 30a32; current | Teceipts, 28; Government graded extras; 35; standards, 33; medium, 31; medium white, 25a28; pullets, 22a25. Poultry, alive—Turkeys, young hens, 16; younz toms, 14; old toms, 8; old hens, 10; chickens, Plymouth Rock broilers, 16a18; Plymouth Rocks, 4 pounds and over, 15al6; under, 12a13; | mixed colored chickens. 12al4; Leg- ; colored hens, 13a15; Leghorn hens, 4 pounds and over, capons, large, 19a21; small, 158 roasting chickens. 15a16; keats, | old, 20a25: young, 25a35; roosters, 7a8. Poultry, dressed — Turkeys, young hens, 18a20; young toms, 16al18; old toms, 10; old hens, 12al4; chickens, | Plymouth Rocks, 4 pounds and over, 17a19; under, 14al5; Plymouth Rock broilers, 18a20; capons, large, 21a23; small, 17a19; mixed colored chickens, l4al Leghorns, 14; roosters, 10a12; BONDS ON THE CURB . MARKE’ ITIC 5 Am 25 Appaich Pow bs 1 Baldwin Lo blas 14 Bel Tel Can bs A Can b5 Ser 5las 1Cent St ElI 5las bCnt St P&L Blas 6Chi Dig El bl:s ita K3 8740 106 Cudahy Pckg kE 58 Cudahy Pkg 6'zs Gas s 3 Lehigh P S 6 1Libby McN&L 1 Long Isiand Lt s 4% 8534 01341013 1013 1aOoR 11 Wes Tex U bs A 2Wisc P& L 55 F en B Ger s A om Pk Bk 5! 5; X . 1.00a: : turnips, 75; peppers, 3.0024.00; squash, 2.25a2.5 artichokes, 3.2523.50; parsnips, 1.25a | 1.50; salsify, 100 bunches, 5.00; onions, 60a75; peas, 3.00a3.75; cabbage, new, 00al old, 75a9( RESERVE DISTRICT NO. 5 REPORT OF CONDITION MUNSEY TRUST COMPANY | Of Washington. in the District of Co- lumbia. at the close of business on December 31, 1 Other assets. ... g LIABILITIES. hens, 4 pounds and over, 15al17; keats, ; old 25a30. | hams, 11; strip bacon, 13; lard, 7; com- pound, 7. Fruits—Apples, bushel, 50a1.50; box stock, 1.75a2.00: pears, bananas, 75a2.; 3.0024.00; Florida, 50a6.50; tangerines, uit, 2.50a3.00; grapes, 1.75a2.00; alli- | gator pears, ; casabas, 2.50; Christmas melons, 2.50; persimmons, 1.00; cranberries, 2.0022.75; pineapples, 4.00; kumquats, quart, 20. Vegetabls sacks, N al.35; Idaho 1.65a1.85; Florida, | new, bushel, 2.75; sweets, 50a75; toma- | toes, repacks, three- 25; 30-pound lug 5 berg, 2.00a2.50; Florida, 1.0 Califo . 3.00; carrots, crate, | 2.00a2.50; bunches, 50a60; | spinach, Te: California, | : lemons, 2.50; grape- RESERVE DISTRICT No. 5 REPORT OF ©Of the Washington Loan & Trust Co. ©Of Washington, in the District of Columbia, at the close of business on December 31, 1932. RESOURCES, Lo d discounts..... tocks, and securities $1,918,161.90; furniture and fixt Real estate owned other than banking house Cash and due from banks. . . Outside checks and other cash item: . Other assets Total 5. Capital stock paid in 6. Surplus .. i 7. Undivided profits—net. 8. Reserves for contingencie: 5 0. Due to banks, including certified standing ... = 21. Demand deposits. 22. Time deposits 31. Other liabilities. . District of Columbia, ss: 1, CHAS. R. GRANT, treasurer of the above-named bank, do solemnly swear that the above statement is true Subscribed and sworn to before me this 71.!’;' day of January, 1933. (Seal.) Correct—Attest: H. G. MEEM, JOHN JOY EDSON, ARTHUR PETER, JOHN H. CLAPP, ‘W! 8. PRATT, JR., DONALD WOODWARD, . LAWSON, L. W. ESTES, FREDERICK V. COVILLE, JOHN BARTON PAYNE, 5. Capital stock paid in.$2.000.000.00 B Burplug ool i ) . Undivided ~ profits—net ve for contin- crued and unpaid.. 31. Other liabilities (L R District_of Columbia. s 1, C. H. POPE. treasurer of the above- namied bank. do solemnly swear that the shove statement is true to the best of my knowledge and beliet C. H. POPE. Treasurer. Subscribed and sworn to before me this 7th day of January, 1933 CHARLES R. BURHAN: (Scal.) Notary Pu My commission expijes May 10, Attest Correct— WILTON J. LAMBERT. T. €. Wi LLIS. WILLIAM E. HORTON. Directors. CONDITION .. $7,393,210.55 1,516.79 owned. . s . $1,000,000.00 2,350,000.00 | 181,755.10 and cashiers’ “out- 3 409,543 49 999369659 | 5,895,802.19 2,004.05 ............. vesereesss...