The Washington herald., 1921-12-04
WASHINGTON BANK
SECURITIES MARK
LOCAL EXCHANGE
Amalgamation Rumors
Cause Heavy Selling
In Closing Session.
BUSINESS IMPROVES
Fifth Federal Reserve Dis
trict Compares Trade With
Seasonal Report of 1920.

Trading on the Washington Stock
Exchange disclosed a greatly improved
tone In the closing session OF the week
Yesterday. Transactions were featured
by three sales aggregating 233 shares
OF the East Washington Savings Bank
stock at II.
Dividend checks for the regular semi
annual disbursements covering the
usual per cent yearly dividend Of
tie institution will be mailed out on
December Is. However. it is under
stood that yesterdays sales are the
outcome OF certain amalga nation
current in the financial district. have
taken root in some shareholders mind
Officials Of the East Washington Bank
strenuously deny the truth OF these
rumors
Mergenthaler Linotype opened strong
er at l341z. but subsequent sales Of
small lots brought fractional decreases.
The stock closing at 133&,. Capital
Traction stock sold in small lots at
92h- Washington Gas IS sold a 9Oas.
with Potomac Electric refunding Is
holding firm at 1O4. Railway Is sold
to the extent of $500 at 63Is
Business In Fifth District.
Business during October. 1921. made
a favorable contrast with business
during october Of last year. according
to survey issued by the Federal Re
serve Bank OF Richmond. At this
season in 1920 trade was depressed
and was growing more sluggish day by
day. but now signs point to a gradual
swakenin. in the business world. In
october, 1920. a crop holding move
ment. especially Of cotton. was well
under way. and only a limited guam
tity was put on the market in the
face Of rapidly falling prices offered
a crop that had cost more to raise
than any previous one. This fall the
prices have been higher than during
the summer months, and with a new
crop that was made very economically
the growers have been selling suff1-
cient cotton to meet their current
debts. and in some cases have been
making payments on obligations car
ried over from last fall Tobacco has
been bringing good prices for medium
and fine grades. With the improved
condition OF agriculture. banks have
been able to liquidate some Of the
frozen loans that have troubled them
for so many months. and TO add to
their reserves and strengthen their
positions Debts to individual account
at banks in clearing house cities COM
pare favorably with previous months
and with last year. and indicate A
steady Improvement in the trade Of
the district. Clearing house figures
are increasing. and business failures
are less in total liabilities involved
than during the corresponding month
OF 1920. Unemployment Is still trouble
some. but is better than il might be
because of the increasing volume OF
construction work. The textile field is
occupied on new orders, and prices
have adjusted themselves sufficiently
TO allow a fair profit to the mills.
Clothing and shoe prices have declined
materially since October. 1920. and re-
tailers are no longer faced with high
priced stock for which there is no
sale, as was the case last year. Food
prices have declined enough since
October. 1920. to meet wage reduc-
tons made within the year.
Building operations are practically
equal to any previous month this year,
and are more than double the opera
tons during October. 1920. Wholesale
trade in groceries. dry goods. boots and
shoes. hardware and furniture is fairly
good. and is steadily improving, and
retail trade is taking on the usual fall
briskness. Collections are good on all
accounts made this year. although
somewhat slow on obligations carried
over from 1920.
The most encouraging feature Of
business at present is the optimistic
attitude shown on every hand. At this
season last year buyers and sellers
' were deadlocked. the buyers insisting
upon price reductions that meant losse.
to many merchants. and the mer-
chants determined to secure prices
that would at least pay expenses OF
operating their business. Each group
was complaining OF the other. and
pessirfsm was the order Of the day
This fall the friction seems to have
5fsanpaared with a steady Increase In