Evening star., 1933-02-24
WASHINGTON BANK
I .I'7CLEAR|NGS LOWER
Weekly Report Shows Total
ia10ff is Per Cent From
Year Ago.
BY EDWARD C. STONE.

Judging by bank clearings, business
in the country, as whole, was better
during the week ending February %
than in the corresponding week of 1882,
but in Washington and other cities in
the Fifth Federal Reserve District it
was somewhat lower
Clearings in the National Capital for
the week ending February % totaled
$12, ,731 600, against $15,247,000 in the
previous week, and off 16 percent from
the like period year ago. Baltimore
clearings amounted to S42, 1000,
week, and IL per cent under last year
on"the same date.
Richmond cleared $19,866,000, COM
pared with 22,569,000 for the week
ended February Is, off only 8.6 per cent
from last year. Norfolk reported clear
ings of 81 1,546, 900, as against 81 ,901 900
in the preceding week, and 26 per cent
under last year.
While Atlanta is not in the fifth dis
trict, it is interesting to note that clear
ings were almost up to the previous
week, being S22, 900, against $22,-
100000, and only 3.4 per cent lower
than in the corresponding week in 1882.
In all these bank clearings compari-
sons, it should be kept in mind that
year ago the Governments 2-cent tax
on checks was not in force, this law
having made a substantial difference
in the number of checks issued.
Bradstreets Weekly reports that
clearings for the whole country was
IL per cent above the same week
year ago, a very favorable showing.
There was a decline over the previous
week, but not as large as last week.
AL three weeks contained five business
days.
B. & O. Bond Plans in Detail.
The Baltimore & Ohio Railroad Co.,
: through George M. Shriver, senior vice
president, announces that it has, with
!. the approval of the Reconstruction FL
nance Corporation, declared the plan
operative for meeting the maturity of
Z its 20-year Az per cent convertible gold
bonds. due March l, 1888. Under this
: plan the company viii pay holders OF
! the bonds SO per cent of the principal
amount with accrued interest in cash
and deliver for the remaining so per
cent like principal amount Of its 3
per cent refunding general mortgage
: bonds, series F, due March l, 1896.
Holders of more than 90 per cent of
the 500, ,250,000 principal amount OF
such bonds outstanding have accepted
the 1plan proposed by the railroad, and
the company believes that under the
circumstances the remaining bonds will
be exchanged when the plan Is put into
effect.
The announcement states that be-
cause the money to be advanced by the
Reconstruction Finance Corporation is
available only for the payment of SO per
cent in cash to asserting bondholders,
the railroad company Is not in posi-
tion to offer any other terms to bond
holders who have not yet assented to
the plan.
ZBendholders are asked to surrender
their bonds with the March l, 1888, in
terest coupons attached at the office OF
the company, 120 Broadway, New York
City. on and after February 21, 1888.
Upon. such surrender, or as soon there
after as the Reconstruction Finance
CORPORATION shall have advanced the
necessary funds, the railroad company
will make payment in cash OF an ad-
ditional 40 per cent (or if 10 per cent
has not therefore been advanced, OF
SO per cent? of the principal amount
of the surrendered bonds. together with
the full interest from September !,
1882, to March l, 1888.
.,,, North American Cuts Dividend.
The North American Co. has declared
n quarterly dividend of 2 per cent in
common stock on the common stock,
aand-the regular quarterly dividend of
rs fents on the preferred stock, both
payable April l to stock OF record
March s. The company previously had
been paying q per cent quarterly In
common stock on the common.
The reduction in the common stock
dividend to per cent, Frank L. Dame,
president of North American Co.,
stated, was regarded by the board as a
conservative measure, in the light OF
present conditions. There is, however,
no intention, he said, of making any
other change in the stock dividend pol
icy.
The annual report for 1882, to pc
mailed to the stockholders about March
/, will show that the North American
Co and its subsidiaries have no bank
loans or early maturitieS and are in
excellent financial condition" Mr.. Dame
said
The G. c. Murphy Co. Operating a
chain of scent to 81 StoreS) and its
subsidiary, Mack Realty Co., in report
for year ended December 81, 1882, certi-
fed by independent auditors, show net
profit of $646,888 after depreciation
interest and Federal taxes, equivalent
after preferred dividends, to S2.7l
share on 149, 1888 no-par shares of COM
mon stock This compares with $685.
327, or SALT common share In 1881.
As of December 81, last, company had
i76spstoreS in operation, against 172
stores at close of 1881.
Further details from the annual re-
port of American Stores Co. and sub
sidiaries for year ended December 81,
1882 Certified by Independent auditors,
shows net income of S4,3l3,840 after
depreciation, Federal taxes, ETC., equiv
aient to 1881 a share on l,302,870 no.
par shares of capital stock outstanding
at end of year. This compares with
s5,2Te, ,991, or S376 share, on 1899, 500
shares in 1881.
current assets as of December 81,
1882, including $6,434,872 cash and
marketable securities, amounted to H.
537, 1872 and current liabilities were So
713.787. This compares with cash and
marketable securities OF s7,744 ,sS9, cur.
rent assets of SIS, ,338, ASS and current
liabilities Of 1853 at close Of 1881.
Financial District Comment.
lTgo $1,000 sales in Washington Gas
Light 6s, Series B, were recorded on
the Washington Stock Exchange today
at 1O35a. One of the S100 bonds OF this
same issue sold at 134. Capital Trac-
tion Co.. stock figured in four l0-share
?GL s2tsS' at S18, up 70 1Ionl SeSVeiooy
sales.
,freas,ry financing of $500, ,000, 900 on
March Is is already receiving the at
tentien of William H. Woodin, who as
Secretary of the Treasury in the Roose.
welt administration will have the final
decision to make. Mr.. Woodin has al
ready been in contact with Secretary
Mills and this will continue until he
takes Office March 4.
The House Banking and Currency
Committee Thursday took up in eXecu-
tiye session the CouZens bill to grant
to.stne controller of the currency au-
thority over national banks in any State
Siu1iiar to the Jurisdiction of the bank
ing. authority of that State over State
institutions. Senators Vandenberg and
CpsIzens and Acting Controller of the