Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-12

ported by STORES III E$$S$#4 ~ s. $z}S I'M
the New York, Chi KY lsS
cago and San EaIaasa sSAzsas ~ -
Francisco Federal
reserve districts. John III. Hanna.
while sales of stores in the Philadelphia
Richmond. Atlanta, st. Louis, Kansa
City and Dallas districts showed declin
for the year The three remaining dis
tricts reported practically no change il
the volume of sales last month as com
pared with December, 1927.
Sales Of two mail order houses were
IS per cent larger. and those OF e1gh
5-and-1o cent chain stores per cen
larger than in December of last year
Changes in the volume of business O
both mail order houses and chain store!
reflect IN part an increase from month
to month In the number of retail out
lets operated.
Preliminary figures of average dali.
sales of department stores for the veal
of 1928 as compared with 1927 show al
increase of per cent. The Richmond
Federal Reserve Bank reports that tn
decline in sales in December was only
7-1O of l per cent under the totals fol
December. 1927. The report sent tt
Richmond was made by 81 leading stores
in the fifth district, Is of which had ar
increase in sales and 81 decrease.
Long Service With Company.
John H. Hanna, president of The
Capital Traction Co., who rendered hi:
annual report to the stockholder:
Thursday, has been a prominent stree
railway figure in Washington for many
years. AS a civil engineer he wa:
originally connected with the Wash
ington g. Georgetown Railway Co., con.
tinuing with its successor, the Capita
Traction Co. He was chief engineer OF
this road from 1908 to 1916 and vice
president from 1915 to 1925. Since
been president He is director in the
Union Trust Co. and belongs to a host
of engineering societies of national
scope.
The company's annual report showed
total net income for 1923 of $500. 405, so
q decrease of S87 ,048.68, compared with
1921. The traction company paid out
$4,000 in dividends during the year
ending 1928 with a credit balance OF
S1,OO8,127.59, a decrease of $219,176. IL
over the previous year. 1t Is again evil
dent that in spite of efficient manage
ment, privately owned automobiles ane
new bus lines are continuing to cut
into the company's yearly revenues In
an important measure.
Four New Directors Named.
Four new directors, Hugh H. Obear
John r. Waller, Louis Rosenberg ane
A.. c. Waller, have been elected to the
board Of directors of the international
Exchange Bank, at the annual meeting
of shareholders. Other directors were
reelected as follows: Hugh w. Barr
Henry M. Camp, Peter Borras, Domenict
Del Vecchio, Fernando Cuniberti anc
r. J. Kaufman.
At the organization meeting which
followed, officers were reelected as fol-
lows: Fernando Cuniberti, presidents
Hugh w. Barr, vice president; F. j
Kaufman, jr., vice president anc
cashier, and w. E. Birch, assistant cash.
ier.- The board declared the regular
ser1i-annual divident of per cent.
I. Lincoln Bank Has Election.
tOfficers of the Lincoln National Bank
were reelected as follows at the annual
meeting of the board of directors Floyc
e. Davis, president; Albert S. Galley
executive vice president; John w. Draw.
ner, w. NICK. Stowell and H. T. Otter
dinger, vice presidents; James A. Soper
cashier; H. e. Wilson, j. Everett Bairt
and j. Frank Rice, assistant cashiers
Melvin c. Hazen, secretary of the board
and w. w. MILAN, associate counsel.
!. Federal American Officers.
AT the annual organization meeting
of the board of directors of the Federal
American Bank the following officer
were reelected: w. T. Galliher, chair
man; John Poole, president; William
John Eynon, vice president; w. j. Wal
aer, vice president; Charles B. Lyddane
vice president; Charles D. Boyer, cash
Ter; Arthur j. Linn, controller; 10
seph D. Yerkes and H. H. Shackleford
assistant to the president; Erskine Cor
don, trust officer, and Leon Tobriner
general counsel.
Morris Plan in England.
Thomas C.. Boushall, president o
Morris Plan Bank of Virginia, who hal
been in England arranging for thu
founding of the Morris Plan Bank o
England, returned on the Mauretania
He stated that arrangements for tn
new bank were going along we'll APT
that the British had proved receptiv
to the idea.
"a prominent English financie
pointed out to me-" he said, that Will
in France there are only 828 unem
pioyed, with jobs open for some 800
people, in the United Kingdom the sit
uation Is quite the reverse"
Washington Bank Clearings Up.
Bank clearings in Washington for tn
week ended January 10 amounted +
sal, 1853 900, compared with $27,923, 90
for the previous week. The figures ais
reveal gain over the correspondent
week a year ago of SO per cent.
Bradstreet's Journal reports a gal
for the country as whole over bot
the previous week and the correspond
ing week last year. Baltimore an
Richmond reported substantial increase!
Richmond was more than 10 per cen
ahead of the same period a year ago
Heard i'm Financial District.
The Washington Loan e. Trust Co
which was incorporated in 1889, wi
observe its fortieth birthday on Angus
IS next.
The next forum dinner of Washing
ton Chapter, American Institute G
Banking, will take place on January q
Efforts are now being made to secur
an excellent speaker.
Thrift week may be observed local.
in less elaborate manner than in re
cent years, because IL comes just at tf
time of the Community Chest driv
The banks, however, will offer the usu;
budget books and urge the greater u:
Of sound financial advice.
Formation of an investment corpora
zion with an initial paid in capital
10000, 900 is announced by j. and v
Seligman g. Co. The new organiZatio
incorporated in Maryland as the Tt
Continental Corp, is sponsored by Il
banking firm, which will make sui
stantial investment in its securitit
maintain a close association with it ar
participate actively in its management
F. W. Woolworth Co. has placed
stock on Sc annual basis, against
previously by declaring a quarterly di
idend of $3.50 share on the commo
The dividend is payable March l
holders of record February 8.