Evening star., 1927-05-01
APRIL CLEAR|NGS
TOP ALL RECORDS
First Four Months Total Also
New High Mark, Clear
ing House Shows.
BY EDWARD c. STONE.

Bank clearings in Washington dur
ing the month Of April smashed all
previous records for the month, ac-
cording to the figures Of the Wash
ington Clearing House Association
made public yesterday. Records of
local bank clearings for the first four
months Of the year have also been
shattered.
Clearings for the month totaled
Sl24,139,3 9,370.S5, compared with $1l5,-
S.40S.73 in April. 1926, an increase
of $S160, ,96212, and with Sl2l,5l0,-
442.47 for the previous month this
year, thus recording a gain over
March Of S2.628,928.3S
For the first four months of the
present year the figures are also well
ahead of the similar period in 1926
Local bank clearings SO far in 1927
have reached the sum of $466.072
72S.7S, while a year ago they amount
ed to SASS. .246, ,711.68, the gain in favor
of 1927 being 2601710.
Great interest is attached to the
Clearing House figures. as they are
supposed TO be one of the best ha-
romcters of business conditions. They
are not infallible, however. The fact
that April clearings are the highest
in the history Of the Capital would in
dicate that business was also at the
peak for all time. Merchants say this
is not the case. Tt is improving, but
not breaking speed records. they say.
No doubt the great number Of Easter
visitors played an important part in
boosting the clearings to new heights.
TumuIty District Bank Director.
Joseph P. Tumulty, the late Presi.
dent Wilson's private secretary during
two terms in the White House and
now a Washington lawyer, has been
elected a director in the District Ma
tional Bank. He takes the seat made
vacant by the recent death of J. S.
Tyree, who had served the bank for
many years.
Mr.. TumuIty has made Washington
his home ever since he left the White
Hous5 secretaryship. He recently came
into financial prominence all over the
country by acting with Joseph Glass
as one of the receivers for the Middle
States Oil Corporation. His efforts in
helping to straighten out the tangled
affairs of the big oil concern were
highly successful.
The new bank director is a native
of New Jersey, having been born in
Jersey City on May 5, 1879. He was
admitted to the New Jersey bar in
1902. Mr.. Tumulty was Mr. Wilson's
secretary when the late President was
governor of that State.
Bank President 73 Years Old.
francis NJ. Savage. president of the
Central Savings Bank. will be 73 years
of age tomorrow. The banker is en-
Joying excellent health and remains
active in business. Mr.. Savage has or
ganized a number of successful banks
in the different places where he has
lived, the most recent ones being the
Northwest Savings Bank in this city.
which is now a branch of the Riggs
National Bank, and the Central Saw
tngs Bank
Mr.. Savage is a native of Kentucky
and has always been deeply interested
in education, Identification and social
betterment of the cities in which he
has made his home. He has been an
extensive traveller in nearly all parts
of the world. The bank president is
at present a member of the Chevy
Chase Club, Archaeological Society,
Board of Trade, Columbia Historical
Society and the Masonic fraternity.
Golf is his chief recreation.
The Central Savings Bank, which
he organized in 1925, will be two years
old in a few days. Its deposits now
total $615,544, gain of $3.50 ,29S since
April of last year.
Gas Stock Is Market Leader.
The sale of so shares of Washing
ton Gas Light stock at 733f was the
largest transaction on the Washing
ton Stock Exchange yesterday, the
week ending with prices firm. The
same corporation's series B bonds sold
at 1854, while Washington Gas 5s
sold at 101s4.
Washington Railway & Electric pre-
fatY-a6 aar or hal
share of Second National Bank stock
changed hands at 231. Merchants
Bank & Trust Co. stock sold at 155 u.
The weeks trading was concluded
with a sale of 100 shares of National
Mortgage & Investment preferred at
So
Would Aid Civic Organizations.
The dinner forum meeting of the
District of Columbia Life Underwrit-
ers' Association at the Raleigh Tuesday
evening promises to be an unusual
affair. Financing Philanthropic
Work will be the subject of an ad-
dress by Edward A. Woods of Pitts
burgh. and some of the officers of the
leading civic agencies in Washington
are to respond with talks of five min
utes or less. There will also be
question regarding the comparatively
new method of money raising. In
nutshell, the idea is that a person
carrying considerable life insurance
may make a portion of it payable after
his death to some civic orgnization.
The life underwriters committee in
charge Of the meeting consists of Wal
lace Hatch, Mrs. Edith Salisbury,
John DOlph, Earl S. Hoffman and H.
J.. Choate. The dinner begins at 5;45
and the address at Z o'clock. r. p
Freeman, 1919 F street. is in charge of
the tickets and II. Cochran Fisher
chairman Of the publicity.