Evening star., 1932-07-09
GAIN SCORED HERE
IN BANK CLEAR|NGS
Weekly Report Shows Loss Of
Holiday Business Quickly
Made Up.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Bank clearings in Washington for the
week ending July totaled $19 ,944, ,0cO
against the lower figure in the previous
week of sl5,441, ,O0O The weeks figures
are especially interesting, as they are
well ahead of the week of June 80 III
spite of the fact the latest week included
a holiday. The weeks clear1ngs were
is per cent behind the corresponding
week a year ago, a figure much more
favorable than most Of the other lead
ing cities in the United States reported.
Richmond was also ahead OF the
previous week, clearingS amounting TO
SIS, ,48S, 900 compared with $24,97O,OOO
Tor the week of June % and 13 per
cent under the like week last year.
Baltimore clearings totaled S4I34o, ,oOG
against S43. $1,000 the week before, ana
43 per cent off from last year in the
week.
Norfolk had a particularly good
showing, clearings being S3,594,0OO in
comparison with S2,070,000 in the pre-
vious week, and 4 per cent better than
the same week a year ago. Norfolk
was the only city in the United States
that reported clearings ahead Of the
corresponding period a year ago. Allan
ia reported a good gain over the previ-
Gus week but a drop of % per cent
from last year.
According to Bradstreet's, the volume
of check transactions throughout the
United States was more than large
enough to offset the effects of the holi-
day during the week, clearingS in Al
cities increasing zig per cent. Month
end and half yearly payments were an
important factor in the gain. Omit
ting New York, the increase was 6.5
per cent.
South Shows Further Advances.
Business statistics for the sixth Fed
eral Reserve district, just received in
Washington, indicate that during May
and early June there were gains
recorded in building contract awards,
sales of life insurance, in pig iron pro-
duction in Alabama, in member bank
borrowings and in Government security
purchases by the Federal Reserve Bank,
but retail and wholesale trade declined
and there was a further decrease in
textile mill activity
Department store sales in this district
during May declined % per cent from
April and were 299 per cent less in
dollar amount than in May last year.
Sales by reporting wholesale firms de-
clined per cent from April to May and
were 29.6 per cent less than year ago.
For the first five months of 1882 de-
partnent store sales were "a per cent
and wholesale trade 282 per cent less
than in that part of 1881. Life nsur-
ance sales increased over April in
Georgia, Florida, Mississippi and Ten
nesSee, but decreased in Alabama and
louisiana, and for the six States aver
aged 81 per cent greater than in April,
but were 2a.7 per cent less than in May
last year. Debts to individual accounts
IN May were 296 per cent less than
year ago.
Building permits reported by 20 cities
declined frcm April to May and aver
aged 36.4 per cent less than in May last
year, but contract awards in the district
as whole increased 81 per cenb over
April, but were ass per cent smaller
than a year ago, not allowing for lower
building costs. In Florida and in that
part of Tennessee located in the sixth
district May contracts were more than
double those in April and were also
greater than in May, 1881.
Trust Division Year Book Planned
Under a new policy adopted by the
Executive Committee Of the Trust
Division of the American Bankers
Association, the Trust Division will
inaugurate next year the publication of
an annual year book.
The year book will take the place Of
the proceedings of the four annual trust
conferences, which heretofore have been
published separately. Under the new
policy the proceedings Of the annual
Midwinter Trust Conference, the Re-
Gional Trust Conference of the Pacific
Coast and Rocky Mountain States, the
Mid Continent Trust Conference and
the Southern Trust Conference will be
published in one volume.
Airways System Reduces Costs.
The Pan-American Airways System,
which maintains an Office in Washing
ton, has adopted a program Of read
sustmentS in salaries and wages which
goes into effect July Is. Adverse eco
ncmic conditions have brought about
the move, although the volume Of traf-
11c over the system continues to in
crease, the company officials state. The
company'S revenues received in most Of
the "a countries served by the air lines
have been adversely affected by current
exchange conditions.
National Life Office Expands.
The National Life Insurance Co. Of
Montpelier, Vt, has just moved into
larger quarters in the Edmonds Build
ing at GIT Fifteenth street northwest
The company has been operating in the
District Of Columbia since 1887, and has
large clientele among business and
professional men Of the city.
Karl S. Hoffman, general agent, who
is in charge of the local Office, reports
that the company's life insurance busi-
ness in the District of Columbia has
increased 113 per cent during the first
six months of this year as compared
with 1881. Annuity and old age pen
sion contracts have also shown a large
increase.
Recovery Held Outside Politics.
1t has been proved time and time
Nuafr7 TTy,ffaI E11r{vaec c7opv,ta1