Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-25
HOLIDAY IS CAUSE
OF CLEAR|NCS DROP
Business Now Practically
Same as Year Ago, Accord
ing to Weeks Reports.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Bank clearings here for the week enc
ing February %. holiday week. totale
SCI $4,000 and were lower than Il
previous week. when they amounted
S24,55S,o00, and also l,3 per cent belo
the figures for the corresponding wee
in 1927. The preceding week also ir
cluded Lincoln's birthday, but this hol
day was observed only among tn
broker Offices in the local financial dis
trict. while the banks and all bushes
places were closed on Washington
birthday, The Clearings indicate tina
there has been little change in loo:
business conditions during February.
According to BradStreet's Review
| clcarinGS over the country as whol
showed ecline. Baltimore'S ban
| clearingS fell Of to S92 900 fror
! SSo,l24.000 the previous week: Rich
nond clearings dropped to S36.123.00
from S42,852,000 and were II per cen
below the same week a year ago. an
| Norfolk also was among the cities re
| porting slump from the previo,i
/ week. as we'll as being below last yea,
| Local Credit Conditions Steady.
| The statements of the Federal Re
j serve banks for the present week sho,
tnat there was decline in direct Dor
/ rowing Ill the form of rediScountS a
the II institutions. such holdings drop
ping to S46l ,o44000 from $48l 900. 90
the week previously. Yet the volum
! was we'll above year ago, when re
| discounts were S397,572O0O.
| This weeks return showed that tn
Reserve banks reversed their move @
/ the previous week. selling Government
securities instead of adding to thei
/ holdings. Government bonds in tn
/ hands OF the banks stood at S4ol .5l2.
600 February II. against S408.443,O0
| February Is and S305 .208 900 a yea
| ago.
So far as the local fifth district wa
concerned there was only a Sigh
| change in the volume of Reserve BAN
! credit IL use compared with the pre-
vious week. total bills and securitie
| standing at S55.479000. against S55,
III 200. The Richmond banks rati
| stood at 64.42 per cent, approximatel
the same as week ago.
Local Bank Auditors Organize.
Washington has a new organization
known as the District of Columbia Con
ference Of Bank Auditors and Con
! trollers. The officers are: j. D. Faber
auditor American Security e. Trust Co
president: Raymond D. Marx. audito
Riggs National. vice president. and r
EnGicott, Washington Loan g. Trus,
secretary and treasurer. Other chaIte
members include Arthur J. Linn. con
troller Federal-American: William NJ
| Harris, auditor Lincoln National: Aud
lay a . SAVAGE auditor NATIONAL "a
ingS & Trust, and several expert &C
coGntantS connected with local banks.
The organization. which has the ap
prevail Of the District Bankers ASso
citation. comes under the clearing hous
section of the American Bankers AS
ISOLATION. There are now 81 such or
CARNATIONS in the country. The new
organization Is especially interested il
the progress made toward more com
pletely standardizing banking forms
This is a subject which has been give,
attention by special committee o
local bankers. headed by E. J. McQuade
many of the standard forms suggested
having been widely adopted by tn
banks in this city.
Penn Mutual Makes Good Report.
The Penn Mutuals eightieth annua
report has Just appeared. Receipts 10
the year were SSi, 1892 The amour
paid TO policy holders was $36.l78,24
death claims alone sl5,542.9f0.
Listed among the company's asset
are u. S. Government and other bond
valued at Sl06, 105. 693: stocks at mar
ket value, Sl0l.0 600: mortgages. rent
and first liens, sI78.l27.405: loans o.
policies. over s60,0Q0.000. Total asset
on December 81. 1927. were 1857.
994,5
Among the company's liabilities ar
reserves TO mature policy contract
| amounting TO S304,095,4l0: dividend
left with the company TO accummulat
| interest. Sl4.149,l4l. and dividends I
policyholders for 1928. Sl4.200,000. TIL
company increased the outstanding in
surance $lG6. 296, 205 during the year.
Heard in Financial District.
The cleaning Of the Union Trus
! Building has brought TO light one @
| the handsomest bank structures In tn
| city. The stately columns and digni
| fed facade. together with the nearl
completed addition. unite to make
most imposing building from an archi
| tecturai viewpoint.
Work on the new steel vault bein
! s14St62iEu IA LIE laiEE dddIblOtA ND IA
| Security Savings &, Commercial Bank
/ al Ninth and g streets, Is nearly fin
| ished. The drawings showing the futur
arrangements indicate some most at
| tractive banking rooms.
The Growth and Development o
| the Pennsylvania Railroad Company,
| compiled by H. w. Schotter, assistan
| treasurer Of the company. has attracte
attention in the financial district. TIL
| volume Is combination OF manual an
/ history.
! Other Financial Notes.
The Aetna Insurance Offices are be
| ing moved today from the Woodwar
| Building 10 the Investment BUILDING
Paul D. Sleeper. general agent Of tn
| life Insurance division, announces. tn
| manager Of the local casualty branc
| is a. J. Voorhees,. A regional sale
congress Of the casualty department
will be held here on March 0.
The Chesapeake IL Ohio reports SUI
plus Of &i,572,sI6 for January. afh
charges. against s20g3.6 sos IN Januar
last year.
The Norfolk Southern earned SAG
| a share on 100 900 shares Of stock. q
+. against 500 PER share on like amour
Of stock In 1926.
! Opposition To the Eorbcck bill
permit States 10 tax National Ban
stock on the same basis that they d
State bank shares was voiced yesteI
day before the Senate banking commit
tee by bankers from widely separate
parts u the country.
Miss Mary J. Winfree OF the Cont
mental Trust Co. and Mrs. Helena J.
Reed, of the Lincoln National, ha'
gone tn New York 10 attend the inst
! tute banquet at the Aston this evenin
The Washington delegation now II