Evening star., 1934-07-16
RISE CONTINUED
BYD.C. CLEAR|NGS
First Two Weeks Total
More Than $1,000, 900
Above Last Year.
BY HAROLD ROGERS.

BY HAROLD ROGERS.
Bank clesrings here continue 70
show substantial gain over the same
period last year
During the first two weeks Of the
new nscsl year. since July /, value Of
checks changing hands here increased
by more than s. .o0o, 900 over the same
period in 1888.
Clearings for the FIRST week in July
Jumped from $l2.S73 64S 10 in 1888 to
tl6.407. .7s4l2 IN 1894 while the sec
oud week showed a gain from Sl3.-
40 ,334 7s in 1888 to SIS ,309 539 81 in
1894.
The first two weeks In july last
year showed clearinRs Of s2e 053. e
ols.5s. as compared with the first two
weeks Of this year Of S3l III. 1896
At the United States Savings Bank
plsns we're still under way 10 pay a
dividend of 65 per cent TO depositors
and creditors. but the time has not
been fixed definitely II probably will
be sometime this week "Wednesday or
later. with depositors being asked to
call tn groups
Bank Notes Decrease.
The inability OF national banks
particularly in larger cities, to utilize
the bank notes circulation privilege
profitably in recent months because
Of their excess funds and lack OF de-
mand for borrowings. according to
the Wall Street journal is evidenced
in condition statements OF June 80
which disclosed either entire elimina-
tion OF these notes or sharp contrac-
tions In smaller cities. on the other
hand. where ready access 10 Reserve
banks for currency is not possible cir
culation account of banks was prac-
tically unchanged
In New York City the Chase Ma
tional Bank and National City Bank
which reported S25, 100000 each in
circulation account last March. had
none at the end of June. First Ma
tional Bank reduced its account 10
t366.000 on June 80 from So, ,93l ,O50 at
the end of last December
Principal changes among interior
cluded the Farmers Deposit National
Bank OF Pittsburgh. whose circulation
on June 30 stood at S2.858 900. against
S6,000000 at the year end: Philadel-
phia National Bank, Philadelphia had
81 ,585 900, against S7,48l .257; First
National Bank of Dallas, Tex. had
S3,000000 against $3,623 100; Mellon
National Bank of Pittsburgh had
S4.205,l70 against $5,437 ,440. Sea-
board National Bank, San Francisco
had 81 200 900, against $4,000, 900. and
First National Bank & Trust Co, St
Paul, Mlnn., had S4,509,270, against
t5,l07, $50.
OF all national banks in the coun-
try. Bank of America, N. T. 81 S. A. OF
San Francisco, probably is making the
privilege.
Bank Stocks Higher.
New York City bank stocks recover
ed during the last week. The aggre-
gate value Of Is leading issues, ac-
cording to records compiled by Holt
Rose a. Troster, totaled 81 ,582 ,46l ,00(
on July l3, as compared with ST.
SAL 1897 900 at the close of the previous
week an increase of SAC, ,564 900, ol
1853 per cent.
The current average yield of the le
issues of sos per cent compares with
q yield of SIC per cent on July 6.
The current market value is now
1.29 times their known book value
and based upon current figures the l6
issues are now quoted at an average
of il3 times their known earnings
Insurance stocks in the New York
City market continued higher during
the past week. The aggregate value
of 20 leading fire and casualty in
surance issues. according to records
compiled by Holt. Rose g. Troster
amounted to S446. .334 900 on July l3
compared with $439, 703 900 at the
close of the previous week an in
crease of $6,63l 900, or Isl per cent
The current average yield of the
20 issues OF 406 per cent compares
with yield of 407 per cent a week
ago. The current market value Is
now l.l9 times the current Gquidat-
ing value against l20 times on July
Combined operating earnings from
underwriting and net investment in.
come are now 1890 per cent or
market, as compared with l046 pei
cent a week ago. and based upon cur
rent figures the 20 issues are now
quoted at an average of 81 times theii
combined operating earnings agains
90 on July g.
Associated Gas Report.
A drop OF 20 per cent IN net cleo
trlc output under last year was report
cd today by the Associated Gas &
Electric System for the week ended
July Z. Units (kilowatt hours pro.
duced for this week were 47.333. BAT
For the four weeks TO date output wa.
down OF per cent when compared
with the same period year ago
Gas Sendout for the week was 267 !,
644 900 cubic feet. an increase of IL
per cent above the same week OF 1888
The high pace set by steel-maklns
during the first half of the year has
broken the comparative monthly rec.
ords of production and shipments O
many Of the leading companies as Ia
back as 1880. In some districts, out.
put in May was $50 per cent larger
lildll III May, 1898, NIllle Jne nunDel
of active blast furnaces was five time
greater. and exports for the year t,
date have trebled the 1888 figures
Even though the 10 per cent wage IN
crease, which became effective OF
April /, added at least $4,000 0C0
month. OF $40. 900 900 annually, to tn
industry's pay roll, and costs OF ma
telisls advanced, the substantial gail
IN operations and shipments offse
materially the higher charges. accord
ing 10 a survey by Dun & Bradsueet
Inc
The result was that the deficits O
year ago were more than halved, tn
profits OF the first quarter were dou
hled in a number of instances. an
the leading firms have achieved tn
best financial position in three year:
with the earnings statements of IN
small steel mills making a partlcu
larly good showing To yield a prof
20 the 100000 holders of stock. who's