Evening star., 1924-12-31
BY CHAS. p. SHAEFFER.

bountiful period.
An increase of several millions OF
dollars in marketability of, local Sc.
Curity issues has been the outstanding
feature of the Washington financia
situation during the year 1924.
Cnheralded and unsung, these is
sues, with but very few exceptions
have pursued a consistent upward
trend, generally without the aid OF
outside influence. Volume of trade
also, has grown steadily during the
d last IL months, all rejecting the
growing confidence of local investors
In home-operated projects.
While the volume of trading ir
common stock of the Washington
Railway and Electric Co, fell off to ar
approximate one-half, as compared
with last year, the rise in this issues
market level has been one of the
features of the year on the Washing
ton Stock Exchange. An advance OF
about 20 points for the year has
been recorded by this favorite, the
last sale having been made in 1924
at 90
Volume of trading in the preferred
issue increased about threefold dur
ing the year, and was accompanied by
Il gain of 8 points in the market level
Security Storage stock advanced 11C
points during the year, closing at 355
but trade in this specially was restrict
ed to a few hundred shares.
Mergenthaler Up IS Points.
Mergenthaler, purely a local stock
in spite of its foreign headquarters
had about the same volume of sales
and advanced is points during the
II months. This advance was made
purely on the merits of the FIRMS
strong position, as production and
earnings for 1924 are said to be on
an even keel with last year. Lam
ston Monotype gained points in
marketability during the year. the ad-
vance having its inception with the
appointment of two local executives,
namely George w. White and J.
Tilghman Hendrick
Volume of trading In Washington
Gas stock improved to the extent of
about 200 shares, accompanied by a
rise of 4 points. Washington Market
Co.'S level rose IL points during the
year, principally on the award of
about 100000 to the company upon
conclusion of long litigation last
Summer Capital Traction has the
distinction of being the only favorite
to decrease in value, showing a loss
OF about 312 points for the twelvemonth
period. Volume of trade, however,
doubled
Bank stocks have been particularly
bright during the year, registering
advances up to 40 points on actual
sales. These stocks, with a few ex-
ceptions, all recorded gains
The stock leader in actual sales
during the year was National Mort
gage and Investment preferred, A
Iow-prfced security, admitted to trad
ing during the last II months, and
which has been dealt in to the ap-
proximate extent of $4,000 shares It's
level has remained unchanged
While the trend of security prices
has been almost unanimously upward
earnings of local utilities displayed
no such uniformity of tendency. From
Capital Traction reports which have
been filed for the II months period
1t is indicated a loss of about $780,
600 Is compared with the preceding
year will be suffered in 1924. A huge
falling off in revenue passengers is
seen as the contributing cause
Washington Railway and Electric Co.
will show a gain for the year of more
than 100000, this being made pos
stble by a gain of about $3.50 in
net income of the Potomac Electric
Power Co., the carriers main sub
sidiary. The Washington Gas Light
Company will report a gain of more
than 100000 for the twelvemonth period,
as compared with last year, revenues of
this utility having maintained an
even trend with last year, accom-
panied by huge savings in operating
expenditures.
CIearings Records Smashed.
Washington bank clearings for the
year reached the highest total in local
history, being we'll over the $1,000
ir,1; to-
more than s50,000,000 for the IL
months period.
Banks have enjoyed a profitable
year in spite of losses sustained dur
ing the Autumn months, when they
actually suffered financially, due to
the excessively low money market
rates. For a period of month or
more short time ago these institu-
ttons were paying 8 per cent interest,
which payment exceeded the best
their money could command in the
New York markets by considerably
more than l per cent.
Deposits have lowered around the
highest point in the city's history, be-
tween s210,000,0O0 and s215,O0o,0 900;
there has been good demand, gener-
ally speaking, for funds, with at
tractive collateral, and extra divi-
dends, additions to surplus and un-
divided profits, etc, has been the re-
suit. 1t is agreed by all that District
bank1ng institutions have no cause to
complain of 1924 being lean year.
Bank Losses Minimized.
Bank losses, too, have been mini
mized during the period. The protec-
tive plan put into operation about n
year and half ago by the District
Bankers Association, has been most
productive of good, and is now func-
f<.r,f
come so efficient that in the event a
bank forger begins work here, every
member bank of the association is
fully acquainted with his description
and method of operation within "a
hours.
a system to build up weak accounts
was also put into operation during
the year. and while considered doubt
ful at first by many who did not
relish the thought of possible af-
front to a sometime good customer
nevertheless the plan met with in
slant success and a large majority of
rnprohtable accounts were thus con-
Nerted into desirable sums.
Weak Is,Stitutions Absorbed.
The year saw the end of banking
institutions operating under common
law declaration of trust agreements,
long the bane of legitimate bankers
Three in number, they closed almost
simultaneously, leaving, as was to be
expected, rather formidable list of
unpaid accounts.
Then, too, the District banking sit
uation was further strengthened by
the absorption of weak banks by
strong institutions. These, notably,
included the Standard National by the
District and the Peoples Commercial
and Savings by the Washington Me-
chanics.
The period also saw the installation