Evening star., 1928-11-05
SAVINGS DEPOSITS
AT RECORD LEVEL
Retail Ahead of Wholesale
Trade in Fifth District,
Review Shows.
BY EDWARD C. STONE.

| ~ O4NEs
Regarding business and agricultur;
conditions in the Washington area an
the rest of the fifth district, the month";
review by William w. Hoxton says to
day:
Trade in the fifth Reserve distric
in September was in seasonal volum
in most lines and Fall business abou
equals that of last year. In the cas-
of the districts leading cash crops, tn
estimated production of cotton is large
than last year, although the price t
date has been somewhat lower, and 70
tobacco both production and prices ar
smaller than in 1927. The textile stu
alton is not as good this year as it wa
last year, but it improved distinctly il
September and early October.
Debts to individual accounts figure
are approximately equal to those O
1927. Savings deposits are at recor
levels and business failures compar
favorably with recent years. Labor
| better employed than last year and witt
a building program larger than that O
the past Winter the prospects for EN-
ployment during the next few month
are good. Coal production is up t
seasonal levels and West Virginia con
tinues to lead all States in output.
! ANCbdii u duC Ill was ii
large volume, exceeding that of Sep
tember, 1927. by approximately as pc
| cent, and inventories in department
| stores are lower than a year ago
| Wholesale trade is not so good as retail
/ trade.
| Unusual Decline i'm RediScOuntS.
Rediscounts for member banks at thu
(! Federal Reserve Bank of Richmond de.
creased from $58,37l 900 on Septembel
Is. 1928, to $50,666,000 on October Is
an unusual development at the season
| of Fall crop marketing and discountine
of bills for Fall and Winter merchan.
disc. The increased need for cash Incl.
dent to tobacco and cotton marketing
raised the actual circulation of Fedora
reserve notes from $60.406.000 at the
middle of September to $69,896,000 al
the middle of October
In spite of the decrease in rediscounti
held by the bank, the total earning as.
sets of the Richmond institution rose
from $50, 0,134,0 900 on September Is to
$40 0,224,000 on october IS, the figure
for this item being raised by an in
crease in the holdings of bankers ac-
ceptanceS purchased from member
banks and in the open market. Mem
Der banks reduced their reserve bal
ances last month, their deposits at the
Federal Reserve Bank of Richmond de-
clinlng from $7l,958,000 to SGT, ,799. .00O
between September Is and October Is
The several changes mentioned raised
the cash reserve of the Richmond bank
from $T2,866,000 to $79,550 900 during
the month under review, and also in
creased the ratio oil cash reserves to
note and deposit liabilities combined
from 53.43 per cent to 56.04 per cent.
Local Exchange Closes Tomorrow.
The board of governors of the Wash
ington Stock Exchange met this noon
and voted to close tomorrow, election
day.
Trading on the first day of the busi-
ness week centered in the new Riggs
National Bank warrants Another long
list of fractional sales appeared on the
board and there were also several sales
of full warrants. One prominent men,
Der of the exchange humorously re-
marked that every member really
ought to be thoroughly familiar with
the EinStein theory in order to have
the correct figures when the fractional
warrants are transferred.
Capital Traction moved at 106, ano
Potomac Electric Power 5la per cent
stock sold at 100. Mergenthaler Limo
type came out at 1001a and Lanston
Monotype sold up to lis. Railway and
Electric preferred registered 100l2 and
small lot of Merchants Transfer &
Storage preferred changed hands at
10712. Five shares of Chestnut Farms
Dairy common sold at ITS, having
jumped to that figure since the last sale
at 158.
Washington Loan & Trust sold at
51134, American Security g. Trust at
asa. and Federal-American National at
1856. Sanitary Grocery preferred again
commanded Isl. Bonds were neglected.
New Brokerage Office Is Opened.
Clark, Childs g. Co., members of the
New York Stock Exchange, have opened
offices in this city at 1903 H street north
west. The new Office. has an attractive
boardroom and is under the manage
ment of James Sloan, jr., for many
years head of the United States Secret
Service at the White House. The OPEN
ing Of this branch adds another to the
steadily growing list of Wall Street
houses with Washington connections.
A. l.. Baldwin, president of the Dis
trict Underwriters Association, an
nounces that Frank Pennell of New
York, a general agent, will address the
local association at meeting next Fri
day evening at the Burlington He will
speak on How to Write 200 Lives a
Year" Mr.. Pennell is an experienced
insurance man, good speaker and be-
lleves in intensive development of a
small territory. He believes it unnec-
eSsary for man to go more than a
quarter OF mile to write new business
Local insurance men are much inter.
ested IN the announcement that Pau
Clark. president of the National Asso
ciatlon OF Life Underwriters, is planning
visit to this city in the near future ir
connection with next years nationa
convention here.
Heard in Financial District.
The next conference of local bank au
ditors will take place Thursday eveninG
at the University Club, j. Damn Faber
the president, announced today A gen
eral discussion of matters of particuia
interest to this group will feature tn,
meeting and plans for becoming a sec
! ton Oh the District Bankers Association
/ will also be considered.
| p. & w. Grand 5-10-25 Cent Stores
| Inc, report sales for October of ST, 1,756,
404 as compared with 81 .223, 1893 in Oc
tober, 1927, an increase of 43.5 per cent
For the 10 months ended October 81
1928. sales totaled $12,054,198. an in
crease of 272 per cent over the $9,475,
GIT in the similar period of 1927.
All the Washington banks will be opel
as usual on election day. but the broker
will take day off, as the New York Ex
change will be closed and the ticker