Evening Star Newspaper, December 31, 1924, Page 23

District Bankers Chronicle 1924 as Bountiful Period Marketability of Local Security Issues Increase Several Millions of Dollars in 12 Months. BY CHAS. P. SHAEFFER. Local bankers are unanimous in chronicling the year 1924 as a most bountiful period An increase of several millions of lars in marketability of. local se- ity issues has been the outstanding feature of the Washington financial situation during the year 1924. Unheralded and unsung, these is- sues, with but very few exceptions, have pursued a consistent upward trend, generally without the aid of outside influence. Volume of trade, also, has grown steadily during the last 12 months, all reflecting the £rowing confidence of local investors in_home-operated projects. While the volume of common stock of the Railway and Electrie Cc pproximate one-half, With last year, the rise in this issue's market level has been one of the features of the vear on the Washing- ton Stock Exchange. An advance of about 20 points for the year has been recorded by this favorite, the last sale having been made in 192 at_90. Volume of trading in the preferred issue increased about threefold dur- ing the year, and was accompanied by a gain of 9 points in the market level. Security Storage stock advanced 110 points during the year, closing at 355, but trade In this specialty was restrict- ed to a few hundred shares. Mergenthaler Up 1S Points. Mergenthaler, purely a local stock in spite of its forelgn headquarters, had about the same volume of sal and advanced 18 polnts during the 12 months. This advance was made purely on the merits of the firm's strong position, as production and | carnings for 1924 are said to be on even keel with last vear, Lan- ston Monotype gained 7 polmts in marketability during the year, the ad- vance having its inception with the | appointment of two local executives, namely George W. White and J. Tilghman Hendrick. Volume of trading in Washington Gas stock improved to the extent of | about 200 shares, accompanied by a rise of 4 points. Washington Market Co.’s level rose 12 points during the vear, principally on the award of about "§500,000 to the company upon conclusion of long litigation last Summer. Capital Traction has the distinction of being the only favorite to decrease in value, showing a loss of about 3% points for the twelvemonth period. Volume of trade, however, doubled. Bank Stocks Record Gains. trading in Washington , fell off to an as compared an Bank stocks have been particularly bright during the year, registering advances up to 40 points on actual sales. These stocks, with a few ex- ceptions, all recorded gains. The stock leader in actual sales during the year was National Mort- gage and Investment preferred, a Jow-priced security, admitted to trad- ing during the last 12 months, and which has been dealt in to the ap- proximate extent of 23,000 shares. Its level has remained unchanged. While the trend of security prices has been almost unanimously upward, earnings of local utilities displaved no such uniformity of tendency. From Capital Traction reports which have been filed for the 11 months' period it indicated a loss of about $200,- 000 as compared with the preceding vear will be suffered in 1924. A huge falling off in revenue passengers is cen as the contributing caus Washington Railway and Electric Co. will show a gain for the vear of more than $200,000, this being made pos- sible by a gain of about $345,000 in net income of the Potomac Electric Power Co., the carrler's main sub- sidiary. The Washington Gas Light Company will report a gain of more than $200,000 for the twelvemonth perlod, as compared with last year, revenues of this utility having maintained an even trend with last year, accom- panied by a huge savings in operating expenditures. Clearings Records Smashed. Washington bank clearings for the! vear reached the highest total in local history, being well over the $1,000,- 000,000 and indicating an increase of more than $50,000,000 for the 12 months period. | Banks have enjoyed a profitable | year in spite of losses sustained dur-| the Autumn months, when they ually suffered financially, due to the excessively low money market ates. For a period of a month or lore a short time ago these institu- tions were paying 3 per cent interest, which payment exceeded the best their money could command in the New York markets by considerably more than 1 per cent Deposits have hovered around the highest.point in the city’s history, be- tween $210,000,000 and $215,000,000; there has been good demand, gener- ally speaking, for funds, with at- tractive collateral, and extra divi- dends, additions to surplas and un- divided profits, etc., has been the re- sult It is agreed by all that District banking institutions have no cause to| complain of 1924 being a lean year. Bank Losses Minimized. Bank too, have been mini- mized during the period. The protec- plan put into operation about'a vear and a half ago by the District Bankers' Association, has been most prroductive of good, and is now func- tioning smoothly. This plan has be- come so efficient that in the event a bank forger begins work here, every member bank of the association is fully acquainted with his description and method of operation within .24 