Evening star., 1928-11-06

1I.-anSs- wifi year lowered the
A'eAa"0er "O"' total of earning as
sets of the Richmond bank. On Oc-
tober Is last year rediScountS for
member banks totaled $29, ,176,000. COM
pared with $50,666,000 this year, and
| the circulation of reserve notes was
| $71 ISL 900 on october is, 1927, COM
pared with 9,896000 on October is,
| 1928
Total earnings assets of the. Federal
Reserve Bank of Richmond declined
during the year from $91, 1882 900 to $7O,-
| 224O0O as a result of decreases in hold
ings of acceptances and Government
securities. Reserve deposits of men,
ber banks, which aggregated ST. 100000
| last year, totaled $67 1894 900 at the mid
die of october this year.
The cash reserves of the Richmond
| bank totaled SCI ,79400 on october Is,
1927. but rose to $79,550000 on the
corresponding date this year, while the
ratio of cash reserves to note and de-
posit liabilities combined rose during
the year from 42.11 per cent to 56.04
per cent.
Washington Retail Sales Gain.
Fall retail trade in the Fifth reserve
district, the Review adds, opened up
splendidly in September. sales in 80
leading department stores in the dis
trict averaging 1856 per cent above
sales in August. In the district as
whole, sales in September were 46 per
cent above sales in September, 1927.
Baltimore, Richmond and Washington
stores reported larger sales in Septem-
ber this year than in the same month
year ago, but the other cities show
ed an average decline last month
Y.aafs fsxlcr 70 ka1 1ac
during the first nine months of 1928
averaged four-tenths of per cent above
sales during the corresponding period
in 1927, and September, 1923, sales
were 129 per cent larger than average
September sales during the three years
l923-l925, inclusive.
Stocks increased seaSonally during
September, rising 10.1 per cent above
stocks on the shelves on August. 81,
but on September 80 average stocks
were AT per cent less than stocks on
September 80, 1927, % of the 80 stores
reporting smaller inventories this year.
The rate of turnover increased sea-
sonally in September. The percentage
of sales in September to average stock
carried that month was 26.1 per cent,
and the total sales since January l to
average stock carried during each of
the nine elapsed months was 2235 per
cent, indicating an annual rate of turn
over of 2.98 times. The turnover dur
ing the first nine months of 1927 in
dieated an annual rate of 294 times
Collections in September totaled 24.5
per cent Of receiYabIeS outstanding on
the first of the month, exactly the same
percentage attained in August this year,
but better than 23.4 per cent of out
standing receivables collected in Sep
tember, 1927.
Third Quarter Business Improves.
Investors Syndicate of Minneapolis,
Mimi, ends the third quarter of 1928
with total resources of $23,019, ,480.16,
an increase of almost $4,000,000 for
the first nine months of the year.
New business written for the first
nine months of 1923 totaled $56,552,-
900, an increase Of 93.2 per cent over
the same period in 1927.
The company operates in SO States,
the District Of Columbia and British
Columbia.
Wolf to Entertain Banks STAFF.
Alexander Wolf, general counsel and
director in the Bank of Commerce 81
Savings ever since the institution was
established in 1907, will entertain the
officers, directors and all employees at
a dinner tomorrow evening at Harvey's.
In addition to Mr.. Wolf, three others
in the gathering have the same record
for service with the bank. President
Maurice d. Rosenberg, Vice President
Joseph Saunders and Executive Vice
President John M. Riordon hold this
distinction.
The other officers and directors in
clude w. A. Bennett, second vice pres
ident; Irwin Owings, third vice presi-
dent; Joseph H. Milans, secretary:
Clarence A. Weaver, auditor; Frank
Owings, cashier, and Oliver Exline, as
sistant cashier; Louis Bush, A. Bry-
lawski, j. E. Caulihower, E. r. Chewn-
ing, Floyd e. Davis, r. l.. Elliott. C. E.
Edwards, A. s. Galley. @. A. Kneessi,
Sol Lansburgh, M. A. Leese, j. F..
Maury, Vernon G. Owen and Ellie
SheetZ, directors.
Heard in Financial District.
Frank w. Patterson, formerly finan-
cial editor Of the Post, was a visitor
in the financial district yesterday. The
major reports business booming in and
around Manassas, Va, where he is now
the publisher OF a very fine newspaper.
The George A. Fuller Co. has de-
clared the regular quarterly dividend
Of Sl.50 on the prior preferred and a
| quarterly dividend of 81 so on the nar-
ticipating preference, both payable jan
uary l to stock of record December 10
| The McCrory Stores Corporation has
declared the regular quarterly dividend
Of SO cents on the common and Glass B
common, both payable December / to
stock of record November 20.
| During the first nine months of 1923
United States imports of leather manu-
featured goods were valued at $18.12O,L :
| 746, compared with $15477 1855 in the
same period of 1927 according to the
Commerce Department.
| Prices of commodities during the week
ended November declined 4 per cent.
according to the wholesale price index of
the National Fertilizer Association.
The local banks will distribute about
$7,000,000 in Christmas Savings Club
funds on December 1. Last year quite
a part of this money was put back into
permanent savings while the remainder
was most important factor in local
holiday trade.
Brokerage houses were closed TODAY
and bankers refused to talk about anv-
thing but the election. They predict
good business during the remainder of
the year regardless of voting results.
WITH EMpTOv on nnn