The Washington herald., 1913-10-25
BANK DEPOSITS
SHOW INCREASE
Net Gain in Total, Compared
with August 9, $625,020
Features of Aggregate.
NEW YORK STOCK HIGHER
Speech by Judge Gary Helps the List.
Local Shares Slow, Steady.
Gossip.
NEW YORK STOCK HIGHER
nx 1. A. FLEMING.


The Acting Comptroller of the Cur
rency issued the fifth CAN of the year
yesterday morning asking for showing
from national banks, and in the District
from savings banks and trust companies,
at the close of business October q, 1915.
The total deposits of all banks have
increased during the period from August
.. date Of the previous call, by ss20,-
O2O.S5
During that interval The Citizens Saw
ings Bank passed out of existence
merged in the District National. The
latter has held all the Citizens Savings
deposits and over S150OOJ more.
Most of the national banks are heavy
losers in the item of gross deposits,
largely due to the fact that in the in
term they have paid out $4,000 to the
government account tax money de-
posted with these Institutions. The
Riggs National Bank is the heaviest loser,
largely on repayment Of government de-
posits.
But for the transfer of the S4j,364.1O
deposits Of the Citizens Savings Bank
to the District the entire group of ma
tional banks would have shown loss
of $4,000 rather than the net gain Of
s6SO,OOO
which show an enormous loss. nearly 10
per cent, actually lose but little, the
$145, G54 being due to the transfer OF the
Citizens deposits. Losses in this group
are otherwise almost nominal. save for
a serious falling off in the deposits of
the Union Savings Bank. Aa6,SS7. 1t is
probable that some of the commercial
accounts of the bank have been trans
ferred to the Commercial National Bank,
buyer of the Union Savings, although
much of the loss has been due TO
change i'm bookkeeping methods and the
elimination of nonpaying accounts under
the new policy introduced.
The trust companies show a hand
some gain indicating once again that
perhaps interest is again figuring IN the
minds of depOsitors.
The figures are interesting and up to
date.
stocks FIrIner.
The Mexican situation certainly looked |
a bit nasty yesterday and the bears were
of the opinion that they could use this |
to their advantage. Holding such views, |
they were early in the saddle and COM |
menced the selling of stocks shortly after |
the opening. That they did not meet
with much success rather surprised them. |
and they soon found buying orders for |
all the stock they cared to SELL
Soon after the opening the much-eX-
pect I'd address by Judge Gary, chairman
of the United States Steel Corporation, |
began coming over the wires from Chi
cago, and traders abandoned posts to
hear what the head Of the biggest cor
poration had to say. Judge Gary ad-
dressed the American Iron and Steel In
stitute, and soon after his speech had gone
far enough to show that he was not in
sympathy with the gloomy predictions OF
Charles Schwab, the bears started TO
cover and found buying orders compet-
ing them.
SThe change resulted in a complete
about-face movement and a rise of 1-2
to l point in the list, a very favorable
action considering the Mexican situation.
In this advance Steel common blaZed
the way, and for this there was an ex-
cellent reason. Said Judge Gary:
"An the plants of the United States
Steel Corporation are working at full
capacity. In dull times some mills, chiefly
known as emergency mills. used for the
rush season, were frequently shut down.
Whether any shutdown will be neces-
sary this winter 1 do not know, but
hope not"
The judge denied that the Steel Cor-t
poration was laying of men, but he does
look for let-up this winter. and hopes
for a resumption with the spring of 1914.
He declared that there was placed upon
sibility." His speech in full will be widely
read this morning. He arraigned ill-
considered criticism and evidently implied
that much of the hesitation of today
Was due to too much regulation.
The arraignment of mud-slingers and
muck-rakers was severe and charged
largely to cupidity-the price the maga-
truck.
Closing Strong,
The list closed strong. with the shorts
rather nervous. but still banking on the
Mexican situation as their chiefest as
set. 81;
Steel rose ] 1-2 points Union Pacific
L., Southern Pacific SIS, Reading / point,
while Rock Island issues led the list in
strength, with i 1-2a2 points advance.
Lehigh Valley 1-2 higher, Can. Inter-
boro, Nipper, Pennsy, and New York
Central 1-2 better. New Haven dropped
a point, and was weak.
The Vanderlip currency plan acted
helpful to the market, but there is no
chance Of its being considered.
The Washington Chapter, American In
stitute of Benkers opened its season.
Thursday night with the largest opening
class in its history, with forty applications
for membership on file, including num-
ber of bright young men from the Treas
ury department. Inc class In COM
mercial law will lead all other classes
in attendance.
The chapter intends to join thel
American Bankers Association, and will
be entitled to a delegate and a vote in
the meetings Of the parent body.
Local Securities.
Seventy-eight shares of District Ma
tional Bank stock changed hands on
Change yesterday, all at 145 1-2. That
this should be the most active stock on
the list is indicative of the prevailing in
to trade.
The only round lot OF stock sold was % !
shares of Washington Gas, this at 81 H. ]
A small lot of. Railway common sold at
IS, and two ten-share lots of the pre-
feTred at SO.
Riggs Realty SIS, long term, 102; Trac-
tion IS, 107 1-2; Columbia IS, 90 10, and /
the IS Of the same company, 100.
Income Tax. 4
Chicago bankers have decided to be on
the safe side. The committee having
charge Of the income tax matter has de-
cided that it would be wise to receivel
coupons on bonds for collection only, and
not to make payment until the corporal
ton has remitted for the coupons
The idea is safety. Therein is the solu-
tion of the question. The regulations Of