Evening star., 1937-03-17
RETAIL VOLUMES
RISE 16 PER CENT
Daily Average of Nation Far
Above Year Ago, Survey
Shows.
BY EDWARD C. STONE.

Daily average retail sales in the
whole country in February were l6
per cent above February last year
and per cent above January this
year, the American Retail Federation
reported here today.
The sales volume in February
showed a gain of 1922 100000 over
tial amount in view of the five Sat-
urdays and one additional selling day
in February, 1886. Total sales last
month were estimated at s2,570,000,-
600. The gain in dollar volume for
the first two months of this year is
placed at IL per cent, or more than
$500,OOO,O0O
The federation's index of retail
sales, based on reports of the Depart
ment of Commerce and the Federal
Reserve Board and representing daily
average sales, stood at IS last month,
compared with 73 for February, 1886,
and 81 for January of this year De-
partment store sales were Is per cent
above February last year. New car
sales registered the greatest increase
and grocery stores the smallest
Variety stores made gain in daily
average sales OF 9.5 per cent, COM
pared with an average in January of
6.5 per cent. Rural sales were 114
per cent over February, 1886, and So
per cent above January, 1887.
Estimates of new cal sales during
February indicate an increase of
around 35 per cent over February a
year ago. This high level contributed
materially to the rise in total retail
sales, the report concludes.
johnson Gets National Honor.
Jerry P. Johnson. secretary of the
Terminal Refrigerating & Warehouse
ing Corp, and its subsidiary, the Con-
solidaued Terminal Corp, both of this
city, was elected vice president of
American Chain of Warehouses, Inc,
at the annual meeting, held in Chi
cago.
American Chain of Warehouses, Inc,
comprises approximately 100 of the
country's leading warehouses located
in important cities from coast to coast.
The national organization has Offices
in New York and Chicago, where ex-
perienced stats deal with every phase
of warehousing and transportatio ton
problems.
Selection of Mr. johnson as vice
president gives Washington Official
recognition in one of the Nations
largest cooperative warehousing or
ganizations The firm with which he
is employed owns and operates two
large terminal warehouses in South
west Washington, a focal point for
the storage and distribution of per-
ishable freight and general foodstuffs
in the city.
Bankers to Attend Council.
Several Washington bankers are
already making plans to attend the
Spring council meeting of the Ameri-
can Bankers Association at Hot
Springs, Ark, around the middle of
April, it was reported today Robert
v. Fleming, president Of the Riggs
National Bank; Wilmer r. Waller,
vice president and cashier of the Ham
ilton National Bank; Sidney F.
Taliaferro, trust officer at Riggs, and
Earle M. Amick, another officer at
Riggs, are slated to take the trip.
Other fnanciers from here may also
attend the sessions. George o. Vass,
vice president and cashier of Riggs
National, is member of the A. B. A.
Executive Council, representing the
District Bankers Association.
Next to the annual convention in
the Fall, this is the associations most
important meeting Of the year. The
midyear report of the Economic Policy
Commission and many other equally
important banking statements are
presented and considered
Eccles Committee Chairman.
Mariner S. Eccles, governor of the
Federal Reserve system, has been
named chairman of the Executive
Committee of the Open Market Com
mittee. Other members include Joseph
A. Broderick and John K. Mckee,
members of the Federal Reserve
Board; George L. Harrison, president
of the Federal Reserve Bank of New
York, and John S. Sinclair, president
of the Federal Reserve Bank Of Phila-
delphia. Alternates are Ronald Ran
som, Chester c. Davis and M S.
4Szymczak, all members of the Reserve
Board.
w. w. Spaid, head of W. B Hibbs g.
Co., this city, has been suggested by
the Nominating Committee of the New
York Stock Exchange as member of
the Governing Committee of the ex-
change. He was one of IL members
added to the list for the forthcoming
elections, the Wall Street Journal an
nounces. Mr.. Spaid is president of
the Associated Stock Exchanges, ma
tional organization, and has been
leader in the association of Stock Ex-
change firms which have their head
Offices outside of New York.
AT the annual meeting of the Shen-
sndoah Life Insurance Co. in Roanoke,
Va, yesterday, ]. M. Kemper of Wash
ington was elected to the Board of Di-
rectors. The board also declared a S
per cent dividend, amounting to
$4,000, on the $4,000 shares of stock.
In electing Mr.. Kemper, the number
of directors was increased to 20.
Note Conversion Completed.
The Treasury conversion of $780,
100000 of 3 per cent notes maturing
April is and refunded March is was
SO per cent complete, Acting Secretary
Roswell Magill announced.
OF the outstanding notes, $483,91O,-
600 were surrendered for conversion
into 212 per cent Treasury bonds of
1949-1953. Of the exchange subscrip-
tions, 1920, ,529,500 came from the New
York Federal Reserve district.
The Treasury will pay off on April
is about sl8,500,0O0 of notes not re-
financed.
Financial District Gossip.
New York City banks have been
shifting into investments of longer
maturities in order to obtain better