Evening star., 1939-02-28
D. {. CIearings Drop
Below 1888 Levels
In February
Decline Of $1,497, 3A
Recorded; Total for
z Months Higher
BY EDWARD C. STONE,

4 NtOUtuS 1ulSuSI
BY EDWARD C. STONE.
Bank clearings in the Capital in
February totaled $82, ,733 ,9O081. in
comparison with $84231 ,24506 in
February, 1898, small decrease of
$1,497 ,344.25, according to George H.
Bright, manager of the Washington
Clearing House Association.
For the first two months of 1899,
however, comparisons show higher
clearings and indicate that business
In the Capital was slightly better
than in the first two months of 1898.
Clearings in January and Febru-
ary, this year, totaled $l79,158 407 .43,
as compared with $177667 ,363.93 in
the like period in 1898, or gain SO
far in 1899 of $1,49l ,04350.
Bank clearings in January of this
year totaled s96,424,5O624, which
compared with $93 3,436,118.87 in jan
uary, 1898, an increase in the first
month of 1889 of $2.988, ,387.75. With
the exception of 1887 this was the
best January showing bank clear
ings in Washington had made since
January, 1882
Bankers said today that they con-
} sidered the weather an important
factor in the slight drop in February
clearings. The fact that the two
months total is ahead of last year
indicates business in favorable po-
sition. they added.
Pennsy's Earnings Mount.
In line with other January rail
reports, the Pennsylvania Railroad
today reported net railway operating
income in January as S4,998.7 .796, an
increase of S2,757,036 over January,
1888.
Freight revenues totaled S23,815,-
o06, jump of s4,36l ,405 over the
same month year ago. Passenger
revenues amounted to $6,318.92l a
gain of over $35, 900 and express re-
turns reached $685. ,4O6, big increase
Of $l50920. Revenues for carrying
the mail were more than $4,000 bet
ter than a year ago. Other mis-
cellaneous revenues was off $l65 900.
The company held down on rail-
way operating expenses which
totaled $24.643, ,469, only $l,651,795
more than last year. Railway taxes
took $4,000 more than last year
and unemployment insurance taxes
and railway retirement taxes were
also higher.
Gross totaled $32 2.896.733 in jan
uary. 1899; S28.465, ,622 in 1888 and
$37824,118 in 1887.
Residential Building Holds Up.
The Federal Reserve Systems
monthly review of December and
the first three weeks in February
states that the value of construction
contracts awarded declined in jan
uary. according to the F. w. Dodge
figures, owing principally to reduc-
ton in awards for publically
financed projects, which had been
in large volume In December.
Contracts for privately financed
residential building continued at the
recent advanced level, while awards
for private non-residential building
remained in small volume.
Average yields on United States
Government securities declined fur
ther during the first three weeks
of February to about the lowest
levels ever reached New issues of
9l-day Treasury bills, after selling
at par or at slight premium in
late December and early January,
were again on slight discount basis
during February. Other open-mar-
ket rates continued unchanged
Air Traffic Up Sharply.
United Air Lines reported total
of 6.126.671 revenue passenger miles
flown during the month of jan
uary, an increase of 80 per cent over
the corresponding month of 1898,
when total of 4,7324l0 revenue
passenger miles were flown and a
decrease of II per cent over Decem-
ber, 1888.
Net operating revenues of the
Southern Railway in January totaled
ST 1862 ,284. In comparison with only
$278,423 in January, 1888, and ST.
349,956 in January, 1886. January
gross amounted to 81 ,944 ,637, against
poSo0, T. 10 year ago.
The Norfolk & Western R. r.
reported net operating income in
January of 50 1905 1884, against $780,
O08 in January of last year. Surplus
after charges totaled $1,96O,271, COM
pared with s709 400 a year ago, these
and other rail reports showing a
much more favorable situation than
1y-i+I
vious year.
Arundel Corp. earned S2l2 share
in 1898, against $168 share, the
annual report sent out from Balti-
more states. The stock is quite
widely held in Washington.
Patterson on Bond Program.
Richard c. Patterson, jr, Assistant
Secretary of Commerce, will address
the Bond Club of New York March 9,
on working Directors"
Stockholders of the American
Tostado Corp, at their annual meet
ing in the Woodward Building,
elected Charles Stypmann president,
Orvis A. Persons, vice president;
Francis L. Keohan, secretary and
treasurer. These officers, together
with Mrs. Mary F. Horn Persons
and Mrs. Mary F. Mack form the
board of directors.
w. r. Williamson, consulting ac-
tuary for the Social Security Board,
lectured on the principles of Life
Insurance" yesterday afternoon at
the Willard Hotel, when his class in
the Life Insurance Institute began
the second semester.
Smith, Barney g. Co. are expected
to be principal underwater of the
Northern States Power Co. of Wis
consin issue of SIT 100000 first 31as
now under discussion.
New bond offerings this month
have shown a sharp pickup from
the low point established in jan
uary. Up to yesterday, the February