Evening star., 1941-03-31
D. {. CIearings Reach
An-Time Record
For March
,. Sl36,oS4, SIS Volume
Is $2e,700,555 Ahead
Of 1910 Month
By EDWARD c. STONE.

pared with Sll0.284 ,000.l3 in March
1910, an increase of S26,700 $50 A
and new all-time peak for March
in any year, George H. Bright,
manager of the Washington Clear
ing House Association, reported this
noon.
Clearings in the Capital in the
first three months of 1941 totaled
1897, TAB ,43487, against S3l0,574,-
28242 in the first quarter of 1910,
an astonishing gain of 77,l69,-
15245, also a new peak for the first
three months of any year on record.
The nearest approach to the new
March record was back in famed
1929, when the March total stood
at S131, ,795 ,92893. The 1929 three
month total amounted to $3.50 ,883,-
26068, about $170O0000 below the
present total.
The March figures are only about
100000 under last December'S
total of $l39.843.5 .5546l, the highest
figure ever reached in any month
on record.
AS January, February and March
all turned in new clearings records
for each individual month, it is
evident that business in the Capital
has scored new high levels in the
first quarter, as compared with
other years, bank officials COM
mented today.
Consumer Credit Up Sharply.
Increased business activity under
the national defense program helped
banks expand consumer credit loans
10 per cent in the last quarter of
1910 compared with the third quar-
ter, the American Bankers ASSocla-
ton announces in a survey just
completed. There were many notable
gains.
Installment paper purchased from
automobile dealers for the financing
of automobile sales showed an in
crease of ia per cent, While auto
mobile loans extended directly to
car purchasers increased $50 per
cent
An increase of 1914 per cent was
recorded in the amount of INSTALL
ment paper purchased from dealers
for financing the purchase OF mer-
chandise other than automobiles,
and an increase Of 24.5 per cent was
shown in the volume of financing
handled directly for consumers.
A decrease of 06 per cent occurred
during the last quarter of the year
ss compared with the third quarter
In the total amount outstanding OF
F.HA. Title I loans. and an increase
of SIS per cent was shown in the
outstanding total of personal cash
loans to Salaried workers, the sur
Fey concludes.
Fahey Lauds Housing Program.
John F. Fahey, chairman of the
Federal Home Loan Bank Board,
today lauded the program of private
industry to rehabllitate a huge vol
ume of unused and substandard
housing for national defense work
ers. The plan will supply needed
homes in congested areas and will
not cause overbuilding in commu-
mites which will decline in impor-
tance when the emergency subsidies,
he said
The bank board has notified De-
eense Housing Co-ordinator Charles
r. Palmer that 1t is in full accord
with his plans. The member in
stitutions of the Home Loan Bank
System have ample funds for the
financing of repair programs, and
the Home Owners Loan Corp. is in
q position to furnish the technical
staff needed. The modernization
program can be encouraged without
harm to new construction, he COM
fnented.
Southern Rails Gross Rises.
. Heavy volume of traffic handled
in March by Southern Railway in
.dicateS that gross revenues for the
month will be the largest of any
month so far in 1941, as well as the
largest for any March in a long
period of years.
In the first two months of the
year, when carloadingS were smaller
than in the current month and their
percentage increase over last year
also was smaller than in March,
gross revenues of Southern were 1872
per cent, or S3066258, in excess of
operating revenues in the first two
months OF 1910.
On the basis of revenue freight
,noving over the company's lines
in March, says the Wall Street
journal, it is estimated that gross
revenues for the month may run
f2 500 900 ahead of March, 1910, and
approximate S11,000000.
Financial District Comment.
Roy Boyer was elected president
of the Washington Loan & Trust
Co, Club at the recent annual meet
ing. John Reed Graft of the West
End Office was named vice presi-
dent; Leona E. Draeger, secretary:
Ann E. Parr, assistant secretary, and
Charles L. Ayers, jr., treasurer.
The Virginian Railway earned
SAB a share on the common stock
In 1910, against 1898 per share on
common in 1889.
The Federal Reserve Board re-
ports that retail trade in the Fifth
District from January l through
March %, was II per cent ahead
of the like 1910 period.
Assistant Cashier Resigns.
Harold F. Gates, assistant cashier
of the Takoma Park Branch of the
Suburban National Bank, has re-
signed and will join the staff OF the
Takoma Park Branch of the North
western Federal Savings & Loan
Association tomorrow.
He will be in the insurance and
real estate division of the company,
of which Edgar V. Crittenden is
president. He succeeds j. B. Sar-
tain. resigned Mr.. Gates joined the
staff of the Takoma Park Bank in
1928 and has resided in Takoma
Park for 40 years.
Today's Trading on Exchange.
The most important transaction
on the Washington Stock Exchange
today was the sale of 100 shares
of Mergtnthaler Linotype at 1852
up u, and first transfer in this
issue for some time.
Capital Traction 5s figured in e
$1,000 transfer at 1851, arounc
~noont 1ovnlc