Evening star., 1928-05-06
9TH RESERVE AREA
BUILDING HEAVIER
American Chain Stores Co.
Offering Stock in Concern .
to Its Employees.
BY EDWARD C. STONE.


Federal Reserve district showed a
3,18l, ,104 gain, or 24.9 per cent over
March, 1927. In the monthly review
Just made public by the Reserve Bank
of Richmond. William w. Hoxton says;
For the third consecutive month,
building permits issued by building in
spectors in 20 leading cities of the fifth
Reserve district in March exceeded
: those issued during the corresponding
month last year. The 90 cities issued
1885 permits for new construction in
March this year, with estimated yalua-
ton of 1892 ,937, compared with 1,910
permits and total valuation of $11 $780,
892 for the same class of work in
March, last year. The two largest cities,
Baltimore and Washington, reported
decreased valuation figures. but Rich
mond, Norfolk, Winston Salem and
Charlotte reported larger figures. Altera-
ton and repair permits totaled 2.343
estimated to cost $l,6l7 ,529, compared
with 2.477 permits and S1,252470
valuation in March, 1927.
The aggregate value of all permits
issued in March. 1928 was SIS $50 .466
compared with a total value of S12.-
1882 for March, 1927. permits. an
increase this year of S3,lS1 .104. or 24.9
per cent Seventeen cities reported
higher figures this year, one reported
the same total, and IL cities reported
lower figures Increases of more than
100 per cent were shown by Cumber-
land, Petersburg, Roanoke. Charleston
W. Va; Raleigh and Winston Salem.
Winston-Salem led all cities in the
olstrlct In the volume of work provided
LOT In the March permits. It is worthv
OF mention that large volume of in
| duStrIal construction is being started in
the NTH district, which is not included
IN the city building inspectors reports
In Virginia two plants upon which work
is beginning will cost approximately as
/ much as the combined figures for ali
/ work covered in the March building
permit totals
Contracts actually awarded during
March Tor construction work in the
NTH district totaled S42. 2.66f .428 of
Whlcn Sl5.41l,ll8 was for residential
MoIN, according to statistics collected
y lne r. w. Dodge Corporation. In
a1arch. asai 1877, contracts awarded in the
% nitH oistrlct totaled $34. .693. 900, Of
Employees Offered Chain Stock.
The American Chain Stores Co
which recently took over all the stores
OF the Old Dutch Market Co. in WASH
ington. is offering a block of stock for
employees subscription at $50 a share
payment to be made over a five-vear
period at 81 month. beginning July
The number Of shares is not stated
but the last annual report showed
l4l.7 shares in the treasury and il is
understood that this was accumulated
Tor the employees. No employe will BE-
permitted TO subscribe for more than 30
s1areS, During the period of payment
the subscribers viii receive dividends on
the stock. and no interest charge will
be made against unpaid balances.
This is the third Offering of stock to
employees by the American Stores Co,
Ilfst Offering in 1923 being at $40 q
share and second offering in 1925 at
$40 share. Two earlier offerings also
were on a fiye-year installment basis.
Payments on the 1923 Offering will be
completed this month and stock tota1in9
between 10000 and $4,000 shares viii
be delivered in June.
Insurance Speakers Announced.
Among the speakers who will address
the tenth annual Maryland and District
Of Columbia Congress of Life Under
writer's, at Baltimore on May II, are
Harry j. Miller, second vice president
Metropolitan Life Russell S. King of
Indianapolis and former superintendent
ent of field service for the Manhattan
Life, James Z. Bragg manager OF the
Uni0n Central Of Philadelphia: Tom B.
Blocker. agency instructor. Travellers
insurance Co. and Stewart Anderson.
manager OF the bureau OF field service
Of the Penn Mutual.
The Washington association hopes to
have 200 representatives at the meeting
which is held here every other year. A
luncheon, question and answer period.
and the life insurance movie, Vanish
inf Fortunes" VIII be added features.
II. r. Bryarly Of this city, is associate
chairman of the conference.
Bankers Convention Drawing Near.
The past week saw much activity
among the committees arranging for
the district OF Columbia bankers con-
vention at Montauk Beach. Long Island.
George o. VasS. vice president and
cashier of the Riggs National Bank.
gave a dinner at the National Press
Club to the members of the press COM
mittee of which he is chairman, In
addition to representatives OF local
newspapers those present included
James A Soper, Lincoln National, Bar
mum l.. Cotton. District National; Rob-
ert l.. Flather. American Security q
Trust and I. J Roberts. Riggs Ma
tional
Luther f. Schrener. manager OF the
Dupont branch of the Merchants Bank
g. Trust Co. and chairman of the
sports committee. held an important
meeting of his assistants during the
week. Thomas w, Brahany OF Crane,
Paris & Co. and his associates on the
entertainment committee also are push
ing their plans along with due speed. All
the other committees also are making
lively progress, and the hot weather
here had fine effect on boosting reser-
vations
Cleaned i'm Financial District.
The branch on Fourteenth street OF
the Security Savings & Comnercial
Bank is being moved during the week
end to the new building at 1918 X street.
where the opening viii take place TO-
morrow. the ol$cets and directors nav
ing sent out large number ot invita-"
tlons for this event,
Washington bank clearing totaled
$40. .a76,000 for the week ending MAY ),
gain over the previous week but de-
cline OF more than & per cent over the
same week last year
The Ianston Monotype Machine Co.'S
annual report shows 50 a share earned
on 90 900 shares OF stock In comparison
with $7.a2 a share lest year, The ofti>
eials were highly gratined with the
years results
Local bankers were keenly interested
In the announcement by the National
City Bank. largest institutiaon in the
world In point of capital. that the bank
now offers personal loans ranging trom
$50 To $1,000. without collateral, 10 sal.
aried men and women, at discount OF
4 per cent, The borrower must live IN
New York a year, have steady employ
ment and be 81 years old
Treasury Financing Held Unlikely.
Recent DEVELOPMENTS In the money
market appear tn have complicated the
Treasury's problem OF refunding the