hours. A system to build up weak accounts was also put into operation during the vear. and while considered doubt- ful t first by many who did not relish the thought of a possible af- front to a sometime good customer, nevertheless the plan met with in- stant success and a large majority of unprofitable accounts were thus con- verted into desirable sums. Weak Institutions Absorbed. The vear saw the end of banking institutions operating under common law declaration of trust agreements, Jong the bane of legitimate bankers. Three in number, they closed almost simultaneously, leaving, as was to be expected, a rather formidable list of unpaid accounts. Then, too, the District banking sit- uation was further strengthened by the absorption of weak banks by strong institutions. These, notably, included the Standard National by the District and the Peoples’ Commercial and Savings by the Washington Me- chanies. The period also saw the installation of an uptown branch by the District National and another by the Lincoln National. o Changes in Personnel. The 12-month period just ending was productive of but few changes in official personnel in the local banking fraternity. In May Frank J. Stryker succeeded to the presidency of the 'olumbia National Bank, succeeding Jumes A, Messer, who retired, and in January George L. Starkey took up the president’s duties at the National Bank of Washington, succeeding Clar- ence . Norment, who was placed at the head of the board. These, together with the resignation of Joshua Evans, jr., from Riggs, to accept a vice presi- dency of the District Natlonal, consti- tute the more important changes. The latter change, however, does not go into effect until the January elec- tions. A very important happening in lo- cal financial circles during the year was the amicable settlement of the huge impounded fund of the Potomac Electric Power Company, recently an- nounced, which is still occupying the minds of the public. DAWES PLAN RESTORES FINANCIAL BALANCE TO SITUATION IN EUROPE (Continued from Page 22.) liberating about the mark, however, the franc took a sudden slump and, with the movement precipitated by specula- tion, it would have been impossible to keep the franc from irreparable loss but for the intervention of J. P. Mor- gan & Co., whose offer of $100,000,000 drove the speculators frantically %o cover. This advance has within recent weeks been converted into a 25-year loan, redeemable in gradual slices over that’ period. There has simultaneously been an effort in all countries toward bal- anced budgets, which will assist in stabilizsing_exchange. But a certain amount of uncertainty still exists. None of the European countrles (not even England) is as yet on a gold basis, and so the currency remains subject to speculative maneuvers. This_uncertainty is bad for busi- ness. Long-time contracts cannot be executed, the banks are cautious about advances for new enterprises, and investors generally are hesitant about placing funds in securities not readily convertible in case of an ex- change panlc. The necessary con- fidence is still lacking, and business suffers. However, elements of uncertainty have been removed during 1924, and slow, * .t sure progress in the same direction is hoped for in the year @head. There Is less talk of war and that fact alone is of tremendous ef- fect in bringing the cautious investor out of hiding. League Enhances Prestige. The League of Nations has enhanced its prestige considerably during the vear, although it has not yet taken the predominant part in world poli- tics that its supporters hoped, and perhaps never will. The league is an American idea, and has always had more partlsans in America than anywhere else. The ten- dency for several years after its foun- dation was, in Europe, to scoff at It. But lately the European nations have begun to see the usefulness of the Geneva institution as a kind of diplo- matic clearing house. They are not ready to endow it with omnipotency, and it is far from being an effective agency in the prevention of war, but it at least provides the only official international forum for discussion of diplomatic problems, while its minor activities (opium traffic as an exam- ple) are proving of the greatest use- fulness and will be extended. The Dawes plan, by making the Hague Court the final appeal tribunal, appears to have done much to bolster up the league. It is noteworthy also that while America is not officially a member of the league, many of the most important minor officlals are Americans and it is felt that Amer!- can sympathies generally are on the side of league action rather than sep- arate agreements between the big powers. (Copyright, 1924, by Consolidated Press.) . RAILROAD EQUIPMENT OUTLOOK VERY BRIGHT By the Assoclated Press. NEW YORK, December 31.—Due chiefly to the relatively small orders recelved in 1924, the railroad equip- ment industry looks forward to bet- ter business in 1925. Large amounts were expended on equipment in 1923 and the carrlers were not required to buy the usual quantity in the last 12 months. Heavy traffic, how- ever, and the wear and tear on loco- motives and cars in recent months, the greatest on record, coupled with the improved financial conditions of most of the roads, have caused equip- ment manufacturers to expect large orders early. in the year. STERLIN RATE AT END OF 1923 By the Associated Press. NEW YORK, December 31.