Evening star., 1932-05-31
BANK C[EAR!NGS
OFF DURING MAY
Report for District Shows
Decline in Cancelled
Checks for Month.
BY EDWARD C. STONE.

MAY lOllOWeu tHe tIeIlO dl ONcI tllc
country and showed falling off from
the April figures and also from the fig
ures of May, 1881. part Of the slump
being seasonal as is always the case at
this time of the year.
Local clearings in May totalled $80-
493. .495.l5 against S89,654,22 in
April of this year and Sl02,346,9 ,949.55
in the corresponding month of May a
year ago. according to the report kept
by Charles E. Bright, manager of the
Washington Clearing House Association.
Cancelled checks passing through the
Washington Clearing House for the first
five months of the present year totaled
S433, 3,427, ,46328 in comparison with
S534,679. 704.6 in the corresponding
period of 1881. Clearings by month so
far this year oompare as follows with
like periods in 1881:
1882. 1881.
January S92,855 1856 $l09, 764, ,6l4
February ..... 80,807,544 69,742,l75
March ....... 8e.616,463 ll2,443,159
April .. 89,654233 1882, ,805
May ..... 8O,493,495 l02,346, ,949
From the standpoint of Cancelled
checks as an indicator, it is evident
that January was the best business
month locally. so far in 1882. 1t is
also notable that the falling off from
the April totals is not as large as it was
last year.
Fifth District Marking Time.
According to an Associated Press dis
patch from Richmond today. business
in the Fifth Reserve District is mark
ing time" in most lines. with trade in
every line at ''noticeably lower level
than a year ago" The Bank OF Rich
mond's monthly review adds:
Rediscounts at the Richmond Reserve
for member banks declined between
April Is and May Is. a season when
they are expected to increase. Circu-
lation of Federal Reserve notes oc-
clined last month, but not more than
seasonably. and. therefore, the decrease
did not indicate any material reduction
IN boarded funds.
The Richmond Reserve materially in
creased its holdings of Government Sc
curities in line with a system policy.
Reporting member banks in leading
cities of the district reduced their loans
and discounts last month, contrary to
the usual seasonal trend when agrlcul-
tural loans might be expected to in
crease the demand for credit. Demand
deposits in member banks declined,
while time deposits increased moder-
ately.
Commercial failures in the fifth dis
trict we're less numerous in April than
in either March this year or April
last year. but liabilities involved IN
April bankruptcies we're with two ex-
ceptions, the highest figures ever re-
ported for any month.
Retail sales last month in depart
ment stores averaged about 81 per cent
below April, 1881, and sales in the
first four months of this year were
nearly ls per cent below corresponding
Phone Expansion Work Ordered.
At the close of the regular monthly
meeting of the directors of the Chesa-
peake & Potomac Telephone Co., held
TODAY the members of the board in
spected the company's telephone equip
ment display room and viewed several
new talking pictures concerning tne
telephone business. An interesting fea-
ture of the demonstration was con-
ference held by John A. Remon. gen.
eral manager, with the general man
ayers of the company at Baltimore,
Richmond, and Charleston. w. Va.
During the business meeting con-
struction work involving the expendl-
ture of S195,540 was approved. Mr.
Remon stated that this brings the total
value of projects authorized 50 far this
year to s3,587,2 PA.
Included in the work which has been
authorized are the extension Of under
ground cable to provide additional
trunk lines between the North, Potomac.
Decatur and Columbia central ofices
and the installation of booster equip
ment to improve transmission on exist
ing underground circuits connecting the
Metropolitan, North. Columbia and
Georgia central Offices Underground
cable extensions were also authorized In
the Georgia central Office area.
Lee Takes Bank Presidency.
Frank w. Lee. who has been vice
president of the Mount Vernon Savings
Bank for several years, will move up
to the presidency tomorrow. June l,
succeeding Claude H. woodward, who
recently resigned As noted at the
time of his election, Mr.. Lee was very
prominent in the Machinists' Union be-
fore entering the banking field.
Mr.. Woodward concluded his duties
at the bank today, many patrons ex-
pressing keen regret over his departure
For the next few days he will be very
busy making final plans for the coming
District Bankers Association conven-
ton. He is chairman of the General
Committee and will be at bankers
headquarters in the Bond Building until
the party leaves here for Hot Springs,
on June 8.
Morris Plan Bank Convention.
Mrs. Bertram Chesterman. wife of the
president of the Morris Plan Bank of
this city, will be an active member of
the Ladies Entertainment Committee
for the convention of Morris Plan banks
and companies which will be held here
September %, 80 and October l. Mr.
Chesterman is general chairman of the
convention.
Associated with Mrs Chesterman will
be Mr.. and Mrs. R. o. Bonnell. Balti-
more: Mrs. J. Rodney Ball Lawrence,
Mass; Mrs. Royden c. Bryan. Will
rington. Del; Miss Marie mccarthy.
Columbia, S. c.; Mrs. R. W. Pitman,
Philadelphia. and Mrs. Mabel H. Swift
of Maiden. Mass.
A three-day visit of bankers and their
wives to the Capital City has already
been the inspiration for a number Of
Invitations. said Mrs. Chesterman. In
addition to sightseeing. there will be
receptions, golf and other interesting
functions for the guests.
Exchange Trading More Active.
In the first trading session since last
FRIDAY, trading was more active on the
WASHINGTON Stock Exchange today.
ket. $1,000 selling at 1Oll2, $1,000 at
10034, 81 900 at 1007s and 81 900 at 101.
"A $500 sale in Washington Gas Light
'6s, series A, took place at 981a and
trading then turned to stocks WASH
ington Railway g. Electric preferred
opened at IS and closed at II. on a
50-share turnover. The last sale was
5-share lot of Capital Traction at 10,
same as last weeks closing price.