Evening star. [volume] (Washington, D.C.) 1854-1972, 1936-03-04


wiling which George J. seay.
would prohibit the appointment be-
cause he had passed the age limit.
The Governors under the Federal
Reserve act as amended by the bank
ing act of 1885, ruled that they would
not approve the appointment of any
one as president or first vice president
who is 10 years or more of age, or
who before the end of his f1ve-year
term will have reached that age.
Mr.. Seay comes within this limita-
ton, the directors said in their for
NAL announcement, but he is still
mentally vigorous and physically &C
tive in marked degree" Under the
amended reserve act. titles of execu-
tive heads of the district banks are
changed from governors and deputy
governors to presidents and vice presi-
dents.
Skinner New Liberty Officer.
James B. Skinner has been elected
vice president of the Liberty National
Bank to fill the vacancy caused when
M. F. Calnan was elevated to the
presidency to take the place of the
late Rolfe E. Boiling. Mr.. Skinner has
been assistant cashier for several
years and is 80 years of age. He
started his banking career with the
Marshall National Bank at Marshall,
Va, in 1915, remaining with that in
stitution until February l, 1917, when
he took position with the old Ameri-
can National Bank in this city.
Later in the same year he joined
the staff of the Liberty Savings Bank
at the time the institution was organ
lied and was elected assistant treas
urer in January, 1918. After serving
in the United States Navy during the
World War he returned to the bank.
When the Liberty Savings Bank was
converted into a national bank in
March, 1920, he was elected assistant
cashier, which position he has held
up to his present advancement.
Mr.. Skinner is native of Warren
ton, Va; attended the Front Royal
High School and Randolph Macon.
He is a member of Acacia Masonic
Lodge. American Legion, American
Institute of Banking and the Washing
ton Board of Trade.
Sales Total S32 500, 0O0, 900.
The estimate by the Department of
Commerce that total retail sales gained
II per cent in 1885 over 1884. reaching
a grand total of $4,000, 100000, is
about the same as the percentage gain
reported by the Federal Reserve Sys-
tenn.
Based on estimates announced by
Alexander V. Dye, director of the
Bureau of Foreign and Domestic Com
merce, this figure represents two-thirds
of the total retail sales volume of
1929, as reported by the Bureau of
the Census for that year, the first
time an actual count was ever made
Of the Nations retail business.
The largest gains in sales during
1885 over 1884 we're represented by
catalogue business of mail-order
houses (26 per cent? and automotive
dealers Us per cent?. The increase
in sales of the automotive group is
due largely to the As per cent increase
in sales of new automobiles in 1885
over 1884. The placing of 1886 models
on the market earlier than usual last
year, no doubt, accounts in part for
the increase in new automobile sales
IN 1885.
Other notable increases in 1885 over
1884 were enjoyed by the furniture
and household group, 81 per cent; the
lumber, building and hardware group,
20 per cent; restaurants, 18 per cent,
and jewelry stores, Is per cent.
Financial District Gossip.
Tax experts from the Internal Reve-
hue Bureau will take up special as
signments in 10 of the local banks to-
morrow and render aid to bank pa
irons until the annual tax rush is over.
on March Is. The service is ALWAYS
greatly appreciated by customers and
officials as we'll.
The Federal Housing Administration
has issued new regulations, under
which any person borrowing for the
purchase OF new equipment must have
10 per cent of the total involved in
cash. Prior to the issuance of these
regulations no cash investment was
required.
Real estate bond prices increased
d per cent in February, bringing the
total appreciation for the first two
months of 1886 to 36 per cent, ac-
cording to Amott, Baker g. Co. Aver
age market price for $1,000 face
value bond was $403 at the end of the
month, compared with S4O0 on Janu-
airy 81 and 1913 last year.
Cash income from the sale of farm
products in January was $685., O00. 900,
compared with s598,OOO,0O0 in Deem
Der and 450,00O,000 in January, 1885,
the Department of Agriculture reports.
Capital Transit Stronger.
Capital Transit stock was stronger
on the Washington Stock Exchange
today. opening at Is and closing at
i5A. against yesterdays close at las.
Trading in other issues was around
rerepf 1ayo1c Poply of Rofhocdo