Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-03
TRADE IN RICHMOND RESERVE
AREA IN JANUARY BELOW 1926
Month Does Not Measure Up to Period
Year Aso-Labor Not So Fully
Employed.

figures FOR The opening tsturtt ~ 1877
It should not 10 nve,iuolsnd, however.
that business vna tetv active NJ tbs
opening of last teat
Has Light 90 Repntts
According Ia Tie Washington tiaa
Light Co g tepnrl for InntFitv. filed
with The Fuhlio Utilities ts,.r,t,lsaint,
net operating tnvesues totaied s5te.
Tna, compared with s5ai,sas fur The
same month wear ego Operating
expenses for last January we're
}a63.9oT, In comparison with opetat-
ing expenses ~ January, 1899, ~
s546,Asp. Total operating lncp.re fnr
the month Under review. after daHtin~
Ton uf operating an1 all other
charges, amounted tu sttG.77b4R
Total net income for the inmtl,
reached The sum Of sGG.ns5Gi. 81 ng.
ire considerably below The sane
month last year. The difference Is
explained bv ihe above statement,
which shows That operating revenues
tllis year were lighter. while the ax-
pensea were nj the same time con
sidcrably heavier The slump In
operating revenues Is no doubt large
~ due To tho fact that January this
year was so mitch milder than was
the same period In 1926.
The Georgetown Cas Light On has
also flled it's monthly statement for
January With the commission. This
shows total operating revenue For the
month 10 have totnled S70.t52. while
operating expenses amounted To S5a.-
170. After the usual deductions the
months operating income checked up
to $l3,3a2. Following the substrac-
ton OF all charges tho company re-
ported n net income for the month
OF $9.656.92.
Building Deal Interests Street.
Bankers in the financial district
were much interested in the big real
estate deal announced yesterday In
which President Peter A. Drury of
the Merchants Bank 4 Trust Co.
bought the Southern Building at Eff
teenth and II streets. from the South
ern Building Co., at the reported price
OF about $3,000.000. There had been
many rumors about the transfer of
this property. 1t Is known that sew
eral weeks ago New York interests
made an effort to purchase the fine
office structure.
Mr.. Drury is the sole owner, the
bank of which he is president having
no connection with the transaction.
He also states that he bought it for
no group or syndicate. The sale, how
ever, will be of direct benefit to the
Merchants Bank as the new owner
will see to it that the institution can
always secure as much additional
space as may be required to meet ex-
pansion needs.
Congress Given Yearly Report.
The highest level of bank credit on
record, as well as exceptionally large
outputs by factories. farms and mines.
were the leading factors in keeping
business good during 1926. says the
annual report of the Federal Reserve
Board just submitted to Congress.
The year also was characterized, the
report adds, by orderly distribution
of commodities, a declining price level
and a sustained demand for merchan.
disc. An increased flow Of savings
into investment channels, a contin.
uous decline in1ong-time money rates
and a stable and relatively easy con.
dition in the short-term market, 1t
added, were features Of the financial
situation. s
While the general banking and credit
situation was stable, there were more
of the two preceding years. Nine
hundred and fifty-six banks in the
country with total deposits Of nearly
$2S5 100000 suspended operations, as
compared with 612 with deposits OF
about $175,000,000 in 1925. and tn
suspensions, with deposits of about
$215, 100000 two years ago. The 1926
suspensions were chiefly in agricul
tural sections of the country and the
board said that causes of the failures
for the most part did not originate
in developments of 1926, but dated
back to conditions and developments
Of the last seven years.
New assurances Offices Opened.
The Continental American Life In
surance Co. of Wilmington, Del, OF
which Norman e. Ellsworth is the
general manager for the Southern
division, is. having a formal open
Fifteenth street A host of visitors
called at the headquarters this fore
noon and congratulated Mr.. Ellsworth
and his staff of agents upon their
fine new home. Mr.. Ellsworth Is a
former president of the District OF
Columbia Life Underwriters. Associ-
alton and many members Of that or
| ganization were among the callers
The offices will remain open until
Q o'clock this evening for general
public inspection.
Local Securities Remain Firm.
Washington Gas Light stock was
among the local market leaders to-
| day, when IS shares changed hands
at 707s.' Railway and Electric came
| out at 81 One hundred shares OF
| Capital Traction sold at 1919 and
! ten more at 1071s.
Twelve shares of Second National
| Bank sold at 275 and ten of the
| National Bank of Washington at 200
| National Mortgage & Investment
| preferred was active, 100 shares sell
| ing at 81 and 70 at 8ls. Bonds Were
steady on light trading.
Heard in Financial District.
C. +. Jacobsen, cashier of the Ma
| tional Metropolitan Bank, and Harry
V. Haynes, president of the Farmers
and Mechanics National Bank, were
among Washington f1nanciers who at
| tended the dinner Of New York Chap
| ter, American Institute Of Banking,
at the Waldorf-Astoria.
Shannon & Luchs have sent invita-
tions to leading bankers and business
men to attend the opening of their
new business home at 1435 X street
next Monday from am. to 8 pm.
West Pac Of ts) "a "a 1874 ID,
West Union 90. ISL ISL Isl 15t