Evening star. [volume] (Washington, D.C.) 1854-1972, 1943-02-28
CIearings Indicate
leve|ing Off in
Capital Growth
February Check TotoI
Slightly Behind Same
Month Lost Year
BY EDWARD c. STONE,


Bank clearings in the Capital in
February revealed slight decrease
from the corresponding month last
year, indicating a levellng off or
Stahl!izing Of business conditions.
The decrease. however. was not
nearly IS large as the January slump.
FEBRUARY clearlngs totaled 1885,
0476540l, in comparison with sl3s.-
2o2,6O6.20 in February, 1912. or a
modest decrease Of 5000, 1928,
George H. Bright. manager Of the
Washington Clearing House, re-
ported yesterday.
Clearings in January of this year
amounted to sl53163 ,172 70, against
Sl66,815 684.42 in the same month
a year ago, decrease of $685.
MN. Clearings in the Capital in
the first two months Of 1943 totaled
S209, 23l ,026,73, against S305 .O68 400 SO
in January and February, 1912, or a
1890.
Bankers said yesterday that the
small February drop in Cancelled
checks may have been due to the
difference in construction activities.
There has been no notable letdown
IN trade. For nearly 10 years clear
lngS here have shown large ard
almost constant monthly increases.
situation which is not likely
to continue indefinitely. financiers
pointed out
Bank officials added that clearingS
are likely to decline somewhat in the
coming months on account of ra-
tlonlng, The whole rationing plan
Is intended to reduce buying power
substantially, and such a result is
bound to be reflected in the check
turnover. Clearings in 1912 set
very hard pace to exceed, having
reached an al-time peak. including
gain of more than $4,000, 900 in
the II months.
c. e. p. Phone Net Rises.
Net income Of the Chesapeake &
Potomac Telephone Co. in January
totaled s2377lO, against S164,256 in
January, 1912, a substantial increase
OF s73,454, according to the monthly
statement filed yesterday with the
Public Utilities Commission. In the
first month of 1913 operating rev.
enues were up 1875 per cent from
January a year ago and expenses,
including taxes, were q % per cent
higher.
Operating revenues totaled ST.
963,584, against s1,643,o98. Oper-
atlng expenses required s1,41O,74O,
against sl,205 ,5sS a year ago, leaving
net revenues from operations
amounting to s552,s44, compared
with S437.510 year ago.
Operating taxes totaled 1859 TAO
against Sl80037. Interest deductions
took S34,069, compared with S98.174
in January, 1912 Incorporating
income was off from last year. the
report showed
There were $50 1882 telephones in
service at the end Of January, an
increase Of 2,073 over the previous
month. Telephone users made
43.632oOO calls during the month, or
bCo.OOO lever than in January, 1912
investment in plant was sl1.425.-
Uo9 more than in January last year
Mortgage Director Elected.
MAJ. j. Garfield Riley has been
elected vice president of the Ma
tlonal Mortgage & Investment Corp.
Joseph B. Schaaff, president, an
nounced yesterday. The directors
met earlier in the week.
Mai. Riley succeeds Harold E.
Doyle, who died recently. He has
been a member of the Board of
Directors and actively interested in
the corporation's affairs over a pc
Rod of many years.
The other officers are Ashton C.
Jones, vice president, and James
ODonneI, jr. secretary treasurer.
Exchange Trading Broadens.
Trading on the Washington Stock
Exchange broadened during the
week to include several issues which
made their first l943 appearance on
the board.
washington Railway & Electric Is
appeared for the first time, selling at
100 to yield 265 per cent. The price
was the same as in the last 1912
sales.
Woodward 4 Lothrop preferred
came out at 1872, yielding 5.73 per
cent at that price. Garhnckel pre-
ferred appeared on the board at
27l2, unchanged. National Mort
gage & Investment preferred was
another stock to change hands for
the first time this year.
Financial District Comment.
Stockholders in the Potomac Elec-
trio Power Co. are awaiting the
coming rate hearings with deep in
terest. 1t was said Yesterday that
electric rates here are as low as in
sny city Of equal size in the coun-
try except in IVA territory, where
tie utilities paw no taxes and set
aside no funds for depreciation.
All banks in the District have
been notified of another s700.OO0 900
Treasury offering Of 91-dav bills to
be sold on the usual basis. Bills
VIII be dated March 3 and mature
June 2, tenders to be received up to
2 o'clock tomorrow.
William D Hoover, chairman of
the board Of the National Savings &
Trust Co., has returned from Gar
field Hospital to his residence at