Evening star., 1927-10-18
1,S89,O16 DECLINE
| IN BANK DEPOSITS
Controllers Call Shows Local
! Savings Institutions Have
Gain of Million.
BY EDWARD G. STONE.


: total decline in deposits in local banks
g on the controllers last call as Of Octo
ber 10, 1927, compared with the re
turns on June 80, was 81 ,SS9, ,0l6.53.
s The national banks Of the city re
I ported a slump Of $1,507 ,505.11, the
savings banks made gain during the
period of $999,170.11. and the trust
companies noted falling of In de
posits since the June 80 call Of $3.50,
: 6S1.53.
Total funds on deposit in Washing
ton banks September 80, were 1857.
: 060,S7S.7S, as compared with $25S,949.
1851 on June 80, the June figures
having been the highest in the history
: of the Washington banks. For this
and several other reasons local bank
g ers consider the October 10, even with
the lower total. as highly favorable.
Savings Banks Reveal Increase.
! The decrease in total deposits
among the national banks was not
: unexpected. Tax Withdrawals are
given as the main reason. These
funds were checked out to meet the
heavy taxes due this year for the
first time in September, the collection
date on the intangible and real estate
taxes having been moved back from
November. An installment Of the in.
ternal revenue taxes Is also due in
September.
While six of the national banks
reported decreases of various pro-
portions, the other seven had larger
deposits than in June. The National
Metropolitan led the list with an in
crease of $1,012,042.71. Next in order
came the National Bank Of Washing
> ton, with an advance of $440, 0,966.45,
ond tho niSfrict National with q Co{n
of $34S, ,563.95.
Compilation Of the savings bank
figures is equally interesting, the in
crease of $999,17l.11 being most graft
flying. Only five OF the % banks In
this class failed to hold UP to the
June figures. The Security Savings
+ g. Commercial reported the largest
gain, but this banks figures include
the deposits of the old Central Saw
ings Bank, which was absorbed dur
ing the period under review.
Two Outstanding Incidents.
The Park Savings Bank really led
this division with the largest gain,
$237, ,226.27. Next in order of increase
came the Potomac Savings Bank,
followed by the Chevy Chase Savings
Bank with a gain OF more than $179,-
600 and the Washington Mechanics
which gained over $171,000.
There are two outstanding facts in
connection with the last two banks
mentioned. The Chevy Chase Savings
Bank has reported an increase on
every controllers call since the insti.
Washington Mechanics Bank the de-
posits on the exact date of the Octo.
ber 10 call were ne largest that they
had ever been at rhe close Of any days
business.
Study OF the trust company figures
shows total decline in deposits some
what larger than those Of the national
bank division. Five Of the seven local
institutions experienced slumps. The
two banks reporting gains in this class
were the Merchants Bank G. Trust
and the Union Trust. The Merchants
gained $S35,916.1S, and the Union
Trust added $7s0,6sS.10 during the
period.
$4,000, ,0OJ Deposits Retained.
Further comparisons are illuminating.
There was an increase In deposits in
Washington banks between the calls
Of March %, 1927, and June 30, 1927,
Of $12,164,703.S7 As above noted the
falling OF between the June call and
the one just made was $1,S89, ,0l6.5S,
which shows that the banks retained
$1o.275,7S7.34 Of the amount gained in
deposits on the June 80 call.
In passing, reference may also be
made to the fact that Controller Nc
Intosh issued q call exactly three
years ago on October TO-. 1924. The
increase in total deposits in the local
banks for the three.year period is
$42, ,522 ,S14.20. The number Of banks
doing business here now and on that
date In 1924 10 the same-42.
The Summer lull in business 10 an
important factor, which cannot be
overlooked in the latest bank deposit
figures. The December call will re.
fleet the increase in Fall and holiday
made in the past by November tax
Withdrawals will not prevail this year.
Right now perhaps the savings bank
oficials are the happiest Of all local
financiers, all expressing the opinion
that they have done especially well
in recent weeks in meeting the sharp
competition OF the building and loan
associations.
Three New High Marks Today.
Three new peaks for the year were
scored on the Washington Stock Elk
change today, when Capital Traction
& Storage climbed on up the price
ladder.
Capital Traction and Railway pre-.
ferred were the market leaders. Capi
tai Traction opened at 1115k. up a halt
point from yesterdays close. Follow
ing this sale Of 10-share lot, 90 more
shares were sold at 112. Washington
Railway Electric preferred sold tc
the extent Of Is shares at 99h.
Union Trust was the only bank
stock out, crossing the 800 mark fol
the first time. One share sold at 304T
and one more at 305. This was a gair
Of "a points over the last sale at 281
Merchants Transfer climbed te
103h, Potomac Electric Power 5h pel
cent stock came out at 106, but closed
at 1853, Sand & Gravel was agaiY
at 1OS. Sanitary Grocery preferred q,
102 and Washington Gas Light re
mained at 81. Bonds were neglected
Other Financial Notes.
B. F. Keith Corporation is nego
tiating with a. syndicate Of banker,
to sell $10.000,000 of preferred stool
for new construction and expansion
The corporation now operates g.
theaters In the United States ant
Canada.
Net income of the Stanley Co. o
America for the first nine months
Of 1927 Appropriated $3,7O0,0Oo. Thi
is the concern with which the Gran
dali theatrical interests are associated
President ]. T. Exnicios of the De
partmental Bank is passing two weeks
vacation in the Adirondacks.
The new public speaking class a
the Institute will hold its real session
tomorrow evening under Prof. Rich
ardson Of the University of Maryland
Eugene E. Thompson, head @
Crane. Paris & Co, is attending tn
meeting of the national councillors G
the Chamber Of Commerce at Wes
Baden Springs, Ind, as a represents
tive of the Investment Bankers Asst
Ciation.