$19,899,526.55 to the best of my knowledge and belief. CHAS. R. GRANT, Treasurer. INCENT A. SHEEHY, JR., Notary Public. THE EVENING' STAR, WASHINGTON, D. C, MONDAY, JAN POWDER MAY_( BLIND BOY Companions Set Fire to Contents of Bomb They Found. DETROIT, January 9 {(#).—Ten-year- old Peter Korth, jr, may be blind for | ward and Lawrence were able to avoid serious Injury, The Korth boy’s face and body was seared by the blast. Police are seeking to learn who left the explosive in the alley. o TOBACCO MARKET REOPENS. DANVILLE, Va. January 9 (Special). been sold. ‘The season has been far from profitable to the growers and to- bacco men and neither are in an ex- ultant mood. PSS Dividend Meetings. NEW YORK, January 9 ((#)— While several important dividend meet- ARY 9, 1933. PAPAL BULL SCHEDULED Pontiff to Promulgate Holy Year Ceremonies. VATICAN CITY, January 9 (#).— Pacification of the souls of individuals 8t. Peter’s, which is opened every quarter of a century. - Taps Maples in January. Taking advantage of the mild weather, William H. Logan, the “Sage of Hanover Hill,” Manchester, N. H., DRESSES CALLED ‘LUCKY" Label Used in Drive to Aid French Silk Industry. PARIS, January 7.—That old in salesmanahip of Jabeling a puseice 66,725.13 * | life because his’ companions yesterday set fire to what police believe may have been the contents of a black powder # | bomb. Edward Stoinski, 11, and Lawrence Dysarcyk, 11, told the police they found 31in an alley and set fire to the contents contents of the bottle exploded, but Ed- The Danville tobacco market, observed a lenigthy Christmas holiday | Street's attention is riveted on the ses- fimn. resumed operations this morn-|sion of the U. S. Steel Board to be 2. The market to date has sold 21,036.- | Action is due then on the preferred 313 pounds of tobacco at an average |stock quarterly dividend, a beer bottle “with some powder in it |of $10.13. Warehousemen do not ex- | which the street has had some anxiety pect any great activity between now | because of recurrent periods of ‘Weak- “just to see what would happen.” The |and the closing of the season in March, | ness in the stock and absence of signs the bulk of the crop having already |of improvement in the steel industry. annd Janua which | ings are scheduled for January, Wall| held on the last day of the month. concerning “The Avenue"—Tth, 8th and D Sts. A New Lot of Soft Wool Snugglers Ready Tomorrow 2 —They're nice to wear on chilly days in the house or office—and under your coat. Black and white, Copenhagen blue, gray, pink and white. Now at a greatly lowered price! Neckwear—Kann’s—Street Floor. Of Course You've Heard and peace and fraternity among peoples, | has tapped his ! thites outes oll:::e trees. He obtained the luxury ind it is expected, will be the pu: of world-wide prayers which ~Poj Pilus will request in a papal bull to be issued soon promulgating a Holy year. ‘The bull, it is reported, establishes ceremonies of the Holy year which make it equal to the ususl Holy years | 81 absence of 75 years is reported in proclaimed every 25 yeavs, including About Them! Now Try “STEVEN'S” Part-Linen Dish Towels 6 for 79c They're Warm! Snow Suits .95 Originally $3.95 —Belted models with two rows of buttons. . .Plain and two-tone effects in pink, blue, brown and green * —with helmets to match. Sizes 1 to 3 years. Kann's—Second Floor. This is the Time to Buy “PEPPERELL” SHEETS Three Sizes 63x99 72x99 81x99 81x108 Sheets ... 