Evening star., 1949-11-30
Dc. Bank CIeariings
SET New November
And 11-Month Marks
Bv Edword c. Stone

Bank clearings in Washington
iifs the first II months OF this
wear totaled $3,535, ,781 1927 in COM
parison with $3,319,213.591 in the
like 1948 period. a jump of S216.-
568, 1886, or about 6la per cent, 1t
was announced today by George
n. Bright, manager of the Clear
ing House Association.
November clearings totaled $780,
062,198 against 1921 ,266.937 a
year ago, substantial gain OF
s18,795 ,260, the report showed. an
advance of just under 6 per cent.
The November clearings were not
quite up to the October total OF
$341, ,709,822.
Both the November and H.
month figures were the highest
on record and reflect exceptional
business activity.
Gas Earnings Improve.
Filed with the Public Utilities
Commission today, the October
report of the Washington Gas
Light Co. showed improvement in
monthly net operating results, al
though a loss occurred in both
years.
BY a cut of $31.6O1 in operat-
ing expenses, net operating reve-
nues were improved to the extent
of S19,481. A deficit in net in
come of $79.743 compared with
$92,697, an improvement of $12,-
954.
In the first 10 months of 1949
net income amounted to $740. .645,
compared with a $784,306 year
ago, decrease of S43,661.
Transit Earnings Improve.
Net earnings of the Capital
Transit Co. in the first 10 months
of this year reached $598,884.
against S274,165 a year ago. a
gain of 118 per centA the report
filed with the Public Utilities
Commission today showed.
Net income in October amounted
to $71,083. compared with only
$685. in the same month in 1948.
Bank Loans Gain.
Both commercial and real estate
loans disclosed small advances in
Washington banks in the week
ended November %, the Richmond
Federal Reserve Bank reported to-
day.
Purchases of Treasury bills were
down about $7,000,000 and other
investments were under the pre-
vious week. Total assets dropped
from 1898 S,2S7, 900 to s973,347, 900.
q decrease of $24,940,000.
Demand deposits, which revealed
sharp advances in the preceding
two weeks, registered a marked
falling off in the latest Reserve
Bank report. Savings deposits
showed little change.
Two Dividends Declared.
Capital Transit directors have
declared a regular quarterly divi-
dend of SO cents a share on the
capital stock. payable December
20 to stockr olders of record De-
cember 6. This is the same amount
as paid in the other three quarters
this year. 3
District Theaters Corp. directors
have declared the regular quar-
terly dividend of 1917 cents per
share. payable January 8 to- stock
of record, December Is. =
New Frear Bill Favored.
Governors of the National. As
sociation of Securities Dealers
oppose the Frear bill, which would
make many changes in the Sc
curities Exchange Act of 1884.
The board today urged that a new
approach to the problem be con-
sidered.
The board wants closer cooper
alton between the exchanges and
over-the-counter dealers; favors
new rules on delisting, and favors
margin trading in all securities,
whether listed or unlisted. More
truly competitive securities are
desired in the interest of the pub
lie and the investor. Later, their
views will be presented before
congressional committees.
News Trucks on Market.
The redesigned international
trucks which were given an ad-
vance showing here few days
ago, were being introduced by
dealers throughout the Washing
ton area today, it was announced
by G. D. Partridge, Baltimore dis
trict manager for the motor truck
division of the International Har-
vester Co. The trucks have new
load distribution, shorter Wheel
base, more room in the cabs,
greater visibility and other in
novations.
The trucks now being shown
have a wide variety of colors.
Some models are entirely new
from front bumper to tail light,
Mr.. Partridge SAID.
Towers Named to New Post.
Frederic N. Towers, a director of
the Federal Storage Co. for sew
eraI years, has been elected vice
president and counsel, it was an
rfounced today. He is member
m, the law firm of Frost & Tow
erSswhich is counsel for the Lib
erty Bank, Mr.. Towers being a di-
rector.
He is also counsel and director
Of the Seaboard Finance Co. On
the Federal Storage board he takes
the place of the late Harold N.
Marsh.
Insurance Men Banquet.
About 200 members of the Dis
trict Association of Insurance
Agents held their annual dinner
at the Mayfiower last night. Pres
ident John H. Pumphrey intro
duced Samuel j. Sugar. chairman
of the Entertainment Committee
who took over after the dinner.
Among the special guests were
Albert F. Jordan, District Of CO.
lumbia superintendent Of insur-