Evening star., 1932-08-20
washington BANK
tCLEAR|NGS DECLINE
Total for Week Ended Au-
/ gust II Is 26.7 Per Cent
7 Below Year Ago.

Total bank clearings here for the
week ended August II showed de-
crease of 26.7 per cent under the same
week year ago, but this is somewhat
smaller decline than that shown for the
clearings in Al leading cities of the
country, which was 37.1 per cent for the
same period.
Clearings here. however, fell off from
S16.303 900 forsthe week ending August
10 to S16,044, 900 for the week of August
IT, during which period the clearingS
at the Al leading cities as a whole. re-
ported by Bradstreet's Weekly, made
gain of 2.3 per cent, from S4,248 ,942 600
to $4,346211 900. This was a gain of
23 per cent, but decrease of 37.1 per
cent from year ago.
The usual seasonal trend for this
week is upward. about 80 per cent,
according to Bradstreets, principally
because of the midmonth payments.
After allowance is made for this factor,
the Bra dstreet's Weekly adjusted index
(New York City omitted) stands at 403
as against 1876 in the preceding week
and 627 for the corresponding week Of
1881.
This stability is said to indicate little
change in the general level of business
ACLlVlLy ana ITdL IIle QOWnWdTC pressure
previously existing has lessened.
Baltimore clearings dropped from
s64 ,095, 900 for the week ending August
10 to s59,909000 fer the succeeding
week. The latter showed a decline of
only 12.5 per cent from a year ago.
Business Activity.
The general level of business activ-
fly, after allowance for the usual sea-
sonal influences, has shown almost no
net change since the beginning of July,
says the Business Week. Although,
except for a few lines of consumer
goods affected by special factors, there
are still not significant statistical in
dications Of expansion, the stability of
the midsummer business level is dis
tinctly encouraging when considered in
connection with the rise of commodity
prices and the steady improvement in
the bond market since the middle of
July.
The panic. phase OF the depression
has definitely passed, and the upswing
In stock prices has Offset the extreme
def1ationary effect of the acute cur
rency crisis which marked the Spring
months. Further improvement now
plainly depends upon evidences of Fall
business expansion, which should begin
to appear by the end of August. This,
in turn, depends upon the prompt re-
sponse of private business and banking
initiative to the positive aspects of the
administration program, now being put
in process through the national co-or-
dination of local banking and indus
trial committees.
Commodity Prices.
Commodity prices, according to
Bradstreet's Weekly reacted slightly
from their upward trend of the past
two months, and dropped to SITS dur
ing the week ended August 16. They
still remain about 20 per cent less than
q year ago. Since the decline from
the previous week runs counter to the
normal trend, the BradStreet's adjusted
index of wholesale food prices fell off
to $50 per cent of the 1928-30 average,
compared with 56.8 last week and TOT
last year. The upward movement of
food prices has been so steady over the
past several months that this sporadic
relapse especially since it is so slight,
seems more like breathing space than
any significant indication.
Price changes, according to Brad
streets, during the past week bear out
the idea that the general list of COM
modities continues in a strong position.
Price increases still outnumber de-
creases during the past week by 81 to
IL, although in the previous week there
were 26 gains to declines.
Heard in Financial District.
Robert v. Fleming, president of
Riggs National Bank, has left for
Spring Lake, N. j., where he will re-
main until after Labor day.
John A. Reilly, vice president OF the
-iroY Na{ MI nd
Trust Co., is on vacation, and plans TO
make a trip to Boston.
Gerald E. Keene, assistant cashier
Of the Second National Bank, leaves
tomorrow with his family for va
cation at Cape May, N. J.