Evening star., 1938-01-04
BANKS PURCHASE
FEDERAL BONDS
Shift of Excess Reserves
in Fifth District Laid
to Buying.
By EDWARD C. STONE.

Of Government securities sold on De-
cember is.
At the Richmond bank members
reserve deposits declined by $l7,350, 900
between November Is and December
is, and investments in securities in Al
reporting member banks rose $685.
$4,000 during the same period.
Federal Reserve notes in actual cir
culation declined slightly, rejecting
decreased pay rolls in many industries
and a smaller expansion in retail
trade than usual at the holiday season
Both demand and time deposits de-
clined after the middle of November,
the report says, adding that debts
to individual accounts in "a fifth
district cities were off 10 per cent from
October.
Trade Decline Levels OFF.
Business and trade in November
and early December were below sea-
sonal expectations but leveled of sub
stantially from the declines of October
and September. Commercial failures
were more numerous but liabilities
much below those of year ago.
Failures numbered 81 against A last
year, while liabilities totaled $660,000
against Sl,20l, 900 year ago, or an
improvement of As per cent.
New automobile registrations in the
district in November were 1913 per cent
fewer than registrations in the CORE
spending month last year, but one of
the largest selling lines was off the
market most of last month.
Construction provided for in both
city building permits issued and con-
tracts awarded in November was less
1896, but the decline was moderate and
not greater than frequently develops
between corresponding months under
normal conditions.
Bituminous coal mined last month
was less than the tonnage mined in
November.
Spot Cotton Prices Higher.
The Reserve Bank says some prog
ress was apparently made ir inventory
reduction in certain textile lines early
in December, especially in unfinished
goods. Spot cotton prices rose about
half cent pound, in spite of reduced
consumption by the textile mills and
a further rise in the Department of
Agricultures forecast Of production
Plans to include cotton in Government
control measures for next year appear
to have been the chief influence in
strengthening cotton prices. Final es-
Inmates on the 1887 cotton crop show
the largest yield on record, and slightly
more than so per cent above last years
crop. Fifth district cotton-growing
States produced 273 per cent more
than in 1896.
Retail sales in 81 department stores
IN the NTH district in November
totaled Sl1,372,478 against $l1,326, ,539
IN November, 1886. gain of 0.4 per
cent. Sales by SO wholesale firms
totaled s4,s60, ,293, compared with s5,-
365, ,149, of per cent.
The value of building permits in 81
cities in November amounted to S.
155,316 against s6.913,845 year ago.
Value of contract totaled s19,578, 700,
compared with $2O,93O 900 in Novem-
Der, 1896, drop of 6 per cent, the
report reveals
S800,000 Bond Issue Planned.
The Terminal, Refrigerating l.
Warehousing Corp. of this city has
filed registration statement with the
Securities and Exchange Commission
under the Securities Act seeking to is
sue 100000 AZ per cent first mort
gage bonds, due in 1858.
OF the bonds registered $500 900 will
be offered first for exchange at par for
outstanding mortgage obligations. Y.
E. Booker & Co., Washington invest
ment firm, will be the underwater.
The offering will be made at par and
the proceeds will be used to retire
mortgage debt and bank loans.
The firm is located at Fourth and
d streets S.W., has been operating
Tor many years and does thriving re-
frigerating business.
Ganey Given High Promotion.
Thomas v. Ganey, who opened the
g. c. Murphy Co. store on F street
and managed it for five years, has
been made supervisor of superintend-
ents Of 66 stores of the firm located
In Washington, Virginia, Maryland,
New York, New Jersey and several
other States, for the coming year, it
was announced today. He is a grad
uate OF Lehigh University and a men,
Der OF the Congressional Country Club.
William S. Miner, advertising and
promotion director of the Washington
stores, has been promoted to assistant
supervisor Of the stores in this area.
He has been with the company four
years.
Walter c. Hellmann, who recentlv
resigned as New York representative
OF Philadelphia Advertising Co. Gear
card advertising) has been appointed
sales manager of Barron G. Collier.
Inc, Washington Office, effective i'm
mediately. In former years Mr.. He'll
mann was principal of the Thomas
M. Bowers Advertising Co. of Chi
cago and New York, and headed his
own agency in Philadelphia for seven
years.
"SSsACAueI oCCS 1890 Rally.
1t is brave man who will make
predictions under present conditions.
says Henry F. Westheimer, head of
the New York Stock Exchange firm
OF Westheimer & Co., which has a
washington Office in the Woodward
Building. Nevertheless, he says. it
seems probable that the last six
months of 1888 will "be very salts
factory indeed from a business and
employment standpoint"
Marketwise, he adds, many stocks
seem high, yet he would not be sur
prised to see a temporary advance
early this year. As soon as inventory
adjustments are completed, which may
take four to six months, business will
improve in volume and also in earn
ings. This improvement should be
anticipated by the stock market, he
says in his forecast.
Heard in Financial District.
AnnusS meetings Of all the national
harIes v4anv trr1et comma ,3As opd eov-