Evening star., 1927-10-15
GAIN OVER 1926
|NCLEAR|NGS HERE
Holiday Cuts Weeks Check
TotaIS-MeIIon Offers
Premium on Bonds.
by EDWARD c. STONE.

Bank clearings in this city for the
week ending on October 13 totaled
S28,O74,0O0, an increase of A per
cent over the corresponding week a
year ago, but below the week of
October 6, when clearings were. $780,
100 900, the slight falling off being no
doubt due to the fact that Columbus
day was a partial holiday.
The dollar volume of business for
the country as a whole, figured from
total Cancelled checks was Substan.
TALLY greater than the previous week
or the corresponding week a year
ago, according to the Department Of
Commerce. Wholesale prices during
the week ended October 8 showed no
change but are still below the prevail
ing level of the same week in 1926.
The value of new building contracts
awarded in 81 States. although lower
than in the preceding week, was
higher than in the corresponding week
of last year. The cotton receipts were
smaller than in either the previous
week or year ago. Business failures
were more numerous in the country
at large than in either prior compare.
tive period.
Premium Offered on Liberties.
A premium has been offered by Sec
retary of the Treasury Mellon for sec
ond Liberty loan Az per cent bonds.
which have been called for Novem.
Der IS.
During the week from October II
to October % inclusive only, the Treas
ury has authorized Federal Reserve
Banks to purchase at the option of
holders, these bonds at 100 3-32 and ac-
crued interest to date of such optional
purchase. Second Liberty loan per
cent bonds are not included in the
offer.
Bank Ratio Lowest in Years.
Another increase of $3,000,OOO In
purchases of bills in the open market,
along with heavier note circulation
and lower member hank deposits than
the previous week, we're chiefly re.
SponSible for a decline of Richmond
Federal Reserve Banks ra ito on Octo-
Der II to 43.76 per cent. the lowest
figure in years. This compared with
ratio of 4G.72 the week before and
oO.Do per cent Il year ago.
Rediscounts in the local fifth dis.
trict amounted to $29.251 900, and
were slightly lower than the previous
week. A year ago rediscounts stood
at $45, 1873 900. Bills bought in the
market totaled $33.251 900, against
only $12. .737. 200 at this time last year,
and holdings of Government securities
$27. ASS, 900, compared with only ST.
06O, 900.
Pays II Per Cent Cash Dividend.
Advices from Richmond state that
a cash dividend of II per cent,
the largest cash distribution ever
made in the history Of the company,
has been declared by directors of the
Life Insurance Co. of Virginia This
payment on the s3.O0O,O 900 capital of
the company involves a payment in
cash of $4,000, and will be paid on
October 81
While several stock dividends of
$500, 900 have been declared by the
company in the past, and thus made
a dividend of larger percentage. the
dividend just declared is unique from
two aspects. 1t is the largest single
distribution ever made by the com.
pany in either cash or stock and is
the largest percentage ever paid in
cash
The last extra dividend was paid
in February of this year and amount.
ed to Z per cent.
Employment Outlook Bright.
Outlook for industrial employment
for the remainder Of 1927 is highly
favorable with an increase in the vol.
ume of employment, except in q few
instances, in the South Atlantic dis.
tricts where seasonal declines in con-
nection with agricultural activities
will be effected. the Department of
Labor reports in special survey on
employment prospects.
In discussing particular localities,
the department says that employment
will gain in Indiana and Michigan be-
cause of an expected improvement
in the automobile industry. Ohio con-
ditions are expected to remain un-
changed, Illinois to improve, Pennsyl-
vania to be favorable. and an upward
trend is predicted in the boot and shoe
and textile industries in New England.
Dividends and Other Notes.