Evening star., 1935-07-16
CLEAR|NGS HOLD
TO UPTURN HERE
Advance of 26.9 Over Year
; AGO Follows Climb Dur
ing June.
BY EDWARD C. STONE.

of the notable upSwing, an advance
of 26.9 per cent over the correspond
Ing week year ago.
Clearings in Washington In the flrst
week of the present month totaled
S2O,823,476, against SIC ,407,784 in the
corresponding week of last year, $l2,-
573.685 in 1893 and $17,727,781 in
the comparable week in 1882.
Other cities in the fifth district
thoWed interesting and important
weekly percentage gains. Hunting
ton, w. Va, went against the trend,
however, noting a decrease Of l6 per
cent, while Norfolk, Va, was also be-
hind last year by IA per cent.
Charleston, S. C., enjoyed a boom
OF S6.4 per cent; Richmond, Va, re-
ported an increase in clearingS OF 48
per cent. and Baltimore scored gain
of ST. per cent. The aggregate In
crease for Washington and the other
five cities was 8.5 per cent.
The Washington gain of 26.e per
cent was fractionally above the ad-
vance of 26.8 per cent for the whole
country, as reported by the Financial
Chronicle. To these figures is added
a preliminary estimate for the second
week in July which indicates the same
trend, upward in spite of the mid
Summer season.
Hamiltons Book Value Gains.
President E. C. Graham OF the
Hamilton National Bank sent letter
tn stockholders today reporting book
value of the banks stock on June 29,
rs $2940 per share as against S21.3l
a share on December 81, 1884, an ad-
dition to undivided profits and book
value equivalent to $209 a share In
the half-year period.
Mr.. Graham reports net earnings
from purely bankings operations dur
ing the six months at $84,887.74, or
s16e per share. These operating re-
suits were augmented by net profltS
FROM transactions in Government
bonds and other securities and mis-
rellaneous incorporating credits, total
ing S59,268.25 against which the oanK
charged off losses and established re-
serves for contingencies ana otner pur-
poses amounting to S16.995 4O, leaving
net profit from all sources 1or the
half year of 1927, ,160.59.
The management is more than
pleased with the results of the past SIX
months operations, the bank omclal
Eavs. However, lack OF demand 1or
eoI1nd loans and a continuing tendency
toward lower interest rates makes 1t
inadvisable to attempt forecasts on tne
basis of past operations, he adds
During the first six months of 1885
branch operations as whole RESUMED
in net profits of $12,613.74, only one
branch showing moderate montnly
loss. There are certain developments
IN prospect at this time which Will
either place this branch on definitely
nrofitable basis or materially improve
The situation, Mr.. Graham states. In
concluding his letter, the president
saws business in the trust department.
has exceeded expectations.
Edison Lauded BY Financiers.
The death of John Joy Edison takes
d leading financial figure from the
banking district, banker who hao
heen an active leader for more than
half a century. Few financiers make
such a long record or such a bril-
liant one.
Bankers today lauded his long bank
ang and civic service to the community
saving that he leaves vacancy which
will be hard to fill. A review OF MS
life shows an amazing number OF ac-
complishments which could have re-
suited onlv through exceptional ability
and untiring energy.
His service to the Washington Loan
b Trust Co. for great many years
has been most valued. After serving
as president of the institution his ad-
Vancing years caused him to retire to
the Craftsmanship of the board In Ia
yor of the late John B. Larner, after
ward being succeeded by the present
head, Harry c. Meem. Up to the very
last he kept in closest touch with the
banks affairs.
In late years his services to the
Equitable Building Association were OF
eo1Ial value. His Office was IN the
Equitable Just across from the bank.
Always an optimist, he only recently
expressed the opinion that the coun-
try will come out of the depression
and enter a period more prosperous
than any in the past. He felt that a
start toward the better times had al
ready been made.
Hill on Advisory Committee.
President Roosevelt recently ap-
pointed Julien H. Hill; president of
the State Planters Bank & Trust Co.
of Richmond, a member of his Ad-
visory Committee on Works Allotment.
Mr.. Hill, who will be the representa-
tive of the A. B. A., will assume his
position Immediately.
All of the members of this advisory
board serve in an honorary capacity
and the duty of the board will be to
pass upon all applications for funds
and then recommend to the President
such action as they may consider most
advisable.
Mr.. Hill has always Shouldered his
full share of the work necessary to
promote the development and the wei
fare Of Virginia, Richmond and the
South. He has been for years the
treasurer of the Virginia State Cham
Der of Commerce and in 1881 served
as its president.
Potomac Bank to Pay S253,767.
Receiver Norman r. Hamilton an
nounced today that the Potomac Saw
ings Bank will begin payment tomor-
row of another 1919 per cent to de-
poSitorS who present proven claims at
1406 G street northwest. This action
will bring total payments up to 621z
per cent as the bank paid of so per
cent when it reopened as branch of
the Hamilton National. The coming
payment involves the distribution of
$253,767. which will be shared and
welcomed by hundreds of depositors.
The report of the receiver, made a
few days ago and covering the second
quarter of 1885. revealed very sub