Evening star., 1928-12-07


ksaSsssS4 a SGT ,259,727 a yea
rursr. M.v., ago; while net TO
the 10 m o. n t h
amounted to S693,216,654, agains
1926, ,025,3 1863 for the corresponding pc
riod of 1927.
! Mellon Announces Financing Plans.
Secretary Mellon announces that th'
! December financing will take the form
of an offering of $500,000,000 Treasur.
certificates of indebtedness in two Sc
ries. both dated and bearing interes
from December Is, at the rate of a:
per cent, one series being for nlnt
months and the other running for /:
months. The offering maturing in Sep.
tember is, 1929, will be 100000 ,O0(
and the longer term issue $500, 100000
The Treasury will accept in paymen
for the new certificates, at par, treas
ury certificates of Indebtedness o
series TD-1928, TD2-1928 and TD3
1928, all maturing December Is. 1923.
Subscriptions for which payment ]
to be rendered in certificates OF lndebt
edness maturing December is, 1928
will be allotted in full up to the amoun
of the respective offerings.
Meyer on Farm Loan System.
Eugene Meyer, chairman of the Fed
eral Farm Loan Board, reports that tn
system has been considerably strength
ened during the past year, the 70 mem
Der banks being in a strong position t.
aid agriculture as demands arise. tn
fact that many banks have made fewe
loans is considered a healthy state, a
many farmers have paid off their loan
during thn mast 10 months,
Regarding the agricultural situation
Mr.. Meyer sees several favorabl
aspects. Marked improvement in tn
live stock industry in the West is. ap'
parent and prices are at a more favor
able level. Crops as a whole were
good during the past year and price
fair
There is no noticeable lack of fun6
for farmers, Mr.. Meyer says, on tn
terms which the farm loan system i
authorized to lend.
There are now SO active joint stool
land banks with three additional one
in receivership,. and IL Federal inter
mediate credit banks and IL farm lant
banks in the system.
Board Reviews Wholesale Trade.
Wholesale distribution was in larger
volume in october than in any pre-
ceding month, as is usual at this sea-
son. An increase of 2 per cent wa
shown in dollar volume of combined
sales in nine lines of trade reporting tt
the Federal Reserve System. AS com
pared with corresponding month yea
ago. wholesale distribution during Oc'
tober was considerably larger.
In the individual lines increases were
shown in nearly all, both over Septem-
ber and October, 1927. Groceries in
creased 81 per cent over october, 1927
and 6.8 per cent over September, 1928
Meats were up "a per cent over 1927
but down 39 per cent from September
Dry goods were off 0.2 per cent from
1927 and 5.4 per cent from September
Mems clothing was 222 per cent above
October, 1927. but 81 per cent below
September Womens clothing was ISL
per cent above 1927 and 13.4 per cent
above September.
Boots and shoes were down So pei
cent from 1927 and 1.3 per cent from
| September. Hardware was 2.6 per cen
| above October, 1927, and 85 per cen
above September. Drugs were as PEE
cent above 1927 and 11.8 per cent above
| September Furniture was 10.9 per cen
above 1927 and or per cent above Sep
tember.
Heavier Trading in Local Bonds.
Bonds drew more attention in today
session of the Washington Stock Elk
| change than for some time. Capita
| Traction SIS opened the market a
1O3A. Potomac Electric consolidate
| SIS came out at 10134, and washington
| Gas IS moved at 10334 and 1037s. Rail
way & Electric As moved at 80 an
| 92Ia. Gas 6s, series A, sold at 1851
and baby series B bond sold at 1041z
In the stock division Capital Trac
ton sold at 10715, Potomac Electri
Power 51s per cent at 1882 and Wash
ington Gas Light at 102 in very ligh
trading. Railway & Electric preferre
sold to the extent of 10 shares at 997t
Chestnut Farms Dairy preferred wa
active at 1067s, closing at LOT.
Riggs National Bank warrants brough
3O5. Twenty shares of America
Security & Trust sold at 452. Mergen
thaler Linotype changed hands at 1857
Barber & Ross common moved at 2
and Merchants Transfer & Storage pre-
ferred at 108.
4 Financial District Gleanings.
Conditions in fifth Federal Reserv
district during the week contraste
WIFI IIlOSS III Tic SySIGIIl dS d WIAOlC "
showing sharp drop of $8,000,000 il
bills discounted, and jump in the casl
ratio from 5676 to 62.41 per cent.
President John Poole of the Federal
American National Bank has been sc
lected to head 5000 volunteer worker
in the interest of the Washington Com
munity Chest.
F. w. Woolworth Co. reports $24, 500
243 sales for November, gain of 1929
856 over November, 1927. Sales for tn
IL months ended with November totale
$241 1878 GAL, an increase of $13,023.65
over the corresponding period of la:
year.