The Washington herald., 1913-09-25
ANOTHER BANK
TOPAY INTEREST
After Long Opposing 1t Bank
of Washington. viii Estab-
Esh Savings Department.
NEW YORK STOCKS WEAK
London Selling on Balkan News.
Banker Sizes Up the Cur
rency Bill.
BY I. A. FLEMING.

il is needed to hold deposits and to in
duce new accounts.
This condition of affairs in Washing
ton is not matter of the last two or
three years; it has been growing right
along. and one after the other national
banks have been yielding where they
have been obdurate. and at last prac-
tiCally every national bank in the city,
with one other exception, caters TO de-
posits requiring interest, although there
are few who strenuously oppose paying
in this way for deposits, but will make
an exception if it is worth while.
These remarks anent the decision on
the part Of the directors of the National
Bank of Washington to pay interest on
savings accounts. to open as soon as
necessary stationery can be obtained, a
savings department.
1t has been the boast of the officials
Of this institution that they never have
paid interest
When E. Quincy Smith, the president
OF the. Union Savings Bank. established
a branch bank on the corner of Seventh
Street and the Avenue, in the United
States Realty Building he declared that
there were seven millions of dollars in
Seventh Street between the Avenue and
F Street upon which not a dollar of in
trest had been paid
Evidently, these seven millions were
held very strongly if not by the ties OF
puid pro quod.
All Doing ID.
Sine that time the Lincoln National.
the Commercial National, the Second Ma
tiOnal and the Farmers and Mechanics
National have added savings depart
mentS. and the District decided on such
rr-Ia oh
Savings. The American National was the
first to establish savings department.
and has found il very prosperous. The
National Capital. after watching hun
dreds of thousands of dollars pass by
with just a speaking acquaintance, but
no lettering acted quickly and estab-
lished the East Washington Savings
Rank. and have been well rewarded in
stopping the dollars formerly passing by.
And all the time the banks that are
paving interest have been making in
reads. small, perhaps. individually, but
large in the aggregate on the deposits of
the banks standing pat and refusing in
terCst
The rapid growth of the savings banks
of tFc city. until they arc fast reaching
tCward the Sll.000O10 deposits on a Capi-
tai of a little more than a million. has
been a more convincing argument in
favor OF the savings department in ma
tional banks. even than dollars pa assing
by. but more potent than all. was the
departure of dollars from deposits, ap-
parently owned. but which followed the
temptation of per cent. 8 per cent, and
even 4 ner cent interest.
The conversion of the Bank of Wash
ngton to a strictly savings department
icea marks the passing of the most
strenuous opposition to paying interest
that has been shown by any of the ma
tiOnal banks.
But these savings departments mean
exactly what they are called. Savings
are worthy Of interest; they are not
hecked oIt to pay the monthly bills:
saving are or should be dormant. not
overnight deposits, although il is but
right that they are available when
wanted.
Forged Express Checks.
The American Express Company
gives notice Of large amount of
forged checks put into circulation in
Europe. Bankers should be on guard
when cashing checks againsr counter
feiterS
stocks slump Again.
1t was another bear day on Wall
Street
London and foreigners generally
.
this side. The breaking out of fresh
disturbances in the Balkans. with no
waN Of limiting the probable danger
and The German situation have been
res spunsible for heavy liquida ton Our
traders took the stock well in the
initial dealings. but did not follow the
bull side. the persistent selling aided
by local bear pressure turning the /
market into a lower channel
There WAS nothing more encourage
ing anent the Union Pacific's intent to !
he good and play Santa Claus in ad- |
vance OF tn" holiday season. Mayhap /
there will be something. but hope de- +,
ferred maketh tired bulls.
steel business is reported sIackenins !
materially with some cutting of prices. !
\ pessimistic interview with Charles !
Schwab on the situation did not help !
matters. /
There was a rally after the first ,
signs of weakness attending the OPEN
ing hut il soon ended. The bears /
watching closely scented an opportu-
nifty on the short side and helped along |
the weakness incident to foreign sell
ing
Losses were equivalent to la2 points !
in the list. the especial weakness in (
having much effect of /
the general trend of the rest of the list.
Traders are in a dilemma, and the
recent irregularity will but tend to
limit operations while trailers will fol-
low the ticker closely ready to get /
out on the slightest indication of a
change of front on the part of the
leaders Foreign news will dominate
the list until something develops one
way or the other TO cause home in
huence to be effective.
Union Pacific of / 81; Steel l is;
Reading. "a: Lehigh Valley. /; Copper,
] IL: SneIter. 1-2; New York Central,
10 Loco.notice and Car Foundry point,
Canadian Pacific points, Realty points,
= ople's Gas a point. New Haven was
decidedly firm and in good request at 2
points gain. Liggett & Myers Tobacco
made like advance.
Local Stocks Firm.
There was less doing on the local stock
market. hut prices were well maintained
in the face Of less trading. II
Gas was steady at s. SIS, Capital Trac-
tion lie 1-2al16 SIS A little Railway pre-
ferred brought 90
Federal National Bank 135 and Conti-
nent. Trust rs
The FIRST bond sale in two DAYS, ALSO
the only one that was recorded. S5.OO0I
Riggs Building IS short at 1O1 IA 1