Evening star., 1934-04-01
Months Total Nearly Double
Year Ago and Ahead
of February's.
C. & P. PHONE PROFITS
WELL ABOVE 1888 MARK
February Net Amounts to $780,
407, Compared With $13S, ,526,
Reported Last Year.
BY EDWARD C. STONE.

month last year and, what is more
important, exceeded Cancelled check
totals for both January and Febru-
ary, 1884.
Better still. clearings in the Capital
for the first three months of the
present year are ahead Of the total
for the like period a year ago. Dur
ing practically every month in 1888
local clearings were lower than in
the same months a year earlier. 1t
Is now believed that the tide has
turned and that during the next
nine months clearings will be much
more favorable.
March clearings were reported yes
terday by Charles E. Bright, manager
of the Washington Clearing House
Association, as s62, ,2O4, 4,8741O, against
only $32,644,94 in March, 1888.
This comparison, however, takes in
the bank holiday period year ago,
when the banks in Washington and
all over the United States were
closed by presidential order.
Clearings in February this year to-
tailed s49,O91 ,924.34, and in January,
55,737, ,29749, bringing the total for
the three months up to 167,039,-
095.93, in comparison with a three
month total last year of $166, ,224,-
1885.
For the first quarter of 1884 WASH
ington clearings by months compare
as follows with the like periods in
1888:
1894. 1888.
January..... $55.737,297 $72,567, ,289
February.... 49,O91 1924 61,012 ,252
March,. see, 62,2O4874 S2,644,s47
Trading on d. C. Exchange.
Washington Gas SIS, 1858, sold in
a $1,000 transfer on the Washington
Stock Exchange yesterday at SO, clos
ing the week with 91la bid and 9312
asked
Potomac Electric Power 5la per
cent preferred stock ended the week
with a small sale at hoe, while
Washington Railway g. Electric pre-
ferred moved at 9334, also on very
small sale.
Columbia Title Insurance Co. stock
made its first appearance of the pres
ent year on the board yesterday, 100
shares selling at S. The market
closed with S bid and 5l2 asked.
Merchants Transfer & Storage pre-
ferred stock, Woodward & Lothrop
common and preferred and American
Telephone are now being quoted ex
dividend in anticipation OF dividend
payments already declared.
Prices on local securities held up
well during the week. The February
utility reports have all appeared and
were highly favorable. Perhaps the
most market interest centered this
week in Capital Transit, which scored
another splendid monthly advance in
net profits, which totaled $75,5o2.
C. & P. Phone Earnings Up.
The February financial statement
of the Chesapeake & Potomac Tele-
phone Co. made yesterday to the Pub
lie Utilities Commission was in line
with similar reports from other units
of the Bell system. Earnings are
climbing.
February net earnings totaled $751;
407, against $138,526 in February,
1888, gain of S20,881. At the same
time balance before dividends for the
first three months of 1884 totaled
S322,854 as compared with $268,55
in the first quarter of 1888, a pickup
of $54,301.
Operating revenues in February
reached the sum Of $3.50 POI against
S739, 500 a year ago. Operating eX-
penses were higher than last year,
leaving a net operating income Of
$243,508 compared with $222,000. The
operating income was boosted by the
gain in connected telephones of 1913
against a loss of 474 phones in Febru-
ary year ago.
For the first three months of this
year operating revenues totaled
S1,595,076, while last year operating
revenues during the same period
amounted to $1,510,9O6. Phone calls
so far this year numbered 39,013,000
against 37.071 900 year ago. Similar
reports from other sections of the
country indicate a distinct upward
trend in business which is considered
significant as a barometer of general
trade Improvement.
Names Convention Chairmen.
President George o. Vass of the
District Bankers, Association gave
convention plans big boost yester-
day by appointing Thomas j. Groom
vice president and cashier OF the
Bank Of Commerce & Savings, as
general committee chairman, and
naming G. F. Jacobsen, cashier Of the
National Metropolitan Bank, vice
chairman Of the same committee.
Bankers will be in hearty accord
with these two selections Mr.. Groom
has already done a large amount OF
association work and has served on
many committees in connection with
previous conventions. He Is at pres
ent chairman of the associations
Protective Committee, an important
assignment.
Mr.. Jacobsen has also been active
in the associations work for several
years and has served on numerous
committees. Outside of his OWE
bank he is best known in the finan.
cial district as a member of the
Washington Clearing House Associa.
tion's Executive Committee.
It is understood that President Vas.
will make other committee appoint.
ments In the near future. The an.
nual conclave this year is to takt
place at White Sulphur Springs lats
in May.
It Is the first time Washington
bankers have met at the famous Wes'