Evening star., 1921-04-18
FIRST REPORT ON
DISTRICT SAVINGS
Banks and Trust Companies
Held $44,506,136 Thrift
Money January I, 1920.
BY I. A. FLEMING.

DdHkS ana IN the savings DIVISION or
the trust companies and of the ma
tional banks. They had on deposit to
their credit $44,5o6,136.51 out of
total deposit in all institutions on
that date of $159,1s9,6234l
These figures are official. coming as
they do from the federal reserve
bank of Richmond. and they tell the
story Of local savings for the first
time. as neither national banks nor
trust companies separate the savings
deposits from the checking accounts
in their published statements, while
some OF the savings banks have COM
mercial accounts which are probably
segregated in this report.
December 81. 1913. at the close of
business, the savings banks of Wash
lnston showed total deposits of $22,-
eoz.osV, while year later they re-
ported s23. .4ss.221 on deposit
ings deposits of Washington are
about equally divided between the
savings banks on one hand and the
savings departments of national
banks and the trust companies on the
other.
The official figures show that there
were 2s.17s more savings accounts
with 1921 than at the opening of the
year 1920. The figures are given as
iSS,ssS savings accounts January l..
1920. and 1g.574 in 1921, with an in
crease OF s4:loo613.5s in amount.
Ihat 1s1.574 people have Joined the
thrift campaign is a good augury for
washington. Probably many of these
accounts are owned jointly, which
would give a larger percentage of
the population interested in saving
Moreover, the last two months has
added largely to the total.
The total deposits of the banks of
ss2 IS on January i. 1920. and ;l5s.-
lSs,ssa.4l on January 1. 1921.
Richmond as the seat of the regional
the matter Of savings and in de
posts generally. In the entire fifth
reporting, 1856 t new % savings tn1 eaaes aes
counts were opened during the year
and the savings deposits of the dis
trict increased ss5.s11.745.o5.
included Maryland, District Of Co
lumbia. Virginia, West Virginia,
North Carolina and South Carolina
Throughout the entire district the
thrift campaign has been very ef-
fective. but in the first three named
the increase in savings deposits far
exceeded the increase in total depos-
its. Thus in Maryland the total de-
posits increased but $1,405.997.54.
while the savings deposits increased
s2s,45a.as4.22; while in the District
deposits: se3.eso.5a: gain in savings
$4.100. .67355; while Virginia totals
gained $6.144,153.5o and the savings
deposits s11.7s2.e35.ss.
In the other states in the district
the savings deposits furnished but a
- 80
The summary showed savings in
the fifth district of tso5,3S7.540.4S
QUE Of a total of $2.0s3.545.3s02 de-
posits. The gain in all deposits for
the year was $50.931,s1o, but the
gain in savings deposits was $685.
with savings accounts in the NTH
ExpeditinG Business.
In the interest of a broader mar
ket for its notes and bonds. the
Company will make no charges. for
the present. in making changes of
notes and bonds of one issue for
those of another issue or different
denominations, nor for exchanging
coupon for registered bonds, or vice
versa.
Farm Loan Syndicate Managers.
The managers of the group formed
at the request of the Farm Loan
Board for the Offering Of s4o.ooo.ooo 5
per cent twentyyear federal land
bank bonds at par. announced by Sec
retary Mellon today, are Alexander
Brown & Son, Lee Higgenson & Co..
the National City Company. Brown
Brothers & Co.. Harris. Forbes & Co.
and the Guaranty Company Of New
York.
The entire group Of selling agents
will include about 1000 investment
bankers all over the country. They
are offered in every city of the coun-
try today.
The Supreme Court has recently held
that the banks are legally a part of
the banking system of the United
States and that they are exempt from
federal, state and municipal taxation.
The price is par and accrued interest
and they cannot be called until after
eleven years.
No Tax Money.
Secretary Mellon has taken a stand
against redepositing any Of the
$s.000,000 tax money that will be TAX
en- from the banks for taxes in the
District during May back in the
banks pending the need of the gov
ernment.
This Is the custom in every state in
the Union. and has been here up to
one year ago.
w. +. Galliher. appointed by the
Clearing House Association to wait on
the Secretary of the Treasury. could
not prevail on him to change the rul-
ing of his predecessor in this matter.
Wall Street Notes.
Pierce-Arrow Motor Car Company
is operating at full capacity in it's
passenger car department., shipping
800 cars month
Cities Service has issued it's 1920
annual report. showing s45 a share
earned on common stock. as com
pared with $500 in 1919.
Steel Corporation is said to be oper-
ating at 40 per cent of capacity.
Standard Oil of California produced
29.073.429 barrels of crude oil in 1920
production of the state.
been certified for $&.T5o.000 by the
Interstate Commerce Commission to
the Treasury; The Atlantic Coast
Electric Storage Battery of Phila-
delphia earned $40 a share on its
capital stock last year. paid federal
taxes of $1.500.000 and wrote off So
0l3.550 for depreciation of inventory.
The National Biscuit Company has
no funded debt and owes nothing to
banks. Mighty few corporations can
show that record.
American Smelling and Refining is
starting number of it's Mexican
plants.
Local Securities.
Local securities were very quiet
on today's session of the local ex-
change, sales of Capital Traction at
S7H. Gas 7hs at 100h ana Potomac
General IS at 93A completing the
record. Lanston nominally unchanged.