Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-16
BANK CLEAR|NGS
1SKOW DROP IN D. C.
Slight Decrease Occurs for
Week Ending November
14-Price Decline.
BY EDWARD c. STONE.


$50, 294 900, against $3l. 100000 for the
week ended November z. Clearings for
the week also revealed decline of 2.5
per cent over the corresponding week
year ago.
Baltimore clearings were far below
the previous week, being $98 ,908.000,
against 1925 076, 900, but an increase of
per cent over the same period last
year. Richmond was about $1,700,000
ahead of the previous week and per
cent ahead of last year, while Norfolk
also showed a good gain over the pre-
yious week and the corresponding week
last year.
Bank clearings in the whole United
States for the week of November IA
amounted to $15.426,049, 900, against
$17.4S7. $4,000 during the previous
week and $I2 ,754. 718, 900 last year. This
was a drop of III per cent over the
previous week, but substantial gain
OF 200 per cent over the comparative
week year ago.
The Department of Commerce in
summing up business activity during
the week, ending November 9. as in
Dictated by check payments, reports
recession from the high level of the
proceeding week, but substantial gain
over the corresponding week last year.
The report states that wholesale
prices continued to decline and were
substantially lower than for the cor
n spending week in 1928. Business
fsllures while fewer than during the
q, eViouS week were larger than in the
corresponding week in 1928.
Land Banks Assets Higher.
Assets of the IL Federal land banks
on September 80 total 81, 292, 800 ,026, as
against $1,264, 1887 on corresponding
date last year. OF this years assets
kl,202, 49O.482 was i'm net mortgage
loans. Farm loan bonds outstanding
amounted TO $1,1s1,149,5IS, as against
s1,161,294,s45 a year ago, with sass
14e on hand but unsold this year,
AGAINST $1,sT7, $50 on hand last year.
Combined assets Of the joint stock
land banks on September 80 we're
SAT ,O03,876, of which net mortgage
loans constituted $592,743,765. This
corresponds with assets a year ago OF
$685., 841 ,129 and mortgage loans Of $685.
451 ,480. Bonds outstanding amounted
to 5577,741 800, with $7,714,900 on hand
but unsold, as against 1891 ,527, 800 out
standing and $S,SsO,30O unsold last
year.
The II Federal intermediate credit
banks had assets on date of the report
worth $li3.577,227, against $10O,477, 1897
n year ago. OF the assets, the principal
$50, 100000 In capital callable from the
United States Treasury and $4,000 1865
cash on hand. Earnings of the IL
banks for the quarter were $384,534,
and for the nine months ended Sep
TENDER $1,033, AL, against earnings last
year of $228,51S for the quarter, and
$750,973 for nine months.
Credit Experts to Meet.
Four hundred specialized commercial
bankers, dealing in consumer credit,
will meet in Chicago, November 10 and
~ he fNV hue
during the coming year, and problems
arising out Of the stock market Situa- |
ton. The meeting is the annual con- |
vention of the National Association of |
Finance Companies, consisting of all |
the leading houses providing funds for |
the purchase, on the inStallment plan, of |
automobiles and other commodities |
upo nterms recognized as sound by /
banks and other business interests of |
the country.
In the opinion Of C. C. Hanch, mana
ger of the association, unpaid INSTALL |
ments, based upon the potential pay
check Of the Salaried man and wage
Garner, and the earnings of the small
business man and farmer, remain a
Rock of Gibraltar in q sea Of uncertain
market values.
"Salaried men and wage earners are
holding their jobs, and their unpaid
notes are valid and can be considered
National Association has, for one Of its
objects, the demonstration of the sound
ness of installment paper when based
upon standard terms"
The question of making finance COM
pany paper subject to rediScount at
Federal Reserve Banks will be one of
the chief topics Of the convention. The
seizure Of cars by prohibition authort-
ties will be covered by Attorney Nathan
B. Williams Of Washington, d. c., ad-
dress on Losing Cars Legally"
The consolidated statement Of con-
dition of the Federal Reserve banks on
November Is, made public by the Fed
eral Reserve Board shows decreases for
the week Of $19,500, 900 in holdings of
discounted bills and $50, SOC, 900 in bills
bought in the open market and an in
crease of S19 800, 900 in holdings of
United States securities Member bank
reserve deposits increased $50 800, 600,
cash reserves SIS, 800, 900 and Federal
Reserve note circulation $18,800,00
while Government deposits declined
$4,000, O00 Total bills and securities
were $31, 300,000 below the amount re-
ported a week ago.
Praises Presidents Action.
Robert W. Fleming, president of the
Riggs National Bank, gives high praise
to President Hoover for calling a con-
ference between Government heads and
lQduSLTlal Leaders 10 assure COnCu1ueQ
business prosperity following the col
lapse of the stock market.
SIT Is an excellent and constructive
nave" he said. Some business reac-
ton Is bound to follow the stock ex-
change depression. BY sitting about
the round table these civilian and
Government leaders can iron out any
roAgh spots which develop. President
Hapver's step is certainly forward
locking"
sri think it is a good move in the
right direction" said Charles w. Darr,
president of the Washington Chamber
of Commerce. what we need is SUI
preme confidence and faith in the
American industrial structure. There is
nd better way to assure that conf
deace than by governmental and civilian
interests. 1t will bring about bet
ter understanding and make the coun-
try realize that we are all in the same
boat"
IThe board of directors of the Liberty
National Bank, at a meeting held yes
To-day afternoon, declared special
dhddend of 81 per share. The disburse-
nIent is payable December l to share
holders Of record on November %. This
suecial dividend has no connection with
thu regular semi-annual dividend which
iszvoted at the December meeting of
the beard.
~ V1oA1Iors1