Evening star., 1950-02-28
D. {. Bank CIearinqs
SET An-Time Record
During February
By Edword G. Stone

in February broke all previous
records for the month, George H
Bright, Clearing House Manager
reported today.
February Cancelled checks to-
tailed 1901 ,844, 1866 in comparison
with 1888 ,991 ,625 in February,
1949. a gain of $17.853.240 o,
slightly under 5 per cent.
Clearings in the first two
months of 1850 also exceeded all
records for that period. climbing
to $673 49, ,320 against $580,537,-
791 a year ago. This was a jump
of $92,641, ,529 or Is per cent.
Washington's very high buy
ing power is assigned by bankers
as one of the chief reasons fol
the mounting clearings. The
present rise contrasts sharply
with many other leading cities
where clearings have recently
dropped notably.
Sears Employees Prosper.
Under the Sears Roebuck & Co
profit-sharing plan, the 869 EN-.
ployes in the Washington store.
now have 27,504 shares of Scar!
stock. plus cash balance of $780,.
624. Based on the year-end price
Of $44.12h per share, the groul
has a total investment worth ST.
544,254.
H. K. Duffield, general manager
in the Washington area, has jus
notified employees of their stand.
ing. Mr.. Duffeld said the fune
was established by Sears in 1916
long before. Government social Sc.
curity and before prof1t-sharins
plans were prevalent in American
industry.
The Sears Fund owns 20 PEI
cent Of the company's stock, max.
ing the employees the largest stock.
holder. Employees deposit S PEI
cent Of their salaries in the fund
with individual accounts limited
to $3.50 annually. the manager
stated.
Gas Earnings Up Sharply.
January net income of the
Washington Gas Light Co
amounted to s531 ,233. compared
with $298.129 in January, 1949
a sharp rise of $233.104. the re-
port to the Public Utilities Com
mission revealed.
Operating revenues totaled ST.
885, 1925, an increase of $106, 6,491
the increase in gas rates being
the main contributing factor in
this improvement.
Operating expenses were ST.
512,616, an increase of $88,560
producing net operating revenues
of $373,0 ,009. up $17,931. Net in
come on a consolidated basis
amounting to $468,81l showed a
$55.873 gain.
Despite warmer temperatures
sales for the system were 4 per
cent above January year ago
Meters in the District increased
1,845 In the IL months ending ir
January.
Pennsy's Earnings Lower.
The January statement of tht
Pennsylvania Railroad Co. dis.
closed a net income of $1.168. 760
a decrease of s345,916 from a veal
ago.
Railway operating revenues to-
tailed $66, ,760,866, a drop of $15.-
O25,000. Operating expenses re-
quired 5,192 ,S26. a reduction OF
$13,884 900.
Gross revenues of $66, ,760, 1856 in
January this year compared with
$8l,786. .739 year ago and $77,-
374.173 In 1948, the report stated
The statement disclosed that
freight traffic was down over $12
million from year ago.
January Auto Sales Lag.
The Washington Automotive
Trade Association announces that
sales of new automobiles ano
trucks in January dropped to the
lowest level for the month in the
last three years. Sales totalec
2,134 compared with 2,268 in Jan.
uary. 1949 and 1888 in January
194S.
New directors of the Nationa
Association of Securities Dealers
took Office here yesterday. The!
we're C. A. Bickel, Milwaukee; E
T. Boles, Columbus; C. P. Cooley
Hartford; w. F. johnson, New
York; Harper Joy, Spokane; Irs
D. Owen, Minneapolis: Albert w
Tweedy, Boston.
Standard Oil Co. dealers in tn.
District, Maryland and Delawar,
are holding a two-day sales ane
cost conference at the Shorehan
Hotel with 14o in attendance. C
A. Newland. division manager. il
the presiding officer.
Drug Employe Honored.
T. A. Cheatham, Peoples Drus
employe. has been honored b.
Chain Store Age with honorabl,
mention and a cash award in /,
contest on why Buy the Larg,
Size"
B. j. Darneille, vice president
Maryland Trust Co., and formerl.
of Washington: has been appoint
ed to the Port Development Com
mission of Baltimore City.
Two Baltimoreans. j. D. Brown
and John Redmond, jr., have beer
nominated for governors of tn,
Philadelphia Baltimore Stock Ex
change. Mr.. Brown was presiden
of the Baltimore exchange at tn,
time of the merger.
Assets of the Atlantic Life In
surance Co. increased $500, ,00
in 1949 to reach $57,027 ,47a, w
N. McCord, Washington genera
agent, reports.
Chicuoo livestock