Evening star., 1925-11-22

! Mount Vernon. North Capitol, North
east. East Washington. Park. Seventh
Street. Washington Savings. Wood
ridge Langdon. Industrial. land Pruden-
| tial are all new institutions that have
made good and are all functloning
today.
The Central Savings is the latest
candidate for patronage in the savings
group. 1t Is under the presidency Of
Francis p. Savage.
Many Have Come and Gone.
| During the years that have passed
| since 1907 many banks have come
! into being and have not survived the
heat and burden of the day or have
| been absorbed as desirable additions to
/ going institutions, with some taken
over in such a way as to avoid loss
| to depoSitorS, stockholders shifting for
| themselves.
The Standard National, Traders
| National and Dupont National were
| and are not. the former being taken
| over by the District National. the last
| named by the Merchants Bank X
| Trust 60.
All trust companies of 1907 are still
| in the business and promise to con
| tinue.
! \ large number of savings banks
/ have closed some for the 'citYS good.
| of other banks, the Washington
clearing house functioning splendidly
| in preventing loss to depositors.
Leading Bank Mergers.
Among the moro important insti-
| tutionS that have gone through
mergers or otherwise are the Ham
| ilton and Northwest Savings, absorbed
| by the Riggs National in its new
4 ,,.,I, rir,fr a
| al Exchange, National City, with the
| Union Savings. the latter one OF the
| oldest of savings banks and at one
| time very prosperous, more recently
absorbed by the Continental Trust Co
The few savings banks doing bust
ness back in 1907 are still, with eX-
| ceptions noted. In the ring and max
| ing good, of which more anon.
Back in 1907 there was a CITIZENS
Savings Bank, operating with success
which was absorbed by the District
National in 1918. 1t was entirely
| separate from the present-day lnSu-
tuition of the same name.
| Emergency currency and Federal
| reserve legislation enacted by Con
| gress stand out SO clearly and OF such
| comparatively recent date as to re-
| Quire no special comment.
| Both served the Nation well. the
| former in the emergency attending
| the opening and preceding the World
| War and the latter being essential IN
| making loans to the allies, RESPONSE
| BILE for keeping our factories and labor
| busy, then financing our own share OF
| the great struggle. through the sale
| of Liberty bonds and Victory notes.
| incidentally the Federal reserve act
| is largely responsible for the pros
| perity of today and is an insurance
! against money panic ever return
| ing to disturb US.
| Coupled with the reserve act, the
| method of conducting daily clearings
| of local banks, par collection of checks
and almost instantaneous transfer OF
money in quantities from one section
of the country to another at the small
est cost. have come to be recognized
as outstanding benefits of great value.
Branch Banking.
The Riggs National Bank inaugu-
rated branch banking in Washington
for national institutions and the Sec
ond National. Franklin. District Ma
tional and Lincoln National each open
ed a branch the Riggs having four.
all in the northwest section. Trust
companies and savings banks nave
long operated branches.
| The section of the reserve act per-
mitting national banks to operate as
| executors, trustees, registrar, etc, un-
der restrictions of local laws has been
| of great benefit to a number of the
| larger national banks meeting the
81 900 900 capital requirement Of the
| local law.
Changes in Personnel.
Two bank presidents, in converse
ton the other day. agreed that the OPP
iportunities for advancement are not as
, satisfactory as they We're a few years
lago.
Since 1907 there has been a great
change in the personnel of Washing
ton bank presidents and vice presi-
dents as we'll as In minor officials.
Scores of bank presidents have been
elected in the eighteen years and five
months under review, scores of vice
presidents and under officials.
| The personnel of local banks has
almost completely changed during
these years, and if the same pace is
maintained up to 1943 and 1914, then
indeed will opportunity be kept busy
knocking, knocking at the doors Of
young men.
| In a later issue, this review will
be continued. with intent to suggest
further changes that have taken
place: the banks that are still under
the generals who comma nded in 1907;
the capital, undivided profits and sur
plus of the various banks in eX-
istence before the war and their
capital. surplus and undivided profits
today.
| Developments in the stock market
of Washington, the advances and de-
cline in prices. the enviable record
established by the District Bankers
Association. etc, will all pass under re-
view in an attempt to make a COM
plete record of the amazing financial
progress made in less than two
decades.
SOCIETY TO PRESERVE
GERMAN-AUSTRIAN LINK
Union Formed to Keep Alive
Cultural Bonds Between
Two Nations.