Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-14
WASH|NCTONS OPPORTUNITY
FOR COMMERCIAL GROWTH
Financial Strength and Resources of
It's Many Banking Institutions.

Written Tor The Star.
In a previous article Ii was shown that
Washington has peculiar advantages for
cen merciaI growth because of its location
and accessibility to adjacent territory
which naturally looks to the capital for
supplies 1t Is now proposed 10 demon
st:ate that the city is specially equipped
Internally for a large expansion OF whole
sale business.
First Of all. the banks and trust COM
panies are in position TO lend financial as
sistance TO any and all legitimate efforts
to extend the trade and industry of the
city. Within three years there has been a
consolidation and strengthening of several
national banks by the Introduction of new
blood and methods which have placed them
on a much more substantial basis. Several
OF the banks have erected or largely i'm
proved their offices, adding greatly to their
facilities. There has been noticeable move
ment Of the centralzing OF financial In
situations in the vicinity OF the United
States treasury. giving the appearance of
a street" familiar to other large financial
corters. New trust companies have been
organized. The savings banks have shown
a remarkable expansion within the past
two years. In the matter OF resources and
facilities the local banks are now equal
t. any legitimate business calls that may
be made upon them.
Returns made to the controller of the
currency on June Is by thirteen national
banks and four trust companies showed
aggregate resources of S7S.3lS.4IO. The
capital stock Of these Institutions was SILL
SJ2,ob The surplus and undivided profits
were $1S.s14.075. Individual deposits
amounted TO $40. AS COS and the loans and
discounts were $43, AIS. SSI. Between May
~. 1900. and June IS 1905, these banks and
trust companies made a net gain in deposits
of A9ii.H62, ard in loans and discounts of
s. ll5SO5
The condition Of the savings banks on
June was no less satisfactory. Nine saw
lngS banks on that date had resources OF
$5.l3T uTS, the capital is $50 900; surplus
and undivided profits S13s 4Sl; deposits.
81. 254. S.37, and the loans and discounts,
81, 49, 20
Progress in Building.
These statistics are indicative of strength,
activity in business and the rapid accumu-
latlon of wealth which naturally lies behind
safe and profitable trade. Under present
conditions no business enterprise in the
District Of Columbia need suffer on account
of banking accommodations. The supply
Of money is ample for a wholesale and re-
tan trade Of ten times the proportions of
that now carried on in Washington.
For three years Washington has eX-
perienced an unprecedented era of enlarge
ment In the way of building. The national
government is adding five large structures
20 the list Of federal buildings including the
new municipal building The union station
IS rising like a city set upon hill Numer-
Gus office buildings have been completed
within the period and others are projected
Hotels are enlarging their facilities The
business portion of the city Is undergoing
vast Improvement. while new residences are
going up on every side, all indicative of
great expansion in everything which goes
to make up a city of large population and
increasing business. The time is ripe for
the extension OF wholesale establishments
In new lines as well as the enlargement of
those already in operation.
During the fiscal year just closed 1865
permits for new structures were issued by
the local building department. These per-
mits carried an estimated cost in construc-
ton Of S12.taiS 256 The proposed construc-
tons were 331 of brick or stone and 444
frame. In the fiscal year ended June 20
the estimated cost Of construction was S12-
bS,552 The buildings covered by these
permits are completed or in process of
construction.
Within six months real estate transfers
involving direct sales and deeds of trust
aggregate more than $4,000 600. While
much Of this activity is In the nature Of
Investment and speculation. the major part
or II has been to take care OF the increas-
Ing population. and to provide for the
actual needs OF business. In any view Of
the situation the Increase In building shows
a steady enlargement Of the federal city as
the seat of government. and particularly
as a center OF trade and industry. Wash
ington long ago outran the proportions of
place of residence for government en-
plOyes and the homes OF persons of
wealthy leisure IT is today essentially a