Evening star., 1933-02-28
WASHINGTON BANK
CLEAR|NGS DECLINE
February Total Is Smaller
Than That of January.
Drop Is Seasonal.
BY EDWARD c. STONE.

BY EDWARD C. STONE.
February bank clearings in the Ma
tiolsl Capital were announced today py
the washington Clearing House Asso-
citation. and as is always the case were
lower than in January
Clearings in this city for the second
month of 1888 totaled SCI ,0l2,252.o8, IN
comparison with S72 SGT ,289 in January
of this wear, according to the ngures
kent nv Manager Charles E. Bright.
In practically every large city IN the
United States clearings have been lower
in February this year than in the cor
responding month a year ago. Clear
ings in this city in February, 1882,
amounted to S3O.807 ,544.54. j.
Clearings for the first two months OF
1898 totaled Sl33.579, ,541.58, against
Sl73. 663 28O.83 in the like period last
wear, The difference in business In the
two periods is not as large as the hgures
indicate. A good deal of the drop Is
due to the 2-cent tax on bank checKs'
which has made very substantlal re-
ouction in the number OF cheeks peIng
issued The law was not IN 1orce At
this time last year.
now predicting an increase in business
as Spring openS up. This Will mean
gains in bank clearings as the year ad-
vances 1t is certain that a great many
checks will be put through the local
clearing house during the next few days
while the inauguration multitudes are
here.
Keck 40 Years With Same Bank.
William w. Keck, assistant treasurer
of the American Security & Trust 90,
will have been with the bank 1or ~
wears tomorrow. He and Charles Z.
Howe the treasurer. are the only mem
hers of the staff who have been with
the institution continuously LOT SUCH
long term of service.
Mr.. Keck started as an ONCE poy ON
March l, 1898. At one time and anoth-
or he has been connected with every
department of the trust company, ad-
yancing steadily until he was mace as
sistant treasurer on January II, 1911.
Mr.. Keck came to Washington as a
bov from Ohio. He has remained very
close to the banking business. but mas
also found time to be very actVe
member of the Odd Fellows, as well as
of several clubs. He has served on sev-
eral inaugural committees, OF which
COICCTdll INV R4SSANNANN
trust company, was chairman.
Business Gains Expected Here.
With the inauguration throngs
already arriving in the Capital. mer-
chants and bankers are looking forward
TO a sharp advance in local trade DUR
ing the next few days. For the next
week or 10 days retail trade is certain
to speed up even if each Gust -mer makes
Cnly a small purchase. Hotels, tco' are
assured of capacity business. AS noted
above, bank clearings Will also renect
the increase in the mercantile turnover.
Local banks are now bidding for the
business and accounts of people COM
ing here with the new Roosevelt admin
istration. Those who will be aftll1ated
with the new political regime are pemg
offered complete banking facilities.
MANY banks wrote personal letters
right after election to Senator'S and
Representatives-elect and others Solicit
ing their business. Many Will open
accounts here during the next few DAYS,
while others Will walt until lne Speclai
session of Congress.
The real estate business is also to
benefit by the new arrivals, who Will
lease new homes or establish residences
in apartment houses.
Local Bankers hnOW feTklNS.
Several local bankers are acquainted
with James H. Perkins, former presl-
dent of the City Bank Farmers Trust
Co.. New York, who has been elected
chairman of the National City Bank
to succeed Charles E. Mitchell. re-
signed. The National City's directors
accepted Mitche!Ts resignation in less
than 10 minutes after going into ses-
sion.
Mr.. Perkins has been engaged in the
banking business for more than 20
wears. He was born in Milton, NE IS,
and graduated from Harvard IN 1893.
His first position was with waiter
Baker & Co., Ltd, chocolate manuIac-
a large area in the neighborhood OF MI
Perkins home town.
After seven years with the chocolate
firm he Joined the American Trust TO-
of Boston and after few years there
he was offered the vice presidency OF
the National Commercial Bank OF Al
bany: he became president OF that panK
in 1912 TWO years later ne received
a call from the National City Bank,
becoming vice president, anu lIleil ca
ecutive manager.
ON June 16. 1921, he was elected pres
ident and director of the Farmers
Loan & Trust Co.. and when the affllla-
tion of that institution with the Ma
tional City Bank of New York was COM
pleted on June 30. 1929. he was made
president and director OF the City
Bank Farmers Trust Co. and direc-
tor of the National City Bank.
Today's Trading on Exchange.
The opening transaction on the
Washington Stock Exchange today was
a $1,000 sale in Washington Railway
& Electric IS at 86l2.
The remainder of the days business
was confined to stocks. Potomac Elec-
trio Power per cent preferred sold IN
small lots at 107* and 107, ex-dividend.
The same corporations 51a per cent
preferred changed hands at LOG, ex-
dividend.
Applications totaling 1854, ,283,0 900 for
approximately Sl00,00O,000 of 9l-day
Treasury bills maturing May 81 are
announced by Secretary Mills. Ac-
ceptances totaled S1O0,613,000, with the
average price of the bills to be issued
99750.
The highest bid made was 1886,
equivalent to an annual interest rate Of
about O25 per cent, and the lowest &C
cepted was 99.688.