Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-09
SATURDAY NIGHT
CLOSING ENDS OCT. |
Downtown Banks to Be Open
for Evening Business After
That Date.
BY EDWARD G. STONE.

The downtown Washington banks,
which have been closed on Saturday
evenings during the Summer months,
will reopen on Saturday evening, Oc-
tober /.
Most of these banks, or branches,
are located in the Seventh street sec
ton of the city. The effort to make
the Summer closing permanent has
been under way for several weeks
and was almost successful. However,
the lack OF full cooperation on the
part of all the banks caused the year
round closing campaign to be term
mated.
Officials of the various banks were
in much closer accord this year than
ever before, and it was predicted to-
day that following the 1928 Summer
closing the plan may be adopted.
Quarterly Dividends Voted.
The directors of the Anacostia Bank
declared the regular quarterly divl-
dend of per cent at a meeting held
Yesterday, Maurice Otterback, the
president, announced today. The dis.
bursement is payable September 80.
| The directors of the Federal-Ameri-
| can co. also met late yesterday and
voted the usual quarterly dividend of
| S150 per share on the 6 per cent pre-
| ferred stock. and in addition declared
an initial dividend on the common of
30 cents a share. Both are payable
| October / to shareholders of record
| on September g.
The officers of the Federal-American
| Co. are the same as those of the Fed
| eral-American National Bank and the
| finance company has the same board
| of directors. The company, which
,ef,, in
| has made substantial progress. Both
| it's stock issues are listed on the
| Washington exchange.
Rediscounts Up i'm Fifth District.
The first week in September shows
an increase in activity in the local
| Fifth Federal Reserve district as re-
| fected by a gain of $2,22S,0 in re-
| discounts at the Richmond bank. The
total of S24.119,0OO however. was only
about half the volume at this time last
| year, when discounts stood at $45,-
| 62S 900.
| Federal reserve note circulation
stood at SCI, 157 900 on September Z,
compared with $75,S26, 900 on Septem-
| Der s. 1926: member bank reserve de-
| posts at S72, 1885, 900, against $66, 1885,
| 900. and United States Government
! securities at SIG ,965. 900, against 81
| 100000 a year ago. At the same time
! the reserve ratio declined to $3.50
| per cent last week from 59.97 per cent
year ago and was considerably be-
low the system as a whole, which re-
| ported ratio of 76.4 per cent. about
per cent higher than last year.
I. C. c. Grants Ii. & o. Bond Rights.
The Baltimore & Ohio has been
issued authority by the Interstate
Commerce Commission today to issue
| $4,000 of it's per cent Toledo-Cin
| cinnati division first lien and refund
| ing mortgage bonds for pledge under
| it's general and refunding mortgage.
| At the same time the commission
approved the roads motion to dismiss
| it's application for authority to issue
| for pledge S11 ,425.5O0 of Baltimore &
| Ohio refunding and general mortgage
per cent bonds and $422 500 of per
cent ToledoCincinnati division first
lien and refunding mortgage bonds.
Chain Store Sales Reported.
Sales of the Peoples Drug Stores for
August are reported as $654.246,
against $501, 462 in August last year,
an increase of $152,7S4 or over 80 per
cent. For the first eight months of
1927 sales totaled $5,075,173 compared
WITH po,oU0,4OU III 1870. IHlS IS a gain
of $1,224,723, or 31.S per cent
August sales of S. S. Kresge Co.
were 20.65 per cent larger than Au-
gust last year, $10,512,9S9, against
| $S,713,209. The total for the eight
months of 1927 showed a gain of IS
per cent over the same period last
year, $76 POS. 405. against SGT ,436,42O.
Sales of the Sanitary Grocery Co.
| for August, reported today. reached
S1,19S,O22, against $1,0S7 1863 in Au-
gust, 1926, an increase of 1917 per
cent. For the first eight months of
the present year sales totaled $10.727,-
S12, compared with $10.123.462 in 1926.
the gain for this period being 597 per
cent.
The McCrory Stores Corporation re-
ports sales of $22,908,974 for the first
eight months a gain Of $3.745,922 over
the same period last year, or an in
crease of 1875 per cent. The company
also reported a gain for August of
21.8 per cent.
Railway Common at New High.
Washington Railway & Electric
common sold at 270 on the local ex-
change today, new peak for the wear
| and gain of 10 points over the last
| sale. There was heavy trading in
| II X.
65 shares selling at AGO. Trading was
also very active in Capital Traction.
ITO shares changing hands with the
market closing at LOG.
Potomac Electric 515 per cent pre-
ferred sold at 1924, Washington Gas
Light at 1855 and Barber & Ross at
| ~. There was considerable trading in
the bond division, the recent strong
price levels prevailing.
| In the unlisted department it was
noted that Washington Base Ball stock
had been slipping along with the club.
| The bid price today dropped from so
to As.
Other Financial Notes.
President Robert V. Fleming of the
Rlggs National Bank was back at his
| desk today after a months vacation
passed at Ocean City, n. J.
President Maurice Otterback of the
Anacostia Bank is another Washing.
ton financier who will attend the com
ing convention of the American Bank
ers' Association at Houston, Tex. He
| is member of the nominating COM
mittee, which will select next years
| officers.
May Department Stores has bought
| Bernheimer-Leader Stores Co. of Bal
timore, involving real estate, merchan-
dlse, ETC., valued in excess of S.. O0O.-
600. No new financing will be neces
Sary.
the Women's committee Of Wash
lngton Chapter, American Institute of
banking, will hold it's annual dinner