The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-08-08
BUSINESS BOON
PREDICTED IN
0FE|NG
81 RICHARD HATTON

Declaring that the optimist now
has distinctly the better Of the
argument as to whether 1928 Is to
show improvement over 1927 or
the reverse. the National City Bank
Of New FORK in review OF eco
non1ic conditions states that the
! last quarter Of 1927 showed let
down Of activity which caused
Amisgivings about the new year. but
the first quarter of 1928 showed
recovery, the second quarter gave
Increased confidence, and the be-
ginning Of the third quarter has
established b general belief that
the years record will surpass that
OF 1897
Retail trade has. improved with
the advent OF more seasonable
weather than that Of the spring
months or June The crop situa-
|. ton as "a whole is good, with
the prices OF most agricultural
products better than last year. the
oiron and steel industry is having
the greatest year in its history,
which IS significant of general
industrial activity. The employ.
Ynent situation is better than At
the beginning of the year, and
the national income is increasing.
The country is holding its own
III foreign trade and although III
has lost approximately $500 1000, 00A
in gold during the last year. the
financial situation Is essentially
, sound Interest rates are higher,
but this is to be regarded as a
wholesome development, the effect
Sof which will be to curb the ten.
deney to undesirable credit expan-
sion.
Turning to the subject Of money
and banking the New York institu-
ton says, "the credit situation. al
ready tight, was subjected to addi-
tional pressure by the mid-year set
Elements ana the shifting Of funds
incidental to the large interest and
dividend disbursements at that time.
Call money advanced to 10 per cent
Afor the first time since November.
1920. The fact that national banks
usually are called for public state
ment as of June 80 was a factor in
the pinch. as these banks preferred
not to increase their use Of Reserve
credit over that day. However, Re-
serve discounts and advances in
creased from 1891 100000 on June 90
to 91,191, 900, 900 on July 3, or by
$500, 00O, 900. Following, they declined
to 81 OH 900 900 on July Is, then rose
, to 81, 025, O00, 900 on July % Thus
on this item the Reserve banks are
up $4,000 900 since June 20. while
ron open market operations they are
down $4,000, 000:''
Marks Anniversary
Joseph schiavone. former president
OF the international Exchange Bank
and now head Of q complete organi-
zation covering d comprehensive de-
partmentai service. real estate and
insurance and several other activi-
ties. was the recipient OF congratula-
lions and many handsome floral
pieces on August s., the first ami
yersary OF the beginning OF his new
activities. Since relinquishing his
executive duties in the bank, Mr..
Sciaiavone has been devoting his
Aenergies largely to building his new
organization and at the same time
promoting the campaign Of the Dem
Acratic party iii his home State OF
New Jersey and in other sections
where be Is Influential.
Dividend Declared
The washington Stock Exchange
has been notified by the Potomac
Electric Power Company Of the
declaration Of the required quarterly
IL per cent preferred stock dividend
and also sent regular quarterly divi-
dend Of Is per cent on the 5h per
Z cent preferred stock. Both these
dividends are payable on September
to stockholders of record August 20.
= The directors of the Washington
Railway and Electric Company have
declared the forty-ninth semiannual
dividend Of "a per cent on. the pre-
ferred stock, payable December
to stock OF record November 49, At
the same meeting the quarterly divi-
deud ofI1A per cent was voted on
{ the common stock. this disbursement
being payable September to share.
holders Of record August IS.
President julius i. Peyser. OF the
: Security Savings and Commercial
Bank, has returned from vacation
trip to New England and Canada.
Nice President Francis G.. Addison,
ir.. of the same institution, is now
on vacation.
John de Marco OF the Seventh
street Savings Bank is spending his
vacation at Virginia Beach.
ID
RAJ TIMORE PRODUCE