Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-06

tenths of per cent less than total sale
during the FIRST eight months Of las
year. August, 1928, sales averaged Is,
per cent above average August sale
during the three years, 1923-l925, in
elusive. partly due to store expansion
in two or three cities
Stocks on hand in the 30 reportins
stores at the end of August showed {
seasonal increase of per cent ovel
stocks on July 81 this year, but were
, Slx-tenthS of l pea cent less than stocks
on hand at the end of August a veal
ago. The percentage of sales in Au-
gust to average stocks carried durins
| that month was 224 per cent. and the
percentage of total sales since JANUARY
| /, 1928, to average stocks carried dur.
ing each of the eight elapsed months
was 1885 per cent, indicating an an
nual turnover of 2.647 times. The rate
! OF turnover during the first eight
months of 1927 was 2.G36 times.
| Collections during August in the sc
! reporting department stores averaged
24.5 per cent of receiyables outstanding
| on August l this year, compared WITH
24.2 per cent of outstanding receiva0les
collected in August, 1927. Baltimore
Richmond and Washington stores show.
ed slightly higher percentages this yeal
than last, but the group Of other cities
stores reported slower collections las;
month than in August year ago.
Wholesale Trade Also Reviewed.
Wholesale trade in August in the fifth
| district was ia larger volume than il
July In all lines reported upon, a sea-
Sonal development, but August sales this
year We're smaller In every line except
| groceries than sales in August, 1927. To-
tai sales this year were also less In all
| lines except groceries than total sales in
the first eight months of 1927.
! Stocks OH the shelves decreased dur
ing August in all of the four lines for
which figures are available exeeDt gro
cerieS and at the end of the month were
in smaller amount than year ago in
| dry goods and shoes, while grocery and
hardware stocks were slightly larger
than year earlier.
Collections in August were better than
in August. 1927, III dry goods and drugs
| but grocery, shoe, hardware and furni-
| ttlre collections last month were slower
| than those in the same month last year
/ Savings and time deposits decreased
| slightly during the month, but contin-
ued we'll above the corresponding 1927
| figures. Twelve mutual savings banks in
Baltimore had deposits aggregatine
$l83, 52l ,480 at the close of business Ru-
gust 81, 1928, compared with $l83 504,-
lac at the end Of July this year and
| $l68, 1T 568 at the end of August, 1927
SiXty-four regularly reporting member
banks had aggregate time deposits
amounting to $245 ,405 900 on September
| IL this year. compared with $247 ,503.O 200
on August Is, 1928, and 1926, ala, 900 Oh
September IA, 1927.
Morris Plan Convention Speakers.
E. S. Shields. president of the Virginia
Bankers Association, will welcome the
| delegates at the ninth annual conven-
ton of the Morris Plan Bankers Asso-
citation in Richmond Monday. w. G.
Walling, head of the Morris Plan Bank
in Chicago, will respond to the greeting
Other addresses will be by Arthur j
Morris, founder of the, Morris plan
Robert o. Bonnell, president of the
association, and by representatives o
Morris Plan banks of other cities
Among the guest speakers will be Ed
ward d. Nix. professor of advertising
Washington University, st. Louis, ant
Milton A. Alexander OF Detroit.
The POSTMASTER at the banquet OF
Tuesday night will be Luther II. Tucke
OF the Morris Plan Bank of Albanl
and the speaker will be Capt. Irvinl
O'Hay, U. s. A., retired, well known
humorist and traveller.
Directors Re-eIect Officers.
Maurice D. Rosenberg. president o
the Bank of Commerce Il, Savings, an
the entire official staff Of that institu
ton, yesterday were reelected at tn
organization meeting of the bank
board OF directors. Three new member.
Vernon Owings, E. r. Chewing an
James <. CollitioWer, were added to tina
body at the annual stockholders meet
ing, September u.
Besides President Rosenberg, officer
reelected We're Joseph Sanders, frs
vice president: W. A. Bennett, Secon
vice president; Irwin Owings, third vic
president; John NJ. Riordon, executiy
vice president; Joseph H. Milans, sec
rotary; ~. Clarence A. Weaver, auditor
AlexanABt Wolf, general counsel; Fran
OwingS, Cashier, and Oliver Exline, as
SiStant cashier.
Following the meeting, Mr. Riordo
reported that the bank had made al
excellent showing for the first min
months OF 1928, and predicted an eve
better showing for the year.
Association Has Best Year.
The annual meeting of the officer
and directors Of the National Permanen
Building Association was held at tn
offices OF the association, 949 Mint
street northwest, yesterday. Septembe
80 marked the closing OF the thirty
eighth year, the most successful in tn
history OF the association, showing loaL
IN force as OF September 80 OF $4238
240 and net gain for the year OF 500
66003.
The following officers and director
| were elected for the coming year: Oh
| ficerS-William Neuland. president; Rot
ert Z. Buckley, vice president; k0ian
| M Brown, secretary; NJ. T. Dixon, tfea!
| urer Directors-John b. Geier, Adolp
J Levy, John q. Weinberg, George Menk
J. Leo KOlb, Harry III. Packard, JOSEF
q. ZegowitZ and Francis L. Neubeck.
Cleaned In Financial District.
Many local bankers were panied
hear Of the death OF Townsend Scot
head of the investment banking fri
by that name, In Baltimore. Mr.. Scot
/ who was II years old had many Wast
| ingtOn friends. The f1rm also malT
tainS an ONCE here.
Stockholders of the PennsylVan
Railroad Co. reached new high recol
on September at l54 DOS, which con
pares with 153.294 on August ], 1928 II
crease I'll and with l4l ,564 on Septen
Der /, 1927, increase l2,44l. Womt
stockholders on September l numb
1855, increase 5,87l over year ago, col
stitutin2 50.37 per cent OF total holder
decrease OFT per cent. They held
934,725 shares, increase 574,8l7, beil
1914 per cent Of total outstanding stoc
increas 40 per cent. Their avera
holding was 81 shares, increase 4.
During the first nine months of 49,
there were 40 offerings of chain sto
securities, aggregating more than $8i
100000. according to the october Revie
Of Shields 8, Co., just issued. This
believed to establish new record.