Evening star., 1940-04-30
D. T.. Bank C|earinus
Ahead Of Year Ago
During April
First Quarters Total
Also Shows Large
Guin Over 1899
BY EDWARD c. STONE.

ington Clearing House Association.
April clearings in Washington to-
tailed s115,59O .39O04 against S99, $780,
56370 in April 1889, an increase of
S15,649, 1864 April clearings were
higher than in any month last year
even December.
Clearings in the first four months
of 1910 totaled s426,154 672 As. as
compared with 1882 S05 ,32l83. very
notable increase of S44 $40 $50 SO over
the first four months of 1899,
April clearings were not quite up
to April 1887. when they amounted
to Sl15715.46433. Clearings by
months in 1910 compare as follows
with the like months in 1899:
1910. 1899.
January 49, sl07137 O93 S96424,5O8
February - 93.152189 S2,733 900
March --- ll0,28A 900 1916 $50
April - l15,5S0390 99,730 563
March Telephone Net Dips.
Net income of the Chesapeake &
Potomac Telephone Co. in March
amounted to s162 ASS, against $751;
67l in March. 1889, a small decrease
of s5206. according to the monthly
statement just filed with the Public
Utilities Commission.
Operating revenues totaled ST.
8O.549, compared with Sl,024,Tl2;
operating expenses called for $685.
557, against S723l8O: taxes. $163,092,
as compared with S95.714, leaving an
operating income of S206, 900, in COM
parison with S2056l8 a year ago.
Interest deductions called for S49,-
355 while this item year ago stood
at $50 9,529.
While March net earnings were
not quite up to last year, net income
in the first three months Of 1910 was
ahead of 1899, the report stated.
Net earnings III the first three
months Of 1910 amounted to s406,579,
compared with S469 672 IN the like
1899 period. a gain SO far this year
of S13,906.
There were 256,548 telephones in
service in Washington at the end OF
March, 194G, which was an increase
of 1903 telephones over tie previous
month.
Telephone users in Washington
made 32,022,OOO calls during the
month, or 100000 more than in
March. 1889, the report said,
Gas Stock Placed on Sale.
The six Washington financial
houses underwriting the issue of
24400 shares Of Washington Gas
Light Co S4.5G cumulative con-
vertible preferred stock placed the
stock On sale today at slo3 per
share and accrued dividend.
The underwriters are Y. {. Book
er & Co., Johnston, Lemon q Co.,
Folger, Nolan & go, AUchincloss,
Parker & Redpata, Brown, Good
vyn & Olds anh w w Mackall
& Co. The undssNriters also have
supplied the stocxsto other local in
vestment firms fof their clients.
Many subscriptions had been re-
ceived in advance Of the sale and
it was reported in the flnancial
district today that there is an eX-
cellent demand for the stock. The
gas company has Just made fine
report for March and the first three
months of this year.
Loan Resources Work Higher.
F Wilson Camp. secretary of
the District Of Columbia Building
and Loan League, reported today
that resources of the % associations
climbed to s147492 600 in March.
the highest point on record.
Mortgage loans outstanding, which
totaled s134,079000 on March /,
moved up to s137,264,Ooo during the
month, an increase of S3185 900.
During March 1913 loans were put
through representing advances of
s4oo3 $50.
A breakdown Of the mortgage
loans disclosed that 225 were con-
struction, 214 were for new homes
not previously financed, while 359
represented other leans.
The leagues March luncheon was
held at the Raleigh Hotel this noon,
William n. Payne. ir. presiding.
Transit Dividend Urged.
Some Of the largest Capital Tran
sit Co. stockholders declared in the
financial district today that the di-
rectors should declare some kind of
a dividend at their May meeting
The claim that the shareholders
are clearly entitled to some return
on their investment is based on the
March report, made public a few
days ago. which showed net earn
lngs of S79,23509, against $51, 1851
in March, 1899, substantial in
crease of S29, ,209.28 or $50 per cent.
Net earnings in the first quarter
were also 50 per cent ahead of last
year, the report revealed. The tram
sit company paid 50-cent dividend
on December 20 last, the first in five
years. Stockholders feel that at
least another 5O-cent dividend
should be declared at the coming
meeting.
That would place the stock on a
should be voted later in the year.
Based on SIS a share for the stock, a
50-cent payment means better than
a 3 per cent yield and 81 payment a
6 per cent return. The last sale in
the stock was made at l41.. Stock
holders point to the steady gains in
passenger traffic as an added reason
why they should be remembered at
the next regular meeting of the
board.
More Housing Notes offered.
The United States Housing Au-
thority has announced that 81 more
local housing authorities will sell
S126000,000 Of temporary loan notes
to private bidders offering the low
est interest rates.
The short-term paper will be Of
fered in two groups, one to be ad-
vertised on April 80 with opening of
bids on May 7, and the second to be
advertised for bid openings on May
IA.
Branch Banks on Increase.
Branch offices of Federal Reserve
member banks showed net in