Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-10

the Treasury Department.
The membership of the association
consists of practically all of the joint
stock land banks, which number
about so.
Houston Fiduciary Section Head.
David N Houston. who has been
elected chairman of the fiduciaries sec
ton of the District Bankers AsSocla-
ton. is trust officer of the American Sc
curity & Trust Co. He succeeds F. r.
II. Siddons. who did splendid work last
year in getting the new section onto
solid foundation.
Born on july 20, 1876, Mr. Houston was
graduated from Dickinson College in
1900. receiving a Phi. D. degree. Three
wears later he took his law degree OF
IL. B. from Columbian College, now
George Washington University, and
passed the District OF Columbia bar
examination later in the same year.
For several years he practlced law In
the Offices of Alexander H. Bell, going
to the American Security & Trust Co.
in 1908 as chief clerk in the trust de-
partment.
Mr.. Houston was elected assistant
trust officer on April 16, 1912, and was
elected to his present position as head
of the trust department about two years
ago when Corcoran Thorn was made
president of the bank and Charles j.
Bell became chairman of the board OF
directors. Mr.. Houston is deeply inter-
ested in the trust section of the Bank
ers' Association and is already formu-
1ating plans for its further progress
during the coming year. .......
Fifth District Sales Increase.
Department store sales in the aggre-
gate for June were l per cent larger
than in the corresponding month year
ago according to preliminary reports
made to the Federal Reserve system
by 448 stores; on a daily average basis,
however, the sales were 5 per cent larger
than year ago. Increase in total sales
was reported by 204 stores and decrease
by pa stores.
The change in sales varied conSid-
erably for different parts of the country,
ranging from an increase of 9 per cent
in the Minneapolis Federal Reserve
district to a decrease of Z per cent IN
the Atlanta district.
In the Richmond reserve district a
gain of an even per cent was re-
ported in the department stores
Twenty-four stores reported increase
and Is decreases in the territory which
it includes The month had % business
days this year and 26 last.
New Money in Lively Demand.
There was a lively demand this fore
noon for the new paper money when
it went into circulation for the first
time in the local banks as well as all
over the United States. Some of the
banks asked the Treasury for what
they considered very generous amounts,
but ran short before the days business
was over. Most of the money put in
circulation in Washington today was
in denominations of 81, SIS, $40 and $40,
with few $50 bills mixed in.
The new $40 bills bear the picture of
Alexander Hamilton. 1t is interesting to
note that just 125 years ago today
Hamilton penned farewell note to his
wife, and on the next morning, July IL,
1904, he fell MORALLY wounded in the
historic duel with his political foe,
Aaron Burr.
Almost the entire "a hours before the
duel were devoted to putting his affairs
in order. Nowhere is it recorded that
the first Secretary of the Treasury had
any premonition of death, but his
meticulous methods demanded that he
be prepared always-even for the worst.
He died on July II.
Bankers Honor w. T. GalIiher.
At a special meeting of the District
of Columbia Bankers Association at
headquarters, resolutions were passed
paying a glowing tribute to the late
William T. Galliher, chairman of the
board of directors of the Federal
American National Bank and former
president of the bankers association.
The tribute was ordered placed on the
records and forwarded to the family.
The committee on the resolutions
was composed of President Henry H
Mckee of the National Capital Bank.
President Maurice D. Rosenberg, Bank
OF Commerce e. Savings, and President
Robert v. Fleming of the Riggs Ma
tional, all being past presidents of the
association.
Active Trading on Exchange.
Washington Railway g. Electric
preferred sold up to SO on the local
Stock Exchange today in an unusually
active Summer market. Peoples Drug
Stores preferred came out at 119 fol-
lowing the latest monthly report and
the very favorable showing reported for
the first half year.
Capital Traction sold in small lots at
9412, Potomac Electric 5h per cent
preferred closed at 1885, Barber &
Ross common at 1872. Federal-Amer-
lean Co. common at 4712 and the pre-
ferred at 101 Is. Merchants Transfer
& Storage common came out at HE
and the preferred moved to LOT. Mer-
genthaler figured in two sales at los q
National Bank of Washington APP
peared on the board again today, IS
shares changing hands at 308. The re-
mainder of the trading was confined
to bonds, good sized transactions taking
place around recent levels.
George o. Watson, president of the
exchange. is now taking his vacation
passing the time at his Summer home
on South River. Secretary c. j. Cooke
Ter is handling the gavel in his absence
Latest Financial Notes.
President w. j. Waller of the Bank
ers' Association left the city today fo
a short trip to Hampton Beach, N. IL
He expects to be back the first OF mex
week.
The Department of Commerce ha
created a motion picture division to eX
pedite handling of the ncreaSini
amount of work occasioned by the eX
banding and potential foreign marke
for American motion pictures an
equipment Clarence j. North Will b
director.
Directors of F. g. w. Grand 5. 10 an
25 cent stores declared the regula
quarterly dividend of IS cents a shar
on the common stock, payable July 2
to stockholders of record July Is, an
the regular quarterly dividend of SIG J
a share on the 61I per cent convertibl
preference stock, payable August Z
stockholders OF record July Is.
United Cigar Stores Co. of Americ
has declared regular quarterly div
Gend of 81 so on per cent cumulativ
preferred, payable August ! to stock Q
record July ls.