Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-28
CLEAR|NGS HOLD UP
IN DISTRICT AREA
Maryland Tobacco Stock Is
Offered PubIic-0ther
Financial Notes.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Bank clearings in Washington during
the past week fell off from the previous
weeks total, but were 3 per cent ahead
of the corresponding week last year.
Local clearingS amounted to 26,643.000,
compared with $30,807, 900 for the week
ended September 10.
Baltimore was 6S per cent ahead of
last year but considerably under the
previous weeks record. Richmond was
about S3,000,000 behind last week and
also under the corresponding period
last year.
Bank clearings in the whole United
States for week ended September 26,
as reported to Bradstreet's Journal,
aggregated $l4.542 800 900. against $l4,-
1856, 10000 in preceding week and SILL
429, 100000 in corresponding week last
year. There is here shown decrease
of 10 per cent from preceding week,
but gain of PIP per cent over the like
week year ago.
Commercial transactions for the en-
tire country, as reflected by volume of
check payments covering the week end
ed September 81. were considerably
larger than in either the preceding
week or the corresponding period of
1923, according to the Department of
Commerce Operations in steel plants
continued to reflect further recession as
compared with recent weeks. but were
on higher level than at the CORE
spending time last year. The move
ment of commodities into consumption,
as reflected by car loadingS, covering
the latest reported period, continued
above the corresponding period OF 1928.
General level of wholesale prices was
fractionally lower than in the preceding
week, ana showed decline of about
10 To- ,A,s.N zNf
OSt year. Iron and steel and copper
Nrices showed no change from the pre-
CAding week, but were higher than a
1(ar ago. Cotton prices were lower than
.6fi the preceding week but showed
fractional gain over last year. Business
failures were less numerous than in
either the previous week or the similar
period of 1928.
Tobacco Stock Offered Here.
A new corporation, National Tobacco
Growers, Inc, has recently opened Offices
in the National Press Building in this
city. H. H. Stansbury, jr., vice presi-
dent, states that the firm has been or
gained because of the demand for
Maryland tobacco and favorable price
levels for the product. He states that
the corporation will establish co-opera-
tive plantations throughout Prince
Georges County and operate in that
State exclusively. To this statement he
adds:
Prince Georges County produces
some of the finest free burning tobacco
in the world. Thousands of acres of
this rich soil lie idle every year Our
plan is to distribute this acreage
among Washington investors who, in
turn, Will contract with the National
Tobacco Growers, Inc, to cultivate. har-
vest and market this crop for them.
The Maryland Tobacco Growers As
ISOLATION has advocated this co-opera-
tive system as the real solution ~ to
bacco growing.
"An average farmer has not sufficient
capital to erect expensive barns. with
heating units, to cultivate more than a
few acres per year, nor to supply the
necessary equipment for the cultivation
of large tracts. However, it mas beer
their money crop for the past sc
years"
The Baden Plantation, situated on
the Good Hope road miles beyond T.
B., is the first to be offered to the public
by the new concern.
American Ice Raises Dividend.
American Ice Co. declared a quar-
terly dividend of IS cents on common.
payable october 25 to stock of record
October 8. placing stock on 50 annual
basis. against So paid previously
Profit of American Ice Co. for eight
months ended August 81, 1929, was
$4109,4 86 after interest, but before
Federal taxes and depreciation, COM
pared with S3,782,0G0 in first eight
months of previous year
August profit amounted to S920,217
before Federal taxes and depreciation,
against $1,151,464 in August, 1923.
Hotel Expansion Too Rapid.
While business in the hotel industry
is considerably better than in past two
years, overproduction continues to be
problem, according to Dominick &
Dominick. Citing the industry as the
ninth largest in the country it is point
ed out that since 1920 there has been
an increase of AT per cent in rooms
available and an increase of only IL
per cent in number of guests. There
are $4,000 hotels in United States. with
valuation of over S5,000,000,0O0 and an
nual sales of about $1,315, 100000.
Hotel construction in first half of 1929
showed an enormous increase of I'LL
per cent, compared with a 65 per cent
increase for residential buildings as
whole. In New York City alone, plans
for construction of 81 hotels were filed
IN first quarter of this year.
Heard in Financial District.
Members of the District of Columbia
Life Underwriters Association are most
enthusiastic over the national conven-
ton which has just adjourned Many of
the leading insurance men in the coun-
try were here. the addresses were I'M
usually interesting andt he visitors had
fine time sightseeing. Many new
methods were suggested for increasing
life insurance sales
Edward J. McOuade, vice president
of the Liberty National Bank; Hilleary
G. Hoskinson, vice president of the
Riggs National. and E. E. Mountioy,
Washington representative of the Amer
lean Bankers Association, have reached
San Francisco for the opening of the
national convention.
The Fall meeting of the District
Bankers Association will be held on
Monday evening, October 81. 1t is in
tended to have some speaker of national
reputation and the administrative pro-
CRANE for the present year is to be
fully outlined by President w. j. Waller.
A buffet supper will follow the meeting
1t is expected that representatives will
be present from the entire Al banks in
the association.