The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-02-20

and mill men in other cities, still the
hanks and trust companies here find an
outlet for their available funds and make
money quite as easily as banks do in the
Industrial and commercial cities
According 70 the returns made at the
last call of the Comptroller Of the Cur
rency. at the close Of business on Janu-
ary 81 the capital invested in the banks
reporting to the Comptroller was Sl5,672,-
$50. as compared with s146lS.773 on No
vember IS, 1909. The increase was due to
the reporting of two new savings banks
and the increase in capital stock by two
of the national banks.
SurpIus shows DiminutiOn.
While the surplus and undivided profits
showed some dlminution on the call in
January. the banks had Just passed
through the annual dividend period and
had distributed large sums to the stock
holders.
Individual deposits showed an increase
OF about S6OO.00O while all deposits had
grown nearly $l,COOOoO. Loans and dis
counts also showed an increase of nearly
100000
At the present time twelve national
banks five trust companies, and twelve
savings banks report TO the Comptroller
The latest reports show all of them TO be
In excellent condition.
Going back over a long period to 1870.
the capital stock of banks in the District
was $l,762.SSo. individual deposits were
s749. 3OI, and the total resources Of the
banks were g, 600 These figures COM
pared with those given above show how
greatly the banking business has ex-
panded in seventy years
Three Banks Survive.
Three of the twelve national banks Of
the District have been in existence
through the greater part OF the history
OF the Capital. The Bank of Washing
ton was established in 1909. and the Ma
tional Metropolitan and the Farmers and
Mechanics were each established in 1914.
The Metropolitan was made a national
bank in 1865. the Farmers and Mechanics
in 1872, and the Bank Of Washington in
1855, so that the Metropolitan is the oldest
national bank In the District. The other
hanks have either come into existence
since 1872 or, as is the case of the Riggs
Bank, established in 1887. have organized
under the national banking act since that
time.
The oldest trust company was organ
lied In 1867 and the other four have come
in at intervals since that time Their
combined capital is 100000 and all are
in a highly prosperous condition.
Home Savings Bank Pioneer.
The Home Savings Bank was the pio-
Of oil
having been organized In 1850 under the
laws Of Virginia. The rest Of the savings
banks have been established since 1900,
and while they are young institutions.
the majority Of them have made good
records since their organization. Accord
ing 20 the last call OF the Comptroller,
these banks had gathered S5.619.s25 OF the
peoples savings
Down through the years since the es-
Enlistment of the first bank in George
town in 1876 about thirty banks have been
started in what is now the District Of Co
lumbia. Among those Of the early day
only the three named survived, the others
going out Of business, usually by process
Of voluntary liquidation Washington has
been sinsularIy free from bank failures.
and losses from this source 10 stockhoId-
ers has been a rare experience.
While the hanks and trust companies
undoubtedly represent the major part Of
the savings accumulated by the people Of
Washington. IL is not all. Building and
loan associations represent large sums
saved for the special purpose Of buying
homes, and a large number Of these IN
stitutons have been specially successful
in Washington. In addition 70 this. large
sums have been invested IN interest
bearing securities. and the people OF
Washington. az a whole, have the evil
dences Of thrift. good investment, and
wealth TO a degree possibly exceeding
those OF other cities u Is doubtless true
that the average citizen OF the District.
be he an employe OF the government or
engaged in business. gets as big returns
from his labor as any community in the
country. Moreover, many are saving their
earnings and accommodating wealth.
Methods Peculiar 10 Capital.
Banking methods IN Washington have
been called ultra-conservative by outsld-
ers who have come here TO have this or
that enterprise underWTitten by one Of
the financial institutions. II IS said that
Industrial propositions, railroad enter
prises and the like do not receive very
cordial support here. This Is due to no
lack Of interest in the general develop
ment OF the country, particularly the
South. but because other modes OF in
vestment for the financial institutions
have been found which pay we'll and do
not incur the element Of risk 10 the de-
gree that Industrial, traffic, and mining
ventures do.
Loans on real estate trusts dscOunting
commercial paper, and investment upon
well-secured loans upon commercial pa
per have not failed so far 10 employ the
available money Of the local banks. and
the period does not seem TO have arrived
here when il is thought necessary or best
70 take up the class Of risks so eagerly
sought for by banking institutions OF
other cities
The result is safe banking. II 1t is a
trifle od-fashioned and conservative To
quote the expression Of one of the most
experienced bankers OF the Capital:
What is the use of seeking new fields of
using money when the old and tried
ways are fruitful and safe?'
New Japanese Trade Magazine.
The prospectus Of a new magazine be-
ing established in Tokyo. by the Tokyo
Industrial Association. has appeared,