Evening star., 1924-07-31
BANK CLEAR|NGS
HIT NEW JULY TOP
s10,o00,o0o Better Than
Year Ago--Local Exchange
Dull--0ther Timely News.
BY CHAS. p. SHAEFFER-


Clearings of local banking institu-
ttons made a new high record for the
month, closing today, with a total OF
Sl0o,97o,204 passing through the as
ISOLATION, Charles E. Bright, manager,
announced this morning. This betters
by approximately $4,000, 900 the sso,-
9S6,35l OF exchanges in July OF last
year. the former peak for the month.
Today's reported sum, however,
lacks about 100000 of approaching
clearfngs for June, this year. which
established the peak of all time for
monthly clearings. June always marks
the heaviest disbursement of local
tunds, caused primarily by income tax
payments, dividend disbursements and
depletion of bank deposits to cut down
the taxable total on which the iptan-
Sible tax is levied.
Eor the year to date approximately
sSU, 100000 has been recorded in
check exchanges. this amount being
about s30,000,000 in advance OF the
hrst seven months of last year. y
new yearly total is thus assured for
1924. In 1923 the years total ex-
changes amounted to $1,l02,158,974.
l.. R Steel Stores Get Started.
Steers Consolidated, Inc. in the
SOnSOnQatGd
Limited, in Canada, the new chain
store organization which is the out
growth Of the former l. r. Steel chain
store and realty enterprises. has is
sued It's first consolidated balance
sheet showing total assets Of s3,036,-
059.62, with no accounts or bills pay
able, and only s35,333.33 in current
liabilities consisting of mortgage
payments on real estate maturing in
1924. Except for capital liabilities, the
a S1
representing mortgages and property
purchase agreements covering a long
period Of years.
The new consolidated companies
real properties occupied by chain
stores; six real properties held as in
vestments and 20 leaseholds, of which
- are now occupied by Steels Con-
solidated stores.
Walter NJ. wilkins, president of the
companies, estimates that the gross
volume of business during the first
year based on present sales in stores
will exceed 100000. The actual orr
ginal cost of the real estate and
buildings was almost S4,006,00
North Americans Earnings.
The North American Company is
offering s100o0.0o0 of preferred stock
6 per cent cumulative and is Of $50
par value
In its latest report the company
showed s1s,0s5,750 of this stock out
standing, and the offering today con-
sIsts of stock taken from the COM
pany's treasury. The company has
been engaged upon a large expansion
program in recent years.
In report Of earnings as OF May 81
a balance of s9.205.O00 was shown
after all charges, including deprecia-
| ton. or about eight times dividend
requirements on the preferred stock
! then outstanding and more than FIVE
times dividend requirements on the
total amount TO be outstanding after
| this additional issue.
Local Exchange Quiet.
The dT!lest trading of the month
prevailed on the Washington Stock
Exchange this morning. Transactions
| were restricted to utilities. at un-
changed 10 weaker prices.
Traction SIS sold at 9s4, with Gas
5s pegged at s8- Railway As changed
hands at -, with Gas IS selling at
par and a half. Capital Traction was
selling off a quarter point at s5.
Business slump Seasonal
While June witnessed a further
slowing down in the business in the
crease was moderate and little more
than seasonal, it was stated in the
monthly review just issued by the
Richmond Federal Reserve Bank
| -NO duuII!Oudl S6k Spots were no.
ticed and conditions in the coal and
textile fields grew no worse. the re-
view said.
| Local Chapters Honors.
Miss Florence Willer, new pub
| licity agent for the local chapter.
American Institute of Banking, today
called attention to the attainment of
honors by the local delegation at the
/ recent convention of he national body
| in Baltimore. These included the ap-
pointment of Mrs. Helena D. Reed to
! the craftsmanship of the national
| woman's committee; the q appointment
| of James c. Dulin, jr., to m embership
on the national publicity committee,
and the award of first prize to r.
! Hunron Leith for the best publicity
effort during the last term.
Thompson on Vacation.
| Eugene E. Thompson, president OF
the local stock exchange. is on a
| short business trip to New York
City.