Evening star., 1940-03-01
D. {. Bank CIearinqs
Soar $10,419,2SS
During February
Total of $93,l53,189
Highest for Like Period
In Past Nine Years
By EDWARD C. STONE.

In business conditions in the Capital
in February is indicated by the
monthly report on bank clearlngs
which scared $10,419 ,288 81 above the
total for February, 1889, according
to todays summary by George H
Bright, manager of the Washington
Clearing House Association.
February clearings in the Capital
were the highest for that month in
the last nine years, amounting to
$93 ,153, 1892, in comparison with
$82, ,733 ,900.8l in February, 1899. In
making the nine-year record, they
compare with total of $96,742, ITS
In February, 1881. Clearings in Feb
ruary, 1882, dropped to s80,8O7, ,544
Clearings in the Capital in the
first two months of the sresent year
amounted to 5000 0290 ,282 20, as COM
pared with $179, ,l58 ,407 .43 in the like
period in 1889, an increase of $2l,-
131 ,874.86. This two-month upswing
is highly significant in view of the
fact that last years rise for the
whole IL months was only $59,-
432,31175.
Furthermore, the advance of well
over s10,000000 in each of the first
two months of 1910 makes an i'm
pressive total already assured for
the first quarter.
c. e. p. Earnings Advance.
Net earnings of the Chesapeake &
Potomac Telephone Co. in January
totaled $165,078, compared with
$l51,615 in January, 1899, an in
crease of $l3,463, according to the
monthly report just filed with the
Public Utilities Commission.
Operating revenues brought in
s1,083, ,408, against s1,OO2,782 in jan
uary year ago; operating expenses
totaled $757,399 VS.. S7l3,437; operat-
ing taxes required $111,364, against
500, ,533, leaving net operating in
come of S2l4,645, as compared with
$l92,812 in January, 1899. Interest
deductions called for $49,902, in
comparison with $4O,642 a year ago.
Todays financial report for jan
uary made better showing than
the December statement, which pre-
sented net earnings of $180,O75,
against $187, ,12l a year ago, a small
decrease of $7046.
There were 255, ,846 telephones in
service in Washington at the end
of January, 1910, which was an in
crease of 1913 telephones over the
previous month.
Telephone users in Washington
made 32,703,000 calls during the
month, or 4,06O,O0O more than in
January, 1899, today's report said.
Guests at Bond Club Luncheon.
Among special guests at the WASH
ington Bond Clubs luncheon at the
Carlton Hotel yesterday were Pres
ton Delano, controller of the cur
rency; Lawrence Clayton, assistant
to the governor of the Federal Re-
serve Board; Lawrence Williams.
president of the Washington Board
of Trade; William Malone, an Off
cial of the Securities and Exchange
Commission, and Elliott Thurston,
special assistant to the chairman of
the Federal Reserve Board.
Among bankers noted at the
luncheon were c. H. Pope, president
of the Munsey Trust Co.; c. F.
Jacobsen, president National Metro
politan Bank; Bruce Baird, presi-
dent National Savings & Trust Co.,
and Francis G. Addison, jr., presi-
dent Security Savings & Commercial
Bank. Many members of the Bond
Club, Of which George M. Ferris is
president, had their own guests.
The informal address by Mariner
s. Eccles, head of the Federal Re-
serve System, was greatly enjoyed.
Speaking informally, he touched on
many of the most vital problems
now facing the country and pre-
sented a wealth of information on
the financial subjects discussed.
Bid for Bank Stock Scars.
Members of the Washington Stock
Exchange were commenting today
on the fact that the bid for Bank
OF Commerce & Savings stock has
advanced from $27O a share to $500
a share during the last week. Dur
ing this period no stock has been
offered for sale at any price. The
stock is the highest-priced bank
issue on the board. 1t paid $40
share last year and $5 extra. The
stock is so closely held that there
has been no sale on the exchange
so far in 1910 and there was none
in 1899.
Park Savings Payment Likely.
1t now seems probable that pay
ment Of $220,000 will be made to
about 5000 depositors in the Park
Savings Bank some time this spring.
Such payment has already been
recommended and the court has
fixed a date for a hearing on the
recommendation. The money is
available as the result of nearly
seven years of court litigation. If
the payment is approved at the
coming hearing it is anticipated
that John F. Moran, the disbursing
agent, will be able to make the
distribution in May.
Bethlehem Bonds Sold.
Washington investment dealers
who had some of the $105, 100000
Bethlehem Steel bond and debenture
Issues for sale, were much pleased
with the reception accorded these
securities. The books were closed
yesterday shortly after o'clock.
OF the total, $35,000000 serial de-
bentures were oversubscribed in the
morning. The remainder of the
issue consisted of $70,0OO,00O per
cent and 81 per cent bonds. Deal
ers said today that insurance COM
panies took many large blocks. The
sale was one of the largest pieces of
Industrial financing ever attempted
Heard in Financial District.
The Securities and Exchange Com
mission reports that the market
value of total sales on the WASH
. ington Stock Exchange in January
amounted to $137,704, comprising
$69,653 in stocks and $68,051 in
bonds.
Net income of Atlantic Coast Line
Railroad in January is estimated to