The Washington herald., 1917-11-01
NATIONAL BANK
DEPOSITS CROW
Holland Says Increase Of
100000, 900 Shown
Since First Loan.

ohm Skelton Williams, called atten-
ton, a few days ago, to the aston
ishing condition of the national banks
of the United States-astonishing in
view Of the fact that they contributed
so greatly to the success OF the first
liberty loan of 100000 00O Briefly
summarized Comptroller Williams
statement calls attention to the fact
that II 5000. 10000 OF deposits were
drawn from the national banks at this
tim nevertheless the aggregate de-
posi- of the national banks would be
nearly $4,000, 900 greater than they
were a year before the outbreak Oh
the European war.
Furthermore. although the national
banks all over the country aided great
ly in making the success of the first
liberty loan possible and thereby were
compelled to acknowledge q consider
able withdrawal of deposits, never
theless there was an increase in the
deposits OF the national banks be-
tween May l and September l, of
this year, Of s154.OOO.OOO. That is not
I'll.
Resources Increase.
The national banks possess resources
of SIG. 800. .OCO, 600. showing an increase OF
nearly 800, 100000 since the time OF the
subscriptions to the first liberty loan,
and more than 5000. .OooO 600 in excess
OF the resources that were reported
in September, 1916. Figures OF this
kind are of such magnitude that the
mind does not fully grasp the meaning
Of them unless some explanation is
furnished. 1t would be possible to
compress the explanation in a few
words by SAYING that the figures show
how rapidly new wealth is accumu-
lating in the United States notwith-
standing the stupendous expenditures
which our participation in the war
has made necessary since April last
year.
One of the best estimates of the
yearly business carried on in the
United States expressed in dollars has
been for several years that 1t amounts
to about $4,000 $4,000. Of course all
this is not new wealth and yet a con-
siderable part of it does represent
yearly increase in the wealth of the
country. The other day the Depart
ment of Agriculture at Washington
made public its estimate Of the money
value of the agricultural products har-
ssted in the United States this year
81. 500. .OOO, COO. This is assumed to be
tsolutely new wealth. 1t was taken
ON the soil. There are also other
urces whereby our yearly wealth is
creased, ard of late a great increase.
5 compared to the figures of earlier
ears, has been due to utilization of
waste products. Now the men OF
science and the investors who are util-
ling the researches made by men of
science are discovering new sources
hitherto undreampt Of whereby great
I, =, Fa.I
through the utilization of material
which a few years ago was not even
disnified by the name of waste mate
rial.
Wealth Created by War.
It will probably be possible to re-
port within a year or two figures
which will show very great increase
of new wealth, consequent upon the
necessity the war has brought to the
nited States by utilizing resources
which heretofore have been neglected.
The dye industry will probably soon
represent new wealth of the aggre-
gate money value Of some 500, 90, coo
That at least was an estimate made
by some of those who took part in the
recent exposition of the American
chemical industries.
So, also, science is teaching methods
by which greater and greater aCcumu-
ton Of wealth can be obtained from
4Itherto unsuspected properties in coal,
in coke and in mineral oils.
Within another year there will prob
ably have been created new wealth
represented by the vast fleet of ships
which is now under construction, in
the aggregate far exceeding the ap-
preparation which Congress has made
for new ship construction. For. should
the war end within a year, these ships
can be instantly utilized for maintain
ing and increasing our foreign trade.
without ships in plenty the United
States would be badly handicapped in
the very intense but nevertheless
peaceful struggle for commercial su-
Oremacy or equality throughout the
world. that will come after the war
ends.
New Wealth Source.
Joseph d. Pogue. who Is in the serv-
ice of the United States in the divi-
sion Of mineral technology. has re-
Gently made public reference to an
other source of new wealth, made
possible through the research of men
of science, which afterward was de-
veloped into apparatus by men of in
ventive capacity. For within the
course of a few years the United
States is to obtain from an inexhaus-
tible resource such ample supplies OF
nitrogen as will abundantly serve the