Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-06
Gain of $1,0s7,574 Shown
Over December 81 Figures,
Auditor Savage Reports.
STEADY UPWARD TREND
IN SAVINGS INDICATED
Capitals Institutions Make Better
Showing on Call Than Those
in New York.
BIZ EDWARD C. STONE.


Washington banks are making up the
losses in deposits which they suffered
following the New York stock market
crash, as reflected in the bank state
ments of December 81, 1929.
Local bank deposits revealed a gain
on the March 81. 1880, call of 81 087,-
674.08 over the December figures, &C.
cording to an official compilation COM
pleted yesterday by Audley A. P. Savage.
auditor of the National Savings &
Trust Co.
The national bank group showed an
aggregate gain of 1888, 840.10 over De-
cember returns and the savings banks
group reported an increase in deposits
amounting to $1,295.477.40. The trust
companies, however, fell down to the
extent of $3,346, 743.42, much of this
decrease being explained by the fact
that the Continental Trust Co. deposits
have been switched over to the national
bank column.
Upward Trend Gratifying.
The main point brought out by the
latest official statement is the fact that
the trend in local bank deposits is up
ward. While a gain of over ST, 900 900
Is not to be considered lightly, yet the
turn in the tide is more significant.
The business tide has been way out
and still is way out, yet the bank de-
post tide seems to be running in now
at fairly satisfactory rate. Washing
ton has made far better record than
New York, which has just reported a
falling of in bank deposits since the
December call.
The highest bank deposits on record
In Washington were reported after the
call Of october 3. 1928, when the fig
ure totaled $274, 233, 831.27. On the call
OF few days ago bank deposits in
the Capital totaled $3.50, 920.93. The
total on December 81, 1929, was $685.
7s3, 346.85. On october 4, 1929 deposits
were $26s, 5S9, 1854, On June 30, 1929,
thew amounted to 1854, 479, 938.06, and
totaled $268.200. 277.86.
The tabulation of Me. Savage ap-
pears elsewhere in The Stars Sunday
financial section, presenting in detail
O most interesting comparative state
ment covering every bank in the city.
Leaders in Various Groups.
In the national bank division, Riggs
mad the largest increase over the De-
cember call, in the savings bank group
the Potomac Savings Bank headed the
list, while among the trust companies
the National Savings g. Trust Co. noted
the largest deposit increase
The report of the Commercial Ma
the deposits of the Continental Trust
Co, the consolidation of these two
banks having taken place since the
last call. The bank showed an in
S!ease OF $874,957.44 which President
Cooper said would have been much
larger had not the Commercial deposits
on december 81 been about $1,500,o00
In excess OF their normal amount
around that period. Some of the other
oanKS which had particularly good gains
IN December also failed to keep up the
pace on the March 81 call.
Young Favors Branch Banking.
Many of difficulties now confronting
rural districts in bank failures would
nave been avoided had trade area
branch banking been permitted years
9go, governor Young of the Federal
reserve Board, told the House bank
ing and currency committee. He agreed
with member of the committee that
the biggest argument in favor Of branch
banking was that the banks in a sys.
tenn would have to go to the assistance
OF any one Of the members which were
experiencing q run by depositors or
any similar distressing condition. He
aooed there was less likelihood of run
an independent unit bank.
Discussing the Pole plan for trade
area branch banking, Mr.. Young ad-
United there was some difficulty in de-
Cermlnlng the limits of Federal Reserve
olStr1cts. That difficulty, he said, arises
from the overlapping of districts.
he saw no serious situation which
might develop and believed that the
~ Federal Reserve districts with the
Is branch districts comes as close as
IS practicable to limited trade areas.
Wall Street Giants Pictured.
Richard D. Wyckoff, best known in
washington as editor of the Magazine
OF Wall Street, is author of a book re-
Gently published by Harper & Brothers
under the title, wall Street Ventures
and Adventures" which gives some in
terestlng pen pictures of such legendary
dgures as Morgan, Hartman Livermore,
SchWab and John w. Gates. Mr., Wye
kon writes most entertainingly of some
OF the worst panicS and sensational
booms the Street has known. In his
younger days he made a close study of
the methods by the leaders in the mar
ket as ne was himself in the brokerage
business at the time.
Everybody knows there is a tremen-
dous amount of manipulation in Wall
Street in these times. But fortunately
the market has grown and business
ethics have improved until no one man
can bring about such startling corners
and breaks as was done in the old
days. The book recalls the evils of over
extension, names the important points
about a stock which influence its rise
and fall and includes many other facts
OF 1nteneSt to all traders Perhaps, how
ever, his anecdotes are the best part
Of his book.
Saturday Trading Quiet.
Trading was very quiet on the Wash
1ngton Stock Exchange yesterday, the
following transactions having taken
Potomac Electric 51a9o pfd.-1 at 10SK,
Mergenthaler Lirotype-10 at 107E.
National Mtg. & Inv. pfd.-100 at AZ,
100 at Az.
Washington Rwy. & Elec. 4s-$1, 900 at
884, $1,000 at 88A.
Washington Gas IS B-$100 at 104h,
500 at 1041a.
Potomac Electric 51a96 pfd.-5 at 1OsK.
MarchantS' Bank & Trust Colo at
1251a.
Local Trade Reported Better.
Some washington merchants are look
ing for steady improvement In local
business during the rest of the year.
One merchant said yesterday that his
March sales were the largest in the his
tory Of his business, even far ahead OF
the December period.