Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-28

to any such an extent as they have in
practically every other city in the
country.
The year 1880 has witnessed inpor-
tant bank mergers in the Capital, the
largest Christmas savings fund sub
scriutions on record, fairly firm tone
among most local securities, compile
ton of two branch banks, the listing of
several new issues on the Washington
Stock Exchange and, what is not so
cheerful, notable decline in local bank
clearings.
Strenuous Year in Banking.
Local bankers report that 1880 has
been one of the most strenuous years
on record. Last year call money in
New York was up to 20 per cent at
times and averaged 9 per cent for the
first 10 months. That made profits easy
for outside banks that had more funds
than they needed to meet home require
ments. This year call money has been
at IL and 2 per cent during good
part of the year, some contrast, to say
the least.
However, there have been some bright
spots in the local banking picture. The
slump in Wall Street late last year
was followed by a remarkable turn to-
ward thrift which has lasted through
out $780, Controller Pole reported a
LII savings III ~
Washington banks, shown by the last
call. OF course it has not been easy to
put this money out to any great ad-
vantage, but most of the banks in this
city report an excellent year and their
officers believe that 1891 will be good
deal better
The District Bankers Association has
been functioning most successfully, the
members meeting many perplexing
s,1 he
association this year is being guided by
Lanier P. McLachlen, president; Ed
ward j. McQuade, first vice president;
G. H. Pope, second vice president;
George o. VaSs, secretary, and Albert S.
Galley, treasurer.
The investment banking and bro
kerage houses have had their problems
during an erratic year in securities and
merit the highest credit for the manner
in which they have maintained their
complete working forces in the face of
lighter business. Very few personnel
changes have been made here.
During the year one brokerage office
here was closed, this action being caused
by the failure of Prince & Whitley in
New York.
Two Important Bank Mergers.
The year 1880 has seen two impor-
tant bank mergers in Washington. The
first consolidation took place in Janu-
airy, when the Commercial National and
the Continental Trust Co. united. In
this merger the Commercial National
name was retained, and Wade H. Coo
per became president of the combined
institution.
The second consolidation was that OF
the Federal-American National Bank
and the Merchants Bank & Trust Co.,
announced on September IS. In this
consolidation John Poole became head
of the new institution.
During the year the McLachlen
Banking Corporation opened branch
In its own building on Fourteenth
street opposite the Bureau of Engraving
and Printing. and the Washington Me-
chanics Savings Bank completed and
opened a new branch on Connecticut
avenue, near Newark street
Two veteran bankers, Peter A. Drury
and Robert N. Harper, retired from &C
tive banking during the year. Joshua
Evans, IT., was elected president of the
District National, and on the death OF
DR.. Frederic E. harrington John C
Walker was chosen president Of the
Chevy Chase Savings Bank.
Bank CIearings Reveal Decline.
Checks passing through the Wash.
ington Clearing House in 1880 will not
equal the yearly total in 1929. 1928 OF
1927. While December clearings arr
not yet available, for the first II months
Of the present year Cancelled checks
reached the sum Of $1,000. 034, 523.9l
compared with 81 1865, 316 098.74 in thu
corresponding period year ago, Sl,305,
744.18967 in 1928 and sl,262 ,3l6,l74.5i
in 1927.
The following compilation shows 10
cal clearings month by month, com
pared with last year, and also show
that January. April and october wer
the best business months in 1880, un
less the present month should nos
them out when the December 81 figure
are In: