Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-07
BANK CLEAR|NGSU Up
As 1928 STARTS OFF.
Local Check Payments
Ahead Of Previous Week.
Nearby Farmers Do Well.
BY EDWARD G. STONE.

BY EDWARD &. STONE.
The total volume of checks passing
through the Washington Clearing
House during the week ending on
January 8. WAS more than $s.00o,eoo
larger than the check payments or tne
preceding week. but 17.6 per cent
under the clearing for the correspond
ing week a year ago. Clear1nes ior
the week amounted to S27,34s, 900.
compared with $Zl.472.000 for the
previous week.
The cities Of Baltimore and. Ricn-
mond showed the same conditions.
Baltimore clearings were $l2o.s42,o"o
against x88,425.0O0 for the previous
week, but a decline of more than ,
per cent below the record of last year.
while Richmond reported cIearings
for the week of January >. of $33.36O.-
900 In comparison with s36,o43.O00 Tor
the week Of December %. the latest
figures being IA per cent below the
record OF a year ago.
Ciearings for ~the country as
whole also showed gain over the
previous week. according 10 braa
streets figures. and the country al
large presented a gain of II per cent
over the ciearifigs of the same week
year ago.
While below last years record
check payment. the figures for WASH
ington make an excellent showing TOT
the first week Of 1928. The 1873 busi-
ness infant appears to be getting a
healthy start in life.
Good Year for Nearby Farmers.
Farmers in the Fifth Federal Re-
serve District. which includes Mary
xsxxtu ara N haffpF
ton than they we're a year ago. as
1927 was n fairly favorable year for
agricultural work according TO the
Federal Reserve Bank Of Rich.:iund.
Crops in this district turned out wei.
a fact Of importance TO banking ana
business interests.
There are sections OF the district
In which conditions were not good. the
bank said, notably In southern, cast
ern and central South Carolina. but,
on the other hand. the Piedmont coun-
ties Of that State gathered the largest
cotton crop in several years.
As whole, the cotton crop OF the
district was much more profitable than
i'm 1926. both because Of higher prices
In the past year and the cheapness
with which the crop was grown.
Farmers raised increased supplies Ut
food and feed crops during the year
and are in position to begin 1925 oI'er-
atoms advantageously.
Bankers Favor Legislative Bills.
The administrative committee of the
American Bankers Association Is urg-
ing an amendment to the national
bank act. providing that no deposition
to whom has been forwarded a state
ment of account can claim incorrect
ness Of same for any cause after
n rea ss,tabie lime. and in no case ex
ceeding five years from date OF rem.
dition of such stat ament. The cum
mittee on State legislation was di-
rected TO urge similar legislation
Though state orga nizations OF banks.
The committee has also approved
the principle az the hill now before
CCngre - prohibiting the shipment OF
pistols and other concealable weapons
in interstate commerce. provided /,
contain the same exceptions as the
Phipps-Miller bill signed by President
cooli,lSe last February.
The committee has approved the |
principle 1T the measure drafted by
the National Crime Commission regu
iating the sale. possession and use vt
conceivable weapons, and the bill now
in the House prohibiting the transpo.-
tation OF stolen property in interstate
OF foreign commerce. has been IN.
dorsed.
Southern Diaries Report Scan.
The Wall Street Journal says that
the Forthcoming annual report of
Southern Diaries, Inc. and suhsidi.
aries for year ended December 81,
1877. will show net profit Of between
$sao,0oa and x3ae.00o after deprecia-
ton. interest. Federal taxes. etc,
which would compare with $.sS.SSS
lin previous year. Report viii shuw
heavy depreciation charge amounting
TO $500. 600. against <sls.iss set aside
Tor the same purpose i'm 1875.
The cool Summer. which resulted
In ice cream sales dropping Is per
cent below the previous year. to-
gether with the losses i'm E'iort,ts
business, were responsible for the
smaller earnings
Tn December ~. tass. COMPANY had
outstanding lse 400 no par shares Of
s. class A stock and sss.aea no par
shares of class Il stock.
Southern Farms sl4 Per Share
After allowance for all fixed charges
and preferred divide A,is. u Is estimated
shat southern Railway earned Si& q
share I'm issr, For the first Ill months
Of the year estimated earnings were
equivalent To Sts,ss AZ compared with
$i3.sS. These per share estimates are
based on i.S0a. 900 shares now out,
standing. In Decemher. 1895. South
erns net Income from railway opera.
TONS was sS.61s >eou After allowance
for other Income. tixei charges and
nreferred dividends. the net available
for the commcn stock was equivalent
Tn $i.0s per share. Southern's Eross
income for Deceaher will he less than
last wear Net .nvcme, however. should
make better showing and run fairly
close Ia December, 1925,
thS itl-nd Actlaa Approved.
Stockholders of the National M@t,
gage 4 Investment Corporation at the
annual meeting Tuesday exnresss',i
themselves as approving the passing
of the regular semt,annuai dividend
on the preferred stock. In expsaintng
the attitude ot the directors. President
Frank J. Hughes said;
AS YOU knew. our comfssny has
taken In considerable property. lsarr
ticularly during the las, six months |
at this year, and In order To safe.
guard ttS hest interests the hssafd
deemed u advisable To- keep the as
sets ot the company as liquid as psss'
sihie,
"The adoption et such policy was
aet'eSsarS sn er,ler tu nruNttie AMPLE
Nash to protect ourselves agatn~t
eriar items ~ "Reminiscences and to
have available cash reserves for eon'
ungencies af all kinds
THE ContN.ny'A Affairs rtNuusle
Aas hat All