Evening star., 1924-03-21
TREND0F STOCKS /
TO LOWER LEVELS
Slight Variations on Wash.
ington Exchange-Utility :
Bonds in Fair Demand. :,

A tendency toward lower levels was
evidenced in slight price variations or
the Washington Stock Exchange thii
morning. This was particularly true iis
the case Of Washington Gas Light stock,
which sold off to so after opening a
higher. Twenty-Five shares were sold
Capital Traction stock had an odd lot
sale at 93A, and ten shares Of Wach-y
ington Railway and Electric preferre1
sold at 1875. District National Bank
stock was unchanged at 1601z. and fifty
shares Of National Mortgage and In
vestment preferred sold at O.
Utility bonds were in fair demand
with $4,000 Capital Traction SIS selling
at az and $1,000 of Potomac Electric.
first SIS changing hands at 97as and 97A.
Cites System as Great Safeguard
The clearing house examiner sys
tenn, 'one Of the greatest safeguards
ever thrown around the banking sit
uation of any city or community.
where it is operating" was described
by Don A; Mullen. secretary of the .
clearing house section. American,
Bankers Association, before the
monthly forum meeting of Wash
ington Chapter, American Institute
of Banking. held at the City Club
last evening.
Mr.. Mullen state that this system
of examination is commanding broadH.
er attention and is being given more
serious consideration by the bankers
throughout the country today than at
any time since its inception sixteen
Since it's installation by the Chi,
cago Clearing House in 1906 no de-
positor has ever lost a penny through
a failure of a clearing house bank ifr
any one of the thirty-three cities in
which 1T has been put in operation ,
1T has won the commentator of
every banker where it has been in
stalled. MIR. Mullen declared. They
all realize that through this system
they are giving their depositors the
best protection possible" He further
stated that in his opinion every city
of any size or Importance and a great
many of the smaller towns will have
the clearing house examiner system
within the next few years, for the
public will demand such a safeguard,u
as 1T has been shown that the clear"
ing house examination system is the
biggest factor today in governing Z
ing. o.
Chief Duty of Examiner.
The chief duty of the clearing
| house examiner. as outlined by Mr..
Mullen, is to visit all members of the
clearing house association he repre-
sary. in order to know that each
| member is iD an absolutely solvent
condition
The primary object is to place
basis, eliminating the possibilities OF
I! and strengthening the
! financial structure of this country.
There is no. system of examination
keeping the member banks in good
condition, the speaker added. This
examiner, although employed by the
| banks In city, is entirely independ-
ent in his judgment and recommenda-
tions, and although his report is
made primarily to the board of direc-
itors of the examined institution, he
may, in case of need, refer unSatiS-~
factory conditions to the local clear
! ing house committee, members o.
which are in a position to adopt cor
lrective measures that may save losses
! to stockholders and depositors," he
concluded
The great strides made by radio in
the>past twelve months and its rise to
leading national industry are res
f1ected in the annual report of the
Radio Corporation of America for
1923, made public today: The report
shows a total of s26.394.7s9 in gross
income for 1928, as against s14,S30,
$50 for 1922
At the regular meeting of the board
of directors of the Washington Me-
chanics Savings Bank, held recently.
the regular quarterly dividend of 4
per cent was declared, payable April
l to shareholders of record of March
81, 1924. b.
Will Formally Open Wednesday.
The deliberately appointed new west
end branch of the Washington Loap,
and Trust Company at 18th and CT
streets northwest, which has been
under construction for the last sew.
eral months, is completed. and will
be formally opened next Wednesday,
with reception from 4:30 to 10 p.m,.,
John B. Larner, president of the in-z
Stitution announced today.
This branch is classed as one OF
the handsomest banking houses in
| the city, and is fully equipped with
! every modern device. 1t will be man
aged as before, by Charles H. Doing
| vice president.
Directors of the Security Storage
Company have declared the regular
! quarterly dividend of per cent and.
an extra dividend of 1 per cent, pay-s
able April Is. to stockholders of reca
| ord March 81.
The Norfolk and Washington
Steamboat Company has also declar-
| ed it's usual quarterly dividend of B.