Evening star., 1937-10-17
DC. STORE SALES
HOLD ABOVE 1886
DESPITE DECLINE
Weeks Drop of 10 Per Cent
Leaves Total 700 Ahead
of Year Ago.
HARRELL REELECTED
BY COLUMBIA BUILDING
G. c. Bowie, Capital Real Estate
Leader. Named Vice President
Of Mortgage Bankers.
BY EDWARD c. STONE.


Under the stimulating effects of
crisp Fall weather. retail trade in
Washington department stores during
the last week remained 709 per cent
above the same week last year.
although 10 per cent lower than in
the previous week, the Commerce De-
partment reported yesterday In its
survey of business conditions in 81
important cities.
Bank clearings in the Capital
amounted to $24,672, ,4o1, against only
$22,522,969 in the corresponding. period
In 1885. Building permits issued dur
ing the week made a much better
showing. reaching s760,O0O, in COM
parison with s387,3 300 in the same
week last year. Washington also en-
tertained more tourists than a year
ago.
Richmond reported a particularly
good demand for Fall wearing apparel
and noted a pickup in wholesale
trade over the whole fifth district.
Baltimore reported uncertainty in
some wholesale lines but announced
an upswing of almost per cent in
bank clearings and gain in bank
debts. Charleston, S. c., experienced
good trade advances but noted a
slowing up Of highway projects with
= drop in employment.
Harrell Heads Building Group.
John B. Harrell, president for 30
~ u,,iJl
citation, was again elected to the Office
at the annual meeting held during
the week. Other officers reelected
were Harry B. Denham, vice presi-
dent; Clarence E. Kefauver. secretary,
and c. Gay Harrell, treasurer. These
officers, with C. Albert White, Albert
o. Denham and w. owen Hohenstein,
were reelected directors
President Harrell reported that loans
closed during the year totaled more
than S1,000,OO0 and that resources
we're nearing the $5,000000 mark.
Dividends amounting to nearly $685.
900 we're paid during the year and
surplus and reserve accounts substan-
TALLY increased, he said.
Bowie Given National Office.
q. C. Bowie, prominent in the
Washington real estate field, was
elected one Of the vice presidents Of
the Mortgage Bankers Association at
the conclusion OF the twenty-fourth
annual convention in Cleveland. He
was one Of 10 real estate leaders from
the Capital who attended the sessions.
At the closing session, William D.
Davis of Kansas City declared that
the old methods of judging farm
values must go. No longer should the
old rules of thumb be used, those
which he explained make farms worth
"only what they will pay in interest
and no more" or the rule that says
that a farm is worth only what it
can be sold for"
A broader and more scientific
principle is favored today, he de-
clared. The average price of farm
products sold by the farm must be
considered, average yields and other
scientific data be taken into consid-
Grafton.
The opinion was widely expressed
that investors are seeking great
many more facts about mortgages
than ever before.
Bank Sponsors Radio Program.
E. c. Graham. president of the
Hamilton National Bank, announced
yesterday that his institution will in
augurate Hamilton Bank Hour"
tomorrow evening and be one of the
many banks in other cities sponsor
ing the Philadelphia Orchestra, with
. special soloist and Neil Carothers,
who will comment on timely economic
problems.
The broadcast will open at 8 pm.
over station WMAL and will be the
FIRST Of q series of rs consecutive pro-
grams, some Of which will be partic-
apated In by w. NJ Kiplinger, WASH
ington commentator. Mr.. Graham
Will speak briefly during the initial
program.
Heard In Financial District.
Francis G. Addison, jr., president
Of the Security Savings Il CONNER
cial Bank, was elected a member of
the Executive Committee Of the State
Bank Division OF the American Bank
ers' Association at the Boston con-
vention. He was chosen for a three
year term
Robert c. Jones & Co., investment
bankers, announced yesterday that
Elmo R. Snow has Joined the organi-
ration. He has made a special study
OF Government securities and for a
long time has been connected with the
Washington Office of c. F. Childs G
Co.
Capital Transit stock sold at 10 on
the washington Stock Exchange yes
terday, unchanged from the last pre-
vious sale. Prices on the Washington
exchange recently have held up well
on most issues, considering the de-
clines on the New York exchange.
An interesting issue on the local
exchange Is National Savings & Trust
Co. stock. It sold at $l35 q share ct
one time this year. 1t has moved up
steadily until the latest bid is 5000 with
$3.50 asked.
Hilleary q. Hoskinson, first vice
president Of the District Bankers As
sociation, arranged the program for
tomorrow afternoons Fall meeting at
which Rufus Lusk will be the guest
speaker. Boston convention news will
add much to the rest of the program
ODD-LOT DEALINGS.