Evening star., 1920-01-12
19l9BANK|NG YEAR
MOST SUCCESSFUL
Attributed to Efficiency OF
Federal Reserve System
by Controller.

The Unprecedented earnings of the
5000 banking institutions of the coun-
try during the last year. which will
reach approximately $1,0o0,G00o 600
gross and not far from $500, 600. goo
ret. according to statement Just rs
sued BY the controller or the cur
rency, is attributed largely to the
high efficiency and valuable aid OF the
federal reserve system.
The year 1919 has been for the 5000
banks which includes 7.94S national
banks in the United States. Alaska
and Hawaii and SO savings banks, the
most successful n>their history. Re-
sources and deposits of all these
banks have shown tremendous growth.
On the date of the November II, 1917,
call national bank resources amounted
to S22,444 992.0 900. being SS29.0OO,oOO
more than ever before reported. The
number of individual deposit accounts
in all national banks reported June
80, 1919. was S240. 300. 900, an increase
of more than 10000, 600 accounts in less
than three years.
The national banks have grown
more in the last six years than they
did in the entire fifty years from the
Inauguration of the national banking
system in 1868 up to 1913.
Large steel and Wire Merger.
Official announcement was made to-
day, according to report from Wor-
ceSter. Mass, of the acquisition of the
Wickwire Steel Company of Buffalo,
$4,000 900 corporation, by the Clinton
Wright Wire Company, a S16.O00,00
Massachusetts corporation. after nego-
tiationS extending over a period of sew
eral months.
The consolidated interests. which
will be the second largest steel and
wire industry in the world, will be
known as the WickwireSpencer Steel
Corpora ton. with A capitalization of
more than s20,000.000. The principal
officers of the corporation will be:
President. T. Harry Wickire. Buffalo;
vice president Ward A. Wickwire.
Buffalo: vice president and general
manager. George M. Thompson. presi-
dent of the Clinton Wright Company.
The headquarters of the corporation
will remain in Worcester. Under the
merger the S5,000.000 worth of bonds
and notes of the Wickwire Steel Com
pany and ss,50O.0O0 worth of preferred
stock of the Clinton Wright Wire Com
pany will be retired.
Naphen & Co. New York, and f. H.
Rollins and Sons, New York. have ar
ranged for the formation of banking
syndicate to purchase S12, 900 of
fifteen year Z per cent first mortgage
bonds and S7,500.O0O of per cent pre-
ferred stock.
The capital stock will include so. 900
shares of class A common stock, which
Will go 10 StocknoIuerS OF the WICK
wire Steel Company. The common
stock of the corporation will be in
creased by an issue of 100000 shares
and will also be taken by the Wick
wire interest. This will make the
total issue of common shares 25O,OO0
A meeting of the stockholders of the
Clinton-Wright Wire Company will
be, called at an early date to ratify
the increase in capitalization, the
issuance of the new securities and
change of name. The total assets of
the combined properties are said to
be in excess of s30.O00.000.
The completion of the merger makes
the corporation self contained. 1t will
have the advantage of possessing It's
own iron mines, coal mines, ships for
transporting ore on the great lakes
blast furnaces. steel and rod mills in
Buffalo and complete finishing mills
in central Massachusetts,. down to the
wire.
Trading Fair.
Trading was fairly good on the
Washington Stock Exchange today
Four lots of Washington Gas were
sold. of which twenty-five shares
five shares, 49k. and twenty-five
shares. so. There were twenty shares
of Lanston Menotype sold at 81 Il and
two lots of Mergenthaier Linotype
sold, one of five shares at 1889, and
one of ten shares at 1891
After call three shares of Capital
Traction sold at SO; five shares of Co
lumbia Graphophone preferred at "a,
six shares of Washington Railway
and Electric preferred at sal Y. and a
fractional lot of Columbia Graphic
phone common at 59%.
Foreign Exchange.
Pound sterling was quoted this
morning at $3,75I, French francs at
OS95 each, German marks at .O2 and
Italian lire at .O746 each