Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-01
LOCAL CLEAR|NGS
IN SLIGHT UPTURN
DURING FEBRUARY
Gain Over Same Month Last
Year Indicates Turn of
Vital Importance.
D. C. BANKS PROMISED
INCOME TAX EXPERTS
Service to Public Will Start on
March s-Secretaries' School
Votes Dividend.
BY EDWARD C. STONE.

According to February bank clearmgS
the business wheel in washington has
stopped running backward and is now
turning forward.
The washington Clearing House AS
ISOLATION reported yesterday that bank
clearings In February totalled $96, 1872
ITS, against $96,545,212 in February,
1880.
While this is a difference on the up
side of the balance sheet Of only about
$4,000, it may be the end Of many I'm
favorable comparisons and the begin
ming of long advance, although the
figures are not sufficiently striking to al
low any very marked optimism in pre-
dictions.
Clearings in February are not usually
as large as in January and they are not
this year. The January figures on
checks cancelled by the local Clearing
House during the month amounted to
S109, 1854, 614.34. In January, 1880, clear
ings totalled $118,219,2 62.83.
Local clearings for January and Feb
rllary of the present year total $780,
506,7s9.34, against $214 ,475.69 in
1880, and $239, 087, 33l.75 in the CORE
spending two months in 1929.
Tax Revenue Experts Obtained.
H. g. Hoskinson, vice president Of the
Riggs National Bank and chairman Of
the District Bankers Association Com
mittee on Treasury Relations, has OBJ
tanned the assurance Of some 26 internal
revenue experts for service in the local
banks to assist clients in making out
their income taxes.
It was announced some time ago from
the Baltimore Office that no experts
would be assigned to the local banks
this year on account Of pressure Of bus
IL 49, 80
year these men rendered most valuable
public service and proved Of inestimable
value to bank depositors and bank ON
Gals.
AS it was too late to train men to do
this difficult work in the various banks,
1t was decided by the District Bankers
Association to ask that the matter be
reconsidered by the Internal Revenue
Bureau. Mr.. Hoskinson was requested
by President Lanier p. McLachlen to
take the question UP with the Treasury.
president Of the Riggs National Bank.
Mr.. Hoskinson laid the situation before
David Burnet, commissioner Of internal
revenue.
It was explained that the local banks
had been counting on this income tax
service and that it would be incon-
venient for so many bank patrons to
10 70 bklc n1USIIdl ICfeLluS O11Cc 4OI
the necessary advice. The point was
made that much attention would be re-
Quired from the tax experts either in
the internal revenue building or at the
banks, and that people making out
their tax returns would be much pleased
If they could have the service OF the
tax specialists at the banks where they
have their accounts and where needed
information is available.
- he
pressure OF work in the bureau to be
completed before March Is but agreed
TO have the men sent to the banks
from March to is. This is a shorter
period than last year but Is q happy
solution Of a difficult situation. Bank
officials are Swamped with requests
from patrons for income tax help and
the services Of experts are in constant
need IN the settling Of technical points.
Their services are greatly appreciated
both by the banks and the public,
School Directors Vote Dividend.
A net profit Of $2s.45o.6o or 81 cents
per share on the 10000 shares Of stock
for the year ending December 81, 1880,
was reported yesterday by the Wash
ington School for Secretaries and sub
salaries, as shown by the companys
certified annual financial statement
presented at a meeting of the Board
OF Directors. At the same meeting a
quarterly dividend of Is cents per share
was declared, to be paid on April 10.
Commenting on the progress OF the
company, Frederick G. Lloyd, vice
president, announced that there had
been an increase Of "a per cent in Fall
enrollmentS for 1880 over the 1929 Fall
enrollments and that enrollments fol
the first two months of 1881 had In
creased As per cent over the same Pc
Looking into 1881, Mr.. Lloyd stated
that considering the excellent start
prospects are very bright for a success
ful year.
Local insurance men were rather
startled by the falling of In new in
surance written in January which was
reported from Hartford as II per cent
for the United States and 8 per cent
for the District Of Columbia. compared
with January, 1880. To find some IN
surance news Of a more cheerful ma
ture, they went back TO the address
of James L. Loomis president of the
Connecticut Mutual Life ms. Co., made
several weeks ago before the Life In
surance Presidents Association. In this
address he claimed that the vast re.
serves OF insurance companies lessenec
the force and effect Of the depression
saying among other things:
I'm direct benefits, approximately
81, 200 ,o00, 900 was paid out to policy
holders and beneficiaries during 1880
exceeding by $238, 000,0 the amount
paid in 1929 the previous record year
OF this vast sum, S1.325 ,000,000 wa:
paid TO living policyholders and $685.
10000 70 benefciaries.
The 100000 600 900 life insurance
now owned by the American people L
still less than one and one-half theii
annual income.
THE new life insurance purchased II
1920 wag $4,000, 900, 900, this exceeds
~ S1,100,0o0,000 the average yearl!
purchases Of the preceding I'VE recorS
breaking years. and is less than 4 pc
cent under the previous high-wate'
mark Of 1922"
Yesterdays Trading ON Exchange.
Three bank stocks appeared on tn
Washington Stock Exchange board q
the weeks trading ended yesterday
Bond trading was confined wholly y
washington Gas issues. Prices wer
practically unchanged. The days sales
Potomac Electric 5l2% pfd.--10 at los
Federal-American National Bank I
Trust--i0 at so, 10 at SO, 80 at SO.
Security Savings g. Commercial Bank
10 at 451,
Federal-American Co. COMIC at IS.
Mergenthaler Linotype-10 at 80.
washington Gas $500 at l04.
Washington Gas IS Al 900 9
1924, $1,000 at 1921.
washington Gas IS ''B"-$200 at 104
National SayfuQg e Trust C0---2 A a.