Evening star., 1932-12-25
BANK STOCK GAINS
DURING PAST YEAR
TOTAL TAPER CENT.
Average Appreciation Noted
In Review by Specialist
in Securities.
MERGER STIRS INTEREST
IN UTILITIES STOCKS
Capital Traction Jumps to $40 Per
Share-Commercial National
Bank Votes Dividend.
BY EDWARD e. STONE.

Washington holders OF New York
bank stocks have witnessed their in
vtstrentS advance, on an average, OF
IA per cent during the past year. A
review OF the 1882 bank stock market,
just completed by HornbloWer g. Weeks,
states that between January 2 and
March of the present year there was
an advancing bank stock market. The
American Banker index for II stocks
moved up from 1876 to Asa gain of
18.l per cent: In the same period the
Dow-Jones average moved up IA per
cent.
The run" on the United States by
certain European countries then start
ed, and between March and June our
monetary gold stock declined from
S4,39o,000,o0o to s3,919 100000. Coin
cident with this run" on our gold sup
ply. there was an abrupt decline In the
market. Between March and the all
time record low of May 81 there was
drop Of ATS per cent in the bank stock
averages; the low for the induStrialS
was on July 7, when the averages we're
down SO per cent from March levels
Beginning July there was recovery
in the bank stock market and between
that date and September the Ameri-
can Banker averages had advanced ex-
actlv 100 per cent. An intermediate
decline then set In, caused largely by
the war debts uncertainty, and there
was loss of 81 per cent of the ad-
vance. On December 10 the bank
stock averages were approximately 70
PEI cent above the July lows. 36 per
cent below the March high and about
IA per cent above the prices of jan
uary 2, 1882.
Traction Stock Grips Attention.
Capital Traction stock held the lime
light on the Washington Stock Ex-
change during the week when passage
OF local street railway merger legisla-
ticn by the Senate suddenly and unex-
pectedly turned attention upon it.
Owing to keen taxicab, but and private
automobile competition, this stock has
had hard shedding for several years,
especially so during 1882. 1t had sold
off in small lots for several weeks until
fnally it dropped to 81 a share, par
800
Because of the progress of merger
legislation, the stock suddenly moved
to $3.50 per share, and during the next
The market was closed yesterday, so it
ended the week at $40 a share.
The stocks action in the near fu-
ture will be watched with intense inter
est as there are hundreds of holders in
this city. Some of these holders paid
800 a share. or more for it, as the stock
was originally considered gilt edged
investment in every way The belief
has often been expressed in the f.
nancial district that a merger would be
very beneficial to the company in bring
ing about important economies.
Washington Railway 81 Electric
stock has remained strong all the year.
Railway & Electric preferred sold to the
extent Of 40 shares on the Exchange
last Friday at So The last sale of the
common on the Exchange was made at
502 The relation between the Wash
tngton Railway & Electric Co. and the
Potomac Electric Power Co. has kept
these stocks in most enviable position,
regardless Of lower street railway reve-
nueS.
Commercial Declares Dividend.
Directors OF the Commercial National
Bank have declared the quarterly divi-
dend of $3.50 per share, payable jan
uary to stockholders Of record on De-
cefnber 80
curitv. Savings & Commercial, National
Capital Bank and the Liberty National
are among other local banks which
have voted dividends in the past few
days
Scheduled to meet in Washington
February 20 and 81. the tenth annual
Midwinter conference Of the American
Savings, Building & Loan Institute
will have for its chief topic the prac-
6cal effects Of the Federal Home Loan
Bank system upon the operations Of
borrowing institutions, according to Of
ficlals of the institute. About 300 build
ing and loan executives from all over
the country are expected to attend. The
conference will also include many stu
dents Of the night classes conducted by
the institute.
According to the secretary-treasurer
OF the United States Building & Loan
League. during the past year some
s425 600 900 was distributed in the form
of dividends to holders of building and
loan shares.
All the banks in Washington broker
age and other investment houses, will
be closed tomorrow, as the financial
district observes the holiday.