Evening star., 1938-01-31
WASHINGTON BANK
CLEAR|NGS DECLINE
January Report Disc|oses
Drop of f$7,125, ,965 From
Same Month in 1897,
By EDWARD c. STONE.

By EDWARD c. STONE.
January bank clearings in Washing
ton disclosed decline from January
1887, according to the monthly report
of the Clearing House Association
made this noon.
Cancelled checks passing through
the clearing house in January this
year totaled $93 3.436,11 in COM
parison with total clearings in January
last year of $l00, ,562, ,083 .88, a decrease
Of 5.965.0l.
This modest recession follows q
slight drop in December from De-
cember of the previous year, although
clearings for the full year 1887 were
Yar above the figure for 1896. Clear
ings in New York and other cities
turned down several months ago, while
business in the Capital continued to
maintain previous levels or exceed
past records.
The January slump in clearings
here is in line with many forecasts
that business generally all over the
country will be slow in the first quar-
ter of 1888 and improve as the year
advances No important setback in
Washington is anticipated by bankers
or business men on account of the
Governments huge and very constant
pay roll.
With the exception of clearings in
January last year, today's report is
the best since 1881 Washington bank
clearings in January, 1886, totaled
&86. .990, ,594.44; in January. 1885. they
dropped to s69,566. 6.9234o; in January,
1884. amounted to s55,737. .297 40; in
January, 1888. totaled s72,567 ,289, and
in January, 1882, stood at s92.855,-
1869. In 1881 January clearings
were higher than the figures reported
today.
Living Costs Still Downward.
After showing an upward trend from
the low for the depression in April,
1888. to October, 1887 the cost of
living took a definite downward turn
in November, according to the A'eyan-
der Hamilton Institute. The decline
was extended in December and the
present outlook is that the recession
will continue during the major part
Of 1888.
As in the three previous years OF
recovery, the rise in the cost OF living
IN 1887 was not quite sufficient to
offset the expansion in consumers in
come. Consequently, consumers pur-
chasing power rose for the fourth
consecutive year. In 1887 it was 81 3
per cent above the low for the depres-
sion in 1888 and was only 10 per cent
below the pre-depression level in 1929
The present outlook is that the de-
cline in the cost of living in 1888 will
not be sufficient to Offset the prospec-
tive reduction in consumers income
The drop in consumers purchasing
power from 1887 to 1898, however,
may not be much more than per
cent, the survey says.
Advertising Trend Upward.
The Research Committee of thc
Financial Advertisers Association, Oh
which Henry c. Ochs, vice president
of the association, is chairman, has
just completed survey among the
associations membership on the
subject of advertising appropriations
for 1898.
Members reporting show that more
than so per cent will have the same
apprppriation as in 1887. Thirty-sls
per cent will increase their appropria-
ton for the coming year and less than
8 per cent will decrease for 1888. In
the latter group are a large per cent
of banks that have utilized special
media during the year 1887 for specific
purposes, such as bank openings, ami.
versaries, etc.
Analysis of the reports reveals that
educational and institutional copy
will predominant. but in all cases re-
porting various departmental services
from Christmas savings accounts to
the large corporate trust and invest
ment services will be stressed in this
years advertising.
Newspapers lead the list of media
to be used by 100 per cent of the
reporting members.
Auto Financing Falls Off.
The volume of retail financing OF
new passenger automobiles for the
year 1887 amounted to slightly more
than 81 100000, 900, according to pre-
liminary estimates of the Department
OF Commerce This valume is almost
4 per cent below the 1886 level and
slightly more than 2 per cent below
1929. the previous high year for this
business.
The daily average volume for De-
cember, 1887. was almost is per cent
below that for December, 1886, but
was 20 per cent higher than December,
1885. Between November and De-
cember there was an increase of 80
per cent.
Brooke Would Join Boards.
George D. Brooke, president of the
Chesapeake & Ohio Railroad, has
asked the Interstate Commerce Com
mission for the right to serve on
the Board of Directors of the Rich
mond, Fredericksburg g. Potomac
Railroad and the Richmond g. Wash
ington Co. He would also become
a director of the Cleveland Unior
Terminals Co.
Ernest L. Norris, president of thu
Southern Railway, is among the coun.
try's leading railroad magnates whe
predict steady improvement in busi.
ness conditions later in the presen
year. In an expression of views b,
several railroad presidents, he is on
of the most optimistic on the longe'
outlook.
The Baltimore s, Ohio Railroad
has notified the New York Stock Ex
change that it will pay interest to-
morrow on its AZ per cent notes @
1899 and on the AZ per cent con
Vertible bonds of 1860.
Would Issue More Stock.
Dividend Shares, Inc, Jersey City
has filed a registration statemen
with the s. E. c. under the Securitie
Act covering 16,5l5,041 shares of Is
cent par value capital stock to be of
fered at market prices. Proceeds Wi
be used for investment Calvin Bull
lock Is the underwater.
National Underwriting Corp,, Bal