Evening star., 1943-01-01

CneeTlully given
without charge Edward c. stone.
and at heavy cost, was the outstand-
ing highlight in financial district
activities during the II months just
ended.
The heaviest burden of financing
the war rests on the banks and the
Capitals financial institutions are
carrying their full share of the load.
Day in and day out bankers have
urged the purchase of Victory Bonds
as the best investment on earth"
and then have turned their atten-
ton to putting over the top the
biggest Treasury war fund cam
paign in history.
Investment dealers have sold huge
blocks of War bonds when they
might have recommended other
sound issues to their own personal
advantages. In the closing days OF
the year, they did their hardest work
and made the biggest sacrifices,
never for a moment easing up under
the strain. The advantage Of plac-
ing idle funds in war issues has been
pictured so vividly that wealthy po-
tential buyers have added huge sums
to previous 'puny purchases
Clearings Break All Records.
Turning from financiers' efforts to
win the war to banking and busi-
ness indices, it is noted that bank
clearings have smashed all previous
records, reaching ST, 1872 929, ,028.53 in
the II months of 1912, a sensational
gain of $l16.38S,511.43 over the 1941
figures. Bank deposits have climbed
to new heights, official year-end fig
ures, due in a few days, being ex-
pected to reveal very impressive
gains.
Generally, however, bank earnings
will not exceed the 1941 results, on
account of the further limiting OF
loans for construction and for in
stallment buying and further sharp
increases in operating costs. The
personnel problem has become more
difficult as employees have contlnu-
ously entered war service. To I'LL
their places. an increasing number
of women have been employed un-
til in many banks they make up
more than so per cent OF the en-
ployes, women tellers everywhere
coming into vogue.
The banks, however, through serv-
ice charges, trust departments, a
modest volume of war loans and
other income, have been able to de-
clare their regular dividends, while
many institutions paid extra dlvl-
dends and Christmas bonuses. The
wear 1912 was a trying one, with
more new problems appearing than
in any former II months on record
OF extreme Importance to the
hanks was the adoption by the
treasury of 20 Government pay days
a month, easing up the Crush IN
hank lobbies under the former loui
nav davs a month plan. The drop
ming of Christmas Savings CLUBS
after 20 years of operation, was
surnrise step taken because OF the
expense. the final distribution pelne
around s6oOO,O 900 to 10000 members
Building Associations Grow
Washington's % building and loar
associations comprising the Dlstrlc'
R,,ilding and Loan League, report
fne wear. Accounts have grown
steadily and combined resources
climbed to an alltime peak during
the year.
The record sales of Victory bonds
TO patrons and purchasers OF bonos
for their own portfolios have made
the wear especially notable. Mort
gage loans, however. suffered Sc
verely from the Governments nm
ttations on building operations.
The Washington Stock Exchange
enioyed heavier trading in stocks
than in the preceding year but honc
trading fell off as is usually the case
in wartimes. Every bond on the ex-
change was far above par at the enc
of the wear and many stocks were
close to their 1912 peaks. Severa
bank stocks, however, were consid.
erably lower than in the earlier
months.
Capital Traction SIS were the mos
active bonds. Washington Ga:
common. Capital Transit. Mergen'
thaler Linotype and National Mort
gage g. Investment preferred were
In leading demand among the stocks
The whole list maintained dividend!
and a few extras we're declared. Tht
exchange again kept its reputation
as an investment market. !
Other Barometcrs Advance.
Retail trade saw new marks IL
every month of 1912, painting ont
of the brightest spots in the bust
ness picture. Gloomy forecasts
that the stores would have fev
goods to sell as the year progressed
proved wholly unfounded. Mer
chants said yesterday the final fig
ures would disclose the highes
yearly. as well as heaviest holida.
sales, in the city's history, some q
per cent ahead of 1941
Postal revenues reflected th'
Capitals tremendous war activity
reaching SIC, ,594 .524,6o in II months
an upswing of $2,076. .7693l over thu
same l941 period They scared still
higher during the holiday season
Express shipments displayed tn
same upward trend. BY the end o