Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-09-08
BY1A. nEM1Na.

By I. A. FLEMING.
Where does the money come from?
Bankers are asking each other the
same question, while the continued
steady gain in deposits tells a story
Of thrift and savings. of increased
wages and higher prices for produc-
ton. never before known in WASH
ington.
Thousands of new people have
come to Washington since the United
States entered into the world wal"
said one bank official. land they have
brought millions of dollars to the
city, but the thrift habit. not only of
the newcomers, but also Of all the peo-
pie, is very noticeable. Our savings
account shows more accounts steadily
accommodating than ever and fewer
Withdrawals. Many of the new
Corners are carefully saving their
earnings to get away after the war,
pie who have never worked before
must make a large contribution to
the whole"
If the ban on Sunday pleasure rid
ing is kept. in force the saving from
this source alone will be a very i'm
over the entire country would make
for a saving of many millions OF dol
lars, for it requires but a little less
than four gallons Of gasoline saved to
make a dollar saved.
Savings Bank Deposits Show Thrift
Preliminary statements from national
banks and all but one trust company
showed large gains in deposits August
81, as compared with the figures OF
June %. The savings banks have held
up their end of the national thrift In
4 remarkable manner. and this. too.
during the vacation period, and with
everything costing more money than
ever before, with few exceptions.
The Anacostia Bank gained $69,2s in
deposits between the two latest calls
for statements by the controller Of the
currency; the North Capitol Savings
Bank gained s9O,636; the Seventh
Street $s2. 739: the Union Savings, $24,-
$50; the United States Savings, $105.596;
Potomac Savings, 2.347. and the East
Washington Savings. S45,4 57.
The Merchants Bank showed a gain
in the same comparison of s134, 100; the
Washington Mechanics a gain of $242,-
36S; the Central Savings Bank added
S52,O97 to its deposits: the Exchange
Bank, s49,s44. and the Northeast Saw
ings. $25.737.
Yukon Gold Passes Dividend.
The Yukon Gold Company has passed
its dividend In making this announce
ment, William Loeb, president OF the
corporation, refers very seriously to q
matter which many corporations will
have to contend with during the next
few months-inded, they are meeting
with the same conditions just now.
1.-THE high wages paid in certain lines
81 81 no
workers away from other corporations
and the help left is but 60 per cent eff
Gent
War efforts pay the highest wages
moreover, in the case of Yukon Gold
as of many other gold companies. ex-
pense was prohibitive of dividends
while 1.-The conservation of our cash
resources makes such action neces-
sary."
with the constant limitations or
credits the urging Of essential quail
flcations, the conservation of cash Is
sure to be more and more needed.
You'd Amend Reserve Act.
Representative McFadden of Penn
sylvania has introduced a bill in the
House for the amendment of the
federal reserve act, one that viii
meet the approval of all member
banks. The measure provides that
the federal reserve banks shall pay
10 per cent annual dividend on theil
capital stock.
This capital stock is owned b!
member banks in ratio to capital. ane
6 per cent was the limit of dividend:
authorized by the federal reserve &C.
The banks are now making large
profits and the amendment suggested
seeks to give larger disbursement to
the banks-perhaps as a further IN
ducement to securing more members
A Chicago Protective Committee.
What is known as the middle west
committee of the owners of railroads
is really a Chicago committee. with
John j. Mitchell. president of the I'LL
nois Trust and Savings Bank; Ernes,
A. Hamill. president of the Corn Elk
change National Bank; James B. For
gan. chairman of ,the board of direc.
tors of the First National Bank, anc
Chauncy Keep as the personnel.
The committee has for its object the
protection and conservation of the
interests Of holders of railroad bonds
and stocks during the period Of gov.
eminent operation OF the railroads
of the properties back to their origi.
nal owners after the war"
Filling Vacancies.
Two names are prominently men
toned as successors Of Messrs. Delane
and warburg on the Federal Reserve
Board-George NJ Reynolds Of the
Continental Commercial National Of
Chicago and Albert Strauss of New
York.
Investment Bankers Action.
The Investment Bankers Associa-
ton of America, which some time age
offered its cooperation to the govern.
ment on revenue legislation, will ap.
pear before the Senate committee te
GOVERNMENT AMI