Evening star., 1942-01-01

loan resources, M
retail trade, M
postal revenues. S@
express ship Edward c. Stone.
ments, gas and electricity output.
telephone installations. and building
construction outdid all 1910 records
at one time or another during 194l
In many respects the banks en-
joyed an exceptionally good year.
Commercial loans expanded. al
though Federal Reserve Credit re-
strictions guarding against imitation
slowed up consumer lending near
the end of the year, as was the case
with real estate loans.
Aggregate deposits in the Capitals
70 banks on the last condition call
date, September "a, stood at s477,-
4l9,114, the highest point ever
reached. The year-end figures will
be even more impressive, bankers
believe.
Clearings Shatter Records.
Bank clearings, which so accu-
rately mirror business conditions,
broke record after record during the
year. At the end of 1941, cancelled
checks had scared to $1.756, ,540,417, a
sensational gain of $342, POT ,532 over
1910. The startling increases In
clearings In the Capital are ascrloed
by bankers chiefly to the matchless
national defense efforts now in prog
ress which have resulted in such
amazing growth in popula ton.
Banks have become adjusted to
the wage-hour law but have lost
many employees to military service.
The four Government paydays a
month plan, which appeared so
formidable. was easily assimilated.
While loans have been on the in
crease, expenses also have been ad-
vancing rapidly. However, expanded
lending service charges and other
sources of income have made pos
sible payment of regular dividends
and some extras during the year, as
well as many Christmas bonuses.
The 1941 reports will make good
reading.
As 1941 drew to a close the banks
Maid about $500 900 to 10000 mem
bers of Christmas Savings Clubs,
this sum being a vital factor IN
holiday trade. While the Capital is
not an industrial city, banking in
stitutions extended large number
of loans on national defense sup
plies. They have rendered valiant
service in selling and delivering ma
tional defense bonds to the pubic,
without remuneration and at con-
siderable cost. the demand for the
bonds since the war started being
astonishing.
Building Associations Expand.
Washington's "a Building & Loan
Associations, comprising the District
Building and Loan League, also re-
port a fine year. A record number
of loans for new homes were grant,
ed. new accounts showed substan-
tial growth, while total assets sur
passed all previous figures, reach
ing s171,344, ,635 at the end Of No
vember, a gain of s15,797,S14 over
1910, and another new high mark.
Mortgage loans stepped up to $751;
569. 1872 in November, yearly rise
Of SIS, 100000.
The Washington Stock Exchange
Jumped back into the limelight, a
surprising increase in trading ac-
tivity developing in many Of the
leading stocks. While comparisons
with 1910 are impressive, as the
year ended, there were great many
more sales in 100-share lots, which
gave the exchange an old-time vigor
not experienced in years.
Prices In most issues held up well
although the year end found many
quotations lower than in earlier
months. Members reported a good
deal of selling for the purpose OF
establishing tax losses. Bond trad
ing totaled around 100000 against
$500 900 a year ago. Stock sales to-
tailed around $4,000 shares compared
with 10000 last year.
Every bond on the Washington
exchange is now selling above par,
Washington Gas SIS topping the list
around 1877. Among the stocks,
Capital Transit and Washington
Gas common recorded the largest
turnover, while Mergenthaler Limo
type stood third The whole list
made an unusually good dividend
record, many extras cheering stock
holders. The exchange held its
reputation as an investment market.
Dearth Of Investment Issues.
Investment dealers reported q
strenuous year with big insurance
companies taking many new grade
A issues. Investment bankers, how
ever, say business was fairly good
and are forecasting more new issues
to sell in 1912 than they had in 1941
because Of the promised great in
dustrial expansion in war plants.
Brokers in the New York Stock
Exchange Offices here are moderate
ly cheerful on the 1912 outlook. They
had to trim sails hard in 194l be-
cause of tagging business. While
cautious in predictions on price
trends, many brokers expect livelier
sessions and a larger volume OF
business in the next IL months.
The year l941 witnessed few
changes among brokerage Arms here
An important merger of two big wire
houses took place when Merrill
Lunch, Z. A. Pierce d Cassatt Joined
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