The Washington herald., 1913-04-09
RECORD MADE
IN DEPOSITS
Washington Banks Hold More
Money Than Ever Before
by $5,076,798. Il
BIG INCREASES ARE MADE
Many New Marks Set-Wall Street
Strong at Close-Rate
Case.


largest in the record of the banking bust
ness of Washington, and s5,076 1886 great
er than the deposits reported at the close
Of business February 4, 1913
Every one of the thirteen savings banks
reports a gain; ten of the twelve national
banks have increased deposits. and five
Of the six trust companies make really re-
markable increases.
For the first time in the record of the
savings banks they pass the Sl0.WO,OOO
mark in deposits; for the first time in its
history the Riggs National Bank turns
the 81. 600 mark in deposits.
Practically for the first time in its his
tory the National Savings and Trust COM
pany shows substantial loss. while other
institutions are gaining its usual position
being in the van or up with the leaders
Because Of the balance of a large funG,
a special deposit, originally amounting to
$4,000 was withdrawn for investment,
the "Old Reliable" is forced to show a
decrease in deposits of S332, 726.S2.
This apparent loss" remains in Wash
ington as an investment in local secur-
titles.
No Scarcity.
Evidently, from the showing made by
the depostorS, there is no scarcity or
money i'm Washington. Our good bank
ers. as suggested in this column on Sun
day morning. have been less generous IN
the matter of making loans, little ultra
conservative: but they will probably let
the bars down a little now that they have
made this excellent showing, matter on
which there is more or less good-natured
litalry.
Some Of the gains are remarkable. The
Riggs National turned in a score card
showing a gain OF 81, AS. 2S; the Fed
cral gained $222J,22 S2.3l the Commercial
S201. 61762; the District $207 1924; the Met
ropolitan, $15I,979, and the Columbia, $780,
75e.
In the savings banks the Home Savings
leads the list, as usual with a gaip OF
$1al.ll0, but the Union is close second
with S157 .0a1 gain. The Citizens gained
$4i.5S4 and the Potomac s42, 939, while the
United States gained Sii,269.
Trust Company Gains.
In the trust company section the gains
are even more remarkable than elsewhere.
The American Security leads with a gain
of $500 5Si; the Washington Loan and
Trust follows with S4l4 SIS gain; United
States Trust added to it's deposits in the
sixty days s3666l0, and the Union Trust
$50 S3l. The Continental Trust increase
totaled 1872 go gain.
Another feature of the statement is that
the national banks show deposits in ex-
cess of the trust companies, whereas the
reverse has been the rule, the balance
i'm favor of the former being more than
81, G39. o01.
National banks gained 50 976. 244.77; saw
ings banks. S64o. 697 30, and trust COM
panies 81. 49, S56. %.
1t is just possible that Red Cross funds
have helped to increase the deposits of
one or two institutions, but this offers
no explanation of the general increase
and the big aggregate gain.
Otherwise there are no special de-
posts: just prosperity, a saving DISPOSE
ton and perhaps, A outstanding of
sources.
Business in all lines but securities is
excellent. Securities are suffering be-
cause these millions have not followed
the s312.726 from the vaults of the Ma
tional Savings and Trust Company into
investments.
Records.
With all other records. there is vet
one more record gone by the boards.
For the first time the deposits of all
banks and trust companies doing bust
ness in the District, aggregate and net
changes, as compared with the date of
the previous call, are published in a
daily paper on the morning following the
call"
Wall Street.
Yesterday was rather surprising day
i'm Wall Street. The opening was fairly
steady: then, after the speech before
Congress by the President, there was a
sharp down turn. rather serious here and
there through the list, with every pros
pect of weak, lower close.
About 2:30 p. M, when everything was
grinding close to low, a cyclone hit the
market and boosted prices right and left.
taking Reading up rs points Canadian
Pacific ] 1-2, Chesapeake and Ohio 2 IA.
the Pacific 5-S, Steel common "a, and
Copper . 5-S
This unexpected and strenuous move
ment, coming, as it did, from a clear
bear sky" caught the shorts in their joy
and gave them good whipping.
Just why this advance was not known,
unless the report that conditions abroad
were more favorable; that little Monte
negro had yielded to the coercion OF the
five big DULLES, and therefore the
chances of the outbreak of "confagra-
ton have been greatly lessened.
The closing was a complete surprise to
the street There was no evident reason
for the sensational character of the
trading in the last thirty minutes But
II demonstrates one thing-that is, that
the interests back of the market today
are in CONTROL; that they can do about
they wish with the market.
In the matter of the effect of the
Presidents address, there was a wide
Gifference-the bears considered it a |
strong argument from their standpoint,
while the bulls were disposed to take
the promise of moving slowly in re-
forms as a favorable card
Industrial Activity.
Industries are moving along with fac
tory capacity as the limit of produc- |
ton. Moreover, there seems to be an
opinion among well-informed operators |
that the various industries of the United |
States have reached an age where they |
can stand alone.
Few consider that the free list on the |
market basket schedule will have any |
effect whatever in reducing the cost of /
living.
Minnesota Rate Case.
Hon. Lyndon ]. Smith, attorney gener-
al of the State of Minnesota, was in /
the city on Monday, hoping to be able
to hear a decision in the Minnesota rate I
case He returned to Minneapolis last /
evening.
Asked by the writer as to his views
on the case, he said:
IT certainly expect favorable decision
for the State of Minnesota. i look for
it to uphold the right Of the State on !