The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-11-21

lrOuer OF Lne currently III Nhc ioo1 80"
days. show most satisfactory condition
and growth OF the local institutions.
The call of the comptroller was for
conditions at the close OF business on
November IL Since the last call OF this
kind one national bank and one savings
bank have been added to the list of hnan-
cial institutions. showing that capitalists
are inclined more and more 10 embark
i'm this form OF investment.
II will be several days before the aggre-
gate figures for the District OF Columbia
can he made up in the Office OF the comp
troller, but the reports Of the individual
institutions show large volume Of busi-
ness. and that the reserves and surplus
funds are in excellent working shape
City Growing Rich.
washington. with it's large contingent
of well-paid government employees, who
are saving their money, buying homes
and making other forms OF investment IS
rapidly growing rich In the absence OF
Industrial factors OF large dimensions the
outflow of savings seeks investment large
II toward the expansion OF the city
homes and investment in business prop
erty that promises good returns.
one Of the more recent dreams or
washington business men is 10 add by
degrees permanent forms OF industry such
as are suited to the Capital City, and thus
enlarge the possibilities Of employment
and money making apart from govern
noent employment However fast or SLOW
~ this purpose may be realized, II Is sure
"A
and rapid growth at the Capital
Early efforts at banking in Washington
and the success which attended such men
as Mr.. Corcoran. Mr.. Riggs and others or
the Old school OF hnanciers IS part OF the
history Of the nation. The first national
hank was established in 1853, and was
chartered with a capital stock or SoV2oOV.
In a years time this bank reported de-
posits OF more than 100000. the govern
rneut clerks OF that day and the Survivors
~ tho war. who came TO Washington 10
embark in business pursuits, finding con-
siderable surplus money to lay away IN
the hanks. The new institution naturally
took some business from the private banks
Of that day. but not so much as 10 en-
barrass any OF them.
Four others Take out Characters.
The success OF the First National Bank
was so marked from the day OF its es-
tablishnent that most OF the other large
banking houses Of the city prepared to
take out charters under the national
banking act Before the middle of the
year 1855. either by direct change OF or
ranization or by conversion, five national
hanks were operating IN Washington.
From that time the number OF national
hanks has increased from ave 10 thirteen.
In the intervening years number OF ma
tionaI hanks have been organized. have
won a strong business standing. and have
been swallowed up or merged with other
Institutions. The Traders National Bank
was the last 70 meet that fate. BY a
singular coincidence the Central National
was absorbed by the original national
bank Of Washington two years ago. Per
haps more strictly speaking, II might u
said that the Central Bank absorbed tho
older institution and took over It's assets
and honored name as the title OF the new
Bank Of Washington.
Banks stand Panic Well.
At the present time there are twelve
national banks. all of which stood the
period of the recent financial stress with
out damage or much depreciation of out
standing stock Besides the national
banks. the city has FIVE trust companies
and thirteen private and savings insti-
tutions
The resources OF all these banks are ap-
proxirnately $79,oOO,OOO. The capital In
vested in them is 100000, the surplus
and undivided profits is n trife under
Se.oOO.OOo. and the check deposits at the
last published bank statement were in
round numbers t4s.0OO0OO. Savings ac-
counts in the various institutions amount
10 S25. 100000.
Banking in Washington is no less prof
liable than IN other cities. Tho old and
well-estabished banks pay large divi-
dends upon the capital stock. and the
earnings OF the banks here compare IA
vorably with similar institutions else
where.
some Have Built New Homes.
Several OF the banks and trust com
panies have IN recent years erected large
and costly banking houses One Of the
notable features Of the banking business
has been the concentration OF financial
institutions in Fifteenth street northwest,
near the Treasury Department, where
five OF the national banks and trust COM
panies are established, with one savings
hank. two national banks, one private
bank. and one trust company only a
square away.
This gathering OF the banking houses
at the upper end of the business section
has given to Fifteenth street. between
+ and ii streets, distinctively financial
aspect. while the new bank buildings and
Office structures have given rise TO the
expression. THE Wall street OF Wash
ington.'
The national banks of the city maintain
the Washington Clearing House Associa-
ton. which is open on business DAYS. Its
headquarters is in the new building of the
National Metropolitan Bank. in Fifteenth
street, special facilities for its operation
having been provided when the building
was erected Here all the banks OF the
where. the trust companies. savings
banks, and private banks clear through
some national bank belonging to the as
ISOLATION. but here, as elsewhere, the
actual practice is for the messenger OF
clearing official OF each bank TO 20 TO the
clearing house and swap checks II Is
only In the bookkeeping where the real
situation appears.
C1enrnnceE 1900, 900 Daily.
The average daily clearances are ap-
proXimately 100000.
Banking in Washington follows the
usual courses. Money Is loaned by ma
Couffnued m p,-a 2 roTu,nr A