Evening star., 1923-04-30
APRIL CLEAR|NGS
SHOW SLIGHT LOSS
Over 100000 Gain for .
First Four Months of 1923.
Financial Notes.
By I. A. FLEMING.

u.
Bank clearings OF the banks o.
Washington for the month OF April,
ending today. were $90.707.24o, show
ing loss OF less than 100000, as
compared with the preceding month.
This may be readily accounted for
by the fact that there are but thirty
days IN the month and that there
were five Sundays in last month.
While this Is q decrease in the con.
parison mentioned, the showing o4
April Of 1928. as compared with tho
corresponding month Of 1922, is great
ly IN favor Of this year, the gain be-
ing s11,5s7.O00.
For the frst four months OF to
current year the clearings totaled
S357.236,345, as compared with s305,-
5S4,7S9 for the corresponding month
of 1922, indicating an increase III
business for the last four months o@
S51. .651,556.
Business at the banks today was
decidedly good, the usual last-of-the-
month hustle being in evidence a.
most everywhere.
National Metropolitan Bank.
This morning the National Me-
| ropolitan Bank took possession %
seven rooms heretofore devoted to
offices in its building, and have al
ready installed their bookkeeping de-
partnent therein and will later trans
fer one other department to the ne"
quarters.
This means that the trust con-
pany business Of the Metropolitan has
larger quarters have been arranged
for in the main banking Offices.
installed whereby bookkeepers MAY
| communicate with tellers and officials
and vice versa, SO that there VIII 10
no delays in transactine business.
| Of card advertising that is competirg
| with the pictures shown by Keith's.
Bound for Cleveland.
James c. Dulin, jr.. Of the American
| Security and Trust Company; Mr.
| Bealer Of the Commercial Nationa!,
\ Misses Florence NJ: Villa and Cath
tional, r. Hunton Leith of the Security
! Savings and Commercial. r. Jesss
Chaney of the Commercial and e. J.
McQuade Of the Liberty National
| Bank are among the elected delegates
| to attend the national convention or
the American Institute of Banking aI
Cleveland who have signitied their
! intention of attending.
Local Securities Neglected
It was the dullest day OF all the
l glad New Year on the local stock
market; indeed. the exchange migns
! just as we'll have called 1t holiday
so far as the business transacted was
! concerned.
Imagine a record Of ten shares q
Capital Traction at ssA twenty
| shares of Lanston at 77& $500 Poto.
mac refunding. Is at 1o7, and 500
Potomtc general 6s at 100.
| Railway common was offered az
! the best hid made. If ever there was
a discounted dividend Railways dis
! tribution on its common stock wa.
| one.
| Mt. Pleasant b. & L. Election.
Following is the result Of the annual
election of the Mount Pleasant Build
| ing and Loan Association:
| DR.. Seneca B. Balm. president; George
r Harrell. vice president: Charles ].
| Clayton, secretary; g. Carroll Dimondr
assistant secretary Harley Y. Speel-
man. treasurer, and W. J. Bowman
| collector.
Directors-Dr Seneca B. Balm.
Charles T. Clayton. Harley V. Speei-
man. Adam II. Gaddis. Paul +. Grove
Saul a h1loano LOUIS, c George ore + + Harren. 6.
/ Carroll Dimond, Frederick J. Rico
| Francis J. Ford. Oliver W. Young
blood DR.. Harry A. Locke. Il. h-
| Hobart and James V. Burke.
| The new headquarters OF the asso-
citation is at 3O14 Fourteenth street
Stockholders Hard Hit.
| Shareholders in the Cleveland Dis
count Company were hard hit in tha
| disaster that brought the corporation
into receivership. The company is
! to be the second largest mortgage
company in the United States
Receivership dated February q
after the attempt to reorganize fol
lowing the withdrawal of Josiah
l X fQrn1arlv president
pany, and Gage E. Tarbell. formerly
! a vice president of the Equitable Life
| Insurance Company. Mr.. Gage was
an important cog in the wheel. being
in charge of the New York office and
having direction OF sales of securities
throughout the eastern section.
The company holds s5.oo0;co1
more Company at Rye, y. V. whers
| the bankers were in session last
| week.
! It is now believed that the stool.
! holders will lose about $7,000.oOo out
! Of their investment Of s9.000.000.
Bondholders may not be heavy losers
; they are selling on the unlisted lisi
| at Cleveland at Go to 7J.
Comment by Reserve Board.
Rapid expansion of credit demand
and industrial production were noted
| in a formal statement of the Federal
I
| April conditions, with the warning
| that "a continuance Of this credit
| demand must soon result in increased
borrowings by banks which are men,
bers of the federal reserve system
| and of the federal reserve banks"
In it's discussion of the expanding
production, the board declares sub
! stantial" increase in the demand for
currency is in prospect if the rapid
| growth of pay roll amounts continues
as it has since the middle of 1922.
| Should more currency be needed the
board adds, the banks will seek
| greater accommodation from the re-
| serve banks to secure additional cur
| rency.
The present lending capacity "a
| the country's banking system, In view
! of the great growth of the reserves
at the reserve banks" the statement
! says, sis now far in excess of the
| credit needs of the country's produc-
| tive capacity. In such a situation II
| is the available supplies of labor and
equipment and not the potential sup,
ply of credit that in the end must fin
, the limit which may be attained by
aggregate national production. As
! these limits are approached credit
! policy must be increasingly influenced