Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-31


reached the sum of $1O9 649, 040. "A, the
decline from the January summary be-
ing largely due to the fewer business
days in the month.
The clearings reported yesterday are
the largest of any March on record in
Washington. For purposes of COMPARE
son the clearings for the first three
months of the present year and the
corresponding period in 1928 are given
below:
January 1929, 438, 291.3 81 $1l4,408, 1892 90
February 109, 649. 040.44 103, 495 ,52449
March 1878. 928.93 122,284 99002
Totals. $3.50, 1888 $50 SO $34o, 189, 347.43
These figures show a total gain in
clearings in the first three months of
this wear over January. February and
March, 1928, of $30,693,91325, a sum
which is sure to prove highly gratifying
to the financial. mercantile and other
business interests of the city
Lamont Endorses Credit Drive.
Lister T. Watts, national director of
the National Association of Credit Men
of this city, yesterday announced that
R. P. Lamont, Secretary of Commerce,
in letter to the National Association
Of Credit Men, formally Endorsed the
second credit protection campaign of
the National Association of Credit Men.
Mr.. Lsmont's letter says:
my attention has been called to the
campaign started by your organiza-
ton in the year 1925 for the suppress
sion OF fraudulent transfers of bank
rupt stocks and other forms of credit
abuse in business. the prevalence of
which was serious menace to all
legitimate business interests in this
country.
at is my understanding that as a
result of your well organized efforts
in combating this evil much good has
been accomplished and I am glad to
learn that it is the intention to con-
tinue your efforts in the same direc-
ton.
THE business interests in this coun-
try are fortunate in having an organ
ization such as the National Associa-
ton of Credit Men to wage for them
o fight of this character. You have
my best wishes for your success in the
continuance Of this most important
effort"
Mr.. Watts added that President Hoo
yer had Endorsed the first campaign in
1928. The drive is meeting with ex-
ceptional success throughout the coun-
try. The campaign will get under way
in this city early in the Fall.
Celebrates seth Birthday.
Bankers here and everywhere were
interested in the observance of his
eighty-ninth birthday by George F.
Baker, ST., a few days ago at his Win
ter home in Florida. The chairman
of the board of the First National Bank
of New York is Americas Oldest &C
tive banker.
Members of his immediate family
and his close friend. E. E. LoomiS,
president of the Lehigh Valley Rail-
road, were with him. The aged flnan-
cier did not vary much from his daily
routine. An automobile ride in the
morning sunshine, the opening and
reading of hundreds Of congratulatory
kilograms from all parts of the coun-
try, and the receipt of regular gar
son, and members Of their families
day.
At birthday dinner, his son. George
F. Baker, jr., president of the First Ma
tional: Mrs. Florence Lowe, a grand
daughter: George ST. George, a grand
son, and members Of their families,
were present
Reserve Board Reports Sales.
Department store sales in the United
States declined from January to Feb
ruary in considerably less. than the US
ual seasonal amount, according to re-
ports made from all parts of the coun-
try to the Federal Reserve system. Att
er allowance is made for the fact that
February of this year contained one
less business day than February, 1928,
sales show an increase of per cent.
Average daily sales were larger than a
year ago in nine Federal Reserve dis
tricts-BoSton, New York, Philadelphia,
Cleveland, Chicago, ST. Louis Mime
apolis, Kansas City and San Francisco
and smaller in three districts-Rich-
mond, Atlanta and Dallas.
Chain stores, except cigar chains and
mail order houses made substantially
larger sales than in February of last
year. These increases reflected in part
the establishment during the year of
additional stores.
Stocks of merchandise carried by de-
partment stores increased from Janu-
airy to February in slightly more than
the usual seasonal amount, but con-
tinued to be somewhat smaller than at
the same season a year ago.
In the fifth district Washington re-
ported a .05 per cent slump in sales
over February year ago. Richmond
reported the same, while Baltimore sales
were on 76 per cent. washington
stores were also more lightly stocked
with goods Washington reported the
exact same rate of stock turnover.