—Ster- ling exchange will close the year about 45 cents above the rate of a year ago, and within 3 cents of the “pegged price” established during the war'and maintained until March, 1919. The approach of sterling to within 13 cents of par has caused widespread discussion in banking circles, with opinion divided as to how much, if any, support is being provided by the British government. Some dealers pointed out that with the bulk of the grain and cotton bills out of the a rise in the rate is natural at this season of the Year, but in other quarters talk was heard of “impo; tant accumulation” by three. large banks. LESS BUILDING IN 1924. Philadelphia Reports Fewer Deals | 4 But at Higher Prices. Bpecial Dispatch to The Star, PHILADELPHIA, December 31— The activity In real estate in Phila- delphia and vicinity has been some- what less marked in the last year than in 1923, so far as number of transactions are concerned, but prices have ruled higher. In 1923 there were 215,192 deeds and mortgages recorded. Preliminary figures indi- cate that the number in 1924 will be slightly less, although above, the 200,000 mark. : BUILDING DROPS OFF. ST. LOUIS, December 31.—The vol- ume of building in St. Louis this year fell slightly under that of 192 There have been 14,400 permits is sued to date calling for expenditure of about $39.500,000, as compared vith 14,795 permits requiring §41,500,000 last year. | rouna G 45 CENTS ABOVE | THE EVENING . STAR, WASHINGTON. District Stocks Show D.- C., Great Increase in Value WEDNESDAY, DECEMBER 31, 1924. Bankers See Gainful Year ACTIVE IN WORK OF DISTRICT OF COLUMBIA TRADE BODIES Trade. Bottom row, left to right: Paul By Consolidated Press. Radio telephony, international broadcasting, television and the transmission of light, heat and power by wireless are forecast for the com- ing year in radio by experts who have surveyed past and present prog- ress and attempted to appraise pros- pects for the immediate future. 1t will not be long before it is pos- sible, under favorable conditions, to connect telephone subscribers in the United States with telephone sub- scribers in Iuropean countries, per- mitting them to talk with each other as they would from San Francisco to New York, in the opinfon of J. D. Elleworth, vice president of the American Telephone and Telegraph Company. Through the co-operation of the telephone company and the Radio Corporation of America a group of men in New York not long ago answered, by radlo, queries sent (o | them by cable from London, England, having no broadcasting _ station equipped to answer back. With in- stallation. by the British post office of a 200-kilowatt radio telephone plant at its new station at Rugby, England, expected to be completed within six months, the first real step will be taken in the direction of in- te#national telephony. The success of the experiment between these two countries, Mr. Ellsworth predicts, will be followed by other countries joln- ing to organize a world-wide system. International Broandcasting Succeeds. International broadcasting, too, is proving & success, and =oon there will'be some progress planned for all the world. International broadcast- ing of concerts and speeches received a definite impetus within the past month when the countries which have developed radio to any degree—the United States, Canada, England. France, Germany, Belgium, Spain, Ttaly, Australia, Argentina, Brazil, Chile, Japan and even China—hushed their local sending to experiment with long-distance reception. The programs were heard clearly by sta- tions all over the world. A new champion for a universal language Is this sending programs the world, thinks Gen. J. ¢ Harbord, president of the Radio Cor- poration, who points out the need of a tongue which will be understood | by the people of all natlons when radio is no longer used for enter- tainment only. but becomes the most important medium of our educa- tional, commerclal and political life. Serfous Inventors today are work-| ing on radio “vision sets” which will bring in motlon picture form the likeness of the speaker or musician who s broadcasting simultaneously with his work. They have been dem- onstrated as perfect in laboratory tests, and there remains only the commercializing of the idea. Light, Heat and Power Plans. One of America’s leading set manu- facturers is now developing a system of transmitting light, heat and power by radio, which he expects to hav completed in time to introduce it at the second radio world's fair in New York next Fall. Developments of the radio fndustry in the past year have been astound- ing. Radlo has become the infant prodigy of trades. Following the au- | tomobile, the motion picture and the alrplane, it has taken a chief place in public interest. It has worked it way into the center of this Natlon's | commercial life, and estimates arc that the radlo industry has taken more than $350,000,000 out of the pockets of the Nation's spenders dur- Ing the past year, and that more than | 30,000,000 persons “listened in” by ra- dfo on the election campaigns. Man- | ufacturers declare that within tic next year 4,000,000 homes will be equipped with sets of the more