Evening star., 1927-09-17
ADVANCE IN TRADE
SHOWN BY CHECKS
Bank CIearings in Capital
Pick Up-Savings Bank
Votes Dividend.
BY EDWARD C. STONE.

By EDWARD C. STONE.
Bank clearings in Washington dur
ing the past week showed good gain
over the previous week, but were SOC
per cent below the figures for the
same period year ago. Checks pass
ing through the local clearing house
this week totaled $25,270 900, against
| the lower figure for the week of Sep
| tember s of $22 1888 900.
| Dollar volume of trade for the whole
country during the week ended Sep
tember 10, as seen from figures on
check payments, was greater than in
either the preceding week or the cor
| responding week of 1926, according to
| the Department of Commerce. Whole
sale prices continued to average high
er, as compared with the preceding
week, but were still below the level
of last year. Prices of cotton con-
tinued to advance. Iron and steel
prices. showing no change from the
preceding week, averaged lower &llan
| q year ago.
| Business failures were less numerous
! than in the preceding week, but were
higher than in the same week a year
ago.
Crissinger Successor Soon.
! President Coolidge has asked Secre-
tary Mellon to recommend a successor
to ID. r. Crissinger as governor of the
| Federal Reserve Board. Secretary
Mellon is believed to have several
names under consideration, among the
possibilities being Gov. BENZ. Strong
of the New York Federal Reserve
| Bank. s. Parker Gilbert, agent gen
eral of reparations and former Under
| nf tho 'Trpa C11ry attended a
conference between Messrs. Mellon
and Strong, and this gave rise to ru-
mOrs that he might be named.
| Washington bankers are heartily In
accord with the statements of Presi-
dent Coolidge and Secretary Mellon
that the appointment should not be a
political one.
In and Out of the Local Banks.
The United States Savings Bank
has declared its customary 71a per
cent quarterly dividend. due at this
| time. 1t is payable on September 80
| to stockholders of record September 20.
| The weekly calling yesterday of the
quotations on local stocks not listed
under exchange rules brought out few
| changes in the bid prices Of these
securities. Title Insurance picked up
points to 140 and Park Savings
Bank climbed 10 points to 60.
A banking group composed of
Baker, Watts & Co., and Mercantile
Trust & Deposit Co, both of Balti-
more, and Eldredge & Co., New York.
were successful bidders yesterday for
| 50 ,000.0 900 State of West Virginia road
bonds, dated January l, 1921.
Group Insurance Growing Fast.
Insurance authorities, basing their
| figures upon claims so far paid under
group policies. predict that total
claims this year will come to 50.000,-
900. The 1926 group claims totaled
| S37 .0S1, ,002. 1t is further estimated
that about $4,000 families will share
in this disbursement.
Association President Guest.
w. w. Spaid. president of the Dis.
trict of Columbia Bankers Association,
will be a guest ats the annual dinner
for Washington bank women, which
the women's committee of Washing
ton chapter, American Institute of
Banking, will hold at the Women S
! City Club Monday evening.
Miss Mary Carr Maris of Philadel-
! phia Chapter, A. |. B., and Mrs. Ollie
Gentry of Richmond Chapter, A. I. B.,
| will also be guests of the women'S S
committee at this dinner.
Huge Treasury Operations.
| Fiscal operations aggregating ST.,
| 800 900 900, were recorded on Septem.
| ber Is on the books of the Treasury.
! In addition to flotation of two kinds of
! Government securities. redemption OF
maturing issues of certificates of in
debtedness and payment of interest
! 1I.1 nf h i,sC
quarterly income tax installments fig
ured in the operations.
Income tax payments due were esti
mated at approximately s465, 900, ,00O
by Treasury officials.
Beane Notes Buying Movement.
A. c. Beane, senior partner of Fen
ner & Beane, the New York Stock Ex'
change firm, which has an office In the
Willard, has just returned from Eu'
rope, where he found interest by Eu
ropean investors in American securi.
ties growing very rapidly. Il was
amazed at the eagerneSS of the French
investors to purchase our securities.
because they consider even at present
prices that the yields are liberal. The
average Frenchman is satisfied with a
return of per cent if there is COM
bined with this return a reasonable
speculative possibility.
There is no way of estimating the
volume of American securities bought
by French investors during the last
year, but it runs into hundreds of mil
lions of francs. l was told that Eu-
ropean investment trusts also were
heavy buyers of American common
stocks"
Personal and Other Notes.
Vice President G.. d. Ratcliffe of the
MunSey Trust Co. is on three-Week
vacation. He is now at Atlantic City
and will also visit Bridgeport, Conn.
Cashier Frank Owings of the Bank
OF Commerce x Savings is spending a
few days at his Summer place on
Chesapeake Bay.
Eliot Fl. Thomson of the Washing
ton Loan & Trust Co. has returned
from the national advertising conven-
ton at West Baden, Ind.
II. HuntOn Leith, assistant cashier
of the Security Savings & CONNER
cial Bank. has returned from the same
convention. Assistant Cashier j. F.
Shipley of the same institution is pass
ing two weeks vacation in the West.
President William D. Hoover of the
National Savings & Trust Co. Is eX.
pected back from Hot Springs early
next week. President Charles j. Bell
of the American Security 4 Trust Co.
leo ic, cd