Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-07
BANK BOARD SEATS
DUE TO Be FILLED.
Vacancies of Past Year to
Be Eliminated in Local
Institutions.
BY EDWARD C. STONE.

there have been some deaths on tn
boards during the past IL months an
some additions are always made to tn
lists. It is understood that one or tw
local banks are considering expanding
their boards, while some of the other
will be exactly the same as they hav
been during the past year.
Results of what many Washington
bankers consider the greatest year il
banking that the city has ever eX
perienced will be formally placed befor
rhe stockholders Excellent profits ar
reported, about the only handicap beinI
the high rediScount rate prevailing mos
of the year at the Federal ReServ
Bank of Richmond. However, the Tit
tie golden soldiers" more than earnet
their keep during 1923.
In New York tomorrow the outstand
! ing action to be taken will be the ratifi
cation of plan by which the share
of the National City Bank, the larges
financial institution in the country, will
| be split five to one, the par value re
! duced from 500 to $50 and $50, 900 ,00t
| of new funds added to the capital struc
| ture under a plan that gave stock
holders subscription rights valued a
more than $60000,000. When the plar
goes through, the National City viii
have capital of 100000. 900, surplus o.
500. 100000 and more than 1900, 00(
of undivided profits.
Fifth District Deposits Improve.
! Evidence that the Christmas bushes;
in the fifth district. including Wash
ington, was above last year is showT
by deposits for % banking centers ir
| the week ended December IS of 1884.
C01 mn anoincf GCTO 0d2 nm for fhk
same week last year
Textiles and coal in this district show
decided improvement and there are in.
dications of more uniform prosperity
Sales of cotton cloth in recent weeks
have exceeded the output.
There is an unusual activity in the
cigarette field, and plants that u.s.
ually shut down for the holiday pc
riod were compelled to work for the
first time in years to meet the de-
mandS of the trade. Those plants
that did close are fast resuming.
The usual lull after Christmas has
marked the week in retail lines.
Local Sales Compared.
Comparison of retail sales in Wash
ington and elsewhere in this Federal
reserve district are made by the Rich
DdAAhs CONCIAlS 1NONCIIlOCIy 1OHC,
and the same month in 1927 as follows
Washington reported an increase of
per cent in November, 1928, sales over
the records of November, 1927.
There was an increase of 3.5 pei
cent in total sales during the first
IL months of 1928 over the same
period in 1927.
Retail stores here reported an in
crease in percentage of sales in Novem-
Der amounting to 17.S per cent over
average November sales over the three
years 1928 to 1925, inclusive.
There was decrease of Sc per cent
in the stocks on hand in the loca
stores on November 80. 1928, compared
with November 80, 1927.
The percentage of sales in Novem.
| Der, 1928, to the average stock carried
during that month was $40.
The percentage of total sales since
January 1, 1928, to the average stock
carried during each of the IL elapsed
months was SOTO.
The percentage of collections ir
Washington in November to total &C.
! counts receivable on November /, 1923
was $50.
Peoples Drug Preferred Advanced.
Peoples Drug Stores preferred jumped
to 1873 on the Washington Stock Elk
change today after closing last week
at 1913. Fifteen shares changed hands
The 5-point gain is supposed to be
due to the purchase last week of q
chain of drug stores in Pennsylvania.
Washington Gas Light was strong
today, climbing to LOG after closing last
week at 1055s. There was a turnover
Of so shares in the stock. Potomac
Electric Power So per cent preferred
came out at 1083s, Washington Rail
way & Electric preferred sold at 995f
and Mergenthaler registered 1895.
Federal-American Co. common opened
at 5312 and closed at 53%, District Ma
tional Securities Co. preferred registered
| 10-Share sale at 10034.
In the bond division the most i'm.
| portant sale was recorded when $50.
600 transfer in Washington Market Cole
Storage IS took place at 90. Another
| $1,000 sale was recorded in the same
issue. The price was the same as thu
last previous SALE
There was $1,000 sale in Potomac
Electric Power Is at 108 and the same
size sale in Washington Gas IS, serie:
| A, at 10434. The series B bonds solS
at 1O5B. on a 5000 turnover.
Heard in Financial District.
Walter w. NARROW, cashier of tn,
Second National Bank, is confined Il
| his home with an attack of pneumonia
having been taken Ill last Friday.
| The local office staff of Eastman, Dill
Ion & Co. was delightfully."- entertained
by the Philadelphia Office at the Bank
ers' Country Club in Amber, Pa, owe
the week end.
Hoover Bros, Inc, local firm manu-
featuring tennis strings, is about t,
offer the public 5000 shares of pc
cent cumulative preferred stock at ST.
par and 5000 shares of common at 81,
par. The members of the firm ar
forming a new company, with capital
cation of 100000.
Sales of F. g. w. Grand 5-1O-25-cen
Stores for 1923 are reported as 1872 ne
cent ahead of 1927 records.
The Commerce Department report
that United States exports of hardwar
and allied products for the first |
months of 1928 were valued at $65.531,
585, against $58,400,583 for the sam
period of 1927.
Dry Goods Dealers to Meet.
AS the year 1923 closed with the tota
retail sales of the United States amount
ing to $4,000, 100000, the National Re
tail Dry Goods Association select
Consumer Demand - the Merchant
Guide" as an appropriate theme for it
eighteenth annual convention, to be hel,
at the Hotel Pennsylvania, New Yor
City, February 4, S. 6, z, s, 1929. Nor
than 1000 retailers will be present a
this convention, including representa-
tiVeS from every State in this co1ntr