Evening star., 1924-01-03
gain OF MILLIONS IA
IN BANK DEPOSITS
District institutions Show ]
Big Increase Over Call
of September ID.
ToDAY's LOCAL MARKETao
Business Outlook - Merchants r
Bank Elects Officers for
Coming Year.
T0DAY'S LOCAL MARKETaa

controller of the Currency Henry
NJ. Dawes today called on all local
banking institutions, and all national
banks of the country, for statement
OF condition as of the close of busi-
ness, December 81.
In Washington bank deposits will
show an increase over the previous
call, dated September Il, 1929, of sew
eraf million dollars, a preliminary
canvass of most of the larger insti-
tutions show.
Risgs National Bank. thus far, is
the leader in showing gains, an in
crease of approximately $4,000
Deing reported over the previous call.
Inc American Security and Trust
company has gained $723,4I7, and the
commercial National about $4,000.
con. Inc WASHINGTON Loan and Trust
s4o1,971, the Liberty National, s2os,-
eyS: the Union Trust Company,
$4,000; Security Savings and Com
mercial. $6s,s32: Columbia National.
ssSe'e19: the Franklin National Bank.
So4,6f3; the Bank of Commerce and
Savings. s104.9S4, and the Farmers
and Mechanics, s2,707.
oHsetting these gains are losses of
about 100000 reported by the Ma
fionai Metropolitan, s153.6s5 by the
FEDERAL American National, and S102,-
$50 by the Potomac Savings banks ii
should be explained that these losses
are only temporary and indicate
nothing detrimental to the banks
Bank deposits of large institutions
vary greatly from day to day, and in
most cases where losses are shown
the call for statement was BADLY
1,meo nI Tor the reporting institution.
ihen, too, outlying banks have paid
out large sums during the past month
in Christmas Club disbursement.
While the most of this money is spent
IN meeting Yuletide requirements and
part then redeposited by merchants,
the outlying banks do not profit to
any great extent, inasmuch as the
redeposits are made In downtown in
stitutions. In these cases Christmas
CLUB payments mean a fiat and def
mite withdrawal Of funds
On the other hand, only a part of
christmas savings club money finds
It's way back into local institutions
huge stocks of merchandise are, of
course; carried at this time of year,
necessitating the expenditure of alb
normal amounts of money. It is ex-
planned that much club money finds
us way into other cities in this way.
January Business Outlook.
THE year closed with domestic bust
, ness conditions generally satisfactory
| and on the whole reassuring," says the
| Federal-Amerfcan Business Survey for
| January. THE volume of production
/ has been we'll maintained. The securi-
4 ties markets have been showing decided
\ strength, but meanwhile the produce
markets have considerable uneasiness
| The holiday trade has been reasonably
| good-quite up to that of last year, for
| the country as whole. There is. TO be
sure, a seaSonable quietness In the soft
| coal, coke, pig iron and steel trades, but
| the prospects for the new year are en-
couraging. On the whole the domestic
| outlook for the first half of 1924 may be
said to be for somewhat better bust
| ness than in the last half of 1928.
| though not up to the high level attained
in the early months of last year
Following a review of economic
conditions of the past year, pros
| poets for 1924 are considered, in part
as follows:
"In considering the basic factors
which will influence the situation i'll
! 1924, we may dismiss at once any ap-
\ prehensjons over the banking and
| credit situation. Our financial status
! was never sounder than at the pres
| ent time. The reserve position OF
| the banks is extremely strong and
there is no possibility of a shortage of
| funds at reasonable rates for any
! legitimate requirements. If banking
1 and credit conditions were the only
1 factors to be considered, we should
have occasion for rejoicing"
| Trading ON Local Exchange.
| Preferred stock of the Washington
! Railway and Electric Company con-
| tinued its upward jaunt on the local
| board today, sales of 169 shares re
sulting in an advance of half a point
! to a new recent high at "A. The issue
4 was strong at the close, with "A bid
! and 741s asked
! Railway common sold TO the extent
= n ch 10 OF
1 Lanston firm at ~. Capital Traction
sold at s5A and 95, the trend being
4 lower.
| Bond trading was well diversified,
| with little change in prices
Bank Officers Elected.
| The annual meeting Of the stock
| holders of the Merchants Bank and
| Trust Company yesterday resulted In
| the reelection of the directors as
1 follows: Harry E. Allen, Ray II.
| Arnold, Rolfe E. Boiling, Harry r.
| Carroll. James Walter Carter, Peter
Nj. Dorsch. Peter A. Drury, Frank P.
| Harman. Frank P. Harman, jr., Mich
! aeI j. Keane, R c.. Marshall, jr., j.
Ernest Mitchell. Frank O'Hara, Edwin
/ w. Popkins, Roland S. Robbins, L. E.
! Schreiner, ]. /. Sherwood. Eugene A,
| Smith. A c. Waller, William Henry
I White and John Zanier.
| The directors Immediately re-eIec.
( ed the following officers: Peter A
+! Drury. president; Roife f.. Boiling,
| first vice president; L. e. Schreiner,
| 7 l. Sherwood and Frank p. Har-
man. jr.. vice presidents: William
! Henry White, secretary; Edwin w.
/ Popkins, treasurer; Frank +. Ghiseill.
| w G. Baden, Henry 5. Wattles ana
n + Enrich, assistant treasurers; j.
L. - -i5-a manager foreign de-