Evening star., 1932-08-31
WASHINGTON BANK
CLEARINGS DECLINE.
Decrease for August and First
! Eight Months of Year
Reported.

Reported.
Bank clearings in the National Capt.
tai show sharp decrease for the month
of August as compared with August last
year. and also for the first eight months
of this year as compared with the SINH
lar 1881 period. according to figures
made public today by the washington
Clearing House Association.
Clearings fell off from $50 4,710.06
for August. 1881, to S68,830 $3.50 in
August this year.
Figures for the first eight months
show drop from s840, 165. .975.l7 in the
1881 period to 1854, ,353, 3,854.70 for the
eight months of 1882.
Trading on d. C. Exchange.
The Washington Stock Exchange
showed more activity today than it has
in several weeks Trading was gen.
erally confined to the local utilities, but
National Press Building 5l2s were out
at 81, in a turnover Of four Sl,OOO
bonds.
Washington Railway & Electric pre-
nerred was off three points on sale
of so shares at 83l2. Potomac Elec-
tric consolidated SIS sold shade OH
at 1C2s4 while the sig per cent pre-
ferred of the same company turned
over at 1885,, same as last prior sale.
Washington Gas IS A we're l point OIL
at e81a, and the same company's 5s
were steady On a sale of 1914.
Al. q. Committee Named.
RAYMOND L. Weber of the National
Savings & Trust Co. has been named
chairman of the House Committee oil
the Washington Chapter, American In
stitute of Banking. He is a graduate
of the institute and member OF
number of other chapter committees.
other members of the committee are
Lincoln H Phillips Of Mount Vernon
Savings Bank, Fred Strasser of Amerl-
can Security g. Trust Co., ana FRANK
Cook of the District National Bank.
Business Failures.
Failures in this South Atlantic area
increased in number. while the num-
Der throughout the United States de-
clined during the week OF August 70,
as compared with the two preceding
weeks, according 10 braoStreeI
Weekly.
Failures in the area including this
city, dropped from Al for the week OF
August II to As for the week ending
August 18, but jumped up to 65 for
the week of August Is, Bradstreet
shows.
For the country as whole fewer
failures were reported during the week
of August 25, the total number drop
ping from SAB to SGT. A considerably
sharper decrease than this is normally
expected, however. and the failures m
dex as compiled by BradstreeVs Weekly
jumped up from 1872 per cent OF the
1928-30 average. as compared with 1901
last week and 1858 last year. The 543
failures reported this week compared
unfavorably with the 353 insolvencies
recorded for the corresponding week
last year. The average weekly num-
Der of failures for the month OF Au-
gust was 536 as contraSsed with 572,
the average for the month OF July.
This is a drop of per cent and un-
doubetdly reflects the better business
conditions of the past few months.
However, the number Of failures re-
ported from week to week continues
high in comparison with normal times
and it is hoped that the improvement
will continue.
While the number of failures fell of
In all trade groups except wholesale and
banking there was an increase OF Az
per cent IN liabilities, which included
all groups. An outbreak Of banking
suspensions throughout che country, ex-
cept the Pacific Coast district, raised
the number in this group from 26 to
36. These were however, mostly small
banks, and banking liabilities did not
increase proportionately to the number.
Number of failures declined in all
geographical districts except the South
Canfral ond PaPifip Coast A
marked increase in the South Atlantic
section was accompanied by sharp de-
crease in liabilities. This decline, which
occurred in spite of the failure of a
large hotel in this region, was due to
greatly lessened banking liabilities.
Liabilities were also lower in the South
Central and Pacific Coast sections. The
Middle Atlantic and Central districts
registered greatly increased liabilities,
due to retail and banking failures.
Sentiment Improves.
Business optimism has increased
further this month under the stimulus
of rising prices for stocks, bonds and
commodities, combined with an increase
in the gold stock and an absence OF
serious financial disturbances" accord
ing to the guaranty survey OF the Guar
anty Trust Co. of New York. Con
earmarked for foreign account have
been released and added to the Amer
ican monetary reserve. Bank failures
have remained at comparatively low
levels, and the position of banks in
general has been greatly improved by
the advance in bond prices.
Aside from the operations OF the
Reconstruction Finance Corporation,
there has not yet appeared any definite
upward tendency in the total volume
of bank credit outstanding, but the
swift liquidation that took place during
the early months of the year and con-
tinued into the Summer has given way
to a relative stability that probably
reflects the lessening of the pressure
on the banking system and removes
one of the principal obstacles to busi-
ness recovery"
Charles S. Dewey. former Assistant
Secretary of the Treasury, is chairman
of the NoteholderS Committee Middle
West Utilities Co., which has just sent
out a letter to noteholders. An i'm
portant point brought cut in the letter
is that the cost Of committee repre-
sentation throughout the entire re-
ceivership proceedings might in most
cases be less than the cost OF retaining
a lowyer merely to prepare and file
proof Of claim"
Westheimer & Co., located in the
woodward Building, have installed a
grain ticker, with direct wire to large
grain corporation in Chicago. it was an
nounced by Harmer Reside. manager
OF Westheimer & Co. Office here. The
ticker brings reports from grain trading
on the Chicago Board of Trade. In
terest in grain here. while not as active
as that in the New York Exchange, Is
growing according to Mr.. Reeside.
Automobile Reports.
Earnings reports from the leading au-
tomobile manufacturers for operations
the first six months of this year reflect
the effect of general business condl-
tions on the automobile market accord
ing to survey made of the industry.