Evening star., 1932-11-01

IIlaQ seasonal. 1 2#:#$$
Among the bank ~ %&
Ing developments
h Richmond #%aes~.
bank cited a de- IL &
cline in rediscountS kS#$ ss$s&ss B$
for member banks E%
at the Reserve ~ IL
Bank. a decline in x&
outstanding loans ,
in reporting mem k--A------- aaaaaaa-
ber banks in lead III pockerv
ing cities. a slight
decrease in circulation of Federal Re-
serve notes. and practically no net
change in deposits in member banks.
Commercial lire III September in
tn fifth GsIic- ccI. pared fayCrably
hotl in nGmbsr and GggraSate li2b.l-
i.ic5 invoked with The gccoId OF recent
months and last months liabilities were
reported less than those OF September,
1881.
Employment showed some seasonal
changes but there was no material net
increase or decrease in the number of
employed persons in the district.
Cotton Consumption Improves.
Textile pay rolls were increased dur
sng September, due chiefly to increased
number of days operation per week.
Cotton consumption in September in
creased more than seasonally. Coal
production increased in September by
about the normal amount.
Spot cotton prices declined between
September 15 and october Is. which
the bank attributed in part to the De
rartment OF AgTiculture'S increase Of
its previous production estimate.
Auction tobacco markets in the
CaIo,inas sold much less tobacco than
IN September, 1881, but that sold
brought better prices than last year.
Agricultural prospects on the whole
declined considerably during September
because of dry Weather. but because Of
the lateneSs in the season, the drought
did much less damage than the record
drought CT 1880.
Retail Trade ShoWs Gain.
Construction work provided for in
building permits issued and contracts
awarded last month III small volume.
Retail trade. reflected in sales of 33
leading department stores in the Dis
tric1. increased more than SsaSonally.
and averaged only 1913 per cent less
than sales OF September, 1881. while
cumulative sales fer the first nine
months of this year averaged 1873 per
cent below the corresponding period
last year.
Wholesale trade reported in five lead
ing lines showed seasonal increases,
and shoe sales were ahead of Septem-
ber. 1881, this being the first line to
report in 10 months an increase in
comparison with the corresponding
month Of the preceding year, the re-
view concluded.
Dockery Joins r. c. Jones Staff.
TO =
with Robert c. Jones & Co, invest
mcnt bankers with offices in the Shore
ham Building, according to announce
mcnt made today by the head OF the
firm.
III Dockery is well known in the lc-
cal financial district. For the past
three years he has bseE connected with
the local Office of G. NJ P. Murphy
ard more recently with E. A. Pierce
&; Co.
Friday Sees Gold Oversupply.
An oyersupply of gold in the world
within a few years was nictured by Dr.
David Friday. Washington economist,
before the Eastern Purchasing Agents
Association, at Rochester, N. Y.
Il predict that by December. 1888
provided no war or unforeseen political
event occurs, that more than $1,000
O0O.000 Of new monetary gold Will be
added to the gold stocks Of the central
banks Of the world. We are going
to wake up before many years with an
oye-supply of gold in the world" he
said
He pictured a movement of popua-
ton toward country districts and de-
Capitalization of business areas.
Today's Trading on Exchange.
In light trading on the Washington
Stock Exchange today, $500 Capital
Traction 5s sold at 80 and $500 more
at 497e. Capital Traction stock moved
in two small lots at 6, the same as yes
terdays selling price. Potomac Electric
Power ST. per cent preferred stock sold
at l06ls and 106 in small lots. The
day's only other sale was in Washing
ton Gas IS, Series A. 500 bond bring
ing 99l2.
The John r. Thompson Co. (chain
restaurants reports Tor nine months
ended September 80, 1882, net profit OF
$685.. .8O2 after depreciation, interest and
Federal taxes. equivalent to Sl.27 a
share par S25) on 100000 shares OF
stock. This compares with S623,829,
or S2O8 a share, in first nine months
of previous year.
Marked enthusiasm is noted in the
we'll over 100000 in Christmas saw
ings club funds will be distributed in
Washington soon 1t will be big boost
to holiday trade and in the payment OF
anv number Of other bills. In reply to
numerous questions, it should be stated
that in the case of closed banks the
Christmas funds go in with the other
a~se1s and are not paid until the othc-
settlements are made.
Cleaned in Financial District.
w. w Spaid of w B. Hibbs & Co.
was back in the financial district to-
dav after an extended trip to Phoenix
Ariz.. and other points as far West as
the Pacific Coast.
Ord Preston, president of the Union
Trust Co.. has been a member of the
National Press Building Bond Protec-
tive Committee of which George Ram
sey is chairman.
Lanier P. McLachlen, president OF
the McLachlen Banking Corporation
has been honored by election as presi-
dent of the Columbia Country Club. Al
the same meeting John Poole, president
of the Federal American National B2nl
& Trust Co, was el2cted treasurer
The market yalUe of 100 representa-
tive common stocks decreased 143 psi
cent in October, according to Frazier
Jelke g. Co. The tctal appraisal at tht
end of the month was approximately
18 per cent less than on August 81
but 65 per cent above the lows OF
June 80.