ex- pensive type. Scope of Infant Industry. An idea of the hold radio has take: jon the country may be galned from the fact that there are 3,500 manu- facturers of radio supplles, 1.200 | wholesale distributors and jobbers. i30,000 ret#] dealers, 1,250 newspapers carrying columns of radio programs and news, 30 periodicals devoting their pages exclusively to radio and |50 magazines carrving radio sections. The accomplishments of radio dur- ing the past year have been apace with its growth in popularity. Per- haps the most startling of them al was the transmission df photographs from London to New York early in November by the Radio Corporation and the transmission of handwriting {only a few days back. Although pho- | tographs had been sent by telephonc | from Cleveland to New York during | the Republican national convention and from New York to Chicago, th likenesses of Presldent Coolidge, Sec- retary Hughes and others sent by wireless across the sea was an as- tounding achievement. A reduction of the time required Yor-transmissior to half or a third of the present 15 to 20 minutcs, wiih & voos queat de- | | T Top row, left to right: Fred G. Coldren, chalrma; PHOTOS BY HARRIS £ EWING of the parks crease in the cost of $200, will, ex- perts and business men agree, un- doubtedly result in the commercial- izing of the process and a trans- oceanic service for publications. Marconi Predle; Marconl, the discoverer of wireless, predicts a revolution in radio with the’ innovatlon of short-wave-length transmission. High-powered radio stations, he says, will be scrapped and replaced by small, cheap stations doing.more at less coet. The applica- tion of short-wave lengths, he say sends messages and programs with a fraction of the power necessary hith- erto at a greater speed and with less likeithood of the signals being af- fected by atmospheric conditions, so that service may be more continuous. Certaln’ the experiments con- ducted by Westinghouse Electrlc sta- tion KDKA, at East Pittsburgh, on a 100-meter wave length and by th General Electric Company Schenectady. on 105 and 13 have met with successful tance reception. With international broadcasting in its infancy, national broadcasting is now assured, and will be frequent on the premise that every important na- tional event must be delivered to local stations regularly. One princi- ple of long-distance transmitting is super-power—sending from one sta- tion with such power that it will cover great areas. The other is by rebroadcasting. Suecess of Rebroadeasting. Revolution. meters long-dis Rebroadcasting was the most press- ing subject of discussion among en- gineers at the National Radlo Con- ference In Washington in November. Through the interconnection of broad- casting stations through a network of land telephone wires and the broadcasting of programs on two- wave lengths, the finest music and entertalnment of the Nation and the important pronouncement of public men have been available to the entire country. When the American Telephone and Telegraph Company linked 27 stations together on election eve for the transmission of election returns it assured national broadcasting for all time. When the Republicans sat in Cleveland choosing their candidate for President 19 stations were carry- ing proceedings to the entire country by a telephone llnk-up. stations rebroadcast the Democratic convention in New York. Although radio relaying so far has not been dome through more than five stations, the success of the wide transmission of programs on several occasions has been great. The pro- gram Is sent out on two wave lengths at the same time. Over one it is de- livered to the receivers within the ordinary radius of the station's send- ing area. Over the other it Is de livered to a distant station, which in turn “steps it up” to normal broad- Twelve Reasons Point to Further Progress in 1925 Substantial business recovery occurred in the closing months of the year, and seems well under way for 1925. So far, this re- covery, says the Guaranty Survey, has been marked by no overpro- duction or excessive borrowing, and it has not attained the propor- tions of a boom or inflationary movement—in fact, solid and sub- stantial progress, based upon clearly -defined conditions, is its characteristic feature. The bases for the assurapce of further progress may be summar- ized as follows: 1. Ample credit and capital and < low interest rates. 2. Large retail and mail order sales. 3. Ample and efficient transpor- tation. 4. Increasing foreign trade: especlally a greater volume of ex- ports. # 5. Greater prosperity and saner regulation for our public utilities. 6. Improved industrial condi- tions, particularly in the motor, rubber and textile industries, and marked recovery in the ifron and steel industry, with rising markets for other metals. 7. Increasing employment of labor. 2 8. The high purchasing power of wages. 9. A reasonable stability and bajance of prices. # 10. Greatly increased savings and new life insurance written as evidence of thrift. 