Evening star., 1927-10-08
SLIGHT DROP HERE
IN BANK CLEAR|NGS
Weeks Total Just Under LaSt
Year-RediscountS Up
in Fifth District.
BY EDWARD c. STONE.


Bank clearings in Washington for
the week ending on October 6 totaled
$40, 100, 900, compared with $23,445,00
for the previous week, but lower by the
small fraction of three tenths Of 1 per
cent than for the corresponding week
in 1926. Philadelphia. st. Louis and
Fort Worth had similar infinitesimal
declines, but the total clearings for
the United States as whole were IL
per cent ahead Of last year, according
to Bradstreets tabulation.
Fifth District Rediscounts Grow.
The Richmond Federal Reserve
Banks statement this week revealed.a
continued upward trend in rediscounts,
which rose to $40 900 in the week
ended October S from $27 .101 900 the
week before. This indicated greater
seasonal business activity in the local
Federal Reserve district compared
with previous weeks, but at the same
time much lesser need for reserve
bank credit than at this time last year,
when Richmond rediscounts amounted
to 43,164,0O0.
Government securities held by the
Richmond bank increased to $27, 1885,
90 from $7,06O.000 a year ago.
Poland's Fine Financial Showing.
According to q report from the
Polish legation, an increase of almost
so per cent in the reserves of the
Bank of Poland since the beginning
of this year is one of the striking fea-
lures of the recent finan progress
of that country. Amounting to 131.-
0,000> Zloty on December 81, 1925,
the banks reserves rose to 1854, ,000, 900
August 20, 1927. The zloty is now
valued at approximately IL cents.
The price Of the shares of the Bank
Of Poland has shown a marked in
crease, rising from a quotation of 50
in June, 1926, to a13S in August, 1927.
A. & p. Enters Cigarette Field.
Sale of popular priced cigarettes at
cut rates by the Great Atlantic & Pa.
cific Tea Co. stores and other grocery
chains may revolutionize presect
methods of cigarette distribution.
Trade circles" says the Wall Street
Journal, "see the cigarette manufac-
turers as the gamers through wider
distribution of their products, and to-
baccO chain store systems possibly
forced to reduce prices to meet com.
petition.
''The A. & p. stores. estimated to
number $4,000, are selling the 20-for-
15-cent brands at two packages for 25
cents. Schultz Retail Stores Corp,
maintaining about 270 stores, sell these
brands at a straight price of Is cents.
United Cigar Stores Co., with around
5000 stores and agencies, hold to the
15.cent straight price.
"At the cut rate. A. & p. stores are
making a profit Of approximately so
on their gross sales. Schultz and
United Cigar and other Independent
ly 2412 20 on these cigarette sales"
Same Officers Are Reelected.
The directors of the Bank of Com.
merce & Savings organized for the
year yesterday by re.electing these
officers:
Maurice D. 2osenberg. president:
Joseph Sanders, w. A. Bennett and
Irving Owings. vice presidents: John
NJ. Riordon. executive vice president;
Joseph II. Milans. secretary; DIR. Clar.
ence A. Weaver, auditor; Alexander
Wolf. general counsel: Frank Owings,
cashier. and Oliver Exline, assistant
| cashier.
In the evening at the City Club
President Rosenberg and the directors
were hosts to the entire staff at a
dinner given especially in honor of
the banks twentieth anniversary.
Bankers Bulletin Appears.
The October bulletin of the District
Bankers Association appeared today
and is filled with notes on the various
activities of the organization. 1t call.
ed attention to the coming Fall meet.
ing on Tuesday afternoon, October
~ Special reference is made to
Management week." which it sponsor.
ed by the Department of Commerce,
and aims to check waste in industry.
1t has been claimed that so per cent
of waste in the production and dis.
tribution Of goods is due to faulty
management.
1t IS because this loss reacts upon
the general prosperity Of the country
that the Commerce Department EN-.
pnaslzes the importance of the cam.
paign. which is almost wholly educa.
tlonal and in which the Washington
banks are asked to cooperate.
Build: Associatic, Elects.
Tie National Permanc- Building
Association held its annual meeting
yesterday and elected these officers:
Wllam Neuland. president; Robe :.
=. Buckley, vice president; Roland NJ.
Brown, secretary. and Millard T.
Dixon treasurer. The officers. With
the following, comprise the board of
directors: Adolph Levy. John B. Geier,
John G. Weinberg, Harry v. Lansdale.
j. Leo Kolb. George Menke. Harry
nj. Packard, William Briggs and Jo.
seph F. Zegowitz.
Heard in Financial District.
President John Poole of the Federal.
American National has been in Fred.
ericksburg. Va; as a guest at the
opening of the new Planters National
Bank.
Thomas J. Groom, vice president of
the Washington Mechanics Savings
Bank, has returned from vacation
passed at his old home in Mobile,
Ala.
The steel work on the Union Trust
Co.'S large addition and the Second
Nationals new branch Office building
has progressed very rapidly during the
week.
The Security News, published in
the interest of the American Security
and Trust CO., made its October ap.
pearance today and Is a wide.awake
sheet,
The complete proceedings at last
bankers convention at Hot Springs
have just been printed and copies are
being sent to the member banks.
Trust Company Insures Employees.
Local bankers are interested in a
report from Chicago stating that the
Central Trust Co. has worked out a
plan for providing it's employees with
group life insurance protection which
VIII extend belond the retirement age.
1t is so arranged that each group
pollcy becomes paid.up policy after
the emplOYe retires.