Evening star., 1937-12-31
CLEAR|NGS SOAR
ABOVE 1936LEvEL
1887 Total Shows Gain OF
$128,060, ,684 Despite
Lag in December.
By EDWARD C. STONE.

sociation reported this noon.
Clearings In the Capital in the II
months now ending aggregated ST.
255. 800 906 80 in comparison with
S1,l27 793O,2222O a year ago. at the
same time reaching the highest mark
since 1880.
Cancelled checks passing through
the Clearing House in December to-
tailed slO7,4l1, ,74898, as compared with
Sl09,547 66274 in December of last
year, small drop of s2,135,9l376
AS susiness barometer. the years
figures in bank clearings indicate a
very prosperous IL months business
with results far ahead of the 1886
returns
Savings Deposits Climb.
Savings deposits in banks and trust
companies throughout the United
States increased slO35,863 900, or a.
per cent during the year ended June
30, according to the annual survey
of deposits by the American Bankers
Association just completed by w.
Espey Albig, secretary of the savings
division.
On June 80 total savings deposits,
as represented by savings accounts
and time certificates of deposits in
the continental United States totaled
S24499 448 ,000 This is S3,373,914, 900
above the low of S2l,l25 $4,000 in
1888, continuation of the trend be-
gun three years ago, with the rate of
increase about the same as during
the previous year.
During the same period the number
of savings depositors increased 1922
ass, from 42.396,7l2 to 44,226,l78. a
gain of ASS per cent. In some States
the gain was unusually large. In
only five States was there a decrease
In spite of steady increase since
the severe drop during the crisis years,
the number of depositors is still
100000 below the figure of 10 years
ago and s.e62,l7O below the all-time
high of 1928.
81 Gain Per Inhabitant.
Savings per inhabitant averaged
sl9l, against Sl84 June 80, 1896, an
increase of 81. The survey remarks
that this is "a handome gain over
the 1888 figure of Sl68 per inhabitant,
though still short by SAC of the all
time high of $237 reached in 1928"
Postal savings deposits deposited in
banks by the Postal Savings System
continued to decline. the survey
shows. Although the volume of pos
tai saving , grew during the year,
S682940 900 less was redeposited in
banks This is accounted for by the
inability of banks to pay the 2l2
per cent required by the Postal Saw
ings System. The survey also indl-
Gates diminishing use of the certifi-
cate of deposit form of account in
favor of the savings pass book type
OF account.
In some States the increase in in
dividual deposits has been remark
able, the survey shows. Michigan
had a gain of 1890 per cent. Florida
1875 per cent, Delaware 1928 per
cent and Louisiana 1894 per cent
In only four States was there a de-
crease in individual deposits.
The survey indicates the volume
of savings deposits is not keeping
pace with demand deposits. Ten
years ago SO per cent of total indi-
vldual deposits Of all banks were saw
ings deposits, at the end of June,
1887. only 40 per cent.
Business Decline Checked.
The monthly survey of business by
the American Federation of Labor
states that "it is now apparent that
the major portion of the recession is
behind us"
Although no adequate information
on inventories exists, those in close
touch with the situation report that
business has now made good progress
In selling them off. New orders are
beginning to appear and it is generally
believed that by spring. if buying
power holds up, the most important
oversupplies will be cleared, forcing
orders for new goods.
Orders will come through slowly
at first, the survey says. Business will
be on a hand to mouth" basis and
gains in production will be moderate.
Such Is the forecast of business OBJ
servers for the first half of 1898.
An important point in favor of early
recovery is the present sound condition
Of credit Today there is relatively
little buying on margin In the stock
market: brokers' loans are less than
one-sixth of the 1929 volume. Banks
are in a sound and liquid condition
and the Federal Reserve, the review
comments, has ample reserve funds
for release whenever needed.
Financial District Gossip.
Edwin A. Sheridan, supervisor of
Information research at the Securities
and Exchange Commission, has been
made executive assistant to Chairman
William o. Douglas. He is graduate
Of Bowdoin College, Columbia School
Of Journalism and former member
Of the staff of the New York Times.
Chairman William o. Douglas of the
Securities and Exchange Commission
will make his first speech since becom-
ing chairman on January 7 before the
Hartford Bond Club, Hartford, Conn.
On January 8, he will speak at a
Jefferson Day dinner in New Haven.
Life insurance company purchases
OF Government securities this year
crossed the billion dollar mark in the
week ended December l8 with the
acquisition of s52.364,610 in that pc
riod. The total of the year to date is
$1,000 l30,083, compared with 1885,
683,o43 in the like period last year.
The Western Maryland Railroad is
seeking bids January IL on 81, ,4O0, 900
equipment trust certificates, dated
February /, 1898, and due in one to
10 years.
c. & p. Phone Net Lower.
Net income of the Chesapeake k
Potomac Telephone Co. in November
amounted to $143003, or S22,o59 less
than for November, 1885, according to
the monthly statement filed with the
Public Utilities Commission today.
Operating revenues of $933,024
showed a s40,922 increase over No.