Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-13
OUR MATERIAL PROSPERITY.
The Large Sums of Money Expended
Here Yearly.
A Review Of tho Growth in Wealth and Re-
sources OF the District During the Past
Ten Years - Mr.. Bells Paper.

The financial prosperity Of the District and
the causes leading to it were we'll set forth in
paper which was read by Mr.. Charles J. Bell,
the president of the American Security and
Trust Company, before the bankers congress
In Chicago. The theme of the paper was "The
Early History and Growth of the Banking
Industry OF the District Of Columbia" After
an interesting review of the history of banking
here Mr.. Bell ably summarized tho present
condition. as follows:
1t was not until about ten years ago that
the District took a new business life and new
blood was infused into our banking institutions,
The population Of the District and its wealth
had been steadily increasing from year to
year, the fear Of the capital ever being re-
moved was eliminated and outside capital be-
gan to seek investment there.
The people Of the District were awakened to
the fact that Washington was not only the seat
OF government, but was fast becoming a center
OF wealth and that the general prosperity of
District.
An examination Of the appropriation bills
shows how true this is and how the government
expenditures in the District were Increasing
year by year.
LARGE ADVANCE.
In 1880 they reached the sum Of 418, ,000, 900,
while for the present year they exceed S3s,-
0O0, 900.
These large and increasing disbursements
made yearly to carry on the work Of govern
ment CT our country 10 an important factor in
adding to the wealth and growth Of the Dis
or MANUFACTURES crippled, regularly as clock
work does this vast sum, drawn from all over
the United States, circulate among our people
and at some period find it's way into our banks
Necessarily the increase Of population and
wealth OF the community brought about in
creased activities in every line Of business.
Railroads were projected to open up the ne
elected portions Of the District, for prices
Of OF real estate advanced SO rapidly that
It became necessary to bring into
the market property lying adjacent
70 the city proper New manufacturing indus
tries were established, and while it is probably
true that the District will never become q
manufacturing center, . comparison Of the
census returns shows remarkable increase in
the past ten years. In 1880 there was the sum
OF $5,527 900 invested in manufactures, while
In 1880 it has grown to nesrly $29, 900 900, with
value OF products amounting to eS9, ,00O, 900.
NEW BANKS ORGANIZED.
To keep pace with the rapid growth, the es-
tablishment of additional financial instru-
mentalities, both public and private, were neo-
essary, and between 1885 and 1890 seven new
nauOnal DAnks were organized.
Notwithstanding this large increase in bank
ing capital, q comparison Of the controllers re-
turn show that while the capital was doubled
the deposits increased fvefold:
Capital. Deposits
1880. 377, 900 o., lisa, 994
1880. Observation-Disclosures. 2,627 900 1O,626, 900
In 1890 Congress, recognizing the fact that the
continued prosperity Of the District necessi-
tsted o still further addition to its financial
institutions, passed act authorizing the estab-
lishment Of trust companies, and throwing
around them the same safeguards to the public
as are around the national banks, at the same
time allowing them to occupy field not
touched by the national banks. Under this act
three companies were organized, with o COM
bined capital Of $3.50, 900, and in the brief
period OF three years they have accumulated
deposits Of nearly S5 0O0, 900, while the national
banks have continued as prosperous as before.
THE PRESENT BANKING CAPITAL.
According to the clearing house report Of last
March the present banking capital Of the Dis
trict Of s6,077 OGO with deposits of GIG, ITO 5OS
which, with that Of the private banks added
makes . grand total Of over S23, ,0OO. .O0O
As to the future Of the District. who can pre-
dict? Everything points to its continued
to doubt the future Of the United States, for 1t
is closely connected with the prosperity Of the
country ut large that nothing but national
calamity can prevent its rapid and solid growth.
The time is rapidly approaching when Washing
ton will be the financial center for that vast ter
ritory to our south and southwest, and much of
the business which now passes to the north will
concentrate there, and be handled by our fnan-
cial Institutions