Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-02

in small lots. Ten M# q
shares of Capital &
Traction sold at .ss
1855, 10 more at EE <ss$
1914 and 10 more
closing the trading Craig b. Hardwood.
at 88 fiat. Railway
e. Electric preferred registered 96i2,
and Potomac Electric Power per cent
preferred sold at 11134. Federal-Ameri-
can Co. common came out at 41l2 and
closed with a sale of so shares at 40$s.
Merchants Transfer g. Storage pre-
ferred moved at 1861, Mergenihaler
Linotype sold at 1887 and "a while
Is shares of Peoples Drug Stores pre-
ferred changed hands at 1881. Three
hundred shares of Real Estate Mortgage
e. Guaranty preferred sold at 7ss.
Liberty National Bank stock sold at 2S5
and 100 shares of Washington Savings
Bank at IT. The market closed with
100 shares of Firemen'S Insurance Co.
selling at 1872.
President George o. Watson today ap-
pointed a special committee to attend
the funeral Of Charles j. Bell, an
honored exchange member, consisting
of Albion K. Paris, William B. Hibbs.
Eugene E. Thompson and Carroll Glover.
They are all past presidents of the ex-
change. AS the present head OF the
exchange Mr.. Watson will also attend.
Credit in Greater Demand.
Reserve bank credit was in greater
use in the fifth district on September
Is, than year earlier. On September
Is last year, rediScountS for member
banks held by the Richmond Reserve
Bank totaled S58,371O0O, compared
with $66,691 900 on September Is this
year.
Total earning assets a year ago
amounted TO S70,134,00O. and to STA
$4,000 at the middle of September this
year. Federal Reserve notes in actual
circulation totaled only $50 100000 on
$50, 983 900 on September IS. 1929
Member bank reserve depC its declined
during the year from S7l,958,000 to
$3.50 900.
On September IS, the cash reserves
of the Federal Reserve Bank of Rich
mond totaled $72,866,000. compared
with S83,960,000 on September Is, 1929.
and the ratio of cash reserves to note
and deposit liabilities combined rose
during the year.
Lakewood Concluding Duties.
Craig B. Lakewood is concluding his
duties as president of the American
Bankers Association, his successor prob
ably being elected tomorrow at the San
Francisco convention. Washington
bankers express the opinion that he has
made particularly good association
head. The Chicago banker has been
all over the country during the year
making speeches. and has also written
extensively on time banking subjects. He
has stressed better bank management
as one of the most vital matters now
before the banking interets of the coun-
try. His successor will be John B.
Lonsdale of st. Louis.
The most important address at today's
convention session was made by Con-
troller John w. Poole on branch bank
ing. 1t appears elsewhere in The
Star
Lincoln Bank Reviews Business.
The Lincoln National Banks outline
Of business for october, out today, re-
ports that business, with few exceptions,
is taking on increased activity with the
Fall season. This appears to be gen.
orally true in spite of the fact that
in many lines the customary Summer
slackening failed to appear" the fore
cast adds.
Retail trade is reacting favorably to
the early cool weather. and the gen.
reral trend of sales is up. With pur-
chasing power in the hands of the
public increased through larger earn
ings of both labor and capital pros
poets for the Fall and holiday sea-
sons are considered good. Department
store sales are running approximately
5 per cent above year ago. according
to latest Federal Reserve Board data.
Foreign trade is assured of a new
all-time record for 1922 according to
United States Commerce Department
officials. Goods to a total value of
S3,407,375,0 600 have been exported to
september l. as compared with S3135,-
$4,000 in the same months of 1928"
Fifth District Building Reviewed.
Building inspectors in SO fifth district
cities issued 1,449 permits for new con-
struction work in August 1929, a de-
crease of under August 1928. How
ever, estimated valuation figures for
new work totaled S8,252, 372, an in
crease of $60l, $50 over permits for ST.
650,412 ir new construction in August,
1928. Alteration and repair permits is
sued in August numbered 2,414, COM
pared withE2 256 permits in August last
year, but valuation figures for this class
of work totaled only S1,795.932 in COM
parison with S2,06l, GOT in August, 1928.
Total valuation for all classes of permits
issued in August, 1929. amounted to
Sl0043,204. an increase of 1886, 185, or
3.5 per cent over the total of $9,712,0 19
issued in August year ago.
Only Is of 33 reporting cities show
ed higher figures for the 1929 month.
but the district total was brought above
that of August, 1928. by material gain
in Baltimore. Frederick, Roanoke and
Winston Salem, and smaller gains In
other cities, while Richmond reported
the only large decrease. A new city. Sal
isbury, Maryland, appears in the table
this month.
.struction work in the fifth district, in
Guiding both rural and urban projects
totaled $29, 414,061. compared with $780,
171,855 awarded in August 1928.
Heard in Financial District.
Charles C. Lamborn, treasurer OF tn.
National Savings & Trust Co., is bacl
at his desk after a months vacation
most of which was passed in Georgia.
William S. Miller, assistant treasure
of the Union Trust Co., has returned
from a months vacation. which IN
cluded a motor trip through New Eng
land and a visit at Bar, Harbor. Me.
president Hoover has issued al
executive order transferring the Division
of Cooperative Marketing from IN
Department of Agriculture to the Feo
eral Farm Board.
Stockholders of the Pennsylvani
= Railroad on September / numbers
156. against l57,412 on August !,
decrease of 8l1 for the month.
The Cunard, Anchor and Anchor
. Donaldson lines have opened their ne,
/. Offices at 1904 K street northwest. Tn
location is in the new Southern Ran
: way Building where several other bust
ness firms also have recently taken OF