Evening star., 1933-02-13
D. E. BANKS SHOW
GAIN IN DEPOSITS
Steady Improvement Noted
Since December Call,
Inquiry Reveals.
ny EDWARD G. STONE.

Inquiry In many local banks tocAy
brought out the fac. that deposits IN
these institutions are increasing steadily.
Deposits In practically all the banks IN
the city are larger now than they were
IN the date of the last condition call
made by the Controller OF the Currency
on December 81. 1882.
Several banks report gain In the
number Of new depositors who are open
ing medium sized bank accounts, espe-
cially in the savings departments. This
suits the banks much better than a few
large savings accounts. With present
money rates so low, the banks are none
too anxious to take very large sums on
their savings books. 1t is too hard to
ind places to put the money to work at
O profit.
bankers, however, are pleased with
the upward trend in deposits, both saw
Ifes and demand. 1t indicates progress
toward greater thrift and means that
many Of these depositors will be highly
profitable customers when times get
better. In some instances depoSitors in
the savings departments have stated
that they have lost faith in their own
ability to invest their money either safely
or prof1tably. For that reason they are
turning to savings accounts.
Some $7,000,000 was paid out by the
local banks to Christmas Club mem
bers on December 1. That money is
now coming back into the banks in the
subscriptions made for the 1888 Christ
mas clubs, another reason why deposits
are larger now than at the end Of the
year.
Many washington bankers today ex-
pressed qualification over the announce
ment Of the General Convention Com
mittee Of the District Bankers Associ-
alton that the next annual gathering
VIII probably be held at Virginia Beach.
The Cavalier Hotel is one of the finest
shore resort hotels on the Atlantic sea-
board, SO that accommodate will be
all that the locla fnanciers could desire
Virginia Beach is also easily accessible
from washington on the Norfolk &,
Washington Steamboat Line The fact
that a special steamer has been char
tered will help to make the sail down
the bay more of a family affair"
1t is also announced that automobiles
are to be carried on the boat without
extra charge. Side trips to Yorktown,
Williamsburg and jamestown can be
taken by the guests any day after the
business sessions close at noon.
The General Committee will announce
the members of the special committees
on entertainment, program, hotels,
transportation, sports, etc., in q few
days. The enthusiasm shown at this
early date augerS well for the attend
ance at the June session.
Pole Reports Annuities Demand,
John w. Pole, president of the Fidel-
1ty Investment Association and formerly
controller Of the currency, finds that
the demand for annuities increases as
depression becomes more severe, indi-
eating that the desire for security Is
stimulated most when earnings are low
est. The associations volume of busi-
ness in the three depression years
1880, 1881 and 1932-was 149,31O,OO0;
1t was $74,570,000 in the three pros
perity years-1927, 1928 and 1929.
From these figures, former Controller
Pole draws the conclusion that people
are turning to annuities rather than
attempting to select their own invest
ments. He points to the 1929 stock
market crash as one Of the chief rea-
sons for this trend.
ID. C. Exchange Offices Closed.
While all the Washington banks were
doing business as usual today, the
broker offices were closed on account of
the Lincoln birthday observance in
New York. The Washington Stock Ex-
change was also closed.