Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-22
MORE THAN DOUBLED
Large Increase Of Banking
Capital in the District.
TOTAL OF S53,o4l,445
TWELVE NATIONAL BANKS AND
FOUR TRUST COMPANIES.
More Local Money and Less From Out
side Sources Available for
Investment.

During the past ten years the banking
capital Of the District has more than
doubled, according to the reports just mace
to the controller of the currency by the ma
tional banks and trust companies. their
banking capital aggregating $5S,o41, 40
There are twelve national banks and -FOUR
trust companies in the District, and this
large sum is represented in their statements
under the heads of capital stock. surplus
undivided profits and deposits Ten years
ago there were in the District thirteen ma
tional banks and three trust companies. Tine
aggregate of the banking capital of these
institutions estimated on the same basis
as the figures above given of the present
banking capital was So, 1886, 915. Since that
time however, another trust company has
been organized and one national bank has
been liquidated.
A very large increase in the banking capt.
tai of the District is in process of being
made available owing to recent arrange
ments by which the capital stock and sur
plus of Riggs National Bank have been
doubled. 1t is expected that some time
next month the capital stock of the Amer1-
can Security and Trust Company Will be
doubled and the surplus more than dou-
bled. In addition new national bank
with capital stock Of $25O,OOO Is to begin
business as now planned about the middle
of May.
Not Included in Aggregate.
None of these items Of increase is included
In the aggregate Of the banking capital, as
stated, but those figures do comprise the
three millions of government funds recently
deposited in Riggs Bank. If the additions, as
noted, are included, then the banking CAPT.
tai would be increased by $3,65OOO0 max
ing a total aggregate of $56, 691. 445, which
will be the funds available for banking
purposes in the course of few weeks.
This expansion is believed to be due to
the growth of the population and the in
crease in the interests which make 1t pos
sible to employ money proftably. 1t is
well-known fact that foreign money, as
funds obtained outside of the city are
termed is not in as much demand as was
formerly the case In fact, large loans are
handled here that formerly were placed
outside of the city, owing then to the
limited resources which made 1t practically
impossible to supply money in big sums.
It is believed that the opportunities for
investment of money here are quite suffi-
Client to give the available local capital
profitable sources Of profit, and the ten
dency on the part of local financial inst1-
buttons is naturally to place a large proper
ton of their funds in this District.
Savings Banks Also.
In addition to trust companies and ma
tional banks there are savings banks, and
the banking capital of these institutions
onght to be considered in any computation
of the total resources of the District The
rapid advance which the figures at the be-
| ginning and at the close of the last decade
| Indicate Is only corroborative of what is
recognized as the general prosperous con-
| dition of the District. During this period
| and especially the latter portion large sums
| of money have been expended in buildings,
| the street railway systems have been I'M
| proved the apartment house has become Il
| feature of the business investments of the
| city, while there has been a notable add
| ton to it's homes. An enlargement of the
business section has taken place and new
| business places have been erected or addi-
| lions made to existing ones, until the COM
| mercial activities of Washington have ad-
vanced in Importance both in volume and
| as successfully supplying the wants OF a
| growing population.