Evening star., 1938-03-12

FRANCIS A Auldrldge, who has been
connected with the Riggs National
Bank for 13 years.
The extensive changes at the bank
were carried out by Jarrett C. White,
as architect, and c. Wohlgemuth, jr.,
as general contractor, business being
conducted as usual during the changes
The former exterior design of the
building has been generally continued
over the new frontage, but the in
terror is completely new and presents
several interesting departures from
the conventional.
The walls and banking screen treat
ment are simpitied adaptation of
the classic form contrasting walnut,
aluminium and glass brick against a
soft gray rusticated wall. The beamed
ceiling is acoustically treated and a
decorative pattern is formed by the
air conditioning and recessed light
outlets, the entire banking quarters
being air conditioned. A new vault
has been installed, including safe de-
post facilities not previously available
at this branch, thereby rounding out
its banking service.
The Riggs National Bank acquired
the Seventh Street Branch in 1922,
when it took over the Hamilton Saw
ings Bank, which had its main Office
at Fourteenth street and Park road
NV. and a branch at Seventh and
streets. At that time deposits of the
Seventh street bank amounted to
S222,782.74, which have increased to
S2,920.133l7, as of the close of busi-
ness March /, 1888. This branch is
now serving some of the banks most
important customers, Mr.. Fleming
said, adding that the public has been
invited to inspect the new quarters.
Deposit Jump Explained.
Bankers gave various explanations
today for the jump of more than
s120O0.0cO IN aggregate deposits in
Washington banks in period of just
a little over two months, or from the
December call to March Z, this year,
the date of the controllers latest
condition request.
Recently there has been more inter-
est displayed in savings accounts than
had been shown for some time, one
banker said. Although no great thrift
move is in evidence, yet there is an
upward curve in the number of new
savings accounts opened. This nat
urally has some bearing on total de-
posits. The fact that all savings de-
posits are insured up to $4,000 is
another reason for savings increases,
the bank official said,
Another banker stated that the
boost in deposits in the Capital is
partly due to the fact that there is
q large amount of money in the banks
awaiting favorable investment. Many
patrons are unable to find the invest
ments they desire, in the meantime
leaving their money in bank accounts.
There is also lot of money in the
banks now which will be checked out
March IS for income tax payments.
1t should be remembered that bllsi-
ness in the Capital is good. probably
better than in any other city in the
United States, because of the steady
Government pay roll said another
official. The gain in deposits is not
sensational, merely normal, he assert
ed. The December call came when
bank deposits had been reduced for
one reason and another, while the
March call caught the banks at a
particularly favorable time. Hence,
the fine showing.
In January and February retail
trade IN Washington was as good as
it was a year ago. This stability in
trade is being reflected, no doubt, in
keeping bank deposits at high level,
said another financier. While deposits
of more than 1885 100000 are not at
an all-time peak, the total is working
toward that figure, he added. Deposits
scared here while dropping in a good
many other cities.
Sullivan Reviews Market.
Mark Sullivan. jr., who is con-
nected with Auchincloss, Parker Ss
Redpath. is writing series of brief
letters intended to aid investors in
summing up the business and economic
situation. both at home and abroad.
The letters are to appear monthly, the
first now being sent to customers.
In looking back at February, he
considers the definite steadiness of
the commodity price average" as one
OF the most encouraging factors which
might lead to an economic upturn.
After reviewing congressional activities,
industrial and labor conditions and
foreign affairs, the commentator finds
1t difficult to take any very definite
position regarding market probabilities
IN the near future. Other market re-
viewers are having the same trouble
Flexible Investment Urged.
More flexible investment manage
ment was urged upon savings bankers
at the Savings Conference of the
American Bankers Association by
Robert l.. Garner, vice president of
the Guaranty Trust Co.
Il see no more reason why you,
more than other investors, should
continue to hold a security for no bet
ter reason than that you have bought
It," he said. Not only is it essential
that you should take care to weed
out investments which are deteriorat-
ing, but 1t seems only proper that you
be alert to opportunities of converting
one good security into another more
advantageous from the standpoint of
security, yield or maturity"
Mr.. Garner disclaimed any inten-
tion of urging bankers to engage in
bond trading. Il think you will un-
derstand." he remarked, that l do
not mean that you should operate
trading account But 1 do strongly
favor constant process of selectivity."
The Washington Clearing House re-
ports total clearings of $22.7l6, 6,10462
for the week ended Wednesday, which
compares with $25,146,811.76 for the
corresponding period last year, de-
crease Of 96 per cent. Compared
with a total of $22,778,5 57s.28 for the
previous week, clearings decreased
$62,47466. "