Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-01-06

purchases of the same bond issue.
During the same time the banks have
subscribed for S2,914,uoU Treasury
certificates issued in anticipation OF
the fifth liberty loan
They have turned over practically
all this amount to the government, re-
ducing the credits to the Treasury.
Another matter to be considered is
that the return OF peace and the
Christmas season falling close to-
Eether has not operated to strengthen
the saving habit. This has been Il
season of spending and not Of saving,
Statements of Deposits.
The statement OF the banks as to
their deposits follows:
Union Trust Company, S5,312, 564 .62
decrease since the last cali $222 $3.50
American Security and Trust Com
pany. sl2,oS9.i4764; increase. S1,190,-
2G19s
National Savings and Trust Com
pany. SS,S22,326.01; increase, SScS.-
$685..
Lincoln National Bank. S4,465.44s.o2;
increase. S710,5S6.7l.
Columbia National Bank. $4,000,
1861: Increase. S41-3I1.52
Federal National, SIS ISL. 700; de-
crease. sl22 coo.
District National, $6.546,416.os; in
r":'-e SpN 10
Commercial National. $l21Gl, go 20
inc ease. Sl.i4..965 Is.
Dupont Nat onaI, s1.335. ,01. 81: in
crease. $71.1S6 o.
National Metropolitan Bank. S.
w. -. ~s.@e, -" .. 70
= National, 21,5oa, 000; increase.
$4,000
No..tar.est Savings Bank, S3o6, 2sa. 80;
increase, 500, ~.
Franklin National tT9S2). S2,9a$.
4@1.fS; increase. 5l9t,2s3.S5 81.
{, ne Savings, $9.7o5.450.72: in
. --e $i.1G1, G57.GS.
-. f2sio) $3.50 :
ssls9; increase, SlS5.2so39
- good and bust
rt-- piospec : a.e bright That is
lie weight OF ofinion among the men
OF business in the capital.
Steel. and bond quotations are nos
as cheering rs thy might be- but the
the corpora ions on which those
socks and bonds are based as in the
attitude o. he government toward
corporate business. There is a meas
ure Of uncertainty as TO what the
government viii 90, how corpora ions
government finely concludes to Go
and what the effect will be when the
government does it
People shun UNI ertaineies.
People 90 not ike 20 buy into un-
Gegta mites. Many people already in
hem like to ge4 ont Therefore there
IS mere pressure to sell than to buy,
a condition that puts security prices
Gown Just as il puts .GQwn the price
OF land ard houses, groceries. steel
rails or onhons
Running through securities that are
really securities and not insecurities
is line OF value based on the rec
ord of earnings mana cement, terri
tory. character of output and the
normal OR average worth of money.
The rrioe of securities hunts that line
of value. At times and under certain
or combinations of circum-
stances prices fall far below that line.
at other times prices rise above it.
The price swings UP and down across
the line of value. Where Judgment
and knowledge play their part is in
the determination of that line of val
that the price of many proved secur-
tiles is below their line of value.
Opinion of Gloomsters.
There is some contrary opinion. L
may be that a part of that opinion is
sound. but The financial world has its
gloomseers just as these pests are to
be found in the commercial world.
But gIoomster is nearly always
broke.
To him the future is sprinkled with
troubles and every little trouble looks
as big as a disaster. When prices
are going down he chorties that
they must go lower. The bottom is
not reached yet" he says, and waiting
for the bottom to be reached he misses
his market. When prices turn upward
he puts on solemn look and says:
They can't go any higher: they're at
the top now
Another Prediction Goes Wrong.
When that prediction goes wrong
day after day, perhaps little bit of
belated enthusiasm whispers to HIM
to buy because they may still go lit
tie higher and let him make q quick
profit. Then the chances are that he
does get in SO close to the top that in
stead of getting out he gets closed out
The moral is. learn something about
values and don't be a gloomster either
IN finance or trade. Look up. The
United States is bull proposition,
Bit of Ancient History.
The Bank of the Metropolis. now
the National Metropolitan Bank. was
not the only bank in this city which
caused its deposits to he removed to
point outside of the District on the
approach of the British in August
1914. The records of the Bank of
Washington show that its deposits
were also removed
There is in print Il booklet entitled
"A Few Facts and Glimpses of the
Past and Present of the Oldest Bank
in the National Capitalize National
Bank of Washington" 1t was writ
ten by Clarence F. Norment, president
of the National Bank of Washington,
in 1909, that year being the Tooth an
niverSary of the bank.
In that interesting little book is
this:
'On August IA. 1914. the British
captured Washington. and on the
morning of that day Mr.. Bradley re-
moved ell the effects of the bank to
Bropkvlle, Md. where they remained
until Monday. Septe mber 3. The
hanks of New York, Philadelphia and
Baltimore having suspended specie
payments. the banks of the District
at that time, viz, the Bank OF Alex
sndria, the Bank of Columbia the
Bank of Washing ton, the Union Bank
of Georgetown. the Mechanics Bank
of Alexandria. the Bank of the Me-
tropolis and the Farmers and Mechan-
les Bank of Georgetown in joint
meeting held September IS, 1914; re-
solved to do likewise"
Outlook for Narrow Market.
One of the market yy;ro Letters noSt .