The Washington times., 1934-03-26
DISTRICT TRADE
|. IMPROVEMENT
GENERAL
Bank Deposits Up, Insurance
Writings Climb, While
Shop Sales Rise
By DUNBAR HARE


ington took on a brighter hue
last week, with indications that
the District is nearer normalcy
than it has been at any time
since before the banking holiday.
During the past week, the bank
condition call Of the comptroller
Of the currency showed that To-
cal bank deposits had jumped
$23, 900 900 since the last call on
December 30.
This represented the difference
between $222,000, 900 in deposits
as of December 80 and $245 ,000,-
900 as Of March S. the date OF
the most recent call.
100000 in Insurance
Another indication Of prosper
ity is the fact that new life In
surance totaling more than $2,-
O0O, 900 was written last week dur
ing Financial independence
Week."
J. E. McCombs, chairman Of a
special committee of the District
Of Columbia Underwriters Asso-
ciation, said these figures COM
pare with a total Of $1,000, 900 in
surance written by local life un-
derwriters during the correspond
ing week Of 1888.
Also during the past week, sew
eral bankers reported that many
merchants had asserted that
their business during March was
80 per cent better than it was
during March Of last year.
Bankers generally in all OF
WaShington'S Fl open financial
institutions are optimistic, despite
the pessimistic attitude Of secur-
ity and stock brokers. These
latter blame the sluggishness Of
their business on the securities
act and on the current strike
agitation.
Deposits May Be Freed
Conditions in Washington'S
closed banks also showed i'm
provement during the past week,
with indications that hundreds
Of thousands Of dollars will be
released within the near future
to depositors whose money has
been frozen since the banking
holiday and, in some instances,
before.
Marked progress was made
during the week in whipping af-
fairs Of the closed Franklin Ma
tional Bank into shape. The
Franklin is to merge with the
unrestricted Washington Me-
chanics Savings Bank and the
Mt. Vernon Savings Bank, which
opened its doors as g. part Of
the three-way combine, paying
out 100000 among 10000 de-
positorS.
Clarence F. Burton, president Of
the Washington Mechanics, which
will become The City Bank Of
Washington after the three-cor-
nered merger is consummated,
said today it was hoped that the
Franklin would join the combina-
ton and begin paying off not
later than April %. Stockholders
are to meet April 10, approve the
name and certain other features
of the merger. After that only de-
tail work will remain.
Early Release Sought
Receivers and conservatorS who
are in charge Of the remaining
closed banks also report that they
are doing their best to make an
early release Of funds to deposi-
tors.
This is particularly true in the
case Of the Northeast Savings,
Potomac Savings, Seventh Street
Savings and Washington Savings
Bank. Assessments of stockholders
in these State banks and the
Neutrality-suspicious., all of which
with the District National and the
Federal American National Bank,
formed the Hamilton National
Bank, are expected within the
next few months. The Hamilton's
option on assets Of the five
State banks expired last week.
Option on assets Of the two ma
tional banks in the combine will
not expire for a year.