Evening star., 1926-04-30
APRIL CLEAR|NGS -.
OF BANKS HIGHER
Gain of SO, 500, 900 Over Last
Year Recorded by D. C.
80.
Institutions.
BY EDWARD G. STONE.

House Association. These returns re
veal substantial business improvement
in the Capital. as the bank clearirss
are considered the best available ba
rometer of mercantile conditions
everywhere
Total clearings for April reached
$ll5.S7S. .4O8, while for the same period
a year ago they totaled S112,360, 1859,
the exact increase in dollars in the
month just closing being $36l745s
The clearings for March of this vear
were s120,4gs. .287. but the decline ~
some $4,000 in April is considered
largely seasonal. as there is usually
falling off in business in Washing
ton and elsewhere at this time Of the
year. Bankers consider the gain over
April, 1925, as much more important
than the loss noted when the April
clearlngs are compared with those Of
the previous month
Trading Quiet on Exchange.
Trading was rather quiet or tho
Washington Stock Excha nge todsy
The most important transaction wa
the sale of 20 shares of stock Of The
American Security & Trust Co. az
SS4. One share of Riggs Nationa r
Bank stock went at ASS.
Thirty shares Of Merchants Trans
fer & Storage common changed hand
at 1l5 and 10 shares Of the preferred
stock of the same corporation were
sold at 100A. Two small lots Of Nor
folk d Washington Steamboat stock
sold at 2S0. Potomac Electric Power
IS recorded a sale at 106&.
W. B. Hibbs attended the exchs nee
session today for the first time since
his recent indisposition. He is much
improved in health and was mos
cordially greeted by his associates.
Chevy Chase Club Bond Issue. .
Notices were sent out today by the
board of governors Of the Chew
Chase Club, Charles j. Bell treasurer.
announcing a new bond issue of $3.50.
600, which will be dated July /. The
notice to members says in part:
In order to pay for the improve
ments now being made at the club
estimated to cost S275. 900, il is pro
posed to place first mortgage on the
property for the sum of $3.50 900, a,
512 per cent, payable 30 years after
Date, with an annual sinking fund or
l per cent, the mortgage to contain a
provision authorizing the club to re
deem said bonds, in whole or in part a
l02 and accrued interest. at anv inter
est period, after five years from date OF
issue. The proceeds of this loan vii,
be used, first, to pay off the outstand
ing bonds under the existing bond6G
debt of 100000. and the ba lance foi.
construction purposes.
The present issue contains a pro
vision authorizing the club to pay
them on on any interest date. but IL
is the belief of the board Of Cove,
nors, that the present holders will H..
glad to exchange the old bonds f"i
the new, on which they will receive
ola per cent interest instead of > p.f
cent.
The value of the property underlyinc
tne proposed bond issue has been AZ
praised by independent apprais isers as
having commercial value in excess
OF u 100000, thus ma king the pro.
poseo nrSt mortgage less than one
nall OF the value of the property mort
gagged. o..
The bonds will be dated July | an6
ISSUED In denominations of 81 900 am.
$500 each.
Local Bankers Views Lauded.
In the current issue of Trust Com.
panies Magazine appears an article by
John b. Larner. president of the
washington Loan and Trust Co. on
Irresponsible and Efficient Trustee
snip, reprinted from a booklet which
Mr.. Larners bank sent out containing
excerpts from lectures on Legal Ac
counting and Court Auditing" bv Her
bert L. Davis. The magazines eslito,
declares that the article renders q
great service at a time when SO many
trust companies and banks are EN-:
parking In trust department opera
tlons. The Washington banker
views are held TO carry great weight
because of his long experience with
and special interest in fiduciarv obi
cations.
In connection with this article 1t Is
interesting to note that Mr.. Laruer
has gathered much information with
a view TO urging the establishment
mere or some kind of corporate fidu-
ciaries association. which would be,
ter standardize the handling of this
type of business by the trust com
pan1es and national banks. Such as.
Soclatlons are working successfully in
other cities, and Mr.. Larner has been
securing data about their methods and
codes for the past two years. ONLY
recently he conferred with Charles ].
Bell. president of the American Sc
cur1ty and Trust Co, on the subject
The matter since has been taken M
by subcommittee of the District
Bankers Association. headed by John
Poole. and the idea fathered by MIR.
Larner is likely to take tangible forni
In the near future
Phone Revenue Increase.
The Chesapeake and Potomac TeIe-
phone Co.'S report of operations for
March to the Public Utilities Commits
sion shows increases in revenue, ex.
pense and net income rejecting the
three additional working DAYS in
March as compared with February.
This accounts principally for the fact
that March net income was $154.775.
as against $126.934 for the short
month OF February. March taxes
amounted to s50,305, as against S40.1I2
for March, 1925. The present month 3
taxes are somewhat lower than iri
February. due to some adjustments In
February.
The report shows the company n
have expended during the first threp
months of the year the gross sum NJ
S5I8,412.40 for new plant and equip
ment. This was offset by retirements
aggregating to $242. .47O.54, so that the
net cost of the new plant and equip
ment added during the first three
months of the present year was $685..
941.86. Net additions to the plant fot
the past 12 months aggregated ST.
691 .329.7O. ..
Bankers OF for Spring Session.
George o. Watson. president of the
Liberty National Bank. left Washing.
ton yesterday to attend the annua
Spring meeting of the America "
Bankers Association at Pinehurst.
N. c. The meeting is one of specia
committees rather than a general con
vention. Mr.. Watson is a member Of
the public relations committee. He
was accompanied by Mrs. Watson. /:
Joshua Evans. jr., executive vice
president of the District Nationes
Bank. who is a member of the ad,
ministrative committee and also OF
the executive council. and John u.
Larner. president of the Washington
Loan & Trust Co, member of the
executive committee of the trust conS
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