Evening star., 1934-04-30
APRIL CLEAR|NGS
PASS61 MILLIONS
Total Slightly Lower Than
in March-Far Ahead
of Year Ago.

in MarCh-Far Ahead
of Year Ago.
BY EDWARD c. STONE.
Bank clearings in the National Cap
ital in April totaled SCI ,297, ,334.44
against only $38,96O,51795 in April,
1888. according to the monthly re-
port completed this noon by Charles
E. Bright, manager of the Washington
Clearing House Association.
Clearings were slightly below March
of this year when Cancelled checks
totaled $62, ,209. .874.10, the moderate
drop being mainly due to the fact
that the Easter buying came in March
to the advantage of that months bank
clearing summaries.
The April showing is considered
highly favorable and indicates that
business has held up well in this city
during the past four weeks. WASH
ington has held its position with most
other important cities in the country
in recording good gains. Part of the
poor showing in April year ago is,
of course. due to the bank moratorium
in March.
In the first four months of this
year clearings in Washington are well
ahead Of the like period in 1888. To
date in 1884 checks passing through
the local clearing house total $223,-
36,430,37 in comparison with $685.
85,006.90 in the corresponding four
&c, i,,
1884 of S32,l51 ,42347. This figure in
dlcates definite uptrend
Clearings by months compare as
follows with the similar months of
last year:
January ..... .S55, ,737,297 ST., 1857 ,289
February ..... 49,09l,824 61,Ol2252
March ....... 62,204874 32,644,947
April ........ 6l,297.334 3896O,517
Acacia Makes New Record.
Total income of the Acacia Mutual
Lie Insurance Co. for the first quar-
ter of this year was larger than for
any corresponding period in the his
tory of the company, the board OF
directors has been informed by
President William Montgomery.
The total income of Acacia during
the first three months of this year
aggregated $3,50oOOl, which repre-
seQts a gain of II per cent over the
f1rN quarter of 1888.
These figures Mr.. Montgomery
said, provide substantial proof of the
emphatic improvement taking place
in the economic situation generally.
All competent observers recognize the
Importance of life insurance as
business index The record eStab-
hshed by Acacia during the first
quarter is soundly encouraging, and
unquestionably is an accurate mirror
of broad, fundamental betterment in
conditions"
Four Delegates Attend Farley.
-Four delegates from the District of
Columbia will attend the Southeastern
group conference of 200 building and
loan associations to be held later this
week at Spartansburg. S. c. They
include Carl J. Bergman, Robert E.
Buckley, c. Clinton James and Will
liam S. Quinter Edward c. Baltz
will attend as vice chairman of the
Home Loan Bank Board of Winston
Salem.
Among those invited to take the
platform are John H Fahey, chair
man. William F. Stevenson and
Horace Russell, general counsel of the
Federal Home Loan Bank Board;
Morton Bodflsh, executive vice presi-
cent, and I. Friedlander, vice presi-
League, and Ralph H Richards. Fed
oF
Mr.. Bergman is a director of the
Southeastern group conference. Mr..
Quinter is the national executive
committeeman from the District. and
Mr. Baltz, director of district 5, of
the United States Building and Loan
League.
Credit Conditions Improve.
The Washington Association of
Credit Men reported today that for
the third consecutive month, nati~n-
wide sales conditions and col octi rs
in wholesale lines held their own dur
ing the past month. Returns have
just been received here from national
headquarters, the study covering 100
major markets in every State and the
District of Columbia.
Based on reports from the associa-
tons branch offices in these cities
throughout the country the survey is
a compilation of the experiences Of
the 10000 member firms which are
engaged in manufacturing, Wholesale
ing and banking lines of industry
Sixteen cities report good" collec-
tions and % good" sales. Thirteen
of the 38 cities achieved the best
record by reporting both sales and
collections as good" The remainder
were in the single good" list
Bank Stocks at New High.
New York City bank stocks this past
week registered another new high
record for the current year to date,
but reacted tGward the close of the
week. The aggregate value of the Is
leading issues acco ding to records
compiled by Holt. Rose & Troster.
totaled S1,709, 1921 900 on April 26, the
high for the year thus far, but enoed
the week at 81 ,676 1856 900 The latter
total compares with 81 ,691 OIL 900 at
the close of the previous week. de-
crease of Slabs 900, or 0.84 per cent.
James F. Fogarty, president of the
North American Co., stated in his
annual report that the taxes paid by
the company last year were equivalent
to S1.69 a share on the common stock.
"Out of each dollar of electric rev.
enues for our subsidiaries for 1933,"
he said, about 1712 cents was for
Federal, State and municipal taxes,
and for 1884 taxes will be even greater.
If our subsidiaries were tax free. as
municipal plants are, they could re-
duce their residential electric rates by
1912 per cent and their residential
customers would pay an avcrage of
less than 3l4 cents per k'lowatt hour"
Today's Trading on Exchange.