Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-20
SLIGHT DROP HERE
IN BANK CLEAR|NGS
Richmond and Atlanta Also
Lag, but Baltimore Gains.
Financial Notes.
BY EDWARD c. STONE.


WASHINGTON bank clearings for the
week ending August IS were lower
than for the week of August IL and
also below the figure for the CORE
spending week in 1926. Checks can
celed by the local clearing house to-
tailed S23,240,O00, compared with $685.
364 900 during the previous week and
a. decline Of So over the same week
last year.
Richmond also reported a decline in
clearings over the week Of August II
and quite a marked drop of 40.3 per
cent over the similar period last year.
Atlanta clearings were not up to last
year, but substantially ahead Of the
previous week.
Baltimore, however, reported clear
ings Of $106,610,000 against the Au-
gust II total of $100.384. 900 and a
very slight increase over last year.
Clearings in the United States. as a
whole, according to Bradstreet's. made
small gain over both the previous
week and the like period a year ago.
New York and the larger cities in the
West made the best showing.
Sees Bull Market for Years"
An Associated Press dispatch quotes
w. G.. Durant, sailing today for
Europe, as saying:
Il believe we are drifting into n SO
called bull market unprecedented In
magnitude which will extend over a
period of many years" Good securi
ties would sell higher than ever be
fore, he asserted. and money was SO
plentiful it was almost drug on the
market, with prospects that in the
near future the present rate for time
money would be considerably reduced.
Calvin Coolidge may not choose to
run for the presidency, but the peo-
pie may choose to nominate and elect
him. Coolidge is a good President
and has made a wonderful record"
Credit Situation Declared Sound.
"A combination of circumstances,
says Moody's Review, Including the
liquidation Of a weak pool, the in
cidental failure of a stock house and
the illness and death of Judge Gary,
than 20 per cent thereof has already
been recovered. The time does not
seem ripe for any real break in the
market"
National earning power and saving
power have within the past two years
so enlarged our total supply of loan
able funds or liquid capital that brok.
ers' loans, even now, are not at all
overeXtended as compared with the
lending ability of bankers and CAPT
talsts. In brief, the credit situation
appears entirely sound
Bradstreet Reports OH Trade.
Bradstreets report for the week on
trade conditions in this territory says
Wholesale and jobbing trade gen
orally continue fair, although improve.
ment is noted in some lines.
Crops generally in this section show
improvement, particularly in the
South, with cotton and tobacco lead
ing.
Retail trade Is below normal. al.
though mark down sales have acted
as a Stimulant.
Dry goods and notions are better
and prices are rather firm, while there
exists a quite hopeful feeling that the
Fall months will bring about much inn
proved conditions. Trade in electrical
and plumbing supplies shows slight
improvement.
The fact that during the first half of
this year gross earnings Of the Balti-
more and Ohio increased approximately
So, 900 900 and net earnings approx
mately $2,000,000, setting a new high
for the period. seems to lead to the be-
lief that last years record earnings
of S17.20 will be exceeded by a comfort
able margin during the current year.
The Federal-American Co. soon will
offer fret mortgage note issue of
1925 900. secured by the recently COM
pleted Hill Building, Seventeenth and
o streets northwest. The notes. bear
ing 6 per cent interest, are dated Sep
TENDER ], 1927, and will be amortized
over a period of five years until ma
turity, September !, 1882.
Loew's, Inc. has declared a regular
quarterly dividend of so cents, pay
able September 80 to stock of record
September 10.
tween American Ice Co. and City Ice
& Fuel Co. Of Cleveland, looking to-
ward a merger.
There Is no apparent evidence of
either depression or BOOM" states
the KardeX Institute, in reviewing the
general business situation.
Bankers Committee to Meet.
Thomas w. Brahany, chairman Of
the committee on publicity of the Dis
trict Bankers Association, has called
the first meeting of the year, the date
being next Thursday afternoon at
headquarters. f. P. II. Siddons, who
was chairman of the committee last
year, made several recommendations
at the Hot Springs convention which
will be considered at this meeting.
Cities Service Earnings Gain.
The statement Of earnings for the
Cities Service Co. for the month of
July shows an improvement over those
Of the previous month. Gross earn
ings for the same month last year
were $1,897, 312.77, compared to S2,700,-
204. As this year. For the twelve
months ended July 81 this year gross
revenue of the company was 0,078,-
734.07. an increase Of $8,000,000 over
the 1926 earnings.
Bank Ready for Flower Show.
The arrangements have been COM
pleted for the annual flower show
given by the Federal-American Ma
tiOnal Bank on August 20 and 80. In
the Spring the bank gave away more
than 10000 seeds, so that the coming
exhibition is likely to be a record
breaker. AS already anncunced. two
experts, George w. Hess and David
LumSden, will be the judges and
award the prizes.
RITTER SHOWS | OVER