The Washington times., 1927-12-17
SALES VOLUME
At PEAK
BY RICHARD HATTON

BY RICHARD HATTON
AS indicated by check payments
the dollar volume Of business durinl
the week ended December 10 wal
greater than during either th'
previous week or the same week q
1926, according to the weekly state
ment of the Department OF Com
merce. Wholesale prices strength
ened slightly as compared with thr
previous week. but were still below
the level of last year. Prices fol
cotton were lower than in the
previous week. but higher than II
the same week OF the preceding
year. Iron and steel prices con
tinued to average lower as com
pared with both prior periods. Re
ceipts of cotton into sight were
lower than in either the previous
week or the corresponding week
Of 1926.
Loans and discounts of Federal
reserve member banks again ex.
panded. being substantially greater
also than In the corresponding
period of last year. The Federal re.
serve ratio again averaged lower as
compared with both prior periods.
Prices of stocks listed on the New
York Stock Exchange averaged
lower than in the previous week
but were still substantially higher
than year ago. Loans by Federal
reserve member banks in New York
city to brokers and dealers, secured
by stocks and bonds, reached a new
high point during the week. Interest
rates on call loans strengthened as
compared with the previous week,
but were lower than the the same
week year earlier. Bond prices,
showing no change from the pre-.
ceding week. averaged higher than
a year ago. Interest rates on time
money. although showing no change
from the previous week, were lower
than in the same week of last year.
Commercial Dividend
The Commercial National Bank.
through its board of directors. has
declared the regular quarterly divi.
dand of Ia per cent. and instead OF
the usual u per cent extra dividend
for the quarter has declared an
extra dividend Of I per cent. nav.
able on January ] to stockholders
of record December %. This brings
the total dividend in two wears to
26R per cent.
lngs has voted the usual Christ mas
bonus to its officers and employees.
AT meeting of the board of direc.
tors OF the Security Savings and
commercial Bank yesterday, the
regular quarterly dividend of 4 per
cent was declared payable December
81, to stockholders of record Decem.
ber "a, 1927.
The board of directors of the Mt
Vernon Savings Bank has made q
holiday present to employees of 2
bonus of 5 per cent OF their salaries,
Executive Vice President Claude
H. Woodward. of the Mt. Vernon
Savings Bank, has been elected a di
rector of the Kiwanis Club
Many rumors regarding cunsolida.
ton of Reynolds Spring Company
with other interests were SET at rest
yesterday by the announcement OF
the election of Wiley r. Reynolds to
the craftsmanship of the hoard and
Charles G. Dunn. of Detroit. as pres
1dent and director, and William
Woodside as a director Chairman
Reynolds stated that there were nc
negotiations for the sale of the com
pany and that the company will be
continued as in the past as a dis.
tinct concern, rumors to the con
trary.
Savings Bank Rate
The board of dire etors of the
Washington Savings Bank at a re
cent meeting declared the regula,
semiannual dividend of 3 per cent
payable January /, 1928, and at the
same time voted Christmas bonus
Of 10 per cent of the salaries to all
it's employees.
H. q. Thyson, resident manager
for Harris and Mooney, invest
ment bankers of New York, has
resigned. Mr.. Thyson, who is q
lifelong resident of Washington
well known. in financial and bust.
ness circles, will remain in the city
and later will make a connection
"ASh q HAOAhAlChL 4NcW OTk invest
ment firm.
At meeting of the board OF
directors of the Dictaphone Cor
poration held Yesterday. Thomas
j.. Watson, president of the Inter
national Business Machines Cor
poration. was ELECTED member
of the board.
The Bank Of Bethesda has de
clared the regular semiannual divi
dend OF per cent payable to stock
holders of record December 81
The board also transferred $4,000
from undivided profits to surplus
The next regular meeting OF
the District of Columbia Bankers
Association will take place Jan
uary 16.
According to Chairman Harry "
Haynes. of the protective commit
tee OF the D. c. Bankers Associa.
'tion. the work of the COMMITTEES
Is having marked success.
The Northeast Savings Bank ha.
declared a 4 per cent dividend
and an extra dividend of 1 pei
cent payable December 81, and
transferred $4,000 to its surplus