Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-06
NEW ASSOCIATION
! |SORGAN|zED HERE
Fidelity Building & Loan Is
i Title of Firm-TruSteeS
Named.
BY EDWARD C. STONE.

the District of Columbia and under
supervision of the controller OF the
currency. is the latest organization OF
this kind to open for business in the
is located in the National Press Building.
The trustees and directors of the
new concern include Harvey b. Cox,
special assistant to the Attorney Gen.
eral: George D. Casio, manager cor
porations, ofiice OF alien property Gus
todian; Marcus Borchardt attorney;
John L. Fletcher. Southern Surety Co.. !;
N. M Mtnnix, president N. M. Minnix
Co.: r. l.. Milor, president r. e. Milor
Co., Katherine r. Pike, president Ma
tional Association of Woman Lawyers
and chief Of the legal division Bureau
of Customs: Alfred B. Baker, vice presi-
dent Suburban Title 81 investment Cor
poration; Harry F. Miller, Mount
Rainier. Md; Robert A. Ryland, presi-
dent Arlington Title Co.: George e.
H. Goodner, Federal income tax ad-
wiser.
The firms general counsel consists of
Fred B. Rhodes and William E. Rich
ardSon.
Chairmans Death KeenIy Felt.
1t is generally believed in the. flnan-
rial district that it will be some time
before the Federal-American Bank
II
OF directors to take the place left vacant
by the death of William #. Galliher, al
though it is too soon after MIR. Gal
liners death to expect the bank Off
Gals to outline any plans Other bank
ers. however, call attention to the fact
that Mr.. Galliher was made chairman
at the time OF the consolidation Of the
American and Federal Banks, when
John Poole became president. AS mat
/ STAND Ia no nj
need q new chairman of the board. as
Mr.. Poole is abundantly able to carry
on the duties of both positions.
Mr.. Gall1her's death, however, will be
keenly felt in the bank. He was a IA
Vorite with the other officials and the
rest OF the personnel. He never con-
hned his conversation to the official
staff. often having chats with the mes
sengers and others not near the top
or the banking ladder. He was rich in
friendships as we'll as highly PROSPER
GUS In business, and at 73 he had re-
celved far more honors than most men
are accorded at any age. He always dis
aIegaroed ms age and remained very ac-
tive until his last day in the bank,
Houston Made Section Head.
The organization meeting of the
nduclarleS section of the District of
Columbia Bankers Association was held
Yesterday afternoon, when officers. who
were elected at meeting held at
Montank Beach during the bankers
association convention, were installed.
They are: David NJ Houston, trust
ofncer. American Security &c Trust Co,
chairman; Bernard l.. Cotton, trust Of
fcer. District National Bank, vice
chairman, and Kenneth F. Brooks, as
sistant trust officer, Riggs National
:Sank secretary. These Officers. with
william n. Baden. trust officer, Wash
1ngton Loan S5 Trust Co., and Erskine
Gordon Of the Federal-American Ma
tlonal Bank, form the executive coun-
Gil OF the organization.
Wholesale Trade Reviewed.
Seventy-seven wholesale firms, rep
Tesenting six important lines of trade
IN the fifth reserve district, reported
10 the Federal Reserve Bank of Rich
mond on their May business. In
creased sales during the month in
comparison with sales during May,
sales OF groceries. dry goods, shoes.
hardware and drugs were smaller
than sales during the corresponding
month last year. In comparison with
sales during April this year, May sales
gained in groceries and furniture, but
declined in dry goods, shoes, hard
ware and drugs.
larger In furniture than during the
corresponding five months Of 1928, but
grocery. dry goods, shoe, hardware
and drug sales we're smaller this year
J than last. The furniture increases
mentioned were chiefly due to opera
tions of one firm and did not truly
reflect developments in the industry
as q whole.
, Stocks on hand at the end of May
this year were larger than stocks on
hand May 81. 1923, in groceries and
hardware, but dry goods and shoe
! stocks were smaller on the 1929 date
During May stocks of shoes on the
shelves of the reporting firms in
creased over those on hand on April
30 this year, but stocks of groceries,
dry goods and hardware declined dur
ing the month.
!. Collections during May were better
1han In April in groceries, shoes snd
drugs. but were slower in dry goods
and hardware. The May 1929 percent
ages OF collections during the month
10 outstanding receivables on May
were higher In all lines for which fig
nres were available than the May, !
1928, percentages.
Heard In Financi District.
Peter A. Drury, chairman of the |
Bank IL Trust Co., expects to pass his |
Summer vacation abroad. He will sail |
the latter part of July aboard the
Tie de France.
Wade H. Cooper, president of the |
Continental Trust Co. and the United
States Savings Bank. has bsen spend
ing A few days at Atlantic City, being
there over the Fourth.
c. H. Gockeler. vice president OF the
District National Bank passed the
Fourth at Msrgate City. N. j., and will
i return there later for his annual vaca-
ton.
Arthur Foraker, manager of the local
office Of Eastman Dillon g. Co., has re-
turned from short visit at Monterey.
. resort in the Blue Ridge Mountains.
Eliot H. Thomson Of the Washington
| Loan IL Trust Co.. has returned from
q short vacation, which he took follow
ing the bankers convention, at which
he made fine report as chairman of
; the associations advertising committee.
june Chain Store Reports Out,
F. W. Woolworth June sales, $23, 60a.-
! o7s, increase $50 per cent over June,
1928; six month, $135, $685. increase
$40 per cent
McCrory Stores June sales, $3,334. 400,
! increase rs per cent over June, 1928;
for six months, $l9,025,547, increase
"a per cent.
S. S. Kresge June sales, $12,571 ,7s5,
increase SO per cent over June, 1928:
six months, $67 ,627, 8o7, increase ~ per
cent
ChiIds Co., June sales, Salts, 1854, in
six months, $13,319,5S5, increase IL per
cent.
The recent advance of rs points in
Maryland & Pennsylvania Railroad