Evening star., 1921-12-31
RESULTSOF YEAR
!. IN BUSINESS WAY
Improvement Dates From
Mid-June-Position of UtiIi-
r.
ty Securities Better.
BY 1. A. FLEMING.

The year ending today has been
marked by a slow. but more or less
general recovery in American busi-
ness. More especially have the last
six months witnessed an improve
lnent.
The depth of the depression was
reached about mid-June, at time
when Steel common shares dropped
to 10i., with the entire Wall street
list of American and foreign securl-
ties grinding on low, with the eXcep-
tIon of some securities of companies
that had passed through the depreS-
sion field and were on the upgrade.
like the Woolen, Leather and few
other SpecialtieS.
Good paying bonds were also strong
er all year, the great ease of money
withdrawn from its usual employ
ment in business channels, because
of the restricted activity therein pro-
ducing an excellent and gradually inn
proving investment market. while 1t
also caused a gradual reduction IN
the interest rate that the federal gov
ernment was called upon 10 pay Tor
its temporary financing.
The yearly clcaringS naturally VIII
show a great falling off from the
large total for 1920. for the first half
of 1920 marked the greatest activity
preceding the smashing declines.
Locally Washington clearingS also
follow the same line. but there has
been Il great Improvement here in
the past few months. in common with
the betterment elsew here, and espe-
cially in our retail trade. the diStri-
button of much money on Investments.
savings. etc, making for decided i'm
provement.
Money has heen plentiful in the Dis
trict during the entire year with rates
varying between and per cent.
Utilities Are Better.
The greatest Improvement locally
during the year has been in public
utilities. Prices are at about top
market on the stocks and bonds of
the utility companies where a year
ago they We're in disfavor or at least
not held in very high regard.
Had the noteholders of the Wash
tngton Utilities Company been able
to dispose of their 1850 shares of
Railway common back of their dis
honored notes. at 81 a share. today's
price. they would probably have well
coined the sale. AS it is, the banks
now holding the stock are usually
: carrying the notes on their books at
a price under their value today, value
based on the collateral.
The rise in the value of local Sc
: curitieS has amounted to many mil
3 lions of dollars during the year and
is Il subject of general congratulation
among the investors of Washington.
who are thus enabled to recoup much
OF their losses elsewhere.
: The banks of Washington have had
the best year since the war. more en-
ployment for money. even temporary in
vestmentS for funds on deposit for a
short period being available at to s
per cent during the greater part of the
year.
Retailers of Washington. after many
MOI ~ f.,iv- do
year in great rush of business. with
prospects good for a continued readjust-
ment and Improvement through 1922.
p Railroads. Plight.
The railroads of the country have
through readjustment of wages made
some improvement, but here and with
the agricultural community there is
much improvement needed that may be
slow in coming.
If one could take the reports of the
railroads of the country and accept the
wonderful increases in net, while ignor-
ing the great loss in gross, and consider
all well. it might indicate good business,
but, while there has been some improve
ment in the operating reductions. the
sad fact remains that the big increase
in net has been accomplished by neglect
of equipment and upkeep of track etc,
which unfortunately cannot go OH and
on very long before the day of reckon
ing.
And when the day of reckoning
comes the bill will be just that much
larger.
The farming community and the
live stock interests are in poor condi-
tion. especially the former. And their
trouble is being reflected in national
legislation, through the so-called
has recognized it and has taken steps
TO consider the situation, and, if pos
sible, find remedy.
Bank Clearings.
r. G. Dun & Co., have this to say on
bank clearings:
Sharp fluctuations have recently ap-
peared in statistics of bank clearings,
an aggregate of S4.9IS,064,U0O at
twenty cities in the United States for
fve days this week, as reported to
Dun's review. representing a loss of
23.9 per cent from the figures for
similar period of 1920.
Last week, in contrast. there was a
decrease of only 7.9 per cent. OF the
nineteen cities outside of New York
which are included in the statement,
four report larger clearings this week
than IL year ago, there being a gain
of 14.6 per cent at Baltimore, 9.6 per
cent at Detroit. 02 per cent at Los
Angeles and 90 per cent at Seattle.
For all the outside centers, however,
the weeks total is 1872 per cent below
that of a year ago. the widest declines
being 44.7 per cent at Cleveland and
BAT per cent at Omaha
At New York city, there is falling
off of 27.1 per cent.
= Average daily bank clearings for
December to date and for preceding
months this year are compared here
with for two years:
1921. 1920
December ...... 81 .0a5. 900. 600 81 30 276 ono
November ...... .U31 .SIS. 900 ,2g1 574 600
October ....... 1.O7n.232.OOO 1.343. .6gs. 900
September 9H9. .2OO. .OO 1,214. .3sS. 900