Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-05

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banks in January W. d. Sullivan.
were higher than
the corresponding figures for 1928 by
SIS per cent. Business failures in the
fifth district were fewer in number and
lower in liabilities than in January a
year ago.
Retail Sales Somewhat Larger.
The employment situation is dis
tinctly better than it was in early 1928,
with workers now more nearly employed
on full time Coal production in both
the Nation and the district was IN
greater tonnage in January than IN
January, 1928. Textile mills operated
more extensively in January than III
the same month year ago. cotton con-
sumption by fifth district mills being
12.5 per cent above the figures for Janu-
orv 1923 Retail trade, as reflected in
department store sales were somewhat
larger in most stores in January this
year.
ON the other hand. there are some
Indications of unsatisfactory basic con-
ditions in the fifth district which may
affect business later In the year, unless
new factors are brought into play.
financial returns from 1928 crops were
considerably lower in the aggregate
than returns from 1927 crops. and the
liquidation of last years Indebtedness
bv farmers was not up to average years
This tends to lessen the 1929 purcnas-
ing power of the agricultural popula-
ton, and handicaps the famers In tnelr
arrangements for planting and raising
crop.
Bank Deposits Lower.
Bank deposits in reporting MEMBER
hanks are lower than they were year
ago. and member banks are borrowing
more from the reserve bank 10 meet
the needs of their customers
building permits issued in January
1929 were fewer In number and very
much lower in estimated valuation
than permits issued in January 1873,
although this comparison is not as
serious as might be thought, valuation
figures in January 1928 having oeen
much higher than in any other January
on record. ,ooo
wholesale trade in January. 1929,
was less in most lines than IN January,
1928.
Local Bank Director 80 Years.
william D. Sullivan is believed to be
the oldest active bank director IN tt,s
citv MFR. Sullivan is now 80 years old
and has been a director in the Lincoln
National Bank for about 80 wears, or
ever since the bank was organized ana
opened for business in 1890.
Mr.. Sullivan rarely misses a meeting
nj the board and greatly enjoys these
sessions with the ether f1nanclerS VINO
p,Iide the destinies Of the bank. He re-
tired from business years ago, but 1or
half a century was engaged In the moe
business in Washington and Alexandra,
accommodating modest fortune.
The veteran bank director makes ms
home at 1409 Eighth street northwest,
where he has lived for nearly nve
decades. Mr. Sullivan appears TO De a
man 20 years younger than ne Is, walks
with firm step, is always cordial ana
glad to have word with his friends.
Prices Steady on d. C. Exchange.
Trading was rather quiet on the
Washington Stock Exchange following
the triple holiday Washington Rail-
way &, Electric As were popular in the
bond division on $4,000 turnover, all
priced at 883. Washington Gas 6s
moved at 1861 and Capital Traction IS
at 101.
There we're number Of small sales
in local bank stocks, Riggs National
moving at 571. Second National at 256,
Union Trust at 351 and Bank OF Bethes-
da at S212, the latter stock having re-
Gently experienced sharp advance.
Potomac Electric Power 5h per cent
preferred sold at its recent price OF
1o9i5. Washington Railway e. Electric
preferred came out at 98ss and CAPITAL
Traction opened at los for 10-share
lot and closed at 104A on two 10-share
sales.
Terminal Refrigerating & Warehouse
ing Corporation. which has recently dis
PLAYED considerable activity. opened at
SAX and closed at 545s Mergenthaler
and Peoples Drug preferred are now be-
ing quoted ex-dividend. although neither
stock changed hands in today's trading.
Heard in Financial District.
Robert v. Fleming, president of the
District Bankers Association. and How
ard Moran. past president OF the same
organization, will attend the Spring
council meeting of the American
Bankers Association, at Beloxi, Miss.
Mr.. Fleming is member OF the execu-
tive council and Mr.. Moran OF the exc
cutive council of the savings bank
division.
The S. S. Kresge Co. today reported
February sales at $9,774.31S, compared
with S9.319,662.3S a year ago. a gain
OF 4.S7 per cent. 0aleS IOT tilc illSt tWo
months of 1929 are 4.53 per cent ahead
of last year.
The McCrory Stores Corporation re-
ported February sales today as S2S43,-
335. against $2,870,077 in February
1928. a decrease Of o per cent. For
the first two months Of the year, how
ever. sales were "A per cent better than
In 1928.
F. IL w. Grand 5-10-25-Cent Stores
Inc, report, sales totaling $1,175,2 75 FOL
February, against $90l. asa for February
last wear, an increase Of 800 per cent
For the two months ended February
%. sales totaled s2271 ,041. gain OF
1914 per cent over the S1.70l .848 tnta
reported for the same period Of 1928.
Department Stores Sales Gain.
Washington reported. gain of @!
per cent in department stores sales II
January. compared with January, 1928
Richmond had gain OF per cent
while Baltimore and other cities report
ed a lighter sales volume. The gain 10
the fifth district as a whole was IL pc
cent. The Washington stores reported
to the Federal Reserve Board that the.
were carrying IL per cent large
stock than a year ago The rate
stock turnover In this city was also JUS
bit more rapid.
A. T. G. T. Stock Increase Vote.
ASyaA