Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-06
RETAIL SALES GAIN
ANALYZED BY BANK
Washington Trails Baltimore
in Helping Establish
Record for Month.
BY EDWARD C. STONE.


An analysis of department store sales
IN the fifth Federal reserve district in
December, which showed that sales
were ahead of all the other IL Federal
reserve districts in the country, has
been completed by the Reserve Bank
of Richmond and reveals the fact that
Baltimore, rather than Washington,
made this enviable record possible It
had been presumed that the steady
Government had made business here
better than anywhere else in the United
States.
Retail sales in this district were 1.8
per cent above sales in the same terri
tory in December, 1928, and total sales
during the year 1929 exceeded 1928
sales by an average of 80 per cent, the
percentages being based on reports from
80 leading department stores in the
fifth district. It now develops that the
fifth district increase was chiefly due
to gain of 81 per cent in Baltimore
stores, although Washington stores also
averaged small increase of 4-10 of l
per cent. The stores in other cities,
many of which depend to a consider
able degree upon rural trade, nearly all
reported decreased sales in December,
1929; this group of stores averaging a
decline of as per cent.
Average stocks decreased 1876 per cent
during December, and at the end of
the year were % per cent less than
stocks on hand December 81, 1928.
Stocks in the Washington stores were
larger on December 81 than year
earlier, but Baltimore and the other
cities stores reported smaller figures.
December, 1929, sales average Sill per
cent of stock carried during that month.
and aggregate sales in 1929 amounted
to 1928 per cent of average monthly
stocks carried during the year. This
figure shows stock tournover of 3.525
times during the year 1929, a better
record than the 3347 rate in 1923.
Collections in Baltimore and Wash
1ngton were slower in December, 1929,
than in the corresponding month year
earlier, but collections in the other
cities were better last month. The dis
trict average shows that 26.2 per cent
of receivableS outstanding on December
l were collected during the month.
compared with 28,e per cent collected
in December, 1928.
Merchants Bank Officers Chosen.
Officers of the Merchants Bank &
Trust Co. were reelected yesterday
They are Peter A. Drury, chairman of
the board; Rolfe z. Boiling, president:
Frank P. Hartman, jr, vice president
and secretary; Frank E. Ghiselli, vice
y.
urer; Joseph A. Rafferty,. trust officer;
Thomas T Keller, assistant trust off,
Ger; Wade H. Ellis. counsel.
All vice presidents in charge of
branches and branch officers were also
reelected as follows: Dupont branch
L. E. Schreiner in charge, w. G. Ba-
den and Henry S. WattleS, assistant
treasurers. Brookland branch-J. L.
Sherwood in charge, William H. Mar
TIN, assistant treasurer. Pennsylvania
avenue and Twentieth street branch
Ernest Gerstenberg in charge.
Sargent Succeeds Reuben Lewis.
The appointment of Henry E. Sargent
as deputy manager of the American
Bankers Association and secretary of
its trust company division was an
nounced today by F. N. Shepherd,
executive manager.
Mr.. Sargent has been with the Amer
lean Bankers Association since july
1923, as associate editor of the Amer
lean Bankers Association Journal. He
Is native of Washington where he
was engaged In newspaper work, serving
as chief correspondent of the New York
Journal of Commerce. Mr.. Sargent was
educated at Princeton University and
the Law School of the University of
Virginia.
He succeeds Reuben A. Lewis, IT.. well
known in Washington, who has resigned
TO become second vice president of
the Continental Illinois Bank & Trust
Co, Chicago. Mr.. Lewis will assume his
duties in Chicago March l, until which
time he will remain in charge of the
trust company division to complete the
arrangements for the eleventh annual
MloWlnter trust conference, to be held
IN New York, February 10, 10 and 20,
under the auspices Of the division.
Automotive Exports Gain.
Exports 81 United States automotive
products for 1929 amounted to $685.
S53, 1895, a gain of SAL, 755, SOL over ship
ments for 1923, according to Depart
ment Of Commerce.
Total passenger car shipments were
on z per cent in number and Ill per
cent IN value, as compared with 1928.
Value of shipments of passenger cars
Tor 1929 was S234.284,194 and trucks
s11,435,125, against S263, 575, 739 and
s9l 800 1853. respectively, for 1928. Trucks
established new record in 1929.
Substantial gains were recorded in
not only the total, but in each of the
capacity classes, especially the light
weight group, which improved 44.3 per
cent in number and 81 per cent in
value Total truck shipments were Alb
per cent greater in number and 219
per cent greater in value than in pre-
ceding 12-month period.
Building and Loan Election.
At the annual meeting of the Eastern
Building and Loan Association. held
yesterday, Maurice Otterback was re-
elected president; Clarence F. Donohoe
vice president; William N. Payne, jr.,
secretary; George r. Repetti, treasurer,
and Walter H. NARROW. attorney.
The directorate for the coming year
includes Clarence F. Donohoe, William
H. Harmer, James ]. Hayes, Walter H
NARROW, Maurice Otterback. William N
Payne, Jr.; George r. Repetti, John M.
Riordon and William H Yost.
The president reported a gain in re-
sources during the year of S1I7,845, the
statement as of January 81, 1880 show
ing:
ASSETS
Outstanding loans on real estate sl,OT1, 300. 90
Interest due and unpaid ...... 88i is
Amount advanced for taxes on
property on which association
Furniture. fixtures and stationery 500 90
Sash .:................... 9,el5.36
6esI estate neutrality-suspicious.. 5,907.32
sI,Osl.5l5 ~
LIABILITIES.
Amount due stockholders. .......Sl, 069, 2O4 60
surplus fund ......,.......,.... 2231o So
sI,O9I,5l5 %
MergenthaIer at New High.
Mergenthaler Linotype reached an
other new high mark on this move
during trading today on the Washington
Stock Exchange The stock ouened at