Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-12-11
LOCAL BUSINESS
SHOWS INCREASE
Daily cIearings Are Larger
Washington Investors
Favor New Issues.
BY l. A. FLEMING.

There has been q very marked in
crease in the bank c1earings of Wash
ington during the last few weeks. the
100000, and from there to $S,250,O00
as compared with an average of about
$2,600.OOO a month ago.
It is an encouraging sign and car
only mean that business generally is
improving, and there are few cities In
the country that are demonstrating
such an increase these days.
There are no special movements on
that would call for the movement OF
large sums of money; local invest.
ment business, SO far as local secur-
tiles are concerned is extremely
light, and there seems no other pos
sible reason for the increased show
ing than through business revival.
The early shoppers have started the
Christmas buying, but the last two
weeks before the holiday will witness
the heavy trade.
Heavy Buying Of New Issues.
While Washington investors have
not been investing with much LIBERAL
ity in local securities. they have been
making very large investment in the
new issues Ct . to per cent secure
The head of one of the largest Sc
curity companies commenting on the
Importance of this buying movement.
asserted the favoritisfn of local peo-
pie for foreign issues and notes and
bonds that generally sold below the
marketing price soon after the offer
ing, perhaps aided by the syndicates
taking profits.
Washington, however, has had its
experience with all manner of cor
poration bonds, and it has not been
very encouraging. Indeed. the bond
markets haye not shown much more
: stability than the stock lists.
It is not SO long ago that our high
grade s, per cent issues, Washington
Gas and Capital Traction SIS, were
selling around ITO. and other issues
Z relatively high and out Of concert
with New York price levels. That has
been liked. however.
Very few investors in bonds, banker
or private citizen. has anything but
losses, as the result thereof, but many
of-~them have nothing but paper
losses 20 show. and these may. in part,
there Is small chance Of any suhstan-
tial recovery in anything.
Dinner to David warheId.
Many Washing are going to New
York on Monday for the dinner to egiven
in honor. Of David Varied. Charles ].
Bell George W.. White and Milton E
Allies win be guests and about ten other
s>oA pSOpio Will dtt6nQ, 1nCt0QluE gov
eminent and railroad officials.
Improved Facilities.
The Bank Of Commerce and Savings
has added a number of coupon rooms
to its other facilities for the comfort
and use Of customers and has made
dther and important improvements to
its banking quarters.
Big Trading in Bonds.
From somewhere there developed on
the session OF the local stock exchange
this morning a most astounding demand
for local bonds. There is Just a chance,
however, that it was the first real evil
dence on the local exchange of selling
to take loss for income tax PURPOSES
In this case it would have been largely
= case Of matched orders
As a matter Of fact, the record
shows sales of $4,000 Washington
Railway Is at So, $4,000 Washington
Gas IS at 75K, $4,000 City and Sub
urban SIS at IS and sale Of Riggs
long 5S at 80.
Railway preferred easier at So,
Washington Gas sold at 40K, while
Mergenthaler was decidedly f1rmer,
scventy-five shares selling from 1z2X
at the opening to 1874 at the closing.
Party to w. u. Hbbs.
After the session the brokers turn
ed from business to pleasure and gave
Billy Hibbs a proof of their love and
friendship, with many congratuIa-
tons on his birthday. Each broker
made him a present Of 4 toy for hia
Christmas tree.