Evening star., 1944-12-31

ooiCo WC1C IIlOlC IlidA y Pei SCIl
ahead of last years all-time mark
with the unmatched Christina
buying rush as the climax.
Bank clearings set an all-tim
peak of $2,101 1,912,815, a gain o
$126, 500, ,461 over the 1943 recorc
while postal receipts, express ship
ments, telephones in service, a
we'll as gas and electricity sales al
entered new high ground.
Impressive Gains Revealed.
The latest war loan campaign il
the Capital brought most impres
sive results when the $9O,00O,0O
quota was pushed to $136, 100000, al
oversubscription of 1406 per cent
Even the S30OO0,000 E Bond quot;
was exceeded while corporation
made a brilliant showing in passing
their totals.
At the Treasury's request, tn
banks added cashing of War Bond
to their services, making it far sim
pier for the public to redeem tn
bonds in cases of necessity. Ratiol
banking and all other Wartime
services were continued, Wartim
credit supplied and plans perfected
for granting GI loans to retiring
veterans. Despite growing expenses
officials report one of the best earn
ings years ever known.
Building, Loan Assets Soar.
Building and loan associations en-.
ioyed a year of record expansion
Construction loans dragged but ex-
ecutiveS met constantly increasing
demands for loans on homes, as vel
as requests for new guaranteed Gl
loans. The 27 associations here haC
assets of S215,695 .321 on November
80, a new high-Water mark. Setting
a record for War Bond purchases
they bought $12,875 900 in the recent
drive.
Trading on the Washington Stock
Exchange was far above l943. In
vestment demand improved notably
New York stock market activity
aroused intense interest in Washing
ton brokerage offices in the closing
sessions of the year. Investment
houses had many more new issues
for sale than in 1943.
Deposits. Clearings at Peaks.
Brief interviews with Capital
leaders in business and finance dis
close how vital and far-reaching
were many of the accomplishments
of 1914 All look for present activity
to continue in 1945.
Sidney F.. Taliaferro, president OF
the District Bankers Association
reported total deposits of all Capital
banks pproximated S785 100000 at
the year end, while clearings for
1914 approximated $2,057 ,000,0 900,
both all time highs for Washington.
Capital banks have done their full
share in handling the intricate de-
tails of ration banking, direct re-
demption of Government bonds,
cashing checks for Government
clerks who do not have bank ac-
counts and in keeping late hours
one day a week There are now 81
banks, with 80 branches, serving the
public.
Exchange Volume Mounts.
James Parker Nolan, president of
the Washington Stock Exchange,
said 1914 was one of the best years
since the exchange was founded in
1881. Stock volume increased about
33 per cent, while bond transactions
were around l943 levels.
Listings in 1914 included Union
Trust Co. stock, Hecht Co. common
and National Capital Bank new
stock. War Bond sales sharpened
the interest of hundreds of residents
of the District in securities, with
the result that the number of in
vestors in local stocks and bonds
has continued to increase. AS the
Capital grows, further expansion OF
the exchange seems certain.
Life Insurance Expands.
Vernon w. Holleman, president of
the District Life Underwriters AS
sociation, stated that during 1914
the average life insurance owned
per family increased to a new level
of $4,000, or $1,400 greater than at
the end of the last war. Life insur-
ance company assets now average
approximately $1,000 per family. up
nearly 500 in 1914 and $235 in three
years.
The greatest single item in these
assets is that Of Government Sc
curities, now 40 per cent, or $485
per family. This is an indirect fam
lily investment in War Bonds, in ad-
dition to those directly owned by in
dividuas. Benefit payments to
policyholders or their families in
creased during the year. insurance
rendering its greatest service in
times Of national stress
Building Boom Forecast.
Clarence E. Kefauver president OF
the District Building and Loan
League, pointing to the very large
volume of funds available to finance
sound and practical home construc-
ton, predicted construction boom
here in medium and gh-priced
houses, as soon as priority restric-
tionS are removed. The demand for
more homes has continued during
1914.
For a brief period following VIC
tory, Government employment may
shrink and the population will de-
cline by 3 small percentage, Mr.
Kefauver asserted. Agreeing with q
Board of Trade Committee report
he believes the population will in
crease 20 per cent in the Metropoli-
ton Area by 1855.
Gas Sales Up 80 Per Cent.
Marcy l.. Sperry, president Of the
Washington Gas Light Co, an
nounced gas sales In 1914 set new
record 80 per cent greater than IN
peacetime 1910, the present sendout
of gas amounting TO approximately
19 billion cubic feet.
Despite the large sales increase
Mr.. Sperry said the 1914 ratio Of net
earnings to property investment WA
lower than in 1910.
Electric Rates Kept Down.
Alfred G. Neal, president OF the
Potomac Electric Power Co, saic
sales of electric energy in the firs,
10 months of 1914 amounted 10 l..
1858. SAB ,598 kilowatt hours, an In
crease of 4.93 per cent over l943
However, revenues showed an in
crease over 1943 of only 0.19 pei
cent.
Net income was down ll9 pei
cent. Operating revenues gained
SAL APT but operating expenses, taxes
depreciation and interest required
S433,17l more than in 1943, an in
crease of 2.84 per cent.
Y1J -1s