Evening star., 1937-04-09
DEPOSITS SCORE
BIC GAIN IN YEAR
S3l,215,535 Increase Since
March, 1886, Revealed
by Latest Call.
BY EDWARD C. STONE.


1887, according to figures brought to
light following the controllers latest
bank call isued yesterday and dated
as of March 81.
Controller j. F. T. O'Connor's call a
year ago was dated earlier in the
month March 4, when deposits in the
banks totaled $3l0,007 ,3O589. BY
March 81 of this year deposits had
mounted to $34l ,222,84l.56
In the banking district today bank
ers were commenting on the gain of
s7,l80,714.16 in the first three months
OF 1897. the size of this upswing being
unexpected. Many bankers believed
That aggregate deposits in the Wash
lngton banks were running ahead of
the December, 1886, total, but the ad-
vance to more than $341 ,O0O, 900 was
higher figure than had been antici-
pated
A study of bank records discloses
that bank deposits in the Capital have
gained S94,766, ,926.56 since March 5,
1884. During the year 1886 deposits
here gained S40,348, SCOTT, a spec
tacular rise, but still not as striking
as the gain of $27,628, ,3S2.49 hung up
in the last six months of the year.
Comparisons carried back to the
Wall Street boom show that deposits
are far ahead of the highest figures
in 1929. The high point that year was
on December 81, when the banks had
S255,783 ,34685 in their vaults AS the
depression spread, deposits suffered
heavy recesSions. The recent calls
after rejecting complete recovery, have
shown great deal of progress into
wholly new ground
Riggs Continues Housing Loans.
Robert V. Fleming, president of the
Riggs National Bank, announced today
adoption of plan under which the
bank will continue to make loans for
modern1zation and repair purposes to
responsible home owners in amounts
from 500 to $2,50O for periods not
exceeding three years.
This is the type of loans banks were
premltted to make under title l of the
| Federal housing act which were in
| sured by the Government. Title I of
the act expired on April l. Mr.. Flem-
Ing said these loans had proved such
great aid to home owners in modern
1zng and repairing their homes that
ne believed there might still be further
need for such loans in WASHINGTON
and vicinity.
For that reason, he added, Riggs will
be glad to continue the service to an
pllcants who furnish the bank with
satisfactory credit information. the
loans being obtainable at the main
Office or the branches.
Investment Bankers Convene.
A large delegation of Washington's
investment dealers will leave the CITY
tonight for Southern Pines, N. c..
TO attend the Spring conference of
the Southeastern Group of the In
vestment Bankers Association tomor-
row and Sunday. Baltimore will send
still larger delegation.
Chester I. Lane, assistant general
counsel to the Securities and Exchange
Commission; John S. Linen. vice presi-
dent, Chase National Bank; Col. Henry
w. Anderson, co-receiver of Seaboard
Air Line, and Charles M. johnson,
State treasurer of North Carolina. will
be the principal speakers.
The Washington delegation will in
clude L. Clark Brown, Brown. Good
wyn & Olds; William w. Mackall.
w. w. Mackall & Co.: Robert p
Norman, Alexander Brown & Sons:
chester T. Lane, Securities and Ex-
change Commission; Robert N. Den
ham, MacKubin, Legg & Co.; E. J.
Mallonnee, First Boston Corp: Ken
netn S. Wales, K S. Wales & Co.
Harvey c, Gram, Johnston, Lemon g.
Co. Paul V. Keyser, associations at
torney; j. c. Folger, Folger, Nolan g.
Co.; James Parker Nolan, Folger
Nolan & Co.; M. P. Nolan MacKubin
Iegg & Co.; Y. E. Booker, Y. E.
Booker & Co.; MyIes H. Quail and
y. William Roberts. Y. E. Booker &
Co; Charles Henderson, Henderson.
Wlnoer d Co.; Richard P. Dunn, Mark
oulllVan, Jr.; Charles P. Lukens, jr.,
and Austin B Rohrbaugh, all of
AuchinclosS, Parker & Redpath.
John Redmond, jr., Baker, Watts &
o. is chairman Robert S. Belknap,
Alexander Brown & Sons, vice chair
man, and c. Provost Boyce, Stein Bros.
% Boyce, secretary-treasurer of the
southeastern group of the I. B.A.
ID. c. Bank Clearings Higher.
The Washington Clearing House re-
ports total clearings of S29777.81318
Tor the week ending April 7. which
compares with S27,783,82l.26 in the
corresponding period a year ago. an
increase of II per cent. In compari-
son with total of S24,436, ,49849 for
the previous week, clearings scored an
increase of 21.8 per cent. Baltimore
had gain over last year of 25 per
cent and Richmond 35 per cent.
Washington is to be we'll repre-
sented in Chicago on June 2l-24 at
the forty-second annual convention of
the National Association of Credit
Men. The convention is one of the
most important business meetings of
the year and is expected to have an
attendance of nearly 5000 credit men.
Treasury Department representatives
and others j. H. Parker, Washington
Association of Credit Men has been
named convention chairman for
Washington and vicinity.
The Washington office of Gillet e.
Co. reports that the Mar-Tex Oil Co.
has bought the interests of the Ben
nett Petroleum Corp. in the East
Bryson Field in Texas for S1,OOO.OOO
The new property is said to contain
II producing wells. The Gillet firm
distributed good deal of the stock in
Washington. 1t is listed on the Bal
timore Exchange.
State and municipal financing for
the month of March aggregated
5,593, as compared with SI19,-
995,256 in March, 1886, according to
the Daily Bond Buyer The total for
the first quarter of 1887 is 1857, 1885,
9S6, as compared with $685. 16o, ,764 for
the same period last year
SALES OF "BABY BONDS"