Newark evening star and Newark advertiser., 1912-12-31
BANKS SATISFIED
WITH 1912 RESULTS
Past Year Not Extraordinarily
Prosperous, but Outlook
Is Excellent.
DEPOSITS EXCEED ANY
OTHER SINCE 1907 PANIC
Local Bankers Say Politics Has
Not Affected Peoples Saw
ings Generally.

While the past year has not been
ity of the local banking institutions
it has been in every case satisfac-
tory twelve months. and in most in
stances excellent. With labor in
general we'll employed throughout the
year, and the majority of the wage
earners putting aside a. portion of
their earnings, the banks have ex-
perienced a prosperous year.
This is true not only with regard
to the volume Of business, old and
new. but with respect to the increases
in deposits and the demands for
money, upon which the prosperity of
the banks is largely based. In the
last few months the demand for
money has been pronounced, with the
result that most of the banks have
been pretty we'll loaned up, while a
few have been obliged, in order to
accommodate their customers, to
borrow money themselves.
Many Loans Made.
1t is TO be inferred from this that
the business of merchants and man
ufacturers has been sufficiently good
to necessitate the use of money,
which explains the calls that have
been made upon the banks on both
collateral and commercial paper. 1t
is true that in some of the banks
there has been a decrease in the ag-
gregate weekly deposits, but in other
banks there has been an increase.
Both the years 1911 and 1912 have
been heavy saving years. and are
generally agreed upon by bankers as
the best saving years since the
panic year of 1907.
Despite the demands made upon
them the interest rates have re-
mained unchanged in the banks, no
increases having been made in any
case except perhaps in few isolated
instances in which extraheous mat
ters figured.
At one of the larger savings banks
the gain in deposits during the past
year was almost the same as during
the past four years. Many of the
depositors, besides drawing the inter-
est on their deposits, have also drawn
on the accounts themselves. probably
owing to the high cost of living
General Rate Is Per Cent.
Money is very tight just at present,
bank officials say, and cannot be had
for less than 6 per cent. as rule.
The banks, however. are looking af-
ter the needs of their own customers,
and it is not expected that the high
- !. ,..;ii ao,,.o - -, ear;o,,sy ,indranoo
to the transaction of business. Dur.
ing the past year the, manufacturers
have borrowed considerable sums of
money from the banks, but expect to
have their payments in before March
1. This will relieve the strain upon
the banking institutions considerably,
it is declared.
Collections have been slow. and this
is ascribed partly to the fact that
people are holding their money to see
how they will stand with the opening
of the new year and partly to the fact
that they need all their available cash
to meet the high cost of living.
Bright Year Ahead.
1t is almost universally agreed
among banking men that the outlook
for the future in banking circles IS a
bright one. The prediction is made
that with the probable return of cash
to the East from the West in the next
few weeks money will be much easier
here.
Politics has not had any decided in
fuence upon local business, it is said.
men realize that the changes
in the tariff are apt to affect certain
individual interests, but people in
general will not suffer. Taking it all
in all, bankers are very optimistic
about the coming year and feel conf
dent that it will be one of the most
prosperous ever known in local bank
ing circles.