Evening star., 1932-03-31
INCREASE IN BANK
.CLEAR|NGS SHOWN
D. C. Figures for March Gain
Over February-Less
Than Year Ago.
BY EDWARD c. STONE.

Clearing House Association, made this
noon, total clearings in this city in
March amounted to S89,616, ,463 SO,
against $40 54459 in the previous
month of February. and S112,443,159.54
In March, 1881.
Local clearings for the first quarter
of the present year totaled S263 279,-
744.42, against S318.949 ,949.18 in the
like period of 1881. Clearings by
months so far this year compare as
follows with year ago:
Months 1882 1881
January 49,. 2,855. 1856 S1oe, ,764. .614
February -. 80,807, ,544 967421 ITS
March ..... 89,616,463 112,443, ,15s
One reason why local clearings did
not come closer to the record of March,
1881 was the bad weather that came
along right at the height of Easter
trade. Reports from other parts of
the country indicate that trade was hit
much harder in many other places
than it was here. 1t slowed up the
number of Cancelled checks passing
through all the clearing houses in the
country.
1t is the belief of local business
men that whatever Spring buying was
delayed in March because of the
weather will appear in the April clear
ings, making a consequent increase in
the totals.
Telephone Business Booming.
Telephone operating revenues of the
Chesapeake & Potomac Telephone Co.
in February amounted to S786, $40
against S736,331 in the same month last
year, the report Of operations, just filed
with the Public Utilities Commission
shows. Operating expenses were $685.
1872, compared with S5l3,459 a year ago,
Balance before dividends, after deduct
ing taxes, uncollectibles, interest, rents
and other items, was $165, ,295, COM
parison with S128,749 in the like period
a year ago.
Telephone operating revenues for the
two months ending February 29 were
$l,592 ,286. Telephone operating ex-
penses during this period were Sl079,-
554. The balance before dividends,
after deducting taxes, uncollectible, in
terest, rents and other items, was S340,
3l8. This was comparable with S265, 1872
for the first two months of 1881.
Taxes paid by the company in Feb
ruary were $56,948, as compared with
$53,066 in February, 1881. Taxes for
the two months ending February %
were Sll9,370, as compared with $780,
662 for a similar period in 1881.
More Phones Being Used.
The greater use of the telephone in
Washington required the services of
3,z23 employees in February, an increase
of 204 over the number required in the
same period last year, and an increase
of los over the number required in
January of this year. Also the company
was enabled to proceed with its con-
struction program, which gave employ
ment to 202 men in addition to the
regular forces.
During February there was a net gain
in telephones of 845, bringing the num-
Der of telephones serving Washington
to 181 ,062 at the close of business Feb
ruary %, according to John A. Remon,
general manager. In February tele-
phone users in Washington made 49,
234, 400 calls, an increase of 1877 per
cent over the same month last year.
Reductions and adjustments in
charges for telephone service will re-
suit in savings to telephone users of
S101, $50 in 1882. proportionate part
of which is reflected in the February
earnings of the company.
District Much More Cheerful.
The Federal Reserve Bank of Rich
nnond reported today that there were
only seasonal changes in the volume of
business done in February in compari-
son with business in other recent
months, but the mental attitude of the
people improved distinctly, apparently
as result of the creation of the Re-
construction Finance Corporation and
the passage of the Glass-Steagal bank
bill
Since the first of February. the sur
vey said, the strain on TIE banks of the
district has leSsened, with a resulting
decline in bank suspensions. A similar
situation was noted over the entire
country.
The marked decline in bank deposits
which was in evidence through the last
half of 1881 has slowed down appreci-
ably. the review said, and there is some
evidence of money which had been
boarded being returned to circulation.
At the Richmond Federal Reserve
Bank rediscounts for member banks
declined at a season when needs of
agriculture might be expected to in
crease the demand for Reserve bank
credit. However, rediscountS held on
March IS, 1882, were nearly double
those held on March IS, 1881. The
circulation of Federal Reserve notes de-
clined seasonably last month, but the
volume of notes outstanding at the mid
die Of March still showed the effects
of hoarding, exceeding the circulation
on March IS last year by % per cent.
Outstanding loans by reporting men,
Der banks declined slightly between the
middle Of February and the middle of
March, and deposits also declined dur
ing the same period, but by considerably
less than the reduction in loans Debts
to individual accounts figures for the
four weeks ended March fell below
those Of the preceding four weeks and
considerably below the corresponding
period last year.
Riggs Bank Loses Director.
In the death of William Martin VIII
1iams, the Riggs National Bank loses
a most valued director He had served
the bank with distinction ever since
he became connected with the director
ate. President Robert V. Fleming and
other officials today expressed deep re-
gret over his passing. An account of
his career appears elsewhere in today S
Star.
Heavy Local Bond Trading
Trading on the Washington Stock
Exchange today was the heaviest in
several weeks, being almost wholly con-
fined to bonds. Ten different trans
recorded, all at 40 and totaling
$4,000. Washington Gas 5s, in four
transfers, totaling $1,000 changed
hands at 1907. and $1,000 Anacostia
& Potomac r. r. IS appeared on the
board at SLY. In the stock division
a small lot Of Capital Traction sold
eX dividend at 10.
Better Earnings Reported.
Current domestic operating results
OF Commercial Credit Co. of Baltimore
for January and February 1882 showed
improvement over the corresponding
months of last year according TO A. E
Duncan, chairman of the Board in a
statement issued TO stockholders of the
company today.
Brokers Watching Congress.
he g.,