Evening star. [volume] (Washington, D.C.) 1854-1972, 1916-12-31
BY I. A. FLEMING.

BY I. A. FLEMING.
When the Washington Stock Ex-
7 change holds it's first session of 1917,
| Tuesday. 1t will be located comfortably
in the uptown financial district, In
quarters especially constructed and
prepared for the exchange comfort
able. trading room. nicely fn1shed In
| brown. gold and green. with new fur
niture and fixtures and with every
modern convenience for comfort and
business combined.
For more than twenty-five years the
exchange has been housed in the Ad-
ans building, the last few years in an
lily lighted, back room. with business
gradually growing less and less. until
it became evident that a change was
imperative.
In the old rooms many exciting
scenes have been witnessed; many one.
time prominent in the field Of local
finance had their last fling in the Sc
curity trade there; some few there
were who fell by the wayside, bruised
in the battle: others retired for various
reasons. while death has taken some
well remembered men of Washington.
In the new quarters members VII!
look for a return to more successful
records of activity, although 1t is
matter of much doubt if location alone
will bring a revival of interest-new
securities must be offered to invest
ors: investment bonds, municipal and
railroad. added to the list would en-
large business, for Washington invest
ors and bankers have been very large
buyers of bonds in 1916. Some of the
curb stocks from the New York list
would tempt traders. for these stocks
have been enormously traded in dur
hn tC faI
on many exchanges and might be add
ed here. with the chances of command
ing some trade.
Under present conditions there is lit
tie chance for merger of utilities in
either traction or lighting lines. and
no chance whatever for speculative
trading in local securities
Investors are holding on to their COM
mittments in local issues with con-
siderable confidence. although realizing
that liberal liquidation without ma
terial price concessions would be i'm
possible.
The business of the year. sales and
price fluctuations, telling the story of
the year 1916 in the local market, APP
pears elsewhere.
Our Best Year in Business.
This is being repeated over and over
in Washington banking circles these
days. The Washington Loan and Trust
Company officials, the Commercial Ma
Bank, the Federal National, the Ameri-
can Security and Trust Company and
other fiscal institutions make this
statement without qualification.
And yet it has not been a year of
constant demand for money; not good
year in the real estate business. al
though the supply of available funds
has been large and increasing during
the entire year.
No increases in dividends are reported
for the benefit of the shareholders, but
former rates have been maintained.
Savings deposits have increased as
never before.
The new year promises continued ease
in the money market and also de-
termination on the part of bankers not
to cut rates below per cent on good
collateral, and to get 5 to on COM
mercial requirements.
American Security and Trust Director
Eugene E. Allies. manager of the
Washington Office of the National City
Company of New York. has been chosen
Trust Company. d,
The National City Company an
nounces the engagement of Richard w.
Security and Trust Company, as an ad-
dftion to the force of the local branch
Office. Mr.. Hynson has broad knowl-
edge of investments and has also quail
fed as an expert on income tax mat
ters-
Transfer of Ownership.
The loans of the New York banks
and trust companies have not sustained
riod of liquidation and declining prices
on Wall street.
This very fact would suggest that
there had been simply a transfer of
ownership from margined ownership of
traders all over the country to that of
investors who are also carrying much
of the stock in banks in New York city.
and to banks and bankers in New York.
and that the wiped out and exhausted
margins made cheaper bargains for
those ready to take advantage OF the
ofYered This week the