Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-07
MERCHANTS BANK
| ELECTS DIRECTORS
Same Board Officiating This
Year Is Retained at
Annual Meeting.
BY EDWARD C. STONE.

Ton banks WHICH IOlQ IIleH dIlIlud
stockholders meetings in January, tn
majority of which are scheduled to TAX
place a week from today.
The shareholders of the Merchants
Bank & Trust Co. met at noon. Pete
a Drury, chairman of the board, an
nounced after the meeting that thu
same board of directors had been re-
elected. The directors are:
Harry E. Allen, Noble P. Barnes
Rolfe E. Boiling, Harry r. Carroll
Peter NJ. Dorsch, j. j. Drury, Peter A
Drury, Mark F. Finley. Ernest Gersten'
berg, Frank E. Ghiselli, Frank P. Har'
man. jr.: C. Francis jenkins, William
E. Leahy, j. Ernest Michel, Alvin L
Newmyer, Daniel j. O'Brfe.., Franz
O'Hara, Joseph A. Rafferty,, l.. E
Schreiner, j. L. Sherwood, Lewis M
Thayer and John zanier.
The Merchants board will meet In
short time for organization for the
coming year, when the present ofhcla
family will no doubt be retained.
There are several vacancies among
the directors in other banks on account
of deaths during 1929, and it IS antici.
pated that most of these will be filled
at the stockholders meetings.
Kraft Sees Insurance Gains.
Harold D. Kraft, president of the
District of Columbia Life Underwriters
Association said today that the wide
spread appeals which have been made
recently for a return to normally III
investments will assist in furthering the
efforts of National Thrift Week to take
the IF Out of Thrift" Thrift week
this year takes place from January IS
to January IS. Mr.. Kraft was speak
ing of Life Insurance day, the observ-
ance of which on January %, is part
Of the Thrift week program,
Mr.. Kraft believes Insurance day
will mean more this year than usual.
He asserts that many people. who lost
money in the stock market Will natur-
ally turn to insurance this year, because
of its safety. He and the other man
ayers and agents in this city are highly
optimistic over the outlook for new
business this year.
The Thrift week program will In
clude the other special days as usual,
such as Savings Bank Account day, own
Your Own Home day etc.
why Goods Are Returned.
Until very recently it has been as
6umed by many department store man
ayers that returning goods was a whim
the woman's prerogative to change
her mind. The privilege Of returning
goods was considered a service, like
delivering goods, which the department
store offered to its customers because
they seemed to want it.
Recent studies have come as shock:
goods are returned because they don't
tit-they are not the quality which the
purchaser thought they were-they look
differently in daylight than they did In
the store-they are damaged in delivery
OR don't arrive in time. More returns
are caused by some negligence of the
store than by customers vagarieS.
! Edwin L. Stoiber, director OF the Store
Managers Division of the National Re-
tail Dry Goods Association, urges fur-
ther study of returns by adJustors.
says, over and above the routine of
adjustment handling, the educational
opportunity is constantly present and
should be utilized not only to set the
customer right but to set the store en-
ploye right"
Details on Local Trade.
s.. Latest reports from the Federal Re-
serve Bank of Richmond state that
Washington retail trade was up 6 per
cent in November compared with NO
vember, 1928.
: The increase in local trade for the
first IL months of 1929 compared, with
the same period in 1928, was 81 per
cent
The percentage of November sales
sales during the three years 1923-24-25
was ia.
Percentage increase in stock on hand
bver November 80, 1928, was 2.5.
Percentage of sales to stock carried
during the month was up 30.8.
Percentage of total sales since jan
uary l to average stock carried during
each of the II months was 315.1.
Percentage of collections in Novem-
Der to total accounts receivable on No
vember l was 3l.6.
Commodity Prices Decline.
Commodity prices declined four-tenths
of / per cent for the week ended jan
.uary 4, according to the wholesale price
index of the National Fertilizer Asso-
citation. The index now stands at the
lowest point of record for this index,
which has been compiled since July 8,
1927.
The groups that showed the largest
declines were fats largely butteD
grains, feeds and live stock, fuel and
certain foods. OF the total list 81 items
declined and 19 advanced. Six groups
declined and only one advanced.
An advance of 0.5 per cent occurred
in the group of fertilizer materials, due
to slight advance in cotton seed meal
and to schedule advances in sodium nj
trate and -sulphate- nitrate
Capital Traction Market Leader.
Capital Traction stock led trading on
the Washington Stock Exchange today
There were IL consecutive sales, the
first nine being 10-share lots, all al
II, a gain of points. Then followed a
flve-share and a one-share transfer
and the market closed with 45-share
block selling at the same price.
American Security g. Trust sold al
APT and 426, Continental Trust moved
at 1884, and 1873.
290 shares of National Mortgage g. In.
vestment preferred came out at Az
Security Storage changed hands at 116
Washington Gas and Capital Traction
bonds were in quiet demand at recent
Slevels.
Heard in Financial District.
{ Washington bankers resume thei
weekly luncheonS tomorrow noon at thu
Willard, President w. j. Waller pre-
siding.
Boston bankers are anxious to ADOPT
the credit bureau plan which the Dis
trict Bankers Association worked ou
under the administration of Robert v
9 Fleming and now has in such success
full operation.
: The United Railways & Electric Co
{ of Baltimore won its suit in the SUI
5preme Court for straight l0-cent fare
: The roads plea was to obtain an pc
< cent return. The directors of the CAPT
! tai Traction Co. read the ruling will
deep interest.
: Woolworth's gain of only 2S3 per cen
: in December sales over The same montl
I last year caused a good deal of sur
{ prise officials explain that bad weathe
: conditions with heavy snowfalls over
4 number of districts affected business
i There were also five Saturdays in De
Z cember, 1928, and only four in Decem
: Der, 1929.
Oliver Thurman, vice president an