Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-03

than in 1928, with
larger yiel DIS Of
nearly all money
crops forecast for Robert N. Harper.
the several States
in the district and prices in most cases
that Compare favorably with those OF
1928. The industries Of the NTH dis
trict are operating on more extensive
schedules than O year ago, textile mills
especially showing improvement in spite
of slow movement OF textiles to Joboers
and retailers.
CONSTRUCTION work in the district is
in about the same volume as year
ago and labor is better employed than
last summer. Business failures We're
fewer in July than in. any month save
one back to the middle OF 1926, ana
Iiahilities. while higher than In July,
1o2e. were not unduly large. Debts
In the banks of leading cities were
more than 800 ,00O,0 900 larger during
the five weeks ended August IA TINS
year than IN the corresponding perioo
last year.
saws. it would appear from present indl:
cations that the purchasing power OF
the district should be larger In the COM
ING Fail and Winter than it was year
ago which should have q favorable
influence on Fail trade in all lines
Rsservs Credit Demand Grows.
The demand for Reserve bank credit
in the nth Reserve district increased
SliShtlv between July is and August
rs. chiefly due to the opening OF to-
baceo markets in South Carolina and
border counties in North Carolina, ana
to the marketing of other early agricui-
tural products. The increase was emall.
rediscountS for member banks held by
the FEDERAL Reserve Bank Of Richmond
rising from $50, 93l 900 ut the middle
of July to SIS, 100000 at the middle OF
August.
Rank also increased during the month
under review, rising from S62, 1s1 GOO
to $50, e92. OO0 The circulation OF Fed
eral Reserve notes rose from $7S'zoO,OOV
on July IS to $7s,S64 600 on August
IS. but the recent Introduction
of the new unall-size currency has
made difncult any Interpretation Of this
chance. Member bank reserve accounts
decreased from S0S, GOT, 900 at the mid
die of July to $64, IT'S, 900 at the mid
die Of August.
The several changes enumerated, with
others Of less importance, raised the
cash reserve of the Federal Reserve
Rank of Richmond from sos, 874 900 on
July Is to 4e4, $4,000 on August Is, ana
also raised the ratio Of reserves to note
and deposit liabilities combined from
6292 per cent to 6S.77 per cent.
New Bank Opens Tomorrow.
The new water street branch OF the
National Bank of washington VIII
throw open It's doors to the public TO-
morrow. lust 100 years to day since
the parent bank started business. Tine.
event will be Of much Importance TO
the business interests OF southwest
Washington. . very rapidly expanding
section Of the Capital. The new bank
is up to the minute in equipment ana
will present q most attractive appear
ance when the first deposit Is passed
through the teller'S window. The ON
GERS Of the National Bank Of Washing
ton include:
Chairman Of the board, Clarence +.
Nornnent; president, George L. Starkey;
vice presidents, George p. Sacks, James
Trimble. Daniel J. Callahan; cashier,
J. Frank White; assistant cashiers, Ed
mund II. Graham, John Alden, william
z. Howard, Rutherford j. Dooley; trust
ofacer, z, C.. Brandenburg; secretary,
Odell g.. Smith; auditor, Everett II.
Parsley.
The directors include j. M. Beavers,
=. C. Brandenburg; Henry N. Brawner,
jr.; Wrisley Brown, ID. j. Callahan,
J. Edmund Cammack, Max Fischer,
Maurice r. Flynn, @; w: Forsberg'
J. r. Hendrick, James d. Hobbs, Frank
r. JelleH,. Michael A. Keane, Mark
LansburRh, Morris 3. NARROW, Arthur
J. May, John q. Weinberg, W. Clar-
ence Miller. Clarence r. Ncrment, Clar-
enee r. Norment, jr.; Harry Norment,
Richard z. Pairo. George p. Sacks,
Charles Schafer, John Schrtvener, Odell
3. Smith. George L. Starkey, James
u ? I'll
man.
Appolnted District Manager.
james o. Watson Of Fairmont, w. Va.
has been appointed district manager Of
Hambleton d Co, Baltimore invest
ment house which has q Washington
ONCE Mr.. watson has been associated
a direct connection in April Of this
year. His grandfather, James Otis
Watson, was q pioneer in the West Vir-
glnia bituminous coal fields, beginning
the production Of coal In 1852.
Mr.. Watson, the new district mana
ger, was assistant many years ago to
the president Of the Monongahela VAL
ley Traction Co., the largest utility in
West virginia. After the World War
Penn interests Of the American Water
Works Co.
Mr.. Watson has taken, an apartment
ut the Wardman Park Hotel but will
retain his residence at Fort Hill Farm,
In Fairmont.
d. G. Exchange Active Today. >.
September trading on the Washing
ton Stock Exchange started on today
with considerable activity in both stocks
and bonds. A block Of so shares Of
Commercial National Co. preferred
changed hands at 1903, 40 shares of
Federal Co. preferred came out at 1001a
and sale was recorded In District Ma
tional Securities Co. preferred ut 90. 81.
Capital Traction changed hands at
93a, Potomac Electric Power Sh per
cent preferred at lot, Lanston at 129M
and Mergenthaler Linotype at 1903 "a and
" and ", the days ex-dividend sales
in this issue totaline IS shares. Ter
Corporation was in good demand around
5Ok. Five shares Of Washington Gas
Light sold at 1904. American Security
d Trust stock registered ASS.
In the bond division the largest trans
fer was in Georgetown Gas SIS, at par.
f, Potomac Consolidated IS also selling at
par. washington Gas IS, series A.
moved at 1919 and the series A bonds
ut los and better.
L.ocal Financial District Notes.
Robert N. Harper. president Of the
District National Bank, turned over his
estate at Ieeshurs, Va, Yesterday to the
employees Of the bank. All reported q
most delightful holiday, outing. 81. .
G. J.:0ockeler, secretary OF the Wash
ington Stock Exchange and vice presi-
dent Of the District National Bank, has
returned from q n1otnh's vacation
paaaemA az AEAFWm1M RytkVi M II
Francis G.. Addison, IT., vice president