Evening star., 1928-12-08

are less this year than last and this
retards the usual Fall liquidation OF
bank loans and the settlement OF other
accounts.
wholesale trade in October was in
less amount than in October, 1927. IN
five of the six important lines for which
statistics are available. On the other
hand. labor in the cities is better en-
pIoyed than a year ago. with the result
ing increase in the city purchasing
power to compensate at least in part
for the lower purchasing power OF the
farmers.
"Debits to individual accounts during
the month, while lower than last year,
were materially larger than debts In the
preceding month of this year, indicating
a normal increase in Fall trade. Build
ing permits issued and contracts actu-
sllv awarded exceeded those OF Octo-
her last year. which seems to promise
well for employment.
Reports on Wholesale Trade.
'WholesaIe trade reports from 30
Arms in six lines showed slightly larger
sales in october than in October last
wear in groceries, but dry goods, Snoe,
hardware furniture and drug sales de-
creased during the 1928 month. Dry
sToods showed the greatest decline, part
of which was perhaps due TO lower
rrices for some textiles TINS year
In comparison with sales IN Septemne.
this wear. sales in October increased
in groceries, hardware and drugs, OuC
declined in dry goods, shoes and turnl-
ture In total sales since January
This wear. all lines except groceries
show a falling off from aggregate safes !
during the first 10 months OF 1871.
stocks reported by the cooperating
E7rros at the end of october were iarg-
or than stocks on hand on September
IN 1923. in groceries and hardware,
but dry goods and shoe stocks oechneo
during the month. On OCTOBER 81, !
1923. dry goods stocks were sn1aIteI
than on october 81, 1927, out groCeIy, !
shoe and hardware stocks were shgntly ;
larger. ...oai,,a ro.
caivahles as of october /, 1928, which |
were collected during the month was |
higher than the october, 1927 percent.
ace in groceries, dry goods. shoes ana
drugs but collections in hardware ano |
furniture were slower during the 1876 |
month.
Retail Sales Reveal Increase.
"Retail sales in October in the fifth
reserve district, as reflected by sales |
of 80 leading department stores m
creased approximately 80 per cent
over September, and average ID per
cent above sales in October, 1871. re
porting stores IN Baltimore ana tne
other cities averaged lower sales last |
month than in october year ago. out |
the Richmond and Washington stores
brought the district average above the |,
1927 level. Mild weather in OCTOBER |
DELAYED retail trade to some extent I
Cumulative sales since January ! aver
aged one-half of l per cent above toLal
sales in the first ten months OF 1877, |
and October 1928 sales were 81 per
cent above average october sales during
the three years 1923-l925, inclusive.
Stocks of goods on the shelves OF
the reporting stores rose seasonaiiy last
month with the receipt OF Winter ano
holiday merchandise. increasing 1874
ner can't during october, but on october
ri stocks averaged 2.6 per cent below
those on hand on October 81, 1877.
'eTne rate of turnover increased sea-
eonally in October. The percentage OF
sales in October to average stock carried
that month was 30.1 per cent, and the
percentage of total sales since January
/ to average stocks carried during each
of the ten months was 252.9 per cent,
indicating an annual rate OF turnover
of 3.03 times.
Collections in October totaled 28.9
per cent of receivable outstanding on
the first of the month, a higher figure
than either 24.5 per cent attained in
September 1923 or 27.8 per cent in
October last year"
Siddons Heads Fiduciary Section.
The first meeting of the newly Gre
ated fiduciary section of the District
OF Columbia Bankers Association was
held yesterday afternoon. President
Robert " Fleming called the meeting
to order and turned the chair over to
Frederick p H Siddons. Members OF
the section elected the following ezecu-
tive council:
Mr.. Siddons, Erckine Gordon. George
II. Mckee, Bruce Baird and William II.
Baden. This body thcn elected Mr. Sid
Clons chairman, Mr.. Gordon vice chair
man and Mr.. Mckee secretary.
Votes Dividend-Adds to Surplus.
The directors of the Bank of Gem
n3rce d Savings at their December
Xaeting yesterday declared the regular
-4emi-annual dividend of 5 per cent.
1t was also voted to transfer $4,000
from undivided profits to surplus which
gives the bank total surplus of $780,
600. The present capital Is 100000.
President M. D. Rosenberg told the
board that the last six months had been
the most successful in the history of
the bank.
Dividends and Bonus Voted.
r. Golden Donaldson, president Com
mercial National Bank. announces that
the board of directors has declared the
regular quarterly dividend of j " per
cent and in addition the usual extra
quarterly dividend of one-half per cent,
making the annual per cent dividend
which the bank has been paying for the
past three years. In addition to this,
the board declared a Christmas divi-
dend of 2 per cent, which will be paid
to the stockholders on the goth of De-
cember.
The regular dividend will be paid on
the last Of the MONTH as usual. These
two dividends will make per cent for
the quarter, and will be paid to all
stockholders of record of the bank on
the 18th.
The board also granted bonus to
all officers and employees of the bank
of per cent on their salaries Mr.
Donaldson stated the bank had had a
prosperous year and thought it only
fair that part of the earnings be dis
tributed to the stockholders and en-
ployes.
Stock Offering Made Here.
w A. Hartman & Co. and Stroud,
Kurtz Co. offered today 100, 900 shares
of S. r. Dresser Manufacturing Co.
class A participating convertible pre-
ferred stock, at S48 per share.
The annual meeting of the stock
holders of the Potomac Savings Bank
will take place next Tuesday and the
election Of officers for the coming year
on the following day 1t viii be the
twenty-Sixth meeting of tine kind,