Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-06
RICHMOND RESERVE
CLEAR|NGS MOUNT
Bank Is One of Three in SyS-
tenn to Show Gain in
April.
BY EDWARD c. STONE.

Federal Reserve districts to report
gain in clearings during April. Elk
change of checks at the other princips
clearing houses of the country for Apr
disclosed a reduction the aggregate o
S55 ,204 .05l .806 being 1924 per cent les
than in March, although the total wa
the heaviest for any April on record ant
Ga per cent above last year.
In the New York Reserve distric
clearings aggregated $35, 1888, PIT ,307,
decline of 1863 per cent from the Marcel
figure, but an expansion of 93 per cen
over that in April, 1923. Outside of TIT
Greater New York district exchange
totaled $50 206, 1913 ,402 less by 35 pei
cent than March. but 2.5 per cent great
e. than April. 1923.
According to the Financial Chronicle
Clearings in the Richmond Federal Re.
serve Bank in April this year amounted
TO 1888, 594, COS, against 1923 1888 173 ii
April, 1928, a gain of IL per cent
Cleveland had gain of Is per cent anc
Philadelphia IL per cent.
Pole Reports Bank Resources.
The aggregate resources of the 7,57s
reporting national banks in the cont.
mental United States, Alaska and Ha.
waii on March 81 amounted to S29,02I :
9l2,000 a decrease of S1,567, PA, 0OC
since the returns made by 1885 on De-
vious bank call, according to an an
nouncement today by Controller of the
Currency Pole. The latest total. how
ever, was an increase of S1.448. 225 900
as compared with the combined re-
sources reported by 1884 banks as of
February %. 1928, the date of the
Spring call one year ago.
Controller Pole said that while the
decrease was larger than usual over the
period, there was nothing alarming in
the drop Seasonal demands, he said,
had been somewhat heavier and the
number of reporting banks had de-
creased. due in part to consultations.
There also had been. he said, ten
dency in some sections for banks to
give up their national bank charters
and reorganize under State laws. but
this trend had not been of sufficient
consequence yet to give concern.
Loans and discounts on March 27.
which included rediscounts and Gus
toners liability under letters of
credit, were S14849, 926 900. showing
decrease Of S429, 705, 600 since De-
cember 81. 1928, but an increase of
S659,346, 600 in the year
Demand deposits. including United
States deposits of S272, 893, 900, totaled
S10,934, $4,000, which amount was
SS45, 727,o00 less than on the date of
the previous call, but sos, 637 900
greater than was reported a year ago.
Time deposits of $8,166, $50, 600, which
included postal savings of SCI ,O87 900
and deposits evidenced by savings pass
books OF S5,922,568, 900, showed a reduc-
ton of S140,342.O00 since December.
but an increase in the year of STA
383, 900.
Mergenthaler Leads Exchange.
Mergenthaler Linotype furnished the
feature on the Washington Stock Ex-
change when the weeks trading opened.
The first sale was made at 1O7L and
the last one at 1918. There were nine
separate transactions involving a turn
over of 90 shares.
The other type stock, LanSton. also
appeared on the board, Is shares chang
ing hands at 1854. This stock figured
IN heavy sales last week, and has been
strong since the annual report came out
last Thursday. -
Riggs National Bank sold today at
SIT, the highest mark reached by this
issue in some time The only other
bank stock appearing on the board was
American Security & Trust, which sold
at ass.
Potomac Electric Power 51s per cent
preferred sold at 107 Columbia Sand
& Gravel preferred moved at Ola, and
Washington Gas Light at 107ls. The
stock sales ended with I8 shares OF
Washington Railway & Electric pre-
ferred selling at 81.
In the bond division Washington Gas
IS, series A, moved at 1925, Barber &
Ross 612s came out at 951s and the
session closed with a $4,000 turnover
In Washington Gas SIS at 1901.
Fifth District Business Review.
ductlon for April was IS per cent over
1928 and cigar production gained so per
cent for the month. Tobacco tax COL
lections for the four months amount to
S19,265, 297, against $18,155, 259 for the
same period last year. Virginia tobacco
sales for the season amounted to 3d.
923999, against S25, 1929, 900 last year.
While several textile mills in the Fifth
Federal Reserve District are affected by
labor troubles, mills consumed 274,615
bales of cotton in March, compared with
256,777 in February and 246,618 bales
in March, 1918.
Twenty-three banking centers in the
district for the week ended April "a
reported deposits of S297 027, 600, as
compared with 1929, 900 the preced-
ing week and $780,, SAP 900 for the cor
responding week year ago.
Latest reports from the other Reserve
AAotAlCIo IlOlCdb6 tIldG business is DlL
more Spotty than it has been. Warmer
weather is needed in many agricultural
districts and clothing dealers also are
greatly in need Of hot spell. Tomatoes
rains and floods have marred the busi-
ness map in the South. The Atlanta
district reports heavy crop damage but
an unusually good recent retail trade
turnover.
Heard in Financial District.
Fernando Cuniberti. president of the
. International Exchange Bank, has re-
/ turned from business trip of several
+ days in New York.
B. Ogle Harper, partner in Crane
/ Paris & Co. is in New York on bust
/ ness for the firm.
/ C. c. Morgan, one of the managers OF
! the Washington Office of G. NJ. P
| Murphy & Co., passed the week enc
! at the Homestead, Hot Springs, Va.
The S. S. Kresge Co. reports April
/ sales of Sl1 .363, 692, against S10,783 ,845
in the same month a year ago, a gair
I of Sal per cent. Sales for the first
! four months of 1929 amounted tc
J $42. 1915 a gain of 4.85 per cent.
McCrory Stores Corporation April
sales we're S3159,690, compared with
/ S3,059,27l, an increase of 1923. Sale:
| for the four months reached $12, 424 OFT
in comparison with S11,477 1856, or q
gain of 8.24 per rent so far this year.
I Miller Stock More Active.
A partial reason for the sudden &C
tivity in the trading in Miller Trair
Control stock is found in the recon
celebration by the Chicago indianapolis
& Louisville Railroad (Monon) of thu
completion of its entire main line from
Chicago to Indianapolis with the Mile
induction train control.
This installation was furnished b.
the General Railway Signal Co