Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-16
SOUND INSTITUTION
UNION SAVINGS BANK HAS ARMY
OF SMALL DEPOSIToRS.
Was Established in 1891 and Has
Grown Steadily in
Strength.

During the past half century, in all the
civilized countries Of the world, by COM
mon consent the savings bank has been re-
garded as the best repository for the earn
ings of those Of moderate incomes. Its or
ganization and business methods are dis
tinct from those Of banks and trust COM
panles. on which the mercantile and COM
merciai world rely largely for the trans
action of their current business.
The commercial banks do not invite, and
a large percentage Of them will not receive,
the accounts OF small depositors. The
savings bank Is primarily for small depos-
itors. and it's method of business and econ
omy Of administration must be such as
will enable it not only to receive and &C
count for the savings of the people, but to
paw the largest returns to the great number
of small depositors.
AS an Illustration Of how the savings OF
these small depositors increase by the adj
dition of whatever amount is laid aside
each pay day, the census returns show In
1900 an aggregate Of over s2,6O0, 100000 in
about 1000 savings banks in the country.
an increase of over a billion dollars during
the preceding ten years
The Union Savings Bank, located at ia
14th street northwest, opened Its doors
June 10, 1891, as the only distinctfvely saw
ings bank in Washington. This little insti-
tuition was then located in basement room
under the Second National Bank. located on
7th street northwest, and started without
influential friends or large resources. At the
end Of three years It's business showed less
than a hundred thousand dollars of deposits.
Nothing but the large experience and
skill of its managers in the investment
- ito fund rn1llH chr an6
of each year, as has been done, a balance
sheet Of all expenses paid. including a lib
eral dividend to its stockholders.
Notwithstanding the difficulties which the
bank encountered from its inception, the
Union Savings Bank. with the exception
of the panic in 1893, has grown steadily
each year in its number Of depositors,
amount Of deposits and standing, so that
now 1t is acknowledged Ito be among the
strongest financial Institutions Of the city.
The number Of depositors today on its
books Is greater than many OF the national
banks and trust companies can show, The
bank has never during its eleven years of
successful career lost a dollar by bad in
vestment, and the securities sit now holds
would bring at any time premium In the
market.
The present location of the bank Is in the
Bond building, 14th street and New York
avenue, the banking room having been ar
ranged after the plans and specifications OF
its officers. The wisdom in selecting this
location is shown by the wonderful pros
perity which the bank has experienced dur
Ing its two years of occupancy. The mum
Der Of depositors has increased about 2O0
per cent, nearly doubling the amount az de-
posits. The bank statement for November
90 shows deposits Of nearly three-Qudrters
Of q million dollars The largest assurance
Of the success of a bank is marked by the
character and standing OF its officers and
directors. and the volume and charn
Of its transactions, which attest the 2onh-
dence of the public in its stability and in
tegrity.
The following well-known gentlemen
comprise the officers of the Union Savings
Bank: Francis H. Smith, president; Alvin
NJ. Lothrop. first vice president; e. quincy
Smith, SECOND vice president; John B. Sic
man. jr.. secretary and treasurer; l. G.
Kimball. auditor; Jackson H. Ralston, at
torney. The directors of the institution are
George HI. Harries. l. G. Kimball. Wilton
J. Lambert, A. NJ. Lothrop j. H. Ralston
Smith E.. N. Waters. Simon Wolf. 8. w
Woodward.