Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-04
c. & 0. EARNINGS
WELL ABOVE 1926
Drop in Weeks Bank Clear.
ings in Some Cities-LocaI
Financial Notes.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Earnings Of the Chesapeake and
ohio for the first eight months of 1926
are wen ahead Of 1928, says W. J.
Harahan. president. who thinks re-
turns for the last four months will
equal those Of the same period last
year. He believes about $22 share
will be earned on the stock this year.
Some Bank Clearings Fall on.
Bank clearings continue to make
quite q satisfactory showing. Total
exchanges this week at all leading
cities in the United States. as report
Cd to Dun's Review. are So, 1872 1853 900.
an increase OF 0.4 per cent. The week
this year includes only two days OF
the heavy September list settlements.
whereas a year ago there were three
days. Furthermore. bank cleartngs a
year ago were record figures for that
period. At New York City clearings
this week amount to $5.012 200. 900. an
increase Of "a per cent over last
wears, while at leading centers out
side Of New York the total Is $780,
1853 900, decline of 90 per cent.
OF these 90 outside cities there are
- showing decrea ses and s in which
than they were q year ago. the latter
including Boston. Pittsburgh. Detroit
and some of the Pacific Coast centers.
Large Holdings by Employees.
The value OF stock holdings by en-
ployes throughout the country has
beer pla ced at more than S7O0.Ooo.ooo
by the industrial relations section of
the department of economics at
nS.. v,,s. =. H.,
garded as q conservative figure. de-
rived mainly from companies having
a definite employe stock selling plan.
The American Telephone and Tele-
graph Co. is listed as the one hav-
ing the greatest employee ownership
and is credited with S170.000,000 Of its
stock in the hands of it's own work
ers. The United States Steel Cor
poration comes second with $780,
100000. the figure then dropping to
100000, which Is said to be the
value OF its stock owned by EN-
ployes of the Fleischmann Company.
Local Trade Gratifying.
The latest review of banking and
trade conditions in the fifth Federal
Reserve is highly gratifying. one
point of specia, interest being that
81 department stores in this terri
tory reported batter business in Mid
summer this year than last. sales
revealing gair 80 over 3 per cent.
Rising deposits and volume OF bank
ing transactions indicate continued
prosperity
The increase IN Iha prices received
for tobacco FROM 90 cents a pound
at the opening OF the market on Au-
gust 10 10 figures above those of
any recent year is pointed out by
the Federal Reserve Bank as con-
Stituting perhaps the most important
element In the improved outlook. 1t
is stated that, "in spite of the lower
yields of tobacco this year. 1t now
appears likely that the money re-
turns to growers may exceed receipts
from last years crops"
Announces War. on Fraud.
Eugene L. Thompson, head OF
Crane, Paris & Co. and a member of
the Investment Bankers Association
Of America, reports that the national
organization is planning special
drive against statesmen handling
worthless securities. Arthur G. Davis
who is credited with driving 60 bucket
shops out of Chicago. will conduct the
campaign, which will be Nation wide.
Investment houses all over the coun-
try will be asked to lend their active
support 90 the campaign. Members of
the Welsh ngton Stock Exchange and
the District Ranke-. Association are
heartily In accord with the movement,
both OF these organizations having
long ago :naugs rated movements Of
their own along the same line.
Notes Fr..m Financial District.
Arthur j. Morris. founder OF the
Norris banking pan. has been in the
city conIerring with Bertram Chester
man, manager of the local office. Mr..
Morris says there are two vital factors
in passing on bank loans--the first
character and the second capability.
Merger of the local offices of the
kardex Rand Co. Library Bureau
and the Safe Cabinet Co. has been
:nent by !. \. Carmack local man
ager. The display and sal"Srooms are
located at 143 Fifteenth street north
west. and the executive offices are in
the Commercial National Bank Build
Ing.
The regular bulletin OF the District
uf Columbia Bankers Association. is
sued g. printed form instead OF the
usuai mimeograph style, appeared to-
day. The innovation will be appreci-
ated by ti.oSe who read this impor-
tant publ, alton and i: will also, per-
NIT OF Il ;ai ger amount Of information
being carried.
Charles J. Dienelt Of the Washing
ton Loan and Trust Go. is back at
his desk after severe illness OF sew
eral weeks.
b Gwynn Dent. assistant cashier al
the Riggs National Bank. has re
turned TO his desk after a months
vacation spent at Orkney Springs, Va
V r.. Booker If Y. T.. Booker 4
Co. is spending the week end and La
Dor day in the vicinity If Norfolk.
Bank Deposits Falling on.
Moodv's Weekly Review OF Finan-
cial Conditions says in part:
Money rates continue To grow
frmer. and this is especially true OF
four TO six months money. These
rates ure rising faster than expected.
even though II was expected that they
would rise faster than in the typical
Autumn.
Bank deposits are sagging little.
while loans are rising. even though
August IL not an active month in
the banking business. Probably this
means that expansion plans and
optimism are increasing loans and
causing a little drawing down Of de-
posts. In spite OF the very good cur
rent profits Of business concerns.
Thus the immediate position of
tie stock market IS becoming doubt
full. BONDS are neither strong nor
weak, but merely steady. Probably
a coed policy now is to take a middle
course-buying a diversified list of
long, medium and short term issues"