Evening star., 1946-03-31
Bank C|earings Set
New Record Here
In First Quarter
By Edword c. Stone

by EoWoTo -. prone
Bank clearings in Washington In
the first quarter of this year set a
new an-time record and scored a
gain of $134,179347.51 over the first
three months of 1945, George H.
Bright, manager of the Clearing
House Association, ANNOUNCED yes
terday.
The three months total was s71e,-
1853, 8,683.32 against $685., ,289, 1851 Z
year ago.
March clearings also set a new
record for that month, S247,19O,.
29437, comparing with S198,O30,-
379.09 a year ago, an increase Of
$40, ,159, ,915.28.
Bankers said clearings reflected
exceptional business activity which
has prevailed SO far this year and
ADDED that record Easter trade was
leading factor in the March ad-
vance.
Potomac Powers Net Higher.
Potomac Electric Powers Febru-
ary net reached $416,996, a gain OF
S61 ,259, or 17.22 per cent over Feb
ruary, 1945, according to the report
fled yesterday with the Public
Utilities Commission.
Operating revenues of s2,123372
disclosed gain of S104280; oper-
atlng expenses also showed an ad-
vance of $122 ,909, while high spot
IN the report was a reduction Of
$81 ,461 in taxes.
In the first two months of this
year net income amounted to 1884,
568, an increase of sl45,481, or 20
per cent over the like 1945 period.
Operating revenues were S198,150
higher than last year and expenses
S169, 761 more. Taxes were cut S93,-
779 or 10 per cent.
Capital Transit Net Drops.
Net income of the Capital Transit
Co. in February totaled s95,8o6, a
decrease of SAC, 0,339, or 20 per cent.
Operating revenues of S2,084,03 re-
vealed a decrease of $85, 5,662 or 4 per
cent, while operating expenses were
S123,625 more than a year ago.
Taxes disclosed a cut of s19S,541.
In two months, net income totaled
sl99, ,l45, decrease of $74,717, or 27
per cent, from last year. Operating
revenues were S213,166 lower and
expenses s257,837 higher than
year ago. Taxes were reduced by
$453, 1923, or 49.9 per cent.
Revenue passengers in February
numbered 3l,253,297, a decrease Of
1874 ,696, or 4 per cent. In the two
months passengers totaled 65,467,7O7,
decline from 1945 of 2,953,271, or
4.3 per cent.
Easter Trade Ahead of 1945.
Department store sales in the Cap
ltal for the week ended March 23
were 2 per cent above a year ago,
and per cent ahead of the pre-
cedlng week, the Richmond Reserve
Bank reported. In four weeks ended
the same date, were II per cent
above year ago.
In the fifth district the weeks
sales were 3 per cent above the
previous week and per cent above
year ago. Sales for four weeks
were per cent above year ago.
GI Loan Forum Planned.
Washington Chapter, American
Savings and Loan Institute. will
hold a forum on CT loans, THURSDAY
evening IN the auditorium of the
Washington Gas Light Co., r. C.
Williams, president, announced YES
terday. All the newest rulings will
be discussed.
Clarence E. Kefauver, executive
vice president of the Columbia Saw
ing & Loan Association. will be
moderator. w. c. Mcclellan.
Ihomas Sweeney and John Dervan,
loan guarantee officers of the Vet
Grams Association will answer oues-
tions by Frank Morrison and william
E. Poulton.
American Airlines, Inc, profit for
l945 was 81 ,339 ,458, or So. So per share
against S4,396,16 or s3.44 share
in 1914. The 1914 profit was after
provision of S1,000,00O for transit
ton to peacetime operations. No
similar reserve was set aside in 1e45
Norris Sees Further Boom.
In his annual report as president
OF the Southern Railway, Ernest E.
Norris predicted that rapid business
expansion in the South will continue
The most hopeful sign, he said is
the many hundreds of applications
for new industrial side tracks which
nearly swamped the roads engineer
ing department as soon as the war
ended.
In 1945, he said, mills In the South
consumed 88.4 per cent of the total
cotton consumed in the United
States.
Werber Wins National Honor.
Bill Werber, for many years q
major league baseball player and
now Washington insurance agent.
led all other New England Mutual
Life agents in the United States
in February production, Earl w.
Sapp, general agent, announced
yesterday. He wrote s446,0O in
new policies.
The United States Savings and
Loan League has reported to mem
oers here that home ownership loans
IN the last quarter Of 1945 were so
per cent ahead Of the final 1914
quarter. However, the years loan
for home buying. building and re-
pairing were only 81 per cent ahead
OF 1914, the review said.
Financial District Comment.
Carpet Corp. stock sold at so on
the Washington Stock Exchange
Friday, a new 1945 top. 1t has gained
four full points this year.
Washington Gas Light directors
reelected James D. Dingwell, ir..
assistant vice president in charge
of personnel relations; Wylie Bar
row, A. Gray Dawson; Frank r.
Holt, assistant treasurers; and Hazel
G. Thompson, assistant secretary.
U. S. Treasury Bonds