Evening star., 1916-07-05
CHANGES IN DEPOSITS
IN LAST SIXTY DAYS
Tax Payments Make Heavy Drains
on Individual Funds Between
May l and June 80, 1916.
Splendid Demand for Local Secur1-
ties Means Reinvestment OF D1v1-
dend and Interest Payments.
BY I. A. FLEMING.

In CARRYING out his usual practice of
preparing banking statistics at the
close of the fiscal year. Jun 30. and in
connection with superintendent of state
banking institutions. the controller OF
the currency called for statement
from national banks as at the close OF
business on the date named
Between June 80 and the previous
call May l. taxpayers were compelled
TO make inroads on bank balances for
millions of dollars, and very serious
losses are naturally shown in bank de-
posits, nnitigated in the case of the ma
tional banks by redeposits of part of
the tax money but not in the case of
trust companies.
1t will require the final figures to tell
the story of net loss or gain for the
fiscal institutions of Washington for
the last sixty days, with the chances in
favor of a shrinkage. as the payments
were heavier than the redeposits
Had the call been day later deposits
would probably have been million
dollars more. as checks for interest and
dividend payments were sent out June
80. dated the 1st of July. and several
hundred thousand dollars would have
been credited to the savings depoSitors
and commercial accounts in banks pay
ing interest July /.
The American Security and Trust
CompaDy lost about s1SOo6o: the Ma
tional Savings and Trust Company.
s165, 1894: the Continental Trust gained
s105,0oo: the Union Trust gained $780,
s12: the Metropolitan National gained
s3o7.s16; the District National gained
s1o6713: Commercial National lost
s1ss.S67: Federal National gained s346,-
. 0S7: the Merchants Bank lost s26.s17.
and the American National Bank lost
s2.545
The savings banks would naturally
reflect the payment of taxes. but not to
the extent of some of the trust COM
panieS.
Moreover, the vacation season is on
and savings. as we'll as other deposits.
are suffering. Income tax payments
have also had their effect on deposits.
Active Investment Market.
After a four-day vacation the Wash
ington Stock Exchange resumed its
business activities this afternoon, and
actions. indicating beyond question that
! investors were reinvesting July dis
bursements in large amounts.
1t has been many days since anything
like the general activity of today's
session has been witnessed.
Bonds were freely purchased. with
more demand than supply Lanston
came to the front as a leader of the
stock list. with large sales in quota
tion, and more than quotation lots.
Railway As advanced to SIX for quo
tation lots and s214 for $500 bond.
Capital Traction 5s sold at 107 and
were firm. Potomac Electric first
mortgage IS sold at 1851. and the
Consolidated SIS of the same corpora
ton at 1919 and 1912.
Capital Traction stock. which was
freely offered last week at s5, with con-
cessions on round lots. sold at S5 and
closed with this figure bid, and S5A
asked.
Railway preferred was in evidence at
ST u. with 81 2s bid and 50 asked at the
close
Lanston. as before stated. was the
leader. the demand absorbing the Of
ferings from s1$4 to s2A. The assur-
ance Of the president of the corpora
ton. given in this column, that the
company was doing much larger
domestic business and that there was
question regarding the payment of
a dividend for the next quarter. caused
renewed buying, while the liquidation
Of the pool holdings lessened the offer
ings.
Mergenthaler moved up sharply.