Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-04


like an up-to-date 49, IA
florist shop.
Friends Of the OF Edmund III. Graham
ficials and business
associates sent flowers until there was
hardly room to turn around in the
lobby. The floral gifts, coupled with
the latest banking equipment, present.
ed a most pleasing appearance, prob
ably far exceeding in charm the open
ing of the parent institution just l2O
wears ago today Times change, and
so do styles in banking openings.
officials from the main Office visited
the new bank at various times during
the day. Clarence F. Norment, chair
man of the board, and President George
L. Starkey were among them. Prac-
tically all the directors also dropped
around, many expressing the belief
that the rapid expansion OF that part
of the city means healthy future for
the bank.
Edmund H. Graham is manager of
the branch. Mr.. Graham started his
banking career in 1904 as messenger
in the Central National Bank, which
merged with the National Bank OF
washington in 1907. Since that time
Mr.. Graham has held many important
positions in the older bank, now being
one of the assistant cashiers. He is a
native of Washington.
Richmond Reserves in Sharp Gain.
On August Is, 1928, rediscounts held
by the Federal Reserve Bank of Rich
mond totaled $53, 442 900, in comparison
with $59,006, 600 on August Is this year,
but total earning assets year ago
amounted to $64, 511 900, compared with
62,992, 900 this year, the decrease In
total earning assets being due to lower
bolS;pnc IF Goynrnnopnt securities and
bankers acceptances purchased from
member banks and in the open market.
Federal Reserve notes in actual cir
culation rose from $50, 544 900 on August
is, 1923, to S78,864 900 on August IS.
1929, but this increase was probably
due in part to the introduction OF new
currency this year. Member bank Re-
serve deposits, which totaled S67, 6oO,-
600 at the middle of August last year,
declined to s64,779000 on the CORE
spending date this year.
The cash Reserves of the Richmond
bank rose from $64, 743, 900 to $94, 419,-
900, between the middle of August last
year and this, and the ratio of cash
Reserves to note and deposit liabilities
combined rose from $3.50 per cent TO
63.77 per cent during the same period.
Many Bankers End Vacations.
Charles E. Howe, treasurer OF the
American Security & Trust Co, re-
turned to the bank today after a
months vacation spent at his old home
in Mifiintown. Pa.
j. William Harrington of w. B. Hibbs
& Co. is back at the brokerage house
after two weeks passed at Atlantic CITY:
B. GWynn Dent, one OF the Riggs
National Banks assistant cashiers, got
back to work yesterday after an ex-
tended motor trip.
C. C. Lamborn, treasurer of the Ma
tional Savings & Trust Co., IS away
on his vacation. His first stop was
Manassas, but he will pass most OF his
time visiting in Georgia.
RAYMOND G. Marx, auditor OF the
Riggs National Bank, has returned from
a vacation motor trip to Canada, New
York and the New England States.
Frederick p. H. SiddonS, secretary OF
the American Security g. Trust Co., has
returned from a months vacation passed
in New York State.
Thomas E. FARRELL, president OF the
Washington Savings Bank, is vacation
ing for a week at Ocean City Md. He
is accompanied by his son, Karl jar
reII vice president of the FARRELL Real
Estate Co., and they will visit the old
homestead at Greensboro, Nd, before
returning to Washington.
Wade H Cooper, president OF the
United States Savings Bank and the
Continental Trust Co., is home from
trip through New England. Among the
most interesting places visited were the
State Capitol and State Library at
Concord, N. H.
Claude H. Woodward, president of the
Mount Vernon Savings Bank, passed the
week end at Raleigh, N. G.
President John Poole of the Federal
American National Bank has concluded
a months rest having spent most of his
vacation in and around washington.
The latest Richmond Reserve Bank
statement reports the following COM
parsons between retail trade in Wash
ington in July of this year and the
same period last year:
Total sales fell off 6 per cent over
July year ago, but in the first seven
months there was percentage increase
of 43 per cent.
There was a percentage increase in
July, 1929, sales over the average July
sales during the three years, 1923-1925,
inclusive. of 1873 per cent.
hand July 81, 1928, showed a per
cent gain, but there was 70 per cent
decrease in stock on hand at the end
of the previous month of this year.
Percentage of sales in July, 1929, to
average stock carried during that month
was 23.1.
Percentage Of total sales since Janu-
AIRY / to average stock carried during
each OF the seven elapsed months, 1868.
Percentage Of collections in July, 1928,
sos. ~
Bonds I'm Good Demand Here.
Bonds were in larger demand on the
Washington Stock Exchange today than
for several sessions. The first transact
ton was in Anacostia g. Potomac Rail-
road guaranteed IS at 949s,. Potomac
Electric consolidated SIS led the market.
opening at 100, dropping to 1924 and
closing at 997s on a $4,000 turnover.
There. were several sales of Washington
Gas A and B bonds at recent prices,
while Chestnut Farms Dairy 6l2s came
out at 1862 and City & Suburban
Railroad SIS sold at "a.
The first stock sale was in Potomac
Electric Power 6 per cent preferred at
1l24: followed by the 5a per cent pre-
ferred, selling at lot. Peoples Drug
Stores preferred registered 1872 and
Firemen's Insurance Co. figured in a
25-share sale at 1872.
George W. Harris of Harris & Ewing,
a director IN the Federal-American
National Bank, has recently been Wis
iting Ireland. While in Cork he made
an address before the Cork Rotary Club
which was widely mentioned in the
Irish press.
Community Prices Steady.
Prices Of commodities during the
week ended August 81 remained un-
changed, according to the wholesale
price index of the National Fertilizer
Association. Advances occurred in 81
items and declines in 20. Six groups
advanced and three declined. The
larger advances occurred in cotton. fats,
alcohol and rubber. Gasoline and GER
tain foods showed largest declines