Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-01
9TH RESERVE BANK
SEES GOOD TRADE
1927 Volume of Business Be.
low 1926, but Prospects
for 1928 Are Better.
BIZ EDWARD c. STONE.

BIZ EDWARD c. STONE.
The Federal Reserve Bank Of Rich
mond stated today in its yearly revie'
that while the volume of business II
1927 was considerably below the higl
level of 1926. the outlook for 1928
as good, II not better, than 1t was
year ago.
Agricultural production in the flftl
district during 1927, the banks repor
says. was greater than In 1926 In spit
Of reduced yields In cotton. fruits an
some minor crops.
The report adds that there were IL
more commercial failures IN 1927 thai
1 in the previous year. the total bein
1911, while the liabilities involved wer
more than $4,000. 900 greater, reachin
s41.S35.046
Cotton consumption was greater al
though there was less cotton grown
and tobacco grown in the district wa
nearly 100 million pounds greater THAI
In 1926. The 1927 crops were grown
more economically than in 1926. thereb
returning larger profits.
Department Store Sales Totals.
The total sales in 80 department
| stores and in SO wholesale establish
| mentS was less the past year than II
1926. the figures show. The retail sales
as reported by the department stores
amounted TO $l04,623.753. against $l06,
5os.l27 in 1925: the wholesalers. re
porting in six lines. reported $84.998.6
worth of goods sold in 1927, and $50.
692.l7l the previous year.
Building permits and their value fel
of considerably. In 1927 1926 per
mits were issued for new work in thu
30 listed cities of the fifth district
while in 1926 the number was 2l,763
The value in 1927 was $ll3.8l3,707
against $4i680l 400 for the previou
year.
Plans have been made for much nev
construction work in 1928. and II thes'
plans mature the present unemploy
ment situation will be quickly relieved
In the textile industry 1t now appear
that the outlook is considerably bette
| than 1t was at this time last year.
The banks Of the district are in po
sition to care for all legitimate credit
needs that seem likely to develop.
Railway Common at New High Today
Washington Railway 81 Electric com.
mon scored q new high mark for thu
year today by selling fractionally higher
at 1855. The same company's pre-.
ferred stock sold at 1903, Capital Trac.
ton was also strong. selling at ia
its recent top. the days sales reaching
10 shares
Union Trust Co. stock likewise made
an advance to new ground. nine share:
changing hands at 3lol4. American
Security g. Trust was the only othel
bank stock out, Is shares moving at 45t
per share.
Lanston sold at 10e and Mergen.
thaler at 1885,. Fifty shares Of Barber
g. Ross common sold at a. Columbis
Sand & Gravel opened at 1885 ane
closed at l04.
In the bond division Washington Ga,
B bonds reached 1924. the best pric,
since the issue vas listed Georgetown
Gas SIS brought los. Chesapeake a
Potomac Telephone Of Virginia SIS came
out At l04. and Potomac Electric Powel
consolidated SIS sold at 103A.
Peoples Drug Stores preferred wen
on the ex-dividend list today. the reg
ular quarterly 2 per cent dividend being
payable on February is.
Dunlop Enters Insurance Field.
Walter @. Dunlop has been appointed
an agent Of the Fidelity g. Casualty Co
| Of New York and will have his ONCE Ii
the Colorado Building. Mr.. Dunlop viii
handle all OF the lines OF insurance
and the various forms Of fidelity ant
surety bonds written by the company
and also do q general insurance bust
ness.
Mr.. Dunlop graduated from Prince
ton in 1909 and received his law degre,
from George Washington Uniyersit.
In 1912. After leaving Princeton III
was connected with the Union Trus
Co. Of this city for several years leav
ing there TO become secretary treasurer
Of the Terminal Taxi Cab Co. which
was afterward absorbed by, the Yeaoy
Cab Co. the latter being taken owe
by the Black e. White Co. last Nav.
The Washington branch ONCE Of tn,
Fidelity 6s Casualty Co. In the Wilkin,
Building. has been for the past II years
under the direction OF E. K. Legg. jr.
resident manager. This once super
vises the company's business i'm tn,
District OF Columbia and northern Vir
GINA. and increased It's writings dur
ing 1927 50 per cent.
Made Morris Plan Vice President.
Beytram Chesterman, president OF tn.
Morris Plan Bank Of Washington. an.
/ nounces the election OF Willard @. Bar.
ker as vice president and treasurer oil
the local organization. Mr.. Barker hal
been with the Morris Plan organization
| for about I'VE years and was treasurer
! OF the Washington bank for about thres
years. He Is banker OF thorough ex.
! perience and has rendered vaiuabis
| service In the capacity OF treasurer. H..
! Advancement 70 the once OF vice presi.
| dent in addition TO his duties as treas.
, urer Ia considered a well deserved pro
! motion
/ Heard In Financial District.
Peter A. Drury. president OF the Mer
chants Bank d Trust Co. leaves tn,
city late today for months stay IL
Florida. Mrs. Drury Is accompanying
| him.
Cornelius de- Witt has joined the sale
department Of Irving d johnson. deal
ers In investment securities. located II
the Woodward Building. and CORE
sp0ndsn.s for Spencer TTask * Co.
K. r. Albee has been elected presiden
Of the acknowledgements Corpora
ton, Marcus Holman. executive Nc
president. and John j. Murdock, VIC
president and general manager. Leh
man Brothers are Offering 10000 90
OF It's per cent cumulative preferre,
at ti0l and accrued dividend
The Fox Film Corporation Is offsrin
holders Of class A and * stock OF rec
ord February 10 rights " subscribe a
SIS share 10 $4,000 shares Of ne,
class A stock. one share VI new TO
each four held
w. w. EDaid and several other Wash
lnglOn bankers are now expecting
TAKE the trip u Montauk Point. Lon
Island. a, the week end and look owe
the resort with d view 10 Its avaiiabiiit
as place tor the next District BANKER
Association convention,
Il