42x36 and 45x36 C, 4 for $2.50 Kann’s—Street Floor. Silk Undies In This January Sale for Only 87c Slips Dance Sets Chemise Panties —A fresh new lot. Bias styles of French-finished silk crepe in flesh and blush — trimmed with laces, ribbons . . . tiny tucks. Misses’ and wom- en’s sizes. Handmade Gowns 5% ea. —Fine nainsook gowns —embroidered and ap- pliqued. Pastel colors. Misses’ and women's sizes. Silk French Crepe Slips. . Silk Underthings 5 Muslin Slips...... .29¢ and 59¢ Kann’s—Second Floor. There Are Only 61 of These COATS But They’re Bargains at $33 Originally $39. to $69.50 —Practically all of our higher priced coats from stock are now included in this group; of course, sizes are badly broken and in some instances but one or two coats of a kind. But the values are big enough to interest any woman to come and look for her size. In the assortment as a whole yoy will find— Sizes 14 to 46 Kann's—Second Floor. Made of a part-linen toweling of ex- cellent quality, finished with colored. border all around, and tape hangers at one end. Six fresh, new dish towels all ready to use, and only 79¢ for the six. “Steven’s” Extra Heavy Linen Dish Towels 6 for 94c —Made of absorbent toweling, finished with wide colored borders all around. “Boott Mill” Absorbent Towels 12C e —18x36-inch plain white towels with hemstitched hems. A good heavy weight and very absorbent. Specially priced! Kann's—Street Floor. Don’t Wait Until It Women Rains Again! 's 16-Rib Gloria UMBRELLAS $1.98 Quality —Here’s a value should bring thrifty that shop- pers here in a hurry to- morrow. Fine umbrellas — 16-rib gloria styles with gold and silver fin- ished frames and smart handles. Black with white, all black, brown, navy, green and red for your choosing. Sold Out Last Week! But Here’s a New Lot of T hose $1.00 Full Cut Wash Froc e A Well Known Brand! ks —It is the ample cut, the excellent fabrics, the smart styles, the vat-dyed fast color: s that make women come back again and again for these attractive frocks. They’re short s and sleeveless, and the gay Spring pi many combined with plain colors—are uingly fresh and charming. Sizes 14 to 52 Kann's—Second Floor. leeved, rints— intrig- Returns After 75 Years. The familiar sight of beavers after | Paris dr lied in lustries’ among the work ry Sale N. With This “Old English” Outfit Polish Floors without rubbing! —One pint of Old Eng- lish No - Rubbing F'Iggr Polish and Applicator for this low price. There's no work when you use this new Old English No-Rub- bing Floor Polish. Just wipe it on with one swipe —and you're finished. It dries to a shine in 15 minutes. Kann's—Third Floor. Complete Dress Up the Kitchen! Room Size Felt-Base Rugs $3.99 —$7.95 Value! 9x12 and 9x10%; ft. rugs, in a nice assortment of patterns, includ- ing tile and floral designs. Perfect quality. Felt-Base Floorcovering . . .35¢ sq. yd. $1.39 Inlaid Linoleum. .. .98c sq. yd. Kann’s—Third Floor. Come Tomorrow for “Wear-Ever” 'Aluminum Opyster Fryers —3-quart capacity . . . pol- ished aluminum outside. . . sunray finish inside. For fry- c ing oysters, fish, French fried potatoes. Get one at this low price! Kann's—Third Floor. CRETONNES and Marquisettes A Special Sale Group [9c.. 29¢ and 39¢ Grades —36-inch cretonnes, with small, medium and large designs in bright, cheerful col- orings on light and dark grounds. Wash- able grades, for drapes, slip covers, etc. —48-inch sheer, pretty marquisette, in a rich ecru shadé—for curtains. —38-inch Grenadine Marqui- rette—19 and 25¢ grader.. 10C Yd. Kann's—Third Floor. Forest Fire Scene-in- Action Lamps 7 Inches High —Beautiful, fascinating lamps, in rich col- orings. When lighted you see a dense forest, a hunter’s cabin, a raging fire travel- ing at a terrific rate of speed, apparently destroying everything in its path, black smoke clouds rolling skyward, and the mas- sive trees siowly sticcumbing to heat. All this you actually see ht;h :e‘tlllo';‘%‘ paign. The trade depression has caused grea distress in the Lyons silk industry : people of the great pe!r:u.d;" of pml o4 society are trying to Tioga County, ade people o order an extra gown the formal opening of the Noly door of | proces of miration is tx:kl’:ngbepllx:(v:,d * | 2ox pattion, And dresses 2uid in this w (=