Evening star., 1932-04-23
SLIGHT GAINS NOTED.
IN BANK C[EAR|NGS.
More Checks Cancelled This
/ Week Than Last-0ther
{. Financial Reports.
BY EDWARD c. STONE.

WdSIllIlSIOH DdUk CledIulgS lOT IHe
week ending April 20 showed an i'm
provement over the previous week. al
though still behind the figures for the
corresponding week in 1881.
Check transactions recorded by the
local clearing house during the past
week totaled S21870,O0O, compared
with s2O,352 900 in the preceding week,
but falling 1875 per cent compared
to the returns from the like period a
year ago. The arrival of warm weather
and the D. A. R. convention influx of
visitors are two reasons assigned for the
gain over the previous week.
There was also slight rise in bank
Clearlngs all over the country, according
to Bradsueet's summary. The national
increase for the week over the previous
week was IA per cent and 40 per cent
under last year.
Baltimore showed a gain, $50 900 900,
against $55 100000. Richmond clearings
for the week were $27,084,00O, against
$24, 1880 in the previous week, but off
33 per cent from last year. Atlanta re-
ported $34,000,000, against $29, 100000
in the previous week and only II per
cent below the same period last year.
American Stores March Sales.
American Stores Co. reports sales for
the period of five weeks ending April .,
1882. of 11,579317, as compared with
sales for the five weeks ending April 4,
1881, of S13,677.0 .062. This is a decrease
of S2,097,745 or 1888 per cent.
Sales for the three months ending
April 2, 1882, were S30,854.444, as COM
pared with S37,339,843 for the three
months ending April 4, 1881. This is a
decrease of $6,485 ,399, or 1876 per cent.
Food Index Again Lower.
For the fourth successive week,
Bradstreet's weekly food index of
wholesale prices registered another new
low, bringing the number down to Sill
this week. This is drop of 0.6 per
cent from last week and 25 per cent
from this week last year. The normal
expected decrease at this time is O.3
per cent. Thus the decline continues
greater than seasonal, although both
the actual and expected fall are slight
Declines in prices of all grains, as
we'll as most live stock, featured in this
weeks showing. Among the few food
commodities which registered increases
we're butter, coffee and lambs. Gaso-
line, tin, wool and linseed oil were also
higher this week.
Trade Outlook Brighter.
There is a slight belated touch of
Spring in some of the recent business
statistics, in spite of the solid frost of
fear and defeatism in the financial at
mosphere, says the Business Week. In
most of the important indicators, al
lowing for the usual seasonal factors
the discouraging decline of recent
months seems to have stopped, and in
some a slight improvement has ap-
peared, The publications weekly in
deX of business conditions registers an
other move upward. The review con-
cludes:
'FeGeral Reserve efforts to force
credit expansion and checkmate danger
Of other direct inflationary devices con-
tinue encouragingly aggressive, but
member bank response is still slow.
Reserves and deposits are piling up in
the leading centers under the influence
of large-scale open-market operations,
but the member banks still seem re-
1uctant to give steady and decisive
support to security markets in face Of
declining confidence and fiscal uncer-
tainties, and credit contraction con-
tinues. But basic banking conditions
are unquestionably better, and seem
TO be establishing bottom on which
some business improvement is posi-
BILE, if political disturbance can be
avoided and the Oppressive insanity of
the public can be overcome"
Book Pictures Huge Swindles.
High and Low Financiers" is the
title of recent book published by the
Bobbs Merrill Co. dealing with many
notorious swindlers and the abuses
connected with modern stock selling
systems, the authors being Watson
Washburn and Edmund S. DeLong.
Both these writer's were in the Bureau
of Securities, Office of the New York
attorney general, during the great ad-
vances previous to the Wall Street
crash in 1929
They tell in a fascinating way how
millions of people have been defrauded
of their savings. The methods are de-
picted in detail as revealed in the court
records Napoleons of oblique finance
are shown in a new light in their effort
to get other peoples money for no re-
turn. They present documentary his
tories Of the operations Of George
Graham Rice, Wilen w. Easterday
Charles v, Bob and many others.
The writer's also devote much atten-
ton to the New York Stock Exchange
and the special duties of the Business
Conduct Committee.
Sees Dividend Unchanged.
Thomas H. McInnerney, president Of
National Dairy Products Corporation,
which has two Washington subsidiaries,
told the directors at the annual meet
ing that he believes the present divi-
dend will be continued. He said Feb
ruary earnings showed an upward
trend, but that bad weather reduced
March business below the February
figure He added that the corporation
retired Sl,000,000 debentures last month
and stated in reply to a question that
another reduction in milk prices Is pos
sible this Summer.
Rapid Transit Reports Loss.
The Washington Rapid Transit Co.
has fled its March financial report
with the Public Utilities Commission,
also the figures for the first quarter
Operating revenues in March were
S4ll83l4, against S49, ,905 46 in March
1881, a decrease of S7,722.32. Operat-
ing expenses and taxes took $44, 1886
compared with S49 685 90 in the similar
month last year, reducing of expenses
of S4,73230 The usual deductions left
a March net income in the form OF a
S6,463.19 deficit against deficit ol
S3.48025 a year ago, an increase ol
S2,922.94. For the first quarter OF the
present year the Rapid Transit Co. re-
ports deficit Of S23, ,509.57, compared
with Sl0,01460 in the red last year, ar
increase of Sl3.49497.
The report shows what taxicab COM
petition means to the transit company
as the low rates we're not in effect ir
the first quarter of 1881.
Bankers TO Bowl Baltimore.
The bowling teams of Washington
Chapter. American Institute of Bank
ing. meets Baltimore CHAPTER here to.
day in a series OF two matches. Aftel
today's contest the members Of the two
teams and the officers and governor
of each chapter will have dinner a.
the Manor Club.