Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-01
RECORDS OF D. G.. FINANCE
REVEAL GAINS DURING 1929
Local Institutions Forge Ahead, Despite
Effects of November Slump
in Stock Prices.

I Summer months trading held up re-
markedly well.
Local bank stocks drew their full
share of attention. The highest priced
rings out is United Savings Bank, SELL
ing at 900. The most active stock has
been Riggs National, which reached 621
before the New York break and is now
quoted around $50. National Savings &,
Trust is in the same class, selling at
525. with Washington Loan & Trust
changing hands at 500 fiat.
In the 400 class during most of the
year are to be found Columbia National,
Lincoln National, National Metropolitan,
American Security & Trust and Secu-
rity Savings & Commercial. During the
year nearly 1000 shares of Riggs
changed hands, a most unusual record
for such a high-priced issue.
Capital Traction proved the most
active stock on the board Well toward
| 5000 shares have figured in the year S
turnover Potomac Electric Power 512
per cent preferred, Washington Railway
& Electric preferred and Washington
Gas have been among the leaders Rail-
way g. Electric common, closing the
year around 500. Is the highest priced
utility stock ON the board.
New Issues and Members.
been Mergenthaler Linotype, with a
turnover of some $500 shares. Lanston
Monotype has been popular. Peoples
Drug Stores, Barber & Ross common,
Columbia Sand & Gravel preferred,
Federal Co. common and PIE
ferred and the Merchants Transfer 81
Storage issues have been among the
most wideawake stocks on the list. Lo-
cal securities are closing the year with
quotations well under the high marks
reached before the Wall Street tumble,
with the exception of Mergenthaler,
Lanston and few others. The man.
ner in which local bank stocks stood up
under the Wall Street excitement is
considered particularly gratifying.
Several new issues were added to the
list during the year and new members
voted in. George o. Watson, president
of the Liberty National Bank, is serving
his second year at the exchange mast
head and c. j. Gockeler, vice president
of the District National, is keeping the
many intricate records as secretary.
The District Bankers Association,
under the presidency of Wilmer j. Wal
Ter, is watching the financial pulse and
making every possible move toward bet
ter banking in the Capital.
H. H. Mckee has served another year
as chairman of the Washington Clear
ing House Association, Franklin H. Ellis
is in charge of the Washington Bond
Club and Eugene E. Thompson has
looked after the interests of the Associ-
ated Stock Exchanges, an organization
made up of about a dozen exchanges
outside of New York and Chicago.
Harold d. Kraft Is at the wheel of
the District of Columbia Underwriters
Association, which is having an active
year and hearing many distinguished
speakers on insurance subjects. the
club members are highly enthusiastic
over the past IL months, as Washington
insurance business has been close to the
try in percentage gains.
Banking Facilities Improved.
The year closing yesterday saw
many improvements in the banking
facilities of the city. The Columbia
rebuilt home on F street; the Frank
lin National dedicated its handsome
branch on Connecticut avenue, which
had been more than doubled in
size; the Second National occupied its
new building as the home for the G
street branch, while the National Bank
OF Washington threw open the doors oil
new branch on Water street, in the
Southwestern section of the city.
Many other changes and improve
ments have been made. The McLachlen
Bank is now erecting a new branch on
Fourteenth street opposite the Bureau
of Engraving and Printing and Presi-
cent Ezra Gould of the Washington Me-
chanicS' Savings Bank has plans ready
for the erection of new bank on Con-
necCicut avenue near McComb street
northwest.
From many viewpoints an important
year Is passing. Many people wish they
had bought bonds when Secretary Mel
Ion said 1t was good time to buy
them. Many others would have bought
stocks when John D. Rockefeller an
nounced that he was accommodating
sound securities, but their funds were
gone. Bankers, bond men and brokers
see budgets for the coming year con-
tanning less speculation, yet plenty OF
activity in securities.
There may be a silver lining back Of
every financial cloud in 1890 And there
may not be. Caution will be the better
part of valor.