Evening star., 1928-03-05
WASHINGTON AREA
BUSINESS LIGHTER
Fifth Reserve Bank Holds
Optimistic View of the
Future. However,
BY EDWARD G. STONE.

ume than in January year age
Debts to individual account figures ii
clearing house banks, one. of the bes
business barometerS. were less than dur
ing the same periods a year ago. tn
report says. Business failures In tn
htth district were more numerous thar
in January last year. but the liabilitie
were lower. The employment situation
continued unsatisfactory. with man,
workers in industry and the building
trades unable to find employment. Goa
production was relatively low in Janu
ary, although somewhat better in tn
fifth district than in other bituminou
fields.
Textile mills. the report adds, hav
about caught up with forward order
placed last Fall and were forced to cur
tail operations to some extent in Jan
uary 10 prevent accumulation of manu-
factured goods. Cotton prices declined
approximately $3.50 bale between tn,
middle of January and the middle O
February. Retail trade. as indicated
by department store sales. was moder.
ately below sales in January year ago
and wholesale trade in most lines fol
which comparative figures are avail.
able was also in smaller amount thi,
year.
ENCOURAGING Signs Noted.
| On the other hand, the Review
states. there are signs that seem Il
offer encouragement to expectations OF
early improvement in business. Bank
loans to customers at the middle oi
February were below those of last year
indicating some liquidation of las,
years indebtedness. Aggregate depos.
its are considerably higher now thar
| at the same time in 1927. Building
permits issued in January were of the
highest valuation of any month since
March. 1926. Numerous other large
projects are planned for early con.
struction which should afford relief tc
the unemployed and be favorably re-
| hected in wholesale and retail trade.
During the month between January
! II and February Is. both this year
| total loans and discounts to customers
OF the reporting banks declined SILL
! 1872 900 and the banks reduced theiy
! investments in bonds and securities BY
| S404,000. Demand deposits also de-
creased during the month, falling Sl0.-
| 622,000. The aggregate reserve bal
ances OF the reporting banks at the
! Federal Reserve Bank dropped Sl,784-
| 600 and cash in vaults declined 81 968.-
| 600. Time deposits increased S2,142, ,000
between January ii and February Is
and borrowing by the 66 reporting
banks at the Reserve bank rose Sl,372,
| 000
The volume OF credit extended by the
reporting member banks to their Gus
toners in the form Of loans and dis
counts on February Is. 1923. was
| s2.307,00 les sthan the volume of loan>
and discounts outstanding on rebru-
ary 16, 1927. but total investments In
bonds and securities owned by the re-
porting banks were s35, ,672 900 higher
on the 1928 date than year earlier
Aggregate reserve balances at the re-
| serve bank were Sl,023 900 below those
clined during the year by sl,009, 900
Demand deposits decreased STAB 600
but time deposits gained $32, 2,743 ,00C
during the year, while total borrowing
| by the reporting banks at the reserve
bank rose by S2.390,000. the report
| states.
Auditors Plan First Netting.
The recently organized District OF
| Columbia Conference Of Auditors and
| Controllers viii hold its first meeting
| this week, the gathering 10 take the
| form of luncheon THURSDAY. J. d
dOCi "a LiIE <1iitCl lIdii SoSEuIIl5 lIuSl
Co. will preside. The other officers
| National Bank, vice president: and r
Endicott Of the Washington Loan &
! Trust Co, secretary-treasurer.
| 1t Is expected that A. r. Burbett oi
| Baltimore. regional representative ir
the fifth federal reserve district, vii
be present and assist In outlining futur,
plans. Further adoption of the mos
up-to-date standard banking forms i
one OF the chief aims OF the organi
zation which has the hearty supper
OF the District Bankers Association.
President Greets Credit Men.
Members OF the Washington Associa
ton Of Credit Men were much pleased
| with their visit TO the White Hous,
| Saturday, when they were received b,
! President Coolidge. They were present
! ed by Representative Sol Bloom of Nev
] YORK. In addition to the national cx
ecutive manager OF the association
Stephen /. Miller. those in attendance
included:
| Z. Paul Phillips. Lister r. Watts. w
| r. Simpson. John A. Reilly. William
| q. Buchanan, Eugene Ruark. W. II
Little. L. NJ. Hewlett. John ~ Auth
Charles w. Clayton, r. j. CLANCY, +
w. White. w. c. Hanson, Waldo J
! Tastet. r. M. Harper. John f. Moore
| r. II. Meyer and A. w. Wright.
The opinion was freely expressed TO-
day that the annual banquet was tn
most successful yet held. The ioca
association Is steadily growing In mum
Der and also increasing its usefulness.
Railway Common Sells at AIS.
Washington Railway &. Electric com
mon appeared On the local board toda,
for the FIRST time In many weeks. thre
shares selling at 476, The preferret
sold at 1885,
Potomac Electric 5'z per cent pre-
Ierrec moved at l01X. Sanitary Gro
cery preferred at 107l2 and l0s. while II
shares Of Capital Traction sold at III
Fifty shares of National Mortgage &
Investment preferred sold at 81
Washington Gas A bonds change,
hands al l0STs and the B bonds cam
out at 1867 IN very light trading.
Equitable Life Reports Gains.
Ihe sizty-eighth annual statement o
the Equitable Life Assurance Hoc;ci
published today shows many gains III
assets on Decfg glber 81 last were 1896,
sZ5 l5i. an Increase III $37. .220 900 oyc
1926. which Is the largest gain eve
Hiade III year EY Iie company, Dtlf
ing lhs year the outstanding insufanc
passed the tiVe and half billion mari
and nov totals 1851 ,B34 43s
The new Insurance paid for aggre
gated s34i ,4l2 53s. including $l34, ,424,
S17 VI initii group Insurance.
Other Financial Notes,
TIE f. IL. Smith co has declares
the regular selm annual dividend q
Ss13 share Oh tbe ~ per cent ca
mulaiiye preferred stock and $3.50
share on It's Z per cent preferred htnci
Both are payable March Is ~ Atoc
u fecDTd On March 10.
The Maryland BANKERS HhsOciatiO
VIII hold It9 annual convention thl
year al The new Vanderbilt Chamber
iin Hotel al Oid Point Comfort Oh Ma
10 and H.