Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-12
March lump of 13 Per Cent in
Local Trade Is Largest
in Many Months.
NEW PRESIDENT ELECTED
BY LIFE INSURANCE CLUB
Stephenson Will Speak at District
Bankers Annual Convention
in June.
BY EDWARD c. STONE.

n1EnJY eldCSQ over JIlE gam Va III 20
cent in department store sales in Wash
ington in March, compared with March,
1880. as reported by the Federal Re
serve Bank of Richmond, yesterday.
This was the sharpest sales gain noted
in many months, in fact, since the New
York Stock Market break late in 1929.
The substantial advance has still fur
Their significance in that Washington
had the largest increase in retail sales
of anv city in the Fifth Federal Reserve
District which, in turn, led all the other
eleven Federal Reserve Districts in
March gains. Only Boston and Min
neapolis had larger sales than year
ago. the other nine districts reporting
declines, with average sales for the
United States as a whole being on 5
per cent.
Real Business Gains Seen.
By leading the 80 cities in the Fifth
District. which have just reported ay-
erage sales ahead of any other section
Of the country, Washington appears to
be a most favored position. The Rich
mond Bank states that much Of the
sales upturn in March was probably due
to the earlier Easter this year. Local
merchants agreed yesterday that this
was no doubt an important factor but
gain clearly indicated a real change
for the better in business here.
It Is common knowledge that Condi-
lions IN Washington have been more
favorable than in most any other city
in the country, ever since the beginning
OF the depression. the steady govern
ment payroll being the chief reason
for this situation. Retail sales in Wash
ington in the first three months of the
year were ~ per cent ahead OF the
first quarter in 1880. Based on the
quarterly report. 1t is also evident TO
business men that more than a tenn
porarv upturn is under way.
Next to Washington; retail sales
averaged the best in March in Lynch
burg and Norfolk Of any cities in this
district. Baltimore and Richmond COM
ing next in order. Asl1svilIe. N. c..
had the hardest business luck during
March. sales being off 90 per cent
end of I2.5 per cent for the first
quarter. The unsatisfactory Winter
resort season in the South no doubt
accounts for the decline at Asheville,
as well as a smaller slump at Raleigh,
n. C.
MaIoney Heads Insurance Club.
Insurance Club Of Washington, held
at the willard Hotel, the following
were elected as officers for the ensuing
year: James Maloney, president: Frank
Amick. vice president; Charlie Sinclair,
secretary-treaSurer, and Paul w. Ham
mack, publicity manager.
After dinner, the retiring president,
Dan Harrison, made a delightful speech
in his nomination of Mr.. Maloney. He
reviewed the early history of the club,
for the benefit Of the new members,
and recalled that Mr. Ms.oney was
the principal organizer some years ago.
Mr.. Harrison also touched on the
progress Of the club during the past
year and pointed out that the club
membership had an aggregate paid-for
business in 1880 Of over s7,0o0,o 900 in
new life insurance.
Mr.. Maloney in accepting the ONCE
of president. assured the members that
they could look forward TO another sue
cessful year.
Those members present were Phil
Baldwin, Dan Harrison, George FarQu-
har, Howard Jackson, John Lynch.
.'ames Maloney, Larry Riggles, Frank
Roach, Graham Wilson, NJ /. Walter.
Alton Grinnell, Charles Sinclair. Bill
McCombs. Herbert Barlow, Frank
Amick, Paul w. Hsmmack, Clyde
Smith, Roger Mccullough and Ray
mond Shepler.
stephenson 10 Attend Farley.
Claude H. Woodward. president OF
Mount Vernon Savings Bank and chair
man OF the Program Committee of 1881
Convention Of the District of Columbia
Bankers Association, announced yes
terday that Rome c. Stephenson, presi-
dent Of the American Bankers Associa-
ton and vice president OF the st.
joseph's County Savings Bank, South
Bend, Ind, will speak at the opening
session Of the convention at Hot Springs,
Va
1t will be the first time that the pres
1dent Of the A. B. A. has hOnored the
local bankers convention with his pres
ence and the fact that he will address
the gathering gives MS visit added sig
nihcance. Mr.. Stephenson attended one
OF the conventions at Montauk Point
but that was before he reached the top
Of the official ladder
When in this city several weeks ago
Mr. Stephenson said he would try 70
arrange his crowded schedule so he
could attend the Hot Springs conyen-
ton. The announcement that he
really will be present is most gratifying
He makes no secret Of the fact that he
finds unusual harmony among the
members Of the local association. much
closer than IS possible among some Of
the big state organizations.
Traction Closes Week at 50.
Capital Traction stock clos-d the week
81 80, half point above its lowest sale
The stock closed Friday at 32Ss, Civ
4 yield Of exactly 10 per cent at that
ngure. Other Saturday sales on the
Washington Stock Enchange were:
Potomac Elec. Power SIPS pfd.-5 at
ITO.
Federal American National Bank &
Trust Colo at so. 10 at so, 10 at
70. 10 at so, 10 at So
Union Trust Cos at 2l0.
JiCrsenthaler Linotype-lO at 3D., 10
at S1lo, 10 at 81, 10 at 81.
She Carpet Cops at 243s, Is at
darlington Gas IS SO "B"-s1 ooO at
1857 500 at 1861
Capital Traction 10 at 80.
Capital Traction S. 1947-sl 900 at
17is, 81 600 at IT,
II was announced on the Exchange
that the directors OF the Lanston Mono
type Co. have declared the usual extra
dividend Of Is cents a share and the
regular quarterly dividend Of $l75 a
share. both payable May %, to stock
Of record May l9.
Comment in FinAn ciaI District.
An unusually large delegation Of local
~ mixers will attend the Executive Coun-
49,