Evening star., 1938-01-03

Previous Years Compared.
The gain of more than sl28,ooO 900
for the year is revealed in the total
of $1,255, ,990, ,906.39, compared with
$l,127,93o, ,222.2o for the year 1886.
In 1880 bank clearings here totaled
$l,s17,607. .59497. In 1881 they drop
ped to $l,233,276,777o2. Going still
lower In 1882, Washington's Cancelled
checks decreased to $956.807, ,110.08
and in 1888 dropped to s6l8,459,7l2.70.
Then they turned upward and in
1884 aggregated S738,690,6 ,66947. In
1885 they moved up to 1885 5056, ,842 so.
In 1886 clearings were again well
above the s1,000,0000C0 mark and
ready for the still larger gains in 1887.
Meem Holds Outlook Bright.
Looking back at 1887, Harry G..
Meem. president of the Washington
Loan & Trust Co., said today that
banks naturally reflect business con-
ditions in their communities. A very
satisfactory condition is indicated in
Washington by the fact that the dis
proportion between bank deposits and
their loans and investments has been
materially reduced.
Abnormally large deposits, which
featured the close of 1886, have been
absorbed by investments by both
banks and the public, while healthy
increase in loans is evidence of i'm
provement in many lines of business.
Although Virginia and Maryland
report declines in employment, the
District shows an increase of nearly
per cent, with retail trade rejecting
q healthy improvement over last years
figures, Mr.. Meem said.
Interest rates continue low, while
expenses and taxes still tend to rise.
These factors make bank operations
q constant problem for management
of the highest type. The satisfactory
business of the year just ended gives
every reason to look forward to the
new year with confidence. the bank
president declared.
Baltz Sees Normal Building.
Edward c. Baltz, president OF the
United States Building and Loan
League and secretary of the Perpetual
Building Association, today predicted
that building activities in Washington
in 1888 will be normal" The volume
should be about the same as in
1887, he stated.
Loans for building construction in
the first 10 months of 1887 totaled
more than the entire year 1886, he
said. About S7,4O0,0O0 was loaned for
new homes by the Washington build
ing and loan associations, he said.
The number of projects financed was
practically the same in 1887 as IN
1886, indicating that the homes built
last year cost more than in the
previous year.
The associations are in position
to meet all demands for loans for
new construction, new property pur-
chases and refinancing, Mr.. Baltz
added.
Broker Offices Well Filled.
When the first session Of the New
York stock market for the new year
opened today, there was large at
tendance in the brokerage houses in
this city. Traders appeared to have
buried all their disappointments,
fears, hopes and mistakes in the cas-
kets bearing IL dead months and
started off anew.
There is no fence between the old
year and the new year and the mar
ket started in just a little lower than
it closed last Friday. The calendar
change, however, always makes the
outlook especially interesting. The
Presidents message was the chief
topic in the board rooms early today,
price changes being of no great i'm
portance.
The consolidation of Edward B.
Smith & Co. and Charles D. Barney
e. Co. became effective today. The
Washington Office of Barney & Co.
takes on the firm name OF Smith,
Barney & Co. and goes on without
any other changes. In several other
big cities overhead will be cut down
substantially by the merger.
Today's Trading on Exchange.
Trading was not "feverish" on the
first business day of the New Year on
the Washington Stock Exchange. The
days only sale was a 10-share lot of
Washington Gas Light preferred
which changed hands at 81. The final
bid for the stock was 9534, with 97h
asked. Other bid-and-asked prices
were steady.
Robert c. Jones, head of the firm
OF Robert G. Jones & Co.. left Wash
ington yesterday for a winter vaca-
ton in Florida, where he goes every
year.
Edwin Hahn OF William Hahn &
Son, Washington, is q member Of the
Joint committee sponsoring the an
nual National Shoe Fair, which opened
in Chicago today as the first trade
show Of 1888. He represents the Ma
tional Shoe Retailers Association.
The Commerce Department reports
that the dollar volume of retai
financing of new passenger automo-
biles in November was 20 per cent
lower than last year, but off only 21z
per cent in the first II months OF
1887.