11. Strong stock and investment markets, with « larger volume of successful financing of both foreign and domestic offerings, 12, A reassucing political out look. at WGY, | Seventeen | | | | i theaters or concert halls .a distinct accomplishment. casting wave length, delivers it its patrons and sends it out again Perhaps the greatest piece of work in Its potentlal consequences of the last year in radio was the rezoning of the country into six territorial dis- tricts instead of five and the allot- ting to stations of new wave lengths by the Department of Commerc The range of wavg lengths assigned broadcasting has been widened to include those between 200 and 545 meters. Th will make receiving difficult for owners of the less selec- tive sets and may result in an In- creased purchase of the more ex- pensive outfits if high-powered sta- tions are to be turned out in Javor of low-powered ones On the other hand, greater distance will be cov- ered and the owners of less effective sets will be compensated in the pos- sibla reduction in the cost of the tube sets. to to Programs Improved. Partly through this taking the big- gest programs to the entire countr and partly through the growing popularity of radlo, programs have improved during the past year. Ma- terial for programs, broadcasters say. | will not be lacking in either quality or quantity for some time to come, and that without any great added ex- pense. Stations will exchange pro- grams with each other, they predict. | while the services of the highest- priced artists will be available through broadcasting their efforts ect trom the performances given in Minor made in celving sets, improvements have been the broadeasting and re- but there has been no basic change and there is no im- mediate prospect of one. Loud speakers will be developed until a better quality is achieved, assuring more falthful reproduction—which will probably be arrived at, manu- facturers admit, through the elimi- nation of the horn. Agitation agalinst the use of regen- crative receiving sets which produce disturbances to neighboring sets on | account of the radiation of sound has | been more or less successful and such | sets are in declining usage. 1 Among the most interesting fea- tures of the progress of radio during the past 12 months hdve been the strange uses to which it has been put. Helped Get Out Vote. Radio did much to get out the largest vote in the November elections this country has ever known. Through the broadcasting of addresses on voting as a duty of citizenship, and making it possible for owners of inexpensive sets in San Francisco to hear the na- tlonal candidates campaigning thou- sands of miles away in the East, peo- ple became better informed and more aterested than ever before in poli- tics. Broadcasting from the air by the Shenandoah in her tour about the country and from the ZR-3 on her trip across the ocean in which re- celving sets the country over fol- lowed the course of the air ships was ' The experiments of John Hays| Hammond of Gloucester in gulding | unmanned torpedoes, ships and air- planes from the ground by radio have been foilowed with considerable in- terest, and it is reported that, par- ticularly in England, experts are working to perfect a radio control for planes which also could govern the dropping of bombs in wartime by an aviatorless plane. Localizing signals have been used effectively to direct pilots of the air- mall planes, to inform them of their position and the weather prospects ahead. - Beacon stations, forming a | communication channel between the landing stations, have sent their mes- sages to pilots in the air as much as 100 miles away.” Compass statlons, directed by radio, like those located at the Brooklyn navy vard, Fire Island, Sandy Hook | and Manasquan, have given hundreds of ships that were wandering their vearings. Police have used radio to aid in the apprehension of criminals by furnishing the country with de- scriptions of those wanted. Lectures by Radio. | i Professors of several universities; | among them the Kansas State Col- | lege of Agriculture, New York and Columbia ‘universities. have lectured over the radio, in certain cases con- ducting regular _ “correspondence courses,” after which examinations were given and credit allowed for | those who reached a passing grade. That we did not get In touch with Mars at its closest position last Sum- mer was, perhaps, as well, for ex- perts have computed that it would have cost $750,000 a second to have radioed to that planet, assuming the most ideal conditions for transmis- sion. Commendable work has been done by radio amateurs of America during the past year. Not only have they broken down international barriers by exchanging messages with Eng- nd, Molland, Spain, France, \Italy, | {to be | ment re d playxrounds committee, Board of Trade; Robert N. Harper, president of Waxhing- ton Auditolum Company; Odell S. Smith, chalrman public safety committee, Board of Trade; George W. Offutt, chalrman of the bridge committee, Bonrd of 3. Leah, chairman of the school committee, Board of Trade: W. Plerce Raynor, chalrman of the trafiic committee, Board of Trade; Frank R. Weller, chairman of the water supply committee, Board of Trode; Martin A. Leese, chairman of the convention committee, Chamber of Commerce; Churles W. Darr, chairman of the police and fire committee, Chamber of Commerce. WIZARDY WORKED IN RADIO DEVELOPMENT South America and Australia, but they have been of considerable a getting messages and news dis- patches through from East to West and back again when telegraph and telephone wires had been torn down by storms. Yet. even with complishment, still to take. this record of ac- radlo has many steps Sets must be devised | which will not be affected by static; a more systematic method of using radio for Instruction must be devel- oped and the numnber of stations broadcasting programs in the coun- try must be reduced. At the last count, the middle of December. 