Evening star., 1933-07-06
.GA|N IN D. c. BANK
!. CLEAR|NGS NOTED
Steady Increase Is Scored
. During First Half of
Present Year.
BY EDWARD C. STONE.

r BY EDWARD C. STONE.
:. Washington bank clearings are now
climbing steadily month by month, a
review of the records of the first half
of the present year shows. Further
more, there are many indications that
they will continue to mount during the
last half year.
Local clearings for the first half of
1888 compare with the corresponding
period in 1892 as follows, according to
the complete records kept by the Wash
ington Clearing House Association:
January s72, ,567, ,2se 1856, ,736
March ........ 32,644,947 89,616,463
April ......... 38,960,517 1864, ,223
May .......... 40,453,198 8O,493, ,495
June . 56.487,657 85.449.6 $50
Washington bank clearings in the
first six months of 1888 totaled over
S302, 125 862.63, while in the correspond
ing six months last year Cancelled
checks passing through the local clear
ing house amounted to $518,877, 1913.
The above table shows steady ad-
vance in local clearings since March,
when the low point was caused by poor
business conditions, but more particu-
larly because all the banks were closed
during the moratorium and no checks
could be cleared during that time.
The pickup during the past four
months is expected to continue during
the remainder of the year. Economic
and trade experts expect that the Sum-
mer lull this year will be much less
than seasonal. In that case, clearings
VIII reflect smaller hot weather luII
than usual. Advancing prices ale
causing increased purchases, while the
;. new deal confidence" is also causing
general letting out of purse strings
The biggest factor of all in the prob
able further improvement in D. c. bank
clearingS, however, is the expected re-
opening OF or 10 of Washington's
closed banks. When these banks again
throw open their doors to unrestricted
banking business clearings will be first
TO reflect the quickened business life Ii,
1.-THE city. These released funds, added
ITO the checks already in circulation,
should greatly enhance the gain in
ciearlngS now being noted each month.
,Ihe outlook is distinctly brighter
Z" Fifth District Building Permits.
L. Building permits issued in 80 lead
Sing flfth district cities in May, 1887,
numbered 2,319, compared with 1885
permits issued in May 1882, a decrease
"of 1872 per cent. Estimated valuation
uHgures Tor all classes of permits issued
last month totaled only ST 1,917.562. COM
pared with $3,984.33 valuation for per
lmits issued in May, 1882, a decrease
nthls year of 5l.9 per cent Thirteen of
1.-THE 30 cities showed higher valuation
figures for May, 1888, than for May,
1l932, but these increases were all n,
smaller cities and in most cases were
,idue to very low 1882 figures rather than
ITO nigh figures this year
81 contracts awarded for construction
work IN the fifth reserve district in
MAY this year totaled S5,4O9, ,292, in
,cludlng both urban and rural constr11c-
l,tlon, compared with $50, 0,54O,2 ,265 in con-
tracts awarded in May, 1882, according
Ito figures collected by the F. w. Dodge
Incorporation. Last year the figure was
increased by a large volume of con-
'tracts awarded by the National Govern
,ment Tor construction in Washington.
OF the May. 1888, contracts, S2,379,177
was for residential structures. approxi-
mately A per cent of all contracts.
compared with $3,l74805 for residential
'Work In May, last year, or only 10.4 per
cent OF all contract awards in that
month.
Upswing Prevents Summer LuI.
The uninterrupted upward movement
of business has been SO vigorous that
seasonal restraining influences thus far
have had no effect, says the National
City Bank in its monthly review of eco
nomic conditions. In most lines the
backlog of untitled business is sufficient
to keep mills and factories going for
some time, it says, and little is now
heard of the expectations of a subStan-
tial Summer decline, which were enter
tanned in many quarters month or
more ago.
This is the most impressive showing
of business recovery ever made in a
comparable period in this country the
bank states. Impressed by these gains,
business men are looking forward to the
second half-year with confidence.
within a few more weeks the crops
will be moving, and considering the i'm
proved farm prices there is reason to
hope that the Fall rise in trade will be
a substantial one, bolstered by greater
farm purchasing power than has been
present in the past year or two"
Wholesale commodity prices showed
another large gain, according to the In
deX of the National Fertilizer ASsoc1a-
ton. This index advanced IL points
during the latest week and brought the
index number up to 63.8, hitting a new
high record for 1888. The index is now
80 points higher than month ago and
81 points higher than year ago.
Of the IA major groups in the index
seven groups were higher during the
latest week. one group was lower ana
six groups showed no change. The ad-
vancing groups were foods, fuel, 1nciud-
ing petroleum and its products; grains,
feeds and live stock, textiles, metals,
fats and oils and fertilizer materials.
With the exception of the metals group,
all of the groups showed substantial
GAINS The miscellaneous commodities
group declined.
during the latest week and IA commodi-
ties declined.
Lively Trading on Exchange.
Lively trading was recorded on the
Washington Stock Exchange today, the
second session of the second half year
Washington Railway g. Electric As
opened business with a $1,000 sale at
871a.
two $500 sales at 81 and Washington
Gas 6s, series B, came out at lo4.
C. g. P. Telephone SIS of Virginia regis
tered a $1,000 sale at 103.
Anacostia & Potomac RR. IS came
out today in three 81 900 transfers, all
made at 4312. This concluded the
day's bond transactions and interest
turned to stocks.
Potomac Electric Power 51a per cent
preferred stock was strong, several
small lots selling at 108. Washington
Railway & Electric preferred figured
in a 51-share turnover at 1914. The
final transaction for the day was a
single share of Mergenthaler Linotype
at 90.
American Security & Trust Co. STOCK
is now marked ex dividend. Security
Storage is also ex dividend following
the recent dividend declaration.
Heard in Financial District.
Another day has passed without the
controller of the currency issuing the
expected bank call for condition of all