Evening star., 1922-12-24
YEAR 1922 ONE OF RECOVERIES
IN SECURITIES AND BUSINESS
Increased Manufacturing Output; Unem-
ployment Decreased; Stocks Higher;
Increasing Profits to Bankers.

| tions can hope to make the system
operate with success.
| Ihe clearings of all of the big
cities have been increasing right
along. and the so-called Judges OF
conditions. of whom Secretary Mel
lon may be credited with being one
or the best. declares that the good
| conditions existing today will extend
well into the good year 1928
| Wall Street Prosperous.
| Wall street has enjoyed a season of
unalloyed prosperity. varied slightly
as the European situation became
muddled or more threatening. but
, most of the tine the street held that
war was an impossibility: that it was
not actually desired and threatened
only as bluff.
stock dividends have been declared
6y tho millions of dollars. but they
did not always mean dollars. fire.,
quently being but the simplest. of
multiplication, without resultant in
crease to any one in the way of cash
dividends.
In Europe conditions may be better.
Dut generally they are unsatisfactory
The pound sterling is nearing mar.
Elsewhere imitation goes on.
Local Securifies.
a year ago local securities. in COM
mon with other investments, were de-
cidedly weak. Railway common was
down to 80 and the chances did not
indicate the subsequent advance TO
the 6S of the last few days Railway
preferred was down to Ga. Washing
ION Gas to 4?A. while many of the
bank stocks so to 60 point. bclnw
present quotations.
The street railway companies are
showing fair returns from operation
Ialk OF dividend ON the common
stock of the Hallway and Electric
shares is rife. and per cent pre-
dfcted as a probability of the near
future, which would seem to Justify
about 20. This irrespective of the
probable divergence Of part of the
money to Railway common. Yin Tho
event of the decision being favorable
mitted "
Bonds have held fairly well most Of
the year.
Extra Dividends. SIaI.soo.
Extra dividends for the year from
panks ana trust companies bring up
the total of disbursements around
January l by s13l.50O plus, as more
extras will be declared in the near
future.
Enlarged capital. divertins undi-
Nldeo prohts to surplus. and enlarge
ment or banking quarters have
marked the year. while the feature
was the merger of the American Ma
tional and the Federal National
Branch Ranking.
Three prominent downtown hanks
nave decided to open branch banks
uptown. one in the center of the
financial district. while two selected
connecticut avenue. the probable up
town limit for some years to come
but the great Transportation build
ing. the United States Chamber of
commerce building and the Walker
hotel. under way in the locality
named is sure to hasten the uptown
movement.
There is but one lower eth street
bank that has not selected an up-
town site and there are persistent
rumors regarding that one. with the
big banking room in the Transporta-
tion building as possible site.
The next move in branch banking
uptown banks contcndinG for bit
of the downtown business. The
field Is beginning to fiji up and 1t has
come to be fact that a depositor
will not walk several blocks to a
bank-he doesn't have to.
Guaranty Company.
Local quarters of the Guaranty
Of New York have proved
Inadequate for the growing business |
Of the company. With the now year |
an additional space to the width of |
the present office in the Southern |
taken over. Several new statesmen !
will also be added to the force. !
Honor II. \. Harper.
When Col r. y. Harper returned |
from his luncheon yesterday after !