535 stations were nightly, or almost night- ly, sending programs into the ether. The number has reached as high as 630. Jf there were many more than that there would be chaos on the air, for the number of wave lengths to be divided among them is limited. “Who Is to Pay?” The problem, Who is o pay?”" is yet settled. No definite plan of paying for the tremendous expense of broadcasting has yet been adopted. because there has been no need for one. When the need becomes suffi- clently acute the method will be found. Either the public will be taxed on all sets bought or the indu: try will be taxed and the procee turned over to a system for organiz- Ing programs. Radlo has taken its hold on the en- tire world, but as vet the States leads easily In the advance- of its broadcasting, according to David Sarnoff, vice president of the Radlo Corporation. “England follows us,” he said on returning to America from a study | of the foreign situation. “France and Germany have just begun. Other countries have hardly started. In all of them the freedom from censorship and restriction which exists here, is lacking.” STOCK PRICES SOAR AFTER ELECTIONS (Continued from Page Twenty.) and sales below the record-breaking rear of 1923, combined with increas- ing competition, naturally had an adverse effect on many motor shares, although Jordan, Nash, the Maxwell and the Plerce-Arrow issues develop- ed cousiderable strength in the last few weeks. One of the principal de- velopments in this group was the scaling down of the number of shares of General Motors through the i suance of a new common stock, which was exchangeable on the basis of one share of new for four of the old. Textile, chemical and packing shares suffered as a result of adverse trade developments, ~ necessitating the omission of the American Woolen common dividend and the institution of receivership proceedings against the Virginia-Carolina Chemical and the Wilson Packing Companies. Equipments continued to benefit from the large orders received from the leading railroad systems. Public utilities developed exceptional strength in reflection of a progressive increase in earnings by most of the principal companies and of economies | affected through several mergers. Sugars were depressed because of the | competition afforded by the Buropean beet product, which was seld here at concessions below the prices quoted for the Cuban and domestic crops. Chain stores and merchandising Issues recorded substantial gains dur- ing the year, some of the larger com- punies splitling up their stock in order to secure a better market and wider distribution. Fewer Stock Dividends. Stock dividends were not as numer- ous as they were the year before, but the increasing agitation for the tax- ation of undistributed surplus led to a belief in some quarters that a num- ! ber of the larger industrial companies would make some special distribution to stockholders in the coming year. An increasing disposition was shown durtng the vear to resort to stock financing, particularly by the rail- roads, whose poor earnings of . vious years had made such financing impossible. Among the active issues listed on the New York Stock Bxchange the wlidest fluctuation took piace in Nash Motors, which rallied from a low of 961 to close to 200. The narrowest RAuctuation was In Alaska gold, which sold between 10 and 25 cents a share. Total stock sales during the year approximated 275,000,000 shares, as compared with 235,000,000 in 1923; 260,000,000 in 1922 171,000,00 in 1921; 223,000,000 in 1920 and 307,800,000 in the record-breaking year of 1919, when the post-war inflation boom was at its helght. Total sales in November exceeded 40,000,000 share: makKing it the largest single month business sinee April, 1921, when sales ran_above 42.000.000 shares in the wildly excited trading that preced-d the Northern Pactic panie. United | “ontinued from Page Iighteen.) sergeants. . The change meant ad- vancement for nine of the older mem- bers. The cost of the new was $533,000. Police Department. Use of firearms and smoke screens, the former in hold-ups and pursuits land the latter used on cars of rum- runners, contributed to make the work of the Police Department more strenuous than heretofore. Because of the Increascd use of the dangerous smoke screen it was found n Sary to enact a regulation providing pun- ishment for persons who use them Work of the dry enforcement squads of the several precin the vice squad resulted in to justice hundreds of against the laws governing the handling of liquor and those dealing { with questions of morality Liguor |arrests and arrests for violations of the trafic regulations yntributed largely to swell the total arrests du ing the year to nearly 75,000 Milton D. Smith, president of the Policemen’s Association, working with department official contributed to the legislative accomplishment that