Evening star., 1934-05-15

the Hamilton National Bank; Ianier
P. McLachlen of the McLachlen
Banking Corporation; C. H. Pope,
Munsey Trust Co., and w. w. Spaid
of w. B. Hibbs G. Co. Most of these
men are past presidents Of the asso-
citation.
The chief social event is the So
called family dinner" which will
occur on Tuesday evening, May 90.
At this occasion there is always a
minimum OF speechmaking and a
maximum of producing features.
The committee is keeping the pro-
gram secret.
Delegates to the convention will
leave Washington on Saturday, May
26, at 10 pm, on special train, and
get back home at am. Thursday.
Peoples Drug Sales Improve.
Sales of Peoples Drug Stores for
April totaled ST 1923 844 against ST.
249,8lO in April, 1888, gain of
s74O34, or SO per cent, it was an
nounced by the big chain store COM
pany today.
Sales for the first four months of
the present year amounted to S5,-
347.Ol9 in comparison with S5,0l660l
in the like period a year ago, an i'm
provement of S330,418 or 6.5 per cent.
The two increases in sales are con-
sidered gratifying. Sales n March
revealed an increase of 14.4 per cent.
as compared with March, 1888, but
it should be recalled that no Easter
trade came in April this year. so the
April figures naturally would not be
I'm with the March returns.
Retail Sales Maintain Levels.
Retail sales in the fifth Federal
Reserve district which includes Wash
ington, are about on par SO far
in May with sales in the correspond
ing period last year, according to
the Reserve Bank of Richmond. Spe-
cial sales are reported in many cities
aimed at moving seasonal goods.
Internal revenue collections in Vir-
ginia for 10 months of the fiscal
year indicate that a new all-time
record will be established. A rec
ord cigarette production Is largely
responsible for the gain. North Caro-
lima tobacco stamp receipts also have
scared in the past four months.
Car loadings and bank clearings
continue to show sharp increases over
last years figures. There is slowing
down, however, in rayon production
and textile orders are smaller.
A survey shows tourist travel in
this section double that of year ago.
Bank Farley to Open.
The outlook for national effort
toward personal independence will be
thoroughly canvassed when mutual
savings bank officials and trustees
from l8 States gather in New York
May 16, II, l8 for their fourteenth
annual conference.
An official address of welcome will
be delivered by Henry R. KinSey
president of the Savings Banks AS
sociation of New York. Henry Bruere,
chairman of the Railroad Committee,
is to report upon the progress made
toward solution of rail problems. Jo-
seph B. Eastman, Federal co-ordina-
tor of railroads, will outline the Gov
ernments plans.
Other speakers will be Henry S.
Kingman, president of the Savings
Bank Division of the A. B. A; c. B.
Merriam, director. Reconstruction FL
nance Corporation; Orrin c. Lester
and John H. Fahy of the Home Loan
Bank System.
Brokers Laud Whitney Choice.
Washington brokers expressed much
satisfaction today over the expected
reelection of Richard Whitney as
president of the New York Stock Ex-
change 1t will be his fifth term.
His friends in the brokerage houses
here consider that he presented the
exchange viewpoint on the control
bill most acceptably and looked after
a hundred other problems very ef-
ficiently during the last year.
Lewis L. Clarke, New York, was
elected chairman of the directors of
the National Ref1nance Corporation
at meeting in the Shoreham offices
here yesterday. He is at present a
director in % major corporations,
among them being the Bowery Savings
Bank, Shell-Union Oil Corporation,
American Locomotive Co. and Worth
ington Pump & Machinery Co. The
board also elected Samuel C. Redman
of Washington treasurer. He is also
vice president of the company. which
has branch Offices in Chicago and
New York.
The Frederick, Md, Production
Credit Association announces that in
terest charges on loans have been re-
duced from 51a to per cent as a
result of reduction of the rediscount
rate of the Federal intermediate
Credit Bank, In Baltimore. This is
the second cut in rates by the Balti-
more bank in two months.
Electric Output Up Sharply.
President j. F. Fogarty of the North
American Co., reports there was an
increase of 1854 per cent in the elec-
trio output of the companys SUBJ
sidiaries in the first quarter of 1884,
compared with the first quarter OF
1888, the volume of electric business
being larger than for any three
month period since 1880. The in
creases were IL per cent in January,
Is in February and 19 in March.
The improvement has continued
during the early part of the second
quarter, April showing an increase of
19 per cent, President Dame says.
The increased use of electricity is re-
f1ected in gross earnings and the
number of residential electric GUS
toners has been steadily gaining since
May, 1855.
He also stresses the new demand
for power from the Potomac Electric
Power Co., in connection with air
conditioning equipment in many of
the new Government buildings
Trading Lively on Exchange.
Trading was lively on the Washing
ton Stock Exchange today. Capital
Traction SIS were In excellent demand
at 80, Washington Gas SIS, 1858. sold
at 96 and 96l2, Potomac Electric
Power IS moved at 108Ha and Ana
costa & Potomac r. r. SIS sold at
1087s.
More than 100 shares of Capital
Traction stock changed hands at 241a
Potomac Electric Power 51a per cent
preferred stock came out at 109A and
Lanston Monotype mned at AZ.