Evening star., 1932-07-22
WASHINGTON BANK
4. CLEAR|NGS HIGHER
Reports for Week Ended
July 20 Reveal Moder.
ate Increase.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Bank clearings in Washington for the
upturn in local trade over the business
transacted during the previous week.
Checks Cancelled by the Washington
Clearing House during the week to.
tailed S19,386, 900, against $19,o97' 'o0o
II per cent below the figures Tor the
corresponding week last year.
Washington was more fortunate tnan
Baltimore and Richmond, In the NTH
Federal Reserve district. Richmond re-
ported clearings of S23992.O 900 Tor the
week, against S25 1875, 900 in the pre-
yious week. while Baltimore cleared
s53865, 900 in the week just ended,
compared with S57 ,204 900 for the pre-
vious week, and % per cent under the
same week year ago.
Atlanta showed improvement, clear
ings being s28,2OO,OOO, compared with
s25. 100000 in the previous week ano
within IS per cent Of last years record
during the corresponding week. Busl-
ness in Newark. N. j., in the week
rnder review was within Sc per cent
of last years clearingS on the same
dates. In the cities that had the most
marked decline the reason for the drop
Is described to the 2-cent tax on checks,
which materially reduced the numoer
drawn. ,,.
As reported to Bradstreet's, bank
c,oa-ings frcm 47 leading cities OF the
limited States totaled S4,4l3,12O'OO0 Tor
thu week erded July 20. TINS COM
pares with S4.364, ,74o,o0o in the pre-
vious week, or an increase OF IL per
cent. 1t is s7;2 per cent less ISs, 'hah III
Omitting New York City. bank clear
ings rose only O.6 psr cent, aggregaung
81 657 647. 900, as compared with 81
S48 275 900 in the previous week. This
is $50 per cent less than last year.
Business Quiet on d. c. Exchange.
On the Washington Stock Exchange
TODAY Potomac Electric Power o12 per
cent preferred stock sold at 1852. Ihs
same corporations per cent preferred
stock changed hands at l07l2, sales be-
ing yery light The days only pono
trsnsa ction was in Washington Rail
wsv a. Electric As, $1,000 selling at 10.
Washington Gas Light stock Is now
hsing quoted ex-dividend, following the
regular sO-cent quarterly declaration
inst made by the directors. The dis-
bursement is payable August l to STOCK
of record July 2l.
The first public financing In over
wear for any subsidiary of the North
American Co. took place today, WIN
the offering of Sl5,000OOO Union Elec-
trio Light & Power Co. Missouri gen
eral mortgage gold bonds. per cent.
Series due 1857. by group OF invest.
ment houses. The bonds are prlceo az
"a and interest, to yield 5.44 per cenV'
Sutherland Wins Agency Honors.
A I, Baldwin. general agent OF the
Northwestern Mutual. announces tne
successful conclusion OF l0-week con-
test Don Sutherland succeeded IN
annexing first prize, which was awarded
for the results obtained for 10 weeks
of hard work. F. George Clendanlei'
Morton H. Wilmer and =. NeooiI'
Wright were winners OF the secono'
third and fourth awards, reSpectNev.
These men, together with the gen
eral agent and the following AiolI
viduals, are leaving for the ahhuai tia
companv convention to be held in NIL
Waukee on July 25, Is and q. Wallace
Hatch Carl Smith Dow, P. l.. BALDWIN
Frank Eliot, F. T. Kirk, A. H. jack
man and Francis L. Smoot, Jr.
This is the largest group the WASH
ington agency has ever sent to ITS an
nual convention.
Rapid Transit Deficit Grows.
The net income item of Washington
Ranid transit Co.'S June statement OF
operations. filed yesterday with the
Public Utilities Commission, revealed a
deficit of s5.83497 for the month. as
compared with a surplus IN net income
of 81 O82 AZ in the month last year.
The net income item for the hrSt nan
of 1882 now presents deficit OF sZ2,-
lit IS. against one of S1,262 "a 1or tne
like period a year ago, an increase III
deficit of $23,9l4.H. .o
Sales of the American Stores 20. Ior
the four weeks ended June 81 were
s9,987, ,361 compared with slO;938, Ioo IN
the like period year ago, decrease OF
s951,345, or 81 per cent: FOR the an san
months ended on June 30, total SAFES
:. .roounted to $50 776,8l8 against s69,-
zoo sn1 difference of s9,713,483. or
1919 per cent. At the time TINS repoft
was made, the regular quarterly olsi-
dend of so cents share was oeclareo.
Credit in the 4th Reserve District
tee of the fourth Federal Reserve ois,
trict around Cleveland. states an
ANALYSIS of the June 80 condltlon
statements indicates there Is creol.
available for the use of commerce and
industry. A letter addressed TO all olS-
trict banks says a survey OF more tndh
1000 manufacturers in the district IN
dicates that there is great anouliI "
productive business available, put wIiiGi
is held up by the lack OF proper oanh-
ing accommodations. IhlS Is paltNu
larlv true of small businesses.
This report is of special interest," IN
the other Reserve Districts as similar
SURVEYS are already under way IN tiie
others. Some bankers think that tne
greater use of trade acceptances VIII
prove beneficial and to some extent
furnish a substitute for other credit
Heard in Financial District.
Francis G. Addison jr, president OF
the Security Savings & Commercial
Bank. is receiving many congratulations
on his election as chairman OF the
board of the Better Business Bureau,
At the same time Joshua Evans Jr.,
president of the District National Bank,
is worthy of unstinted praise for the
service he has rendered the Bureau
while chairman of the board.
Waggaman, Brawner & Co.. invest
ment bankers. are distributing review
of banking and insurance stocks, cover
ing the leading issues in New York,
Chicago. Boston and Philadelphia.
Currency is now flowing back to the
banks, which indicates that boarding
is on the wane." says 'Dunn's Re
view" individuals are returning the
money because their faith in these IN