will mean giving members ¢ the force one day off each week. Dur- ing all the years the department has been in existence its members have performed duty every day in the | year, exclusive of 20 days' vacation. | The ‘appropriation for 165 additional | men to enable the department to make the change effective was $297,000. Only one man in activ. |during the year. He was Raymond | €. Lelsinger, second precinct, who was shot to death the morning of August 28 In the matter of discipline a number of members of the force were cited before the trial board, many of thesn on charges of brutality grow- Ing out of alleged violence prisoners. Inspector Grant's tives had an especially busy and the work was conducted manner to bring man mmissioner James ¥ Maj. Danfel Sullivan 1500 Carx Stolen. bringing | force of Oyster year, more than 1,500 ing of cars being recorded. sreat majority of the instances -ver, it developed that the missing | ;ars were driven a short distance and ibandoned. About 125 of the reported taken have not been covered. Maj. Sullivan’s instances In a cars re- intensive campaign hibition enforcement 5,383 arrests and seizure of vehicles, mostly automobiles, large quantities of intoxicants. Included in the seizures of intoxi- cants were 9,787 gallons of whisky, 5,047 gallons of hard cider, 2,637 lone of alcohol, 2,003 gallons of wine, 1840 gallons of rum, 40 gallons brandy, 4 gallons' of benedictine, gallons of champagne, 31 gallons cognac, 7 gallons of homebrew and 5 gallons of cordials. Seizures also included {of beer, 784 Lottles of extrac gallons of mash and 38 stills. law resulted in and 708 bottl s, 6,810 District Coroner. Dr. J. Ramsay Nevitt, District coro- |ner. had a busy time during the past | year, signing a total of approxi- mately 1,500 death certificates. In connection with his work the coroner found it necessary for him to visit |every section of the city and county | Homicides, trafic and other acci- | dental deaths caused 137 inquests, and there were 182 autopsies performed, { mostly by Dr. Herbert E. Martyn | deputy coroner. | There were 29 killings classed as murder and 22 as manslaughter, most {of the latter cases being in connec- | tion with traffic deaths, in which {drivers were held for the action of |the grand jury. | Accidental deaths other than those resulting from traffic accidents to- taled 102. dents that happened in the District. Coroner Nevitt was called upoh to {pass upon a number of such fatali- | ties that happened in nearby States, Injured persons dying after reachin: local hospitals. The year's suicide record contains the names of 71 persons who found life so miserable that they felt un- able to live on. Some found death in the river, others took poison, and still others died by hanging. use of firearms or sharp-edged weapons. Traffic. Although there was a slight de- crease in the number of deaths from automobiles in Washington during 1924, the casualty list was long enough to stir officials both in Con- gress and at the District Building to a concerted effort to make the streets safer for the motorist and the pedes- trian And as the new year dawns there |are bright prospects for the early | to increase the number of judges and more rigld enforcement of the regu- lations. During the year there were 90 deaths on the streets, of which number 65 involved automobiles. The remainder were caused by other types of vehicles and public car- rlers. During 1923 the total of street ents was 91, of which 78 were sed by zutomobiles. Property Damage Low. During the past two months there have been a number of pedestrians killed by automobiles the drivers of | which failed to stop and reveal their identities. It was this situation which served to crystallize sentiment among officials and legislators for prompt action to increase the police force and enlarge facllities at Police Court in order to make traffic enforce- ment more stringefit. In addition to those killed, 34 per- sons had been seriously injured in | automobile accidents up to December 19. In 1923 the serious injurles to- taled 48. The police records show property damage aggregating more than $5.560 as the result of street accidents, which is about the same as the re- cord for 1923. ¥orm TraMe Board. In order to have in the city gov- ernment an agency to study gll traf- fic problems as they arise, the Com- missioners in_January 1924 created the District Traffic Board, composed of Assistant Engineer Commissioner W. H. Holcombe, Assistant Corpora- tion Counsel Ringgold Hart and In- spector Albert J. Headley of the Po- lice Department. The Commissioncrs during the year | enactment by Congress of legislation | provide other needed machinery for | | | service | tion nd | offenders | service died | tion toward | ing a detee- | pense vear, | tedera a|of the praises from | vailed for years. und | fa | Automobile thieves and joy-riders |newed were much in evidence during the|the joint reso | tion against violators of the national pro- | | would provide a seat for ever: gal- | In addition to fatal acci- | | settled | INDIFFE Wilson Funeral, Defense Test, Holy Name Meet Loom in 1924 With Championship Base Ball Series Are Outstanding Events for Size of Crowds Attracted. made minor amendments to tra fic rules, but they realized that legi lation was necessary