Evening star., 1909-03-13
LOCAL FINANCIAL NEWS.

Perhaps it was because the day was
Saturday. which is more or less an on
day in business owing to the half holiday
observance, but at any rate some OF the
leading securities on the list at TO-DAY 8
meeting of the stock exchange gave In
dications of a tendency toward lower
levels. There was no marked effort to
trade either way and so nothing was
done to check any tendency OF the sort
even if there had been any inclination
to do so, and the latter was by no means
clear.
The preferred stock of the Washington
Railway and Electric Company sold on,
figures quoted for gas stock wee also
lower today, SO that If there had been
much trading in that security 1t would
probably have been on lower level than
that of the preceding day.
There did not appear to De any ap.
prehenson, however, that the slight
movement which was noted had any
significance except to express the in
difference of a dull day.
The growing financial importance OF this
city is illustrated, or at least a phase of
it is. by the attention which has been
given by those who have general market
as we'll as listed bonds for sale to CLEAN
ing the field. 1t is, OF course, one OF the
common experiences in the business world
to witness efforts to extend the scope OF
business. not only within the territory
where the principal ONCE or establishment
Of the country.
The attempt Is to share the business
with the strictly local concerns and SO 1t
is that when bond houses in other cities
tives here they are undertaking to do
what the banks and trust companies and
bankers of the city have always done.
However, the business of the city Is grow
~
population, and so these specialized lines
of business appear with the other changes
which seem to accompany the new condi-
tions
The circumstance that it is thought
worth while for outside concerns to at
tempt to get some Of the business here is
an indication Of the growth in the volume
of such buying here, as well as evidence
of the increasing consequence of this city
as money center. There Is another
series of facts leading to the same con-
clusion. and that is the increase In the
number Of local securities, not merely In
the number OF separate corporations as in
the enlargement of the capitalization.
The financial showing made by such
corporations also displays An expanding
business, which corresponds with the
growth Of the city and the increase in
the amount Of business done here.
The growth Of the financial interests OF
the city. as exhibited In the increase In
the banking resources, has reached re-
markable proportions during the past ten
years. The changes In the total OF the
resources OF the banks. as we'll as In the
amount Of deposits, are so complete as to
alter the character OF the business done,
at least as far as the volume Is con-
cerned. 1t cannot be said that the meth
DDS in vogue have undergone any ma
terial alteration, although. OF course. the
various phases Of the business here are
not what they were some years ago.
The character OF the expansion In these
interests is brought out in a striking way
by the figures showing the combined re-
sources of all the institutions Of the city.
This is set forth In tabular statement.
According to this showing the total re-
sources of the eleven national banks, the
five trust companies and the eleven saw
ings banks the 9th OF February, lYUB,
were $50. 49, $50. while In q similar state
ment published two years ago the total
resources at that time were stated to be
$S2, ,472,263.
The individual deposits two years ago
were given at 81, ,SO4. while this year
an aggregate Of $48.6OO.16O is recorded
OF course, the farther back the financial
history Of the city the smaller the totals
become. SO that the steady increase which
is practically shown, at least for periods,
Is an indication of the material develop
ment Of the city.