Evening star., 1936-03-23

ola not remain &${
long as mes w,u, u,
senger. He was A.
bound 10 get an education; employed
all his time TO the best possible ad-
vantage, and soon graduated from
Girard College, in the Quaker City.
His first days work for the company
was in 1885. The other day he was
advanced to the presidency to succeed
the late William A. Law, who died at
Greensboro, N. c., January 81, as the
result of a hunting accident.
Grocery Chain Sales Improve.
Daily average sales of grocery chain
stores for February showed an increase
of per cent in dollar volume as COM
pared with February, 1885, and were
Sl2 per cent above the same month
Of 1884, according TO preliminary eSti-
mates Of the Bureau of Foreign and
Domestic Commerce, Department Of
Commerce.
Sales for February increased about
az from January, or about the average
increase from January to February for
the past seven years. Daily average
sales for the first two months Of the
year were 212 per cent above those for
the corresponding period of 1885.
Sales Of confectionery and competi-
tive chocolate products during Feb
ruary, as reported TO the Department
Of Commerce by 300 manufacturers,
we're valued at S19 9,566, ass, an increase
of 81 per cent over February, 1885.
Sales for the first two months of 1886
we're 9s per cent above the corre-
spending period of last year.
Durable Goods Stocks Climb.
The greatest advances in stock
prices thus far in 1886 have been re-
corded by durable goods issues, says
the United Business Service in its
current report. The agricultural
equipments, aircraft issues, coppers,
tire stocks, rails and railroad equip
ment have all risen more than 20 per
cent since January l, compared with
maximum advance of approximately
10 per cent in average industrial prices.
Improved earnings prospects in these
lines warrant the higher level of prices,
in the opinion of the United Service.
Increased farm income and larger
acreage are boosting sales of agri-
cultural implements, huge military ex-
penditures are keeping aircraft fac
tories busy, copper prices have risen,
both the price structure and the mar
keting situation in the tire industry
have improved, car loadings are run
ming above last year and railroads are
expanding their equipment purchases.
Although earnings in some indus
tries, particularly those manufacturing
consumer goods or merchandising
lines, will probably show little if any
improvement over last year, aggregate
earnings for the first quarter are ex-
pected to exceed results OF the corre-
spending period of 1885 by more than
20 per cent Sizable gains are likely
10 be shown by the five groups where
marked advances in prices have oc-
Cured and also by building suppliers,
manufacturers of electrical equipment
and machinery, oil producers and re-
flnerS. steel companies and utilities.
Bankers to Honor Gov. Seay.
Bankers all over the fifth Federal
Reserve district are planning to honor
George j. Seay, retiring governor Of
the Federal Reserve Bank of Rich
mond, with testimonial dinner to-
morrow night at Richmond. The din
ner is being sponsored by the Rich
mond Clearing House Association and
the Richmond banks.
Invitations we're sent 10 about 400
bankers in the area served by the
Richmond Reserve Bank Among
bankers who will attend from Wash
tneton are Corcoran Thom, president
cf the American Security & Trust
Co, and Frederick P H. Siddons. Sec
retary of the same bank, and Wilmer
J. Waller. vice president and cashier
Of the Hamilton National Bank
Gov. Seay was recently retired by
the Federal Reserve Board governors
in Washington after % years active
connection with the reserve system.
Through his long and efficient service
at Richmond, he is known and ad-
mired by host Of bankers in WASH
ington and the rest of the fifth dis
trict.
Financial District Gossip.
1t was learned in the financial dis
trict today that the annual conven-
ton of the Associated Stock Ex-
changes will take place in Cleveland
May l8 and 10. w. w. Spaid, part
ner In w. B. HibbS 81 Co., Is president
Of the organization, which has been in
q fourishing condition for several
years. The Washington Stock Ex-
change is among the members. The
committee named to arrange the con-
vention program in conjunction with
the Cleveland Stock Exchange con-
sists Of Harry r. Hill, Chicago; j.
Gates Williams, st. Louis, and Eu-
gene z. Thompson of Washington, who
is executive secretary of the associ-
stion.
President Hugh Leach of the Fed
eral Reserve Bank of Richmond has
sent out official notices of the ap-
pointment of Frederic A. Delano of
Washington as chairman and Federal
Reserve agent. He was q member Of
the Reserve Board from 1914 to 1918
and had been deputy chairman Of the
Richmond bank since 1923 and has
been class G director IN the panK
since 1921.
Trust Stock at New High Mark.
American Security & Trust Co.
stock sold on the Washington Stock
Exchange today at 255. new high
mark on the present advance. There
were five consecutive 10-share sales
at this price.
Capital Traction IS again came out
1T 901a, the same price at which these
bonds have recently sold quite ex-
tensiyely. Washington Gas IS, series
3, figured In a $1,000 turnover at 101.
The report of Virginia Electric g.
Power Co. for year ended December
81. 1885, shows net income Of $685.
746 after Federal taxes, interest,
amortization, depreciation, etc., equiv
alent to $14.82 a share on los, ,297