to bring about marked improvement in the In their annual report gress early in December phasized the need for a traflic nore policemen and compulsors sentence for ariving a vehicle waile intoxicated. ¥ court nds for Signals. Congress a few weeks ago made available in a deficiency bill two ap propriations for traffic regulation. on of $5,000 for the painting of safety lines on the streets for pedestrians and the other an item of $10.000 fc the purchase of traffic lights and s nal devices. These signal dev 1 be sary if the boulevard stop system installed on some of the avenues that are natural traffic arterie The traffic board also is considering the substitution of a three-colored semaphore at downtown interseetions in place of the red and The third color would be a would serve as a get-ready warnin to both motorists and pedestrians that the flow of traff about o be changed. It would enable hi and pedestrians half across an inters to crossing before traffic moved amber and The by the ciations most important action Federation of Citizens' Asse during 1924 was the adop of resolutions reaflirming Its in the equity of having tha United States and District ments maintain the Natic a percentage ratio. After Congress early in the 3 ad temporarily departed from ti fxed pereentage basis by approp:iat- Tump sum of $9,000.000 as tho al Government's share of ex- for the current fiscal year, tha n renewed its indorsement ralf-and-half plan which pre If Congress shou'd to return to the 50-30 ratlo, the federation urged adherence to the 60-40 division of local expense. The organized citizens re- during 1 their support of providing for a taken belief 1 Capital on Fede also 24 ion ©of [ constitutional amendment that would empower Congress to extend to the how- | people of the District representation in the nate and clectoral college. The needs of t imed the attention of the fede on several occasions, and reso- lutions were adopted in support of a comprehensive building program that child House and in the e school syst m and eliminate half-day classe At the ual election Charles Baker retired as president of the fed- eration and was succeeded b; C. Suter, who has long b delegate in the organization. The committee on public utilities, of which William McK. Clayton is chairman, took part in practically ail hearings before the Utilities Cor mission during the year. The fed- eration, through Mr. Clayton, applicd in January for a reduction in tele- phone rates. The commission denied the plea at that time, but later in tha year reopened the inquiry into tele- phone earnings, and will hold a rata hearing in the near future \POLITICS AND BUSINESS ARE CLOSELY RELATED MORE THAN BEFORE Continued from Page 19.) 1o bring the world back to something approaching normaley in fiscal lations America Guides Whole olved but Ame Thing. problems are by no means all There are hreakers ahead, a effectively, though un- officially, is guiding the whole thing. There remains one other cloud on the horizon—interallied debts and the obligations due the United States. Unquestionably this, too, waits on American initiative and leadership and may be the outstanding achieve- ment of 1925. 1If it is settled, busi- ness in the United States will feel the effects and another factor 1will be added to the promise of prosperi World politics is interwoven, how ver, to an almost inextricable exten t with the reparation question re- duced formula accepted by the allied and associated powers as well as Germany, there is hope that its corroll the debt problem—will ba. a sensible appraisal by business ‘men of political circum- stances but with an ablding respect for the principle evolved by the Amer- ican government that part payment better than repudiation and can- cellation and that all nations should begin to pay debts to the extent of their ability (Copyright, 1924.) by RENT TRADE IN COTTON FOLLOWED BY REVIVED INDUSTRY (Continued from Page 22.) relieve tension in manufacturing c | cles remotely removed from the tex- tile industry itself and benefits will be difficult to overestimate. World at Large Will Profit. While the cotton grower may not receive more for the crop this year than last, returns will be more evenl: distributed and the world at largo will profit from an ample supply &t reasonable prices. For months now, values have ranged from 21 cents to 25 cents and the market has wit- nessed a degree of stabllity most wel- come after recent years of wild fluc tuations. The year 1924 has, therc- fore, brought back conditions mora closely resembling pre-war days than anything witnessed in recent histors. Taking the December position in New York as an index. prices hava fluctuated within a few cents of 23 cents as a basis during the greatef part of the entire twelve month Only twice, and then for a brief few weeks, did the market move out of its restricted orbit; once in July, as a crop scare sent the price above 29 cents, and again in September, when the rush of new crop marketing car- ried quotations below 22 cents. In the main, however, the record has been one of steadily diminishing oscillations under the powerful in- fluence of increasing supplies, which provide a much nceded and welcoma ballast after the sky-rocketing of recent vears. (Copyright, 1921, by Consolidated Buses.!