Evening star., 1933-08-31

ington Clearing House Association:
January .s72 ,5S7.2s ss2 'ss5, ,7se
February ....... 6l,0l2,2o2 ~, 8OIo44
March ......... 32,644,947 89.616 463
April ........ 3996O,5l7 1864 223
May ......... 4o,453l98 8O,493 495
June ....... 56487,657 85,449 66C
July ..... 51.328,169 85,449 66O
August ....... 45405,937 68,83O,619
With the approach of the Fall sea-
son and the anticipated pickup in re-
tail trade, the opinion was expressed
today that local bank clearings should
show steady gain during the remain
der of the year.
c. &. p. Net Earnings Gain.
The Chesapeake & Potomac Tele-
phone Co., reported July earnings to
the Public Utilities Commission today
showing balance before dividends OF
$155,305, against the lower figure in
July. 1882, of S138, 500, gain of S16,745
Operating revenues, however. were
lower, being S728, 57l, against s744.840.
Operating expenses were substantially
reduced during the same period, this
item being S481,181. compared with
S52O128 in July, 1882 leaving net op-
Grating revenues Of SPAS 800, in COM
parison with the lower figure of S216, ,712
a year ago.
Taxes called for S65,3Oo, against
$57.083 last year. leaving net operat-
ing income of Sl80082. against S159,629
in July. 1882 Interest deductions re-
quired over S2400o, leaving the above
mentioned net at the end of the month
In July there was a reduction OF
1.196 telephones in the District of Co.
lumbia At the end of the month there
were 172.827 phones in service, de-
crease Of 6253 from the same date a
year ago During July 17,103,000 calls
were made, about 321, 900 fewer than in
the same month last year
For the first seven months of the
present year. Chesapeake & Potomac
operating revenues were S5.300,665
against $5.566.786 a year ago, while op-
e-ating expenses were So, 7O4 657, COM
pared with S4.029, ,483 in the same seven
months in 1882, leaving net operating
revenues of sl,596,0O8, against $1,537,-
303 last year.
Operating taxes were heavier this
year and interest payments took $780,
$50 against $142,750 a year ago, 3eav-
ing a balance before dividends OF
1886 .562 against Sl,025,931 in the frs:
seven months of 1882. In this period
131, 100000 phone GALES were made
compared with 137,O8l 900 last year
Banks to Cooperate With U. S.
The banks of the United States will
cooperate to the fullest extent with
the Federal Government in its efforts
to reduce unemployment and restore
normal business activity, F. NJ Law,
first vice president of the American
Bankers Association. declares in a
statement in the current issue of the
American Bankers Association Journal
entitled "A Basis for Banking by Code.
Law says that cooperation among
banks themselves is the first step and
he points out that for several years his
organization has aided bankers to
establish regional clearing houses, tt
standardize banking practices and
create a solid basis of fair competition
before which injurious competitive
practices were reducing bank revenues
to the vanishing point.
Banks must compete, yet it IS sure
ly development of extraordinary I'M
portance to the Nation that banking
competition is being confined more and
more to such things as service ana
soundness of politics, rather than high
interest rates, free services and con-
cessions to important customers" MI
Law says.
Todays Trading on Exchange.
Trading on the Washington STOCK
Exchange opened today with $1,000 City
& Suburban SIS selling at 411a. The
next sale was a $1,000 transfer in Po-
tomac Electric Power consolidated 5s
at 1O314. After call, two more bond
sales were recorded, two $1,000 trans
actions in Washington Railway q Elec-
trio As taking place at go.
There was only one sale in the stock
division, a single share of Potomac
Electric Power 5la per cent preferred
coming out at 90. Peoples Drug Stores
preferred was quoted eX-dividend on the
exchange today, following the recent
voting of the regular quarterly dis
bursement Today the stock stood at
8312 bid and 80 asked.
Market Disregards Bond Buying.
In some quarters it was expected that
the Federal Reserve Boards purchase
of S35,000,000 Government bonds would
arouse considerable activity in the New
York Stock Market 1t didn't cause a
ripple. Why? Perhaps this is the
answer:
While the reserve banks were buying
$35 100000 worth of Government Sc
curities last week, thus putting reserve
credit into the commercial banking sys-
tenn to that extent member banks were
paying off their rediscounts to the tune
of s16,O0O,000 At the same time the
relatively unimportant item of ''othel
Federal Reserve credit" dropped $1,000
600 Both of these latter two move.
ments represented the reduction of re.
serve credit, so that the net increase
during the week was $35,000,000, mi
mus S16,000,000 and $1,000,000, or only
S18,000,000.
Heard in Financial District.
Chase National Bank has declared 6
quarterly dividend of IS cents, payable
October to stock of record September
g. A similar dividend was declared
in the previous quarter.
Ward Baking Corporation declared {
dividend of so cents share on its S
preferred stock, payable October l t.
stock of record September IS. Th'
dividend is on account of accumula
tions. Three and six months ago divi