Evening star., 1941-01-30
Washington Exchange
Trading Broader
Than Year Ago
January Business
DiseIoses Uptrend
In Security Prices
By EDWARD C. STONE.

issues have been traded, and ar
upward price trend prevails as the
month draws to a close. The usua
reinvestment demand has been eX.
cellent, exchange officials state.
In the bond division Capital Trac-
ton IS have led in volume turn
over, as they did last year. These
bonds are now selling at 1857, the
best price this year. Washington
Railway g. Electric As appeared on
the board yesterday, selling at
1o51a, against the last sale in 194C
at LOT. Georgetown Gas Light IS
have sold this year at 124, ano
Washington Gas Light IS registered
131 in the first 1941 appearance.
Capital Transit stock sold today
at 16, the best price this year
Potomac Electric Power and Wash
ington Gas common and preferred
are strong, while Railway preferred
sold the other day at 1864. While
utility stocks have been active
bank stocks have been largely neg
lected.
Among the miscellaneous stocks
Mergenthaler Linotype sold yester-
day at 26, up two points. Lanston
Monotype during the same session
changed hands at %, against the
last previous sale at 2ll2. Gar
finckel common and preferred,
Woodward & Lothrop common and
preferred and other issues have
given a good account OF themselves
SO far in 1e4l
The exchange came into the lime
light a few days ago, When ma
tional weekly called attention to
the fact that the percentage gain
in business in 1910 was the largest
of any exchange in the United
States. Turning to humor, the
same publication stated that the
attendance at the exchange on
January 20 was the largest on rec
ord. While there was no trading,
the members gathered in great
numbers to see the inaugural
parade.
Meem Notes Credit UpSWing.
Harry G.. Meem, president of the
Washington Loan & Trust Co., had
this to say in his annual report:
1.-The phenomenal growth OF our
city during the last decade to a
population of 663 ,0OO according to
the 1910 census, is reflected in the
rise in deposits of the local banks
to the unprecedented total of S420,-
100000 at the end of the year
Recent residential contracts
show gain of So per cent over
year ago and of especial interest
to the banks is the fact that open
lines of credit to established bor-
rowers are 329 per cent above the
amount at the close of 1889.
with business generally on the
upgrade and additional momentum
provided by the national defense
program, more people are employed
and purchasing power is increased
accordingly.
THE outlook for the year ahead
justifies the belief that we are en-
tering a period which promises to
become one of the most active in
the history of our city and of the
country as a whole"
Re-Employment Awaits Bankers.
In the printed annual report of
the American Security & Trust Co.,
President Corcoran Thorn says:
GAS the defense program has
gained momentum, the turnover in
personnel has increased and is ex-
pected to continue during 1941.
Those who are called to the colors
through either the selective service.
or as members of the National
Guard or Reserves. will. of course,
be re-employed upon their discharge
II they care to make application
within a reasonable time"
Mr.. Thorn said that the general
condition of the real estate market
In Washington showed continued
improvement While there was a
good demand for loans, interest rates
tended toward lower levels. The year
was a particularly good one in the
trust field, although it is difficult to
obtain securities suitable for trust
investments yielding a reasonable
rate of return.
From the standpoint of bank earn
ings, Mr.. Thorn expects 1941 to be a
better year than 1910.
Active Home Building Year.
H. A. Johns, Washington man
aeer Of Dodge Reports in a final
1910 summary. said today that total
construction in the Washington
Metropolitan Area which includes
the District of Columbia, Arlington,
Fairfax Counties, Virginia; Mont
gomery, Prince Georges Counties,
Maryland, moved to S116, ,046 900 dur
ing 1910. In 1889, the comparable
total was s119,5120O0. The contracts,
which are definite commitments for
work and materials, developed larger
totals in 7 of the IL months than
were recorded in those same months
of 1899. The 1888 total was s7S,-
$4,000.
Washington residential building
had a total of S66, 1854 900 at the year
end. In this classification the ad-
vance was at 9 per cent over 1889.
There were seven months of gains IN
a comparison with the 1899 record
and most recently December con-
tracts totaled s5,411 900, an advance
over December, 1889. when the total
was s3,939,00O, Mr.. Johns reported.
Heard in Financial District.
Brokerage houses were well filled
today by patrons anxious to see
the New York Stock Exchange
opening after yesterdays rather
severe decline. The opening was
irregular but selling pressure ap-
peared to have been lifted.
Controller of the Currency Pres
ton Delano has been suffering with
q severe cold which forced him to
remain at home for few days.
Lewis B. Williams, Cleveland
banker, has been elected a director
of the National Life Insurance Co.,
General Agent Theodore w. Cook
announced today Former financial
editor of the Cleveland Plain Dealer,
he has been an investment banker
for many years.