Evening star., 1932-09-30
DECREASE IN BANK
CLEAR|NGS SHOWN
Uptrend of Month Is Reversed
During Week Ending
September %.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Bank clearings In Washington fol-
lowed the example set by the rest OF
the country and dropped off during the
week ending September %, being sl4,-
975 900, against $18,503,000, and 35 per
cent under the corresponding week a
year ago. 1t was the first week since
the last week in August that local
clearings have not shown gain over
the previous week.
Ae reported to BradStreet's Weekly,
check transactions at the At leading
cities of the United States, fer the
. week ended September %, totaled
= $4,122 ,049 600, as compared with $5,-
= 516,374,00 in the preceding week, or
= decline of 25.3 per cent. Comparison
!. with a year ago reveals decrease OF
- 47.3 per cent Omitting New York
!, City, bank clearings amounted to ST.
:. 496, 10000, as against $1,738,248, 900, or
: drop of 1879 per cent.
{ The fact that clearings were off more
. severely at New York City than in the
remainder of the United States is
probably due to the inactive condition
of the financial and security markets.
But the declines recorded in all other
sections were uniformly large, ranging
: from 10 to 20 per cent. This is in
=, dicative of the slower business pro-
- cedure during the past week. 1t seems
= that business in the textile centerS vas
especially slow, relative to the past few
weeks.
Clearings in Baltimore totaled SAT-
:, 928, 900. compared with $56,G99,000 in
. the previous week, and down 81 per
: cent from year ago. Richmond clear
ings amounted to s2s,336,oo COM
pared with S28, 1871 900 in the week
ending September 81, and off Is per
clearings as S1,884, 900, against ST.
10000 in the previous week and down
80 per cent from the corresponding
week in 1881.
New Investment Firm in D. c.
. Announcement was made in the
financial district today of the incor-
poration of new firm to be known
as Ferris, Woodroof & Lewis, which
D.. will engage in a general investment
-. business, have Offices IN the Washing
ton Building and open its doors to the
' public tomorrow. The officers of The
, company are George NJ Ferris, presi-
!, dent; L. L. Lewis, vice president, and
c. E. Woodroof, secretary and treas
urer, all having been engaged in the
u investment field for long time.
= Mr.. Ferris for the past II years has
r been the resident manager of the Wash
ington Office of S. w. StrauS & Co. and
. through his efforts the business of that
company showed a remarkable growth.
He is a native Of Connecticut, was grad
p uat2d from Trinity College, Hartford,
and Immediately entered the employ of
+, the National City Co. At the outbreak
OF the World War, Mr.. Ferris entered
:. the Army Air Corps and became q cap
tain in that branch of the service
With the cessation of hostilities, Mr..
Ferris returned to his chosen field, this
time with S. w. Straus & Co., which
. connection has just been terminated.
. During his residence in Washington he
90 has taken an active interest in the
social and business life of the city, be-
. ing a member of the Bond Club the
>, Columbia Country Club and the Wash
ington Board of Trade.
Mr.. Lewis, native of Lynchburg Va.
attended the University of Virginia and
3, entered the Marine Corps, serving
throughout the war in that branch of
:, the service. For a short while he en-
gagged in the manufacturing business in
D.. his home city, then becoming associated
with S. W. StrauS & Co.. working
=. through the Washington Office in Nor
y folk and Richmond. Mr.. Lewis has
been making his home in Washington
., for some time.
&. Mr. Woodroof. also native of Lynch
:, burg, was connected with the United
. Loan & Trust Co. of that city, which
later merged with the First National
~ Bank. While in the banking business
he organized the Lynchburg Chapter. of
, the American Institute of Banking, be-
. ing its first secretary treasurer. For
u the past nine years he has been con-
= nected with the Washington office OF
S. w. Straus & Co., giving special at
:, tention to the Virginia clients of that
- firm.
:" Bank Directors Are Reelected.
=, Stockholders of the Bank of Com
: merce & Savings. located at Seventh
e. and E streets, held their annual meet
y ing in Alexandria yesterday. The bank
" holds Virginia charter. The following
" directors were reelected: Maurice D.
" Owings, John NJ Riordan, Thomas j.
.. Groom, Joseph H Milans. Clarence A.
" Weaver, william L. Bush, James E.
= Colliflower, E. Taylor Chewing. Rich
q ard L. Elliott, Albert S. Galley, Martin
=. A. Leese. Harry E. Mayer. John F.
=, Maury, Vernon G. Owen, Ellie Sheetz,
i Frank OWings.
" Robert H Lacey, chairman of the
:, Educational Committee of Washington
Chapter, American Institute of Bank
:, ing, is more than gratifled with the en-
rojlments for this semester Although
enrollments do not close until October
4, to date this years enrolment Of 300
pupils exceeds the whole of last Semes-
ters. which was 286. This record has
been made possible by the cooperation
OF the chapter officers, board of COVER
nors and chairmen of committees with
Mr. Lacey. Robert E. Lee, chairman OF
the Membership Committee, and Paul
j. Seltzer, chief counsel, and the mem
bers Of their committees, as well as by
the splendid assistance rendered by the
bank officials of Washington.
Eleven consecutive ST 900 sales IN
Washington Gas Light SIS were recorded
on the Washington Stock Exchange to-
day, all made at 101 a. Later S50O
more sold at the same price, and the
market closed with $500 selling at 1O1 12.
Washington Railway & Electric As fg-
ured in two 81 900 transfers at 88 and
$4,000 at 8724. Stock sales were con-
fined to Washington Railway & Elec-
listed securities revealed no changes in
quotations when given their weekly
check-up.
Cleaned in Financial District.
The Washington Loan & Trust Co.
has issued its monthly review of eco
nomic conditions, written by Norman E.
ToWson The letter is devoted to con-
ditions abroad and takes the ground
that there has been steady improve
ment ever since the Summer economic
conferences.
Edward c. Baltz, secretary of the
Perpetual Building Association, and T.
H. Welch, secretary of the Hyattsville
Building Association, have been named
members of the board of directors of