Evening star., 1943-04-01
D. {. Bank CIearinqs
For March Show
Modest Upturn
First Gain This Year
Due to Tax Checks
And Buying Wave
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Bank clearings in March in Wash.
ington turned upward and for ths
first time this year we're ahead of tht
same month year ago by slightly
more than Sl,0O0,0O0, George H
Bright, manager of the Clearing
House Association. reported today
March clearings in the Capital
totaled $3.50, ,l25 ,205.22, against $158,
090.27737 in March, 1912, an in
crease of $1,O34,92785. This small
gain compares with a decrease OF
S2,204,752 in February and a much
larger drop Of more than $4,000, ,00O
in January. The March upturn in
dicates that business is stabilizing
and that Cancelled checks during the
second quarter will equal and per-
haps exceed the same months last
year.
Two explanations were given to-
day for the March upturn-scare
buying following the shoe ration
ing announcement and income tax
payments in the first two weeks of
bllC 1llOliGll 1A1ClC WdS dll dullOSt
unprecedented rush to buy cloth
Ing early, while tax payments
caused a tremendous check turn
over. Check turnover would have
been still greater had not thousands
of tax payments been for the first
quarter only instead of the year
Bank clearings in the Capital in
{ho fycf thrno Of "
amounted to s448,356, ,23l95, COM
pared with $463, l58, 1853 in the first
quarter of 1912. a decline of s14.-
602 ,53603. The comparisons by
months follow:
1943. 1912.
January - S153,lS3.l72 Sl66.815,88
February l36,047,s54 138.252, COG
March -- l59,125,2o5 l5s,oso,277
Utility Earnings Improve.
In the first two months of this
year three of Washington's four big
utility corporations reported larger
net earnings to the Public Utilities
Commission than year ago in spite
of higher taxes and other operating
expenses.
The Chesapeake & Potomac Tel
ephone Co. topped the list with a
gain of S192,88O, a February in
crease of sl19,426 being an impor-
tant factor in the results.
The Washington Gas Light Co.
stood second with an advance of
$4,000 in net income, which to-
tailed S508,741.
The Capital Transit Co regis
tered an upswing of sl6767. net
amounting to s26310445 Taxes to-
tailed s464563.
The Potomac Electric Power Co
ret in the two months was the
largest of any, S75l,761. but was
S16,519 lower than last year. due to
taxes.
Years Phone Results Told.
On the outside cover Of the March
Transmitter is a most catchy sum-
mary of the 1912 results of opera
tions of the four Chesapeake & Po-
tomac Telephone companies. Tele-
phones in service in Washington on
December 81 numbered 357.759: in
Maryland. 371,243: in Virginia
306,076; in West Virginia, 1859, ,422;
q total of 1,2O4.5OO.
Local and toll telephone calls in
1912 in Washington numbered
512,000000; Maryland. 535OO0,OO0,
Virginia. 635 900, 600; West Virginia,
35S,000000 total, 100000, ,000
Employees in armed forces on De-
cember 81: Washington, AS; Mary
land, 32l; Virginia. 4o2; West Vir-
glnia, 1872; total, 1850.
Number of employees at the year
end: Washington. 1878; Maryland,
6,262; Virginia. 5006: West Vir-
glnia, 2,495; total, 1854.
Net gains in telephones in 1912
Washington, 1885; Maryland
52,1o2; Virginia. 35,7lO; West Vir-
ginia. 6,67l; total, 110,3l6.
Underwriters Hear Irwin.
Hampton H. Irwin, educational di-
rector OF the Massachusetts, Mutual
was the guest speaker at the April
luncheon meeting of the District
Life Underwriters Association at the
Willard Hotel this noon
The program called for the NOM
ination of six members as candidates
for the associations Board of Di-
rectors. At the May meeting three
of the six will be elected to three
year terms. George A. Hates, presi-
dent, presided at todays meeting.
Aid Pledged to Bond Drive.
The Investment Bankers Associa
ton will accord the fullest possible
support to the Treasury's S13,0O0.-
100000 second War loan campaign
Jay N. Whipple, president, an
nounced today in message to
Washington members.
The Treasury expects S8000,O ,OOO.-
900 to come from individual, cor
porate and institutional investors
other than commercial banks. which
will call for the most intensive
coveraee. 1t is a job that will re-
quire virtually full time effort, he
said
Issuance of new securities wher-
ever possible will be delayed until
the drive is over, Mr.. Whipple stated
Army Branch Bank Opened.
AilC N1Sbcl1llSll
today opened a branch Office in
Building b Second and @ streets
S.W., for use of the personnel con-
nected with the Office of the quar-
termastef general Hamilton S
Wade is branch manager.
Washington Gas Light common
sold on the New York Stock Ex-
change yesterday at new high
for the year, 1875. 1t closed al
1872, the days turnover being 300
shares The stock has recently beer
active on the big board, coming out
practically every day.
Peoples Drug Stores common
reached % on the New York Elk
change yesterday, a gain of full
point, and also the high for the
wear