Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-28
BANK CLEAR|NGS
DROP IN FEBRUARY
Manager Bright Reports
Total of 500, 545,212 for
Present Month.
By EDWARD C. STONE.

By EDWARD c. STONE.
February bank clearings in Washing
Aon were announced this noon by the
washington Clearing House Association.
Like the January bank clearing totals
they indicated a quite marked decline
n business compared with February
1929.
Clearines in this city in February
totaied se6,545.2I2,S6 in comparison with
q total of $10e, $40 ,040.44 in the cor
responding period q year ago. according
70 the records kept by Manager Charles
E. Bright.
FEBRUARY clearings were well under
the January figures, as Is usually the
case. January clearings amounted 70
Si18,219,26253 against the much higher
figure in January last year OF
CiearinEs for the first two months of
the present year total $214, 764, 475.69
against $3.50, 0S7, 3S1.75 in the first two
months OF 1929. Following the New
York Stock Market crash predictions
were made for 1890 that business WOULD
be slow the first half of the year and
pick IN the last half If washington
bank clearings reach last years figures,
this is Just what VIII have to take
1.-TWO holidays and generally quiet
business were the reasons given by
local bankers today for the drop IN
clearings compared with the the, same s. ne
be congratulated on the steady Govern
ment payroll that has kept business
here on q much more even keel than 1t
IL in most Of the larger cities OF the
country, one banker said. pointing as an
example to Akron, Ohio, where business
is SO poor that bread lines have been
necessary.
Savings Conference Plans.
The Eastern regional savings confer
ence of the savings bank division OF
the American Bankers Association is
To be held at the Hotel Commodore,
New York City. March 20 and 81, 1890.
The conference is open to representa-
tives of all banks interested in the saw
ings business. 1t is not limited to the
members Of the savings bank DIVISION.
The subjects TO be discussed are ones
which are of paramount interest to all
banks and are TO be presented by per-
sons who have been successful in de-
yeloping the business which they dis
cllss. Open forums, in charge OF q
leader, follow the presentation OF each
address.
Some of the subjects outlined in the
program are advertising, personal loan
department, cost accounting and audit
GOUbEQl,t DCllcEO1l Gl10 OOAAAS E4oAASt
Sured savings, the advantages and dis
ADVANTAGES to the banks and the de-
positors Of paving interest from the
@day OF deposit to the day Of with
drawal"
The Banquet committee announces
that julius H. Barnes, chairman of the
National Business Survey Conference,
called by President Hoover. viii be the
main speaker. At one of the luncheon
af
personnel, New York Stock Exchange,
win present Youth, the Beginning Of
Right Relations" Other speakers on
the program thus far announced win be
Roger Stefan, vice president, National
City Bank OF New York; Littleton FitZ-
gerald, jr, American Bank & Trust
Co, Richmond. Va: DR.. Thomas H.
Sanders, professor of accounting. Har-
vard University: Henry Bruere, vice
Edward. A. Richards, president. East
New York Savings Bank, Brooklyn,
N. r; Robert Lewis Hoguet, vice presi-
dent. Ennigrant and Industrial Savings
Bank. New York, and Harold Bozell
Bonbright g. Co.
Bond Club Hears Eugene Meyer.
Members of the washington Bond
Club considered 1t a treat to hear
Eugene Meyer. former director of the
War Finance Corporation and the War
Industries Board, at their regular
monthly luncheon today at the Carlton.
The attendance was unusually large
and much enthusiasm was manifested.
This years meetings Of the club are
proving extra helpful to those engaged
IN handling senior securities. Mr.
Meyers views on the bond market
proved highly instructive to the men,
bers.
Tcday's Trading on Exchange.
Tpday's Washington Stock Market
opened with $500 and 81 600 sales in
washington Gas SIS at 101. The next
bond sale was $4,000 turnover in
The bond market closed with So, 900 Po-
tonac Electric Power Consolidated SIS
changing hands at 1917.
In the stock division Potomac Elec-
tric Power So per cent preferred sold
ct r107h, extra dividend. Lanston
came out on a small scale at 1l5L. and
1o4 shares of Real Estate Mortgage &
shares Of Federal-American Co. COM
mon moved at 292. Peoples Drug
Stores preferred was quoted extra divi-
dend on the exchange today.
Trade Improving in District.
A42c T60cEElf RESERVE bdnk OF RiCn~
hnond reports that there. has been some
quickening Of Spring trade during the
past few days in the NTH Federal Re-
serve district. Better weather and added
employment are the chief factors in the
improvement
The. increase in construction has
brought employment to hundreds in
the building trades. The open weather
also has speeded highway projects and
2 demand is being heard for farm
labor.
Announcement is made that the
Horace L. Dodge Boat q Plane CORPORA
ton would start production, March 10.
In its new plant at Newport News Be-
cause or the untitled orders on hand.
the plant viii open with about 1000
workers.
Chain Store Stock Offered.
Merrill, Lynch & Co. and E. A. Pierce
& Co. are heading a syndicate which
Is offering today q block OF MacMarr
Stores, Inc, per cent preferred stock
with common stock purchase warrants.
at $1o3 per share, yielding $50 per cent.
Each share Is accompanied by a war
rant. which Is an option to purchase one
share Of common at $50 until December
81, 1888. MacMarr Stores, operates
directly or through subsidiaries a chain
OF l.400 grocery stores.
UNITED RAILWAYS.