Evening star., 1928-10-05

dicate that Fall trade opened up nor
mally. Employment conditions appea
to have improved somewhat in recen
weeks, and coal production was only
| little below the tonnage mined in Au
gust last year.
i On the other hand, textile mills con
tinue unable to sell their output and ar
forced to curtail operations consider
ably to prevent an accumulation o
goods in their warehouses. Officia
| crop estimates as of September / ar,
unfavorable when considered in con
nection with prices now prevailing fo
farm products Should the district!
cotton crop exceed last years yield. thi
years prices are between $40 and So
bale lower than a year ago. anC
money returns from the 1928 crop will
be much lower than the returns from
the 1927 crop.
This years tobacco crop is forecas
to be somewhat smaller than the 1872
crop. the quality of the weed is lower
and the present prices are below thoS
of last Fall. Other crops have beel
more or less seriously damaged b.
! storms floods and excessive rains, ant
| the outturns are highly problematical
! Retail trade in August was below tn
NOIuIllS VI GIduS III AUGUST, lJGf, dll'
wholesale trade was also in smalle
volume last month than during the sam
month year ago.
Building permits issued in August il
| leading cities and contracts actuall
awarded for construction and engineer
| ing projects in the fifth district were il
lesser amounts than in August, 1927
| Finally, debts to individual accounts il
the banks in leading trade centers wer
| lower during the four weeks ended Sep
! tember IL than during the correspond
ing period last year.
On September Is. 1927, rediscount
held by the Federal Reserve Bank o
Richmond totaled only S26,837, 900, il
! comparison with $58, ,371 900 held by tn
bank on September Is this year, but dis
posal Of a large volume of Government
securities held year ago reduced tn
| total earning assets of the bank from
| $71 1,614,000 at mid-September last yea
to $70,134,000 at the same time thi
year. The volume of Federal reServ
notes in actual circulation amounted t
! S63,296,000 year ago, but totale,
$50, 100000 this year.
Member. bank reserve deposits de
clined from S75, ,249, 900 on September II
1927, to $71 ,958, 900 on September Ii
| 1870. lie CdSIl IEoC1 FEG III LllCs IbtCll
| mond bank totaled $32, ,794,000 a yea
1 ago, but declined to S72 2,866,000 on Sep
/ tember is this year, and during tn
! same period the ratio of cash reserve
, to note and deposit liabilities combine
dropped from 59.42 per cent to a3.5
! per cent.
Merchants Bank Takes New Step.
ORGANIZATION of the Merchants Banl
Investment Co.. under guidance of tn
Merchants Bank & Trust Co., is an
nounced by Peter A. Drury, presiden
of both concerns. The finance compan.
comes cut under new name, the orig
inal name having the word Federal
in it, causing some confusion witt
other corporations. The new compan,
has capitalization of $1,000,000, NOR,
! than S500,00O of which is already paiC
in. The remainder of the stock is nov
being offered the public at S28 pc
| share.
Mr.. Drury states that the compan,
was organized without any prefelrct
stock issue, which is very unusual. TIL
concern will engage in a general in
vestment business. specializing in high
grade securities. The Offices are locates
in the Southern Building.
Directors, who are the same as thoS
of the bank. are Harry E. Allen, Ray +
Arnold, Noble P. Barnes, ROlfe E. Boil
4 ing, Harry r. Carroll, Peter M. Dorsch
Peter A. Drury, Mark F. Finley, Ernes
| Gerstenberg, Frank E. Ghiselli, Fran
P. Harman, jr.; Holland W. jerks, viii
liam E. Leahy, Walter N. Macnichol, !
Ernest Mitchell, C. C.. Murray, Alvin /
Newmyer, Frank OHara, Joseph A. Raj
ferty, Roland S. Robbins. L. E. Shreinel
j. L. Sherwood, Lewis M. Thayer, A.
Waller and John zanier
Dollars and Sense Appears.
Dollars and Sense, the yearbook c
Washington Chapter, American Insti
tute of Banking, appeared toady an
is a splendid number Almost in tn
very front of the booklet is a page i
memory of Margaret Rupp, Liberty Ma
tional Bank, who died on July %, 1872;
and of Bruce G. Crandall, Commerce.
National, who died August 20, 1928.
The book is dedicated to the facult!
has the pictures of the present officer
board of governors and editorial stat
as we'll as Of officers in the DistriC
Bankers Association and the Clearin
House Association. Pictures of some c
the recent graduates also add the
share to the general appearance of tn
yearbook.
All the activities of the chapter ar
splendidly covered and the three essay
which won trips to the last banker
convention are presented. These essay
were written by Herbert T. Biselle an
Catherine Kreig of Riggs. and j. Fran
els Hillyard of the National Bank {
Washington. There are scores Of othe
interesting features.
James A. Soper announced toda
that the enrolment at the institute ha
reached 800, gain of Is over the sam
date last year, thus smashing all rec
ords.
Local Exchange Active Today.
Riggs National Bank stock again sol
at $50 on the Washington Stock E2
change today. Federal-American Na
tionai came out at $685., close to il
high mark. and 10 shares of Distrit
National sold at 239 American Securit
& Trust sold at ass.
Capital Traction walked up toda
opening at los and closing at 1853
Fifty shares of Railway & Electric pr;
ferred moved 1007s. The same size
sale took place in Merchants Transf'
e. Storage preferred at 108l2. Me
genthaler registered 100l2 and Lansto
Capital Traction SIS sold at 101, G;
SIS at 1925, Gas 6s. series A, at lO4, ar
Wardman Park Hotel sizes at 104 :
Railway e. Electric As came out at 923
In the miscellaneous stock list near
100 shares of Sanitary Grocery change
\ hands at 130, while Peoples Drug move
at lis.
Heard in Financial District.
The Bank of Commerce & Savin
Z will hold it's organization meeting la
s today, following the annaul meeting
the stockholders held recently.
E. T. Burdette of the Potomac Sa
s ings Bank has been elected vice pres
II dent of the Georgetown Business Mer
! Association which is STAGING a com