Evening star., 1935-07-06

months of 1888. The Jump OF nearly
sl44,0 900 in two years vividly pic
lures the progress already made away
from the depression.
Bank clearings here are rapidly
working back toward the old-time
figures. In the first half Of 1882 clear
ings in the Capital totaled S51e,877.-
1888. In the like period in 1881
they amounted to S649, ,794,097.74.
June clearings this year continued
the monthly gain over the same
months last year, standing at $685.
895,l59, against s66,669,995 in June,
1884, a gain of s19,225. 1888 and an
advance of S7,937, ,2O8 over May of this
year. All the comparisons reveal
steady upward trend of tremendous
importance The regularity OF the
upturn is even more important than
the amounts per month.
June clearings reflected the money
spent here during the big Shrine con-
vention. Fearing the downtown crowds,
a good many permanent residents did
little or no shopping during the week.
The money the Shriners spent offset
what local shoppers might have spent
otherwise, and kept canceled-check
totals close to normal.
Barrett Heads Auditors Group.
James D. Barrett, who was recently
elected chairman of the auditors Sec
ton of the District Bankers ASsocia-
ton, has been connected with the
American Security & Trust Co. for
the past IS years. He is now chief
clerk in the auditing department.
A native of Washington. he was
educated in the public schools of the
city and soon entered the banking
field. He has been deeply interested
in the auditors section ever since it
was founded In 1888 he was secre-
tary of the section and last year was
vice chairman.
3 The section has many meetings dur
ing the year for discussions of in
tricate auditing and bookkeeping
problems common to all the banks.
r. Earle Haycock was chairman last
year, his report at Hot Springs show
AAAS q OA5y yCo1 AlC 4CSC1k d1411ud1
election was held at Olney Inn.
Tourist Business Enjoys Boom.
At Mount Vernon the other after
noon there were motor tags from 38
States, with one from Mexico and one
from Canada added for good measure,
among the automobiles parked near
the national shrine at the same time.
Aside from District tags, Ohio made
the largest showing with the possible
exception of New York. Considering
the distance, the number of Maine
tags was rather impressive.
The Mount Vernon situation merely
emphasized the fact that Washington
is enjoying tourist boom. From all
corners of the globe visitors are rush
ing here to see the Capital and sur
roundings. The hotels report a
splendid business and the trade re-
ports from the stores tell the same
story. Cancelled checks back up the
evidence of money put in circulation
by out-of-town spenders.
The last half year is starting off
with a fine business outlook. Mer-
chants are more cheerful than they
have been for years. Bankers would
share the same enthusiasm if they
could only loan out more funds at
higher interest rates. Both bankers
and brokers report a notable increase
among patrons in high-grade per-
manent investments.
Fewer Bond Issues Approved.
New State and municipal bond is
sues reported approved by the voters
of So communities in 27 States dur
ing June totaled $4,558 900, as COM
pared with $8,713,314 in May, accord
ing to the Daily Bond Buyer. June
totals for previous years were S.
5oe,30o in 1884, $21,091, 200 in 1888
and $2,527 900 in 1882. All of the
authorizations were under $350,000
each.
During June a total of s1,88,250
of proposed financing was disapproved
by the voters of IL communities in 7
States, as compared with $4,6788l2
in May. June totals of rejected prof.
ects for previous years were s4,65O,-
600 IN 1884, S4,062, 900 in 1888 and
$2,785,5 500 in 1882.
Investment Trusts Do Well.
Net income of 12l management in
vestment trusts amounted to S21,276,-
900 in 1884, or 1872 per cent more
than in 1888 when it totaled ST.
$4,000, according to H. E. Hansen
in the Annalist. These figures are
exclusive of profit or loss on the
sale of securities, loss on which in
1884 totaled s28 300, 600 for 11s COM
panies, against $68, ,424,000 in 1893.
Invested capital in 121 trusts de-
clined S.8 per cent to $1,176,9 ,952 900
at the end of 1884 from 1928, 1896 900
q year earlier, while the net asset
value rose 80 per cent to $875,74O,
600 from $3.50, 0,259, 900. The ratio
of net income to capital rose to
1.s1 per cent from 1.46 in 1888.
Office Opened in Baltimore.
Randall H. Hagner & Co., Inc, of
Washington, has announced the OPEN
ing Of branch Office in the Balti-
more Trust Building. Guy T. o. |
Hollyday has been appointed manager.
New Jersey bankers report that a
study of old-age pension plans for
bank employees and officers will be
one Of the chief projects of the State
association during the coming year. |
A report from Berryville, Va, states |
that the Bank of Clarke County, 10
Gated there, has purchased the Boyce |
State Bank, at Boyce, and will oper-
ate it as branch at Boyce.
Financial District Gossip.
The Washington Stock Exchange |
was closed today and remain closed |
on Saturdays during July and August.
Fairfax Harrison, president of the
Southern Railway, says that the road |
met its fixed charges due July and
does not face any immediate flnan-
cial difficulty. He made the state
ment in commenting on several Wall
Street runors.