The Washington herald., 1913-01-04
Local Financial Matters
mercial National Bank. perfect harmony
prevailing in every department.

mercial National Bank. perfect harmony
prevailing In every department.
Vice President F. W. Stone. of the
/, National Savings and Trust Company
| estimates the annual, or rather the semi
annual, interest payments to the de-
positors of the banks at $63,20o. When
the actual figures We're prepared they
showed that the estimate made by MI
Stone was but $500 away from the exact
payments.
In the figures for January disburse-
ments by Washington corporations pre-
rared by The Washington Herald some
| time ago no account was taken OF the
greatly added wealth OF the savers and
the mercantile community by reason of
| interest. There are but few banks In the
city that do not pay interest.
The savings-bank rate on savings Is
3a4 per cent on dormant, while trust
company rates are 2aS on dormant and
| on checking accounts.
The habit or custom Of paying bills by
check has become so general in WASH
| ington, much more so than few years
ago, that there are few dormant &C.
counts in the banks.
It is next to impossible for a layman
to reach an accurate total as to the
amount OF interest paid to depositors
in local institutions or accredited to
them on their books, which is practically
the same thing
An estimate, and probably a reasonably
correct one-si40.5oo in round numbers
is based on I per cent interest on ma
tional bank deposits, per cent on trust
companies deposits. and 2 1-2 per cent on
savings deposits, interest being figures
for six months.
To this extent have the people of
NUaa al.s, H.,, ~ II
terest. This but accentuates the folly of
any attempt to stop interest payments,
as referred to in local publication
months ago.
When this total Of s44o.5Oo is added to
the sl.l0Oo0o January disbursements Of
the banks and corporations Il will give
a total increase in wealth of s1.540, 500.
But this is not all. The United States
Trust Company, conducting its Christ
mas Savings Fund" was called upon to
hand over to the happy savers the sum
OF s2o0.000 in round numbers.
Added to the previous total, we have
a grand total OF dividend and interest
disbursements. payments on interest ac-
count. and the Christmas savers interest
OF S,79o50e.
The National City Bank circular for
January. made in Washington" pre-
s"nts figures showing the earnings of
OF twenty-four big banks. selected from
New York and Chicago institutions, hav-
ing an average deposit each Of Sa6. $50. .000
TO be LIZ per cent on the deposits.
The same banks. each having average
capital of 4.i59,000 and undivided profits
averaging s5,i5O,050. earned s936. .S0i, or s.sS
per cent on the total working capital
Of S. .909, III
In his recent report the Comptroller of
the Currency stated that the average
earnings of the national banks for five
years on working capital was e.S per
cent.
That the figures should exceed by o35
per cent the profits OF the twenty-four
biz banks is a matter of surprise.
There was a decided improvement in
local securities yesterday. A market
starting as IL II was "Blue Friday"
few members in attendance, fewer COM
missions apparently. finally turned into
activity and strength.
The feature was the strength in Wash
inetou Railway and Electric. The WASH
ington Utilities broker was seeking
stock, advancing bids and buying little
stock. Gradually he raised the bid on
the preferred to % and then to 81. where
there were sales the closing bid being
30 SIS. The common was advanced to
IS L. and then to 50 bid. There was a
market for these stocks and a good one.
Small sales OF Gas were made at IS,
more offered. The best bid was IS 5-S.
Hustling for proxies continues.
Washington Railway As were in ex-
cellent investment demand, selling freely
at 50 1-2; Traction IS 11o. and Gas 5s
los rs
Small sales in miscellaneous stocks
were made at steady prices