Evening star., 1931-12-27

Der OF depositorS, and other pertinent
facts about the banks located here
Practically every bank in the city
has maintained its dividend at the old
rate throughout the year. Some have
continued to declare extras. as they
have done for years. Several even re-
port that business has been ahead of
the previous year. The fact that many
local banks have again declared Christ
mas bonuses for their employees also
tells the story of prosperous yeat
While it has been a hard year in bank
ing. the same as in all other lines Of
business, banking leaders mere declare
there has beer. enough sunshine so that
it is not fair to complain.
$4,000. 600 Gain in Deposits.
In a few days there will be another
bank call which will show what deposits
here have done since the September
statements were published. 1t remains
to be seen whether deposits will be
higher than three months ago. There
are always, a good many Withdrawals
around the end of the year, funds being
required to meet scores of different
needs. While aggregate deposits in the
banks here following the September call
were found to be lower than on thc
June 80 call, yet they were about
SlU,UUU.UUU dIlSdu VI Illt lOIdI 1illlIo VII
deposit in September, 1880, an increase
not to be overlooked.
The Washington Clearing House As
sociation has had an unusually busy
wear. Every clearing house association
in the country has had its own prob
lens amid SO many readJuStmentS.
Following action in other cities, the To-
cal association found it necessary to re-
duce the interest paid by banks on
money deposited with them by other
banks Other important steps have
been taken, a great deal of response
bility resting on the shoulders OF Chair
man H H. Mckee and his Executive
Committee.
To the general public, the most i'm
portant work done by the Clearing
House Association during 1881 was the
backing it gave to the establishing OF
the Washington unit Of the National
Credit Corporation, formed to assist
banks which might be holding sound
but temporarily frozen assets.
National Speed Record Made.
The amazingly rapid formation of the
local unit established record for the
whole United States, the banks here
being the first in the country to enter
the corporation 100 per cent strong, all
making 100 per cent subscriptions to
the national fund. The organization OF
the Washington unit was perfected by
Robert V. Fleming. president of the
Riggs National Bank, who acted as 10
cal chairman at the request of John NJ.
Miller jr., of Richmond the fifth Fed
eral Reserve districts director on the
national board.
Both the Clearing House Association
and the District Bankers Association
gave splendid support to the plan, the
aggregate subscription quota being prac-
tically S4000000. In accordance with
the national associations instructions,
a committee of nine prominent Wash
ington bankers was appointed to act
on all applications for loans in this
city. 1t was an easy assignment for the
committee, as not single request Tor
a loan has been made here, although
units in the five States in the fifth dis
trict and in other Federal Reserve Cls-
tricts have already granted enough
loans to greatly strengthen the whole
banking fabric of the Nation.
In any review Of the banking Situa-
ton in Washington during 1881 refer
ence should be made to the continued
success of the Christmas saving clubs.
All former records were smashed by
these organizations. The exact amount
subscribed this year was $8,484,4l0 by
98, 869 SubSCrlDerS IN 81 DankS. some
fell by the wayside during the year and
failed to keep up their payments, but
checks for about $8000000 were mailed
out by the various banks on December
! to an eagerly awaiting membership.
Brilliant Showing in Thrift.
This years report aroused unusual
interest among local bankers on ac-
count of the business situation. 1t was
feared the 1881 clubs might fail to
reach the 1880 proportions, much less
to enter new ground. But the Christ
mas savings club idea has a vise-like
situation a quick glance backward is
worth while over a period of eight years,
each year showing new high marks,
Records of the number of member and
the amounts subscribed since 1924 are
recalled: