Evening star., 1938-04-01
MARCH CLEAR|NCS
SLUMP IN CAPITAL
Total for First Quarter Also
Lower Than for Same
1887 Period.
By EDWARD C. STONE.

1886, d QeCIedSe VI SlS,USu,olS.Oi, tllS
Washington Clearing House ,Associa-
ton reported today.
The drop in the number of can
celed checks was not surprise as
the weekly reports indicated that the
month would show a modest decline
over the same month a year ago. The
slump was not sufficient to indicate
any serious setback in business in
the Capital. 1t was ascribed today as
largely due to the fact that Easter is
so much later this year than last.
Clearings in the Capital in the first
three months of 1888 amounted to
$273,359, ,76276 as compared with
$307, 537,372.96 in the like period of
1887, or a decrease so far this year
of S34, 5000. While the trend
for the first quarter has been down.
ward, the slump has not been nearly
as severe as in many other cities.
The number of checks put through
the Washington Clearing House so
far this year compares as follows with
the same months year ago:
1888 1887
January 3,436,1Ss sloo,562 ,083
February - 8z,231,245 92,192, $40
March ---- 95,692,3 114,782 ,9l8
Several bankers predicted today
that clearings in April will run ahead
of the same month year ago be-
cause of the volume of Easter busi-
ness now getting under way.
Telephone Net Profits OFF.
Total net earnings of the Chesa-
peake & Potomac Telephine Co. i'll
February amounted to Sal. .738
against Sl63,805 in February 1887,
it was reported today to the Public
Utilities Commission.
Operating revenues were consider
ably larger than a year ago. 1902, $40
against S80,690, but operating ex-
penses also mounted, $648,407 compar-
ing with; S62S,0SO. Operating taxes
required $85,510 against S8l,745
year ago. leaving net operating in
come of S168,453 versus $l80,865 in
February, 1887.
Incorporating income was larger
than last year, making total net in
come sl73,l86 against Sl82,45l. In
terest deductions in February called
for S31, 1,448 in comparison with only
$l8,646 year ago.
There were 228,930 telephones in
service on February %, 1888, which
was an increase of 922 over the pre-
vious month. Telephone users in
Washington made 23,872,000 calls dur
ing the month, or an increase of 8l8,-
600 calls over February, 1887.
The telephone company also filed
the summary for the first two months
of this year with the Public Utilities
Commission, net earnings in this pc
riod amounting to S235, 1896 against the
higher figure of S344,332 in the first
two months of 1887 A good gain in
operating revenues was offset by higher
operating expenses.
New Partners Congratulated.
John E. Parker, who has just been
made partner in G. M. P Murphy g.
Co, and George A. Garrett, who be-
comes a partner in the same firm on
April is, were receiving many con-
gratulations today in the brokerage
district. Both are veteran brokers and
have been prominent in Washington
financial circles.
In leaving their H street offices, G.
M. P. Murphy & Co., will have greatly
enlarged quarters which have been
operated by Hartman g. Keech since
these two concerns merged il. 1895.
The Offices will furnish ample room
for the staffs of the two firms when
they are combined
In the dissolution of Hartman &
Keech, part of the staff, more direct
ly connected with Ferry K. Heath, have
become associated with Winthrop Nit
chell & Co., in the Washington Office
Maj. Heath having become resident
partner in charge.
Chain Drug Sales Lower.
Average daily sales of chain drug
stores in February were per cent
Lower than in February, 1887. accord
ing to the Bureau of Foreign and Do
mestic Commerce. February 1888 sales
were up 40 per cent from January
1898.
The smallest decrease was shown by
fountain sales which were 81 per cent
lower, followed by tobacco sales with
3.8 per cent decrease from last Feb
ruary, while "all other" sales decreased
Ills per cent.
Bankers to View U. S. Bureau.
James c. Dulin, jr., treasurer of the
American Security & Trust Co., chair
man of the Public Affairs Committee
OF Washington Chapter, American In
stitute of Banking, has completed ar
rangements for chapter members and
guests to visit the Bureau of Engrav-
ing and Printing. Through the CO.
operation of Director Alvin w. Hall,
the building will be open to the bank
group next Wednesday at pm. The
junior bankers are anticipating an in
teresting evening in viewing the pro-
duction of money and stamps.
Directors Increase Dividend,
Directors of the Prince Georges
Bank q Trust Co. have declared a
senl-annual dividend of per cent,
payable today to shareholders of rec
ord on March 26. The last dividend
was ~ per cent paid in October.
The National Savings Club of the
National Savings g. Trust Co. will
present the musical clubs of Norwich
University at the Washington Hotel
Monday evening. The grand march
will be led by Senators Gibson and
Austin, Representative Plumley and
H. Prescott Galley of the National
Savings g. Trust Co. Many Army and
Navy people, Norwich graduates, have
accepted invitations
Heard in Financial District,
Observers were pleased with the bet
ter opening of the New York stock
market today, when many advances
were recorded. Leading brokers are
of the opinion that many stocks on
the exchange are now selling below
their real values, based on earnings,
prospects and Yields That does not