Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-21
TRADE DIPS NOTED
BY RESERVE BOARD
Wholesale Business Suffered
In 1927-Bank Credit Am.
Pile for All Needs.
BY EDWARD c. STONE.

80" GA AAA 1S@V GAIN SCl llidll AL AIl
previous year. production and wholesal
trade the last few months were il
smaller volume than at the close Of an
year since 1924. according to tn
Federal Reserve Board.
The output Of mines and factorie:
the volume Of building. factory employ
nfent and the earnings Of industrial
workers all showed a distinct declin
In 1927, said the board, although TIL
value az farm products was larger thar
III 1928. Distribution of corimoditie
70 consumers was on a high level, TIT
beard said. and there was no evidenc,
OF undue accumulation Of inventories.
The general level of commodity prices
which had been on the down grade fol
the last two years. turned upward II
the early Summer of 1927 and at The
close Of the year was only about l pei
cent lower than at the end Of 1926.
Bank credit was ample throughout
the year. the board reported. for al
classes Of enterprise. and money rates
were relatively low, especially after mid.
Summer and early Autumn. when dis
count rates at the reserve banks were
reduced from 4 TO 81, per cent. The
supply Of capital funds arising from
National savings was exceptionally large
md fotations OF domestic and foreign
securities were in record volume.
Income Tax Blanks Available.
The Internal Revenue Department Is
distributing among local banks the
blanks upon which the income tax re-
turns are 10 be made for the calendar
year 1927. Each year more and more
/cepositors with large accounts are ask
ing for assistance IN the making out
Of ;heir tax returns. Many clients get
tax experts in the banks 10 make Oh;
tie complete return for them.
The large blanks for business firms
and for all net income of over $4,000
and the smaller blanks for individual
returns contain no changes from last
year as Congress has made no changes
T. the law since the last year.
Mt. Vernon Line Changes Name.
A circular sent out this week an
rounces that the name of the wash
trgton. Alexandria & Mount Vernon
Railway Co. has been changed to the
Mount Vernon. Alexandria & Wash
tneton Railway Co, a new company
having been formed under the laws OF
Virginia. Holders Of the first mortgage
s per cent bonds have been informed
that the change was made TO meet
lega! requirements and that the oper-
alton Of the electric road will so on as
before. The circular states that the
new company has no indebtedness eX-
cept $4,000 OF notes and $50 500 equip
Ynent trust obligations. and has an au-
thor1zed capital Of 5000 shares no par
value stock OF this stock 1900 shares
were issued 70 the committee for the
account Of the former dcpositing bond
holders and the remaining 200 shares
are n the treasury Of the company
The committee had deposited with II
S2.5T6.00o of the bonds, out of the to-
tai issue Of s2.500 900. and now holds
3or he account OF the former deposit
irs bondholders two shares of stock Of
the new company for each 81 900 bond
o! the old company deposited with the
committee. The committee announced
that II deems j. advisable to hold this
s'ork intact for the present.
The directors OF the new company
sre members of the bondholders COM
Tnit'ee ana business men Of Alexandria.
W. The bo1dholdcrs protective COM
Iri'fee consists OF Lewis H. Parsons
CHAIRMAN: Samuel J. Steele. PhiIadel-
r.7la and William @. Esker, IT.. Balti-
mo:c
5arreii Host TO Banks STAFF.
Thomas z. farrell. president O. the
Washington Savings Bank. was host at
dinner 10 the officers. executive and
finance committees. and employees of
tne marx at his home. 1920 Ingraham
Street. Thursday evening.
Chevy Chase Bank Officials.
Al the organization meeting of ,he
directors OF Chevy Chase Savings Yank
Dr- Frederic z. Harrington again was
CHOSEN president. The other officers
elected az that tine were Thomas w,
Perry first vice president: Joserh A.
F1FKsTt, second vice president; Paul
sles1an. counsel. }. Ezra Troth. third
t:ca r.eai1ent and cashier: Cly6e D
u Ffrtt secretary. s. PEACOCK. auditor
ar X a Weayer. assistant cashier.
Mere Savings Cooperation Sought.
W " Spaid. president OF the Dis
~ .. Columbia Bankers Association
his named this committee 10 consjder
tns question O! further cooperation
With The Christmas savings clubs. poh.
eTt Y. Fleming. president Riggs Ma
flon%! Bank. chairman; Francis G
Ioclson. vice president Security Saw
ngS d; Commercial Bank. Howard
Moran. vice president American &C.
coF;fy ., Trust Co. and Jes1n n Rior-
C's'7. executive vice president Bank Of
Commerce Il Savings.
Hardware Business Picking Up.
Tae hardware business as a whole
rSfs indication II good Spring trade.
3s&feTa:e Age says IN its weekly market
h91rlafF- Numerous price changes.
many EeSc}f2Einents. have been made
~ &nn2e sections and others u more
frneTzl nature vii follow very shortly.
: - tendency Is toward firmneas and
~ @9r3e ca2eS slight advances Retailers
re ef}isF1ng the year with very mod
efat@ toocks. and wfiie this Is not al
WAYS lDejcaIiVe .. impending heavy
byytrg the o8'i1,ok for the early part
81 fhc year, a. !eaJSi. il very satisfactory.
Other Financial Notes.
william II. Baden. trust officer u the
washington Loan IT, Trust Co, vii!
f+e2k on Life Insurance Trilsts'' a,
u monthly meeting u the District Of
Columbia Lie Underwriters Associa-
i!r'r next THURSDAY evening II the City
C,uo g. ei3
+ II 5iddons. secretary ~ the
American Security &, Trust O.. gave 8
1>E bfF' A!f fSCLC ldst evening on ths
genera. subject o. thrift, especially
t's"asiEg ti.e Importance of careful! saw
Ja @!in Flfw ~ fDD4fe Independence
oacnF rDpllcan manager NJ tna
Warrington oftIce u 81 II T.. Nnrph,
n %, gave al acorefs on The air last
Ygf' o,J Tue Automobile industry and
u prospects TOR the coming year.
lie Southern Railway "a. viii re-.
rive DinS until nom February . ~,
1890 300 iJef cent equipment trust
.ftlficalFt, Ser!es EB payable Septern
pr :. 1873. ~ March !, 1913.
t'bF'ty Bonds E7ehanged Rapidly.
l3oid"Ts ~ tj1lfc Liberty Liam Bonds
= g. Dp,sI value u &b25 000 900, hsy.
IL .en advantage ~ the recent Ifeasuf,
offer allowing exchange u tnelf secUri.
1ssa tn new 81 per cent Tfesslir,
nGtes Secretary Mellon made this sn,
Do1ncener4t TO-DAY III issuing reaninde
nat conversion privileges viii expiE.