Evening star., 1932-09-10
GAIN SCORED HERE
INBANk CLEAR|NGS
Weekly Report Indicates
Slight Upturn in Fall
Trade in District.
BY EDWARD C. STONE.

Washington bank cleaHngS showed a
gain in the first week in September over
the last week in August, indicating a
slight seasonal pickup in Fall trade in
the Capital.
Local clearings for the week ended
September totaled $14,520,0 900, against
$l3,336, 600 in the week ending August
81, an increase in Cancelled checks
amounting to 81 ,184000. Clearings are,
however, 18 per cent lower than they
were in the like week last year.
Washington made a better show
ing than Richmond, where clearings
amounted to $21 $4,000, compared with
$22,158,0 900 in the previous week and %
per cent lower than last year
Baltimore'S clearingS for the week
ended September reached the sum of
SAT 900, and were ahead of the pre-
viouS weeks total of $46, ,470, 900 and off
only 1872 per cent from the correspond
ing week year ago.
Check transactions as reported to
Bradstreet's Weekly from At identical
cities in the United States during the
week ended September 7 totaled $4099,-
1856, 1000, as compared with $3,995, ,289 900
in the previous week, an increase of 26
per cent They are still however, 1874
per cent below the corresponding week
year ago. Omitting New York City
bank clearings declined 2.8 per cent to
81 ,344, l6l 900, as against 1888, 1877 900
IN the preceding week.
This showing is one Of the most ia
vorable in some time. On an average
daily basis correcting for Labor day.
clearingS were far above last weeks
figure. However, this vas partly due to
the usual heavy f1rSt-of- -the-month set
Elements.
g. Business indicators Improve.
With pleasing punctuaity as Sep
fember sets in, some of the more i'm
portant indicators of business activity
have begun to lend needed support and
confirmation to the rapid advance of
security and commodity prices during
the past three months, says the Business
Week, and to reflect in somewhat more
concrete and convincing form the scat
tered reports of business improvement
and the freshening of financial senti-
ment which have been the familiar
feature of the front page in the past
few weeks.
Although steel mill activity has not
yet been greatly quickened by revival
of demand from the principal sources,
a somewhat better than seasonal show
ing in electric power output, building
contracts, coal production and car
loadings in recent weeks are encourag-
ing evidences that the long decline in
business has been checked and that
some vigor for Fall revival remains.
The continued uptrend in security
and commodity markets, slight signs
of impending member bank credit ex-
pansion and the spread of a more hope
ful outlook in European financial cen
terS all combine with these first
symptoms Of business improvement to
strengthen the impression that the
more serious phases of the depression
are past and the process of recovery
begun. How rapidly this recovery may
proceed will depend in large part on
how promptly further efforts toward
reduction of wages are abandoned and
the restoration of consumer purchasing
power started, Business Week adds.
Less Tobacco; Prices Higher.
Prospects for the tobacco crop in the
fifth district on August / indicated a
yield of approximately 385,771 900
pounds, in comparison with 684 ,996, 900
pounds produced in the district in
1881, reduction of 43.7 per cent, in
comparison with a national decrease
of 36.3 per cent. In North Carolina,
which leads in tobacco production in
the fifth district, a yield of about
266, $50, 900 pounds Is expected this
year, compared with 479,526,000 pounds
in 1881.
The Virginia crop on August l indi-
Gated yield of 57,812, 900 pounds,
compared with e7,92o,00 pounds grown
expected to yield 100000 pounds,
compared with 70,070,000 pounds in
1881. The Maryland crop of 26064, 900
pounds is below 32,160,000 pounds last
year. Prospects in West Virginia are
= for a yield of 1885, 900 pounds this
year, compared with $4,000 pounds
grown in 1881.
Tobacco auction markets in South
Carolina and border counties in North
Carolina opened early in August. Prices
paid in the early days of the present
season were about the same as those
of last year on the better grades of
tobacco, but low grades are selling
higher than they did in 1881, according
to the Federal Reserve Bank Of Rich
mondS latest review.
Filing of Bank Claims Urged.
The Controller of the Currency,
John w. Pole, has given notice that all
A1diIIlS dkdulob kl1C Dd11h Va llBllIWOOO
must be filed within the next three
months with Claude H. Woodward, the
receiver, or they may be disallowed
Legal proof must, of course, be present
ed with the claims.
Similar notices were recently issued
BY the controller in connection with
the North Capitol Savings Bank, oi
which John S. Bryan is receiver. The
International Exchange Bank and the
Departmental Bank are not quite ready
for the filing of similar claims.
The receivers of the four local banks
have at the suggestion of Chairman
Fort Of the Home Loan Bank System
declared a moratorium on mortgage
foreclosures whenever no loss woulc
accrue to the patrons and in case
where property comes under the pro.
visions of the home loan act which
covers dwellings housing not more thar
three families.
Store Sales Of in August.
The Federal Reserve Board an.
nounced today that department store
sales in the fifth Federal Reserve dis
trict last month were % per cent lowe
than in August, 1881. and 81 per cen
lower in the first eight months Of thu
present year.
Trade in the IL Federal Reserve dis
tricts was "a per cent lower during tht
first eight months of 1882 than in th'
like period in 1881. Sales were of
exactly the same percentage in August
This means that the Richmond distric
has made better showing both for Au
gust and the year to date than th
average for the whole country.
The Reserve Boards index was Sc IL
August on the basis of the 19231e2
average as 100 compared with 81 II
July and II in June.
New U. S. Issues Oversubscribed.
Secretary Mills announced today tina
subscriptions for the Treasury's secon
major financial operation involving 81,
150000,000 were six times as great a
the total amount of the issues.
The securities offered September IL
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