Evening star., 1937-07-01
HUGE GAIN SEEN
IN D. c. CLEAR|NCS
$124,0O9, 9,738 June Total Is
Best for That Month in
Seven Years.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Business in the National Capital in
the first half of 1897 was substantially
better than in the first half of 1886,
according to that ever-relable barom-
eter Of economic conditions-bank
clearings
George H. Bright. manager of the
Washington Clearing House Associa-
ton, reported today that bank clear
ings In June totaled S124009, 1884 as
compared with S104 ,841 ,03471 in June,
1886, or an increase of Sl9.168,7O373
and the best June total since 1929
when Cancelled checks amounted to
Sl24,028,347.
The June report brought total clear
ings in Washington in the first six
months Of this year up to S65l 249,-
935,l0 in comparison with $3.50 1885,
1l1,60 in the first half of 1886, or
gain of Sl00,353, $3.50 Such a SEN
satlonal advance reveals beyond ques-
ton that Washington has enjoyed ex-
ceptlonal prosperity so far in 1887.
Business carried on by checks in
the first half of 1887 was more than
double the total in the like period in
1888, which was the low point in the
depression Bank clearings in the
first half of that memorable year
amounted to s3O2, ,l25 ,S6263. In 1884
they advanced to 1856 sos 500 % and
in the first SIX months of 1885 to
$445, 5,93693942.
The June figures alone also gives an
interesting trade picture In 1880
June clearings totaled S116,2SO. .346, in
1881 dropped to S1l5.114393. in 1882
went lower to S85,449, 5000 and in
June. 1888, hit the depression bottom
at s56,487 657.33. Turning upward in
June, 1884, they aggregated s66 669.-
1856 and in June, 1885, had climbed
back to S85,895, 5,l5924.
Bank clearlngs in the Capital in the
first half of this year compare as
follows with the like months in 1896:
1887. 1886.
January sloO,562 ,os3 90 $3.50 SAC 90
February $1,000 78,o24,52l
March - 114,782 ,91so0 $685. .879 90
April - 1915 ,484 90 l00,389, Ola 90
May --- lO3,297 $1,000 94.2e5.112O0
June - 124,O09, 1884 04,84I ,o347l
Other Indces Show Progress.
Other business indicators such as
electric power output, telephone
usage, post Office receipts and retail
sales reflect notable progress in the
Capital in the last six months. While
most of these reports actually cover
only five months, there were no
marked changes in the month just
ended. They amply back up the bank
clearingS revelations.
The Chesapeake & Potomac Tele-
phone Co. reported that the number
of telephones installed in each of the
first five months of this year was SUBJ
stantlally ahead of the like periods
year ago. In May alone 220,047 tele-
phones were in use compared with
2o6,445 at the end of May, 1885, a net
gain of 656 phones during May this
year. Telephone average daily calls
also scored splendid increase in the
first five months of 1887
Department stores in the Capital in
the first five months were "a per cent
above the same period in 1886 Sales
in the first half of 1886 were so far
ahead OF the same period in 1885 that
they set hard pace to be followed
this year. Recently sales have shown
a moderate let-dOWn in comparison
with the same period last year, partly
because of soldiers bonus spending or
obligating of funds at this time year
ago.
With the single exception of one
month, receipts at the City Post Office
have been far ahead of the CORE
spending months last year. The de-
mand for electric power has apne up
steadily all this year, the Potomac
Electric Power Co. reports. And the
Washington Gas Light Co. reports an
increasing sendout of gas, these and
other similar statements proving
steady business expansion here.
When all the figures for the half
year are recorded it will be found that
the huge Government pay roll has
again kept business at a boom stage
in the Capital, with prospects that
much the same conditions will prevail |
here during the last half year. This
would seem to be a very safe predic- |
ton, regardless of what strikes NAV
do to economic conditions elsewhere |
Washington stands in a most favored |
position.
May c. & P. Phone Net Lower.
There was a slight falling off in |
Chesapeake & Potomac Telephone net |
earnings in May, S172,472 compared
with Sl86,204 in May, 1896. according
to the statement filed late yesterday |
with the Public Utilities Commission
The difference is accounted for by in
creased expenses.
Operating revenues in May this year |
totaled s949,55S against s90O.76e a |
year ago. Operating expenses called |
for s674,436 compared with s627,487 !
IN May, 1896, leaving net operating
Income, after S849 in taxes, of
sl9o,1S3 against S199,5SS. Interest
deductions required s1e,771 against
Sl4.5l6 year ago.
The report filed with the commission
covering the first five months of 1887
SHOWS operating revenues of S4.661 ,79l
against S4,4 ,33S Operating expenses
were much larger, standing at s3,289.-
45l as compared with s3.O92 ,887.
Taxes called for s419,357 in COMPARE
son with the lower figure last year of
S362,s45, leaving net operating in
come of s952,e83 this year against
S984,5o6. incorporating income was
better than last year.
Interest deductions required sos, 1888
against 1913, leaving net income
before dividends of S865,3SO in the
first five months of 1887 as compared
with S9l5,956 in the like period year
ago, decrease of S50676.
There was net gain of 5,S45 tele-
phones in service this year compared
with gain of 4,630 year ago. Tele-
phone calls in the five months totaled
125,477,0O0 against 116,376,00O in the
like 1885 period.