Evening star., 1927-11-19
BANK CLEAR|NGS UP'
AS YULET|DE NEARS'
Checks Indicate Gain in Local
Trade-NeW Rail Head
Only 43-Notes.
BY EDWARD c. STONE.

By EDWARD c. STONE.
Bank clearings in Washington dur
ing the week ending November II
amounted to $2S,011 900, decline OF
"a per cent over the same week a
vcar ago. but ahead of clearinSs Tor
the previous week of this year. when
they totaled $26.373, 900. For the
country as whole clearings were
ahead of the same period last year
and also above the figures for the
previous week.
Baltimore had the same record as
Washing ton, clearings being ahead OF
the previous week, but behInd last
wears total. Richmond was also well
ahead of the preceding week, but more
than per cent below last year for the
Same week. Norfolk clearings were
practically the same as the previous
week, but far under the record OIL
ynar ago. Atlanta had a gain of "a
ner cent ever the same week year
ago and a remarkable advance Oh
about $50 900 900, according to BRAD
streets summary, over the preceding
week.
According to the Department OF
Commerce, wholesale prices were hlgh-
or than during the previous week, but
are still below the level of year ago.
The cooler weather now prevailing IN
Washington and the approach OF the
Christmas holiday trade is expected
10 he reflected in another week. but
=. substantial advance in retail busl-
ness.
Becomes Railroad President at 43.
l.. r. Powell, jr., who has been
elected president of the Seaboafd Ar
Line, succeeding the late 5. Dawes
Warfield, is Nirginian by birth anu
is only 43 wears old lie thus becomes
one of the Youngest railroad presidents
in the country. Just 2o years ago.
Powell started with the Seaboard d
clerk, i'm the office of the auditor
OF passenger accounts. In 1913, ne
became directly associated with the
late Mr.. Warfeld in the management
of the roads affairs. Before he was
elevated to the presidency. Mr.. PoWeil
was vice president and controller.
Stockholders here will also be mucn
interested in the record of the new
chairman of the board, Robert l..
Mutt. This official started with the
road as a clerk, 35 years ago, When
he was 10. His first position was IN
the general managers office. In l9oo
he was appointed cashier, ana SIX
wears later became treasurer OF the
a Southerner hailing North Carolina
as his birthplace.
In his first statement to stockhold-
ers President Powell said that he
would carry out Mr.. Warfield's poll
cies so far as possible and bend every
effort to the expansion and upbulldlng
of the Sea board system. In his opin-
ion. the South is facing a prosperous
1928.
Association Reports Best Year.
The Perpetual Building Association
has just closed the best year in its
history At the annual meeting these
directors We're elected James Berry,
Arthur G.. Bishop. Joshua w. Carr,
Marvin A. Gusts, E. G. BaltZ, Frank
lin w. Harper, Vernon G.. Owen, John
G.. Scofield and George Wright. At
the organization meeting the following
officers were elected for the ensuing
year:
james Berry. president: Arthur G.
Bishop. vice pres ident; Marvin A. Gus
tis. treasurer; Joshua w. Carr. secre-
tary; T.. &. Baltz, assistant secretary;
James Berry, Arthur G. Bishop and
Joshua w. Carr. executive committee;
Arthur G.. Bishop. attorney; John L.
Scotield, committee on status or loans;
Vernon G.. owen, appraiser, and r.. Z.
Baltz and Vernon G.. owen. trustees.
The financial statement covering the
year ending on October 20, shows total
resouces of $16.S43,215. compared with
S13. 506,11 in the previous year. The
association has outsta tanding loans OF
SIS, ,443, ,035. against l2.474 ,465 in 1926.
Cash on hand at the end of the past
year amounted to $193,SS7, compared
with $l34,797 year ago. The COM
pany also reports undivided profits of
S399 ,O4l against $343,132 last year.
Cities Service Has Fine Year.
The Cities Service Co.'S net earn
;ngs for the II months ended October
81, were $31, ,244,250. an increase of
So per cent over $22 ,S20,620 for the
Il months ended October 81, 1926.
Net earnings for the first 10 months
Of 1927 were $2G G,364,553, which ex.
ceeds by almost two million dollars
the record figure of $24, ,462 .662 for
the entire year 1926.
Net earnings for October. 1927, were
larger than any October earnings in
the company's history, amounting to
50 1863 and to common stock and
reserves for October, 1927, was Sl,92T,-
421, an increase of 40 per cent over
last October, and 169 per cent more
than October, 1925.
Other Financial Notes.
Elmer OIIara, assistant cashier OF
the Seventh Street Savings Bank, has
resigned and his resignation accepted
as of November IS. Mr.. O'Hara had
seen an cmploye of the bank for more
than 10 years. His successor has not
been named.
Secretary +. III. Ellis Of the Wash
incton Bond Club announces that the
first luncheon of the season will be
held next Friday, November %, at
the Lafayette Hotel. The speaker
will be Grosvener Jones of the Depart
ment of Commerce and the officers
expect a large turnout of regular and
associate members.
Application is pending before the
New York Stock Exchange for listing
of b. r. Keith Corporation $2.O0O,00O
first and general refunding mortgage |
a0.year 6 per cent bonds, series A,
due March /, 1916. =,
During October employees OF the |
Pennsylvania Railroad purchased 391
additional shares of stock, bringing |