The Washington times., 1912-01-28
IN LOCAL FINANCIAL CIRCLES
BY I. A. FLEMING.

BY I. A.
Last week was decidedly interesting
In local financial circles for a number OF
reasons.
In the premier position came the an
nouncement by the United States Trust
Company that II had acquired the good
will and business OF the local branch
land Its minor branches) OF the Inter-
national Banking Corporation. This was
the biggest kind of a surprise to the
financial interests of the city, and at
the same time the first movement in
the line OF trust company establish
Ing branches around the city. In New
York trust companies operate many
| branches.
Its erect on the United States Trust
Company was an increase in deposits
from something over 100000 to prac-
, tically $4,000, 900 over night.
The International Banking Corpora
ton seemed to fnd It rather hard to
take root here with it's branch office,
having no connection and being In a
measure a foreign institution. The wis
dom Of having prominent local hnan-
ciers as advisers was evident, but per-
sonality strong enough to bring meas
; ure of success commensurate with the
ideas of the management seemed to be
lacking. It fell q ripe plum. and in the
gathering a trust company was bene-
fited.
And there is another bank coming.
The more the merrier, and the hotter
the battle for deposits.
The second event Of Importance, and
for time Of great interest. was the
effort made to amalgamate or merge
the Citizens Savings Bank with the
Continental Trust Company, chartered
on Thursday.
For time it looked as II the propo-
sition to give one share of Continental
stock for five shares Of Citizens Saw
ings and so cash, looked as II It would
he acceptable to all interests. But the
close corporation of friends that has
oeen so persistent In pushing the affairs
of the savings bank. hesitated to see
the Identity Of their corporation with its
100000 capital and its building ana
property on the northeast corner Of
Fifteenth and r street swallowed I'D by
the million-dollar trust corporation
They baked. and the deal was of.
1t means that the Continental will, IN
SO far as the Citizens Savings is con-
cerned. go II alone, and President
Scott is assured of such good support
that the going ought 10 be comfortable
Less than n year at 1905 G street and
the Continental will move down next
door to its ally and associate the
American National on r street
hn rs;.t
Bank people have set their mark high
| and will try for the record ss a big
savings bank. Plans are out for 4 new
nome pending the expiration OF tire long
lease OF its future home by the Penn
,, sylvapia Railroad Company. The de-
posits are now nearly $675,0oO, and at
the high water mark Of its career.
IL Is always we'll W hen a prc,risiny
trade falls through to have both sides
ga atisfied. Such satisfactory result
attended the closure OF negotiations in
this instancs. 49, ~ = 49,. + = :.
Gregg c. Burns. who has been with
the Citizens Savings for years. has been
named as assistant cashirr-a we'll
earned promotion.
1t is an easy matter to have a bill
hh ouuCeu INTO tne Rouse OF Repre-
sentatives these days. 1t is. however
Just as impossible to confscate prop
erty and property rights as 1T ever
was. Fortunately, the courts still rule
There is no threat in the demand of
the Commissioners for lower gas under
certain conditions. The result Of oper-
, atoms with gas at So cents ought to
| assure the shareholders that 80-cent
gas was a possibility without material
| lessening Of dividends.
But the proxy committee of the Gas
Company has violated promise to
the shareholders whose proxies its
solicited. In the second call for proxies
there was a promise. definite and un-
attached as to conditions, that the an
, nual report would be in the hands Of
the shareholders within a few days. The
few days have been gathered to the
long forgotten past, and the report is
! now promised by officials. but mot
i before the annual meeting"
1t is not a case of accounts not
| ready. 1t is admitted that the District
| Commissioners have a copy Of the re-
Net earnings are also 10 per cent larger,
go, give any evidences of the savings
Of s2l7.Oo0 in operation expenses. pay
rolls Topped off, and coal bills reduced.
! etc. as evidenced by statement of cer-
| tain officials. as up to September /,
| 1911. How about 1t?
| Another interesting inquiry might be
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