Evening star., 1937-01-24
D. c. STORE SALES
OFF liz PER CENT
IN SHORTER WEEK
Business Period Reduced to
Five Days by CIosings
for Inauguration.
CLEARINGS AND BUILDING
PERMITS ALSO DECLINE
Weather Continues to Dominate
Activities in Other Cities
of Fifth District.
BY EDWARD c. STONE.

Unfavorable weather conditions,
combined with fve-day selling week
due to the inaugural holiday, caused
department store sales in Washing
ton to drop 11.2 per cent below the
previous week, and 3.5 per cent under
the same week a year ago, the Com
merce Department reported yesterday
in the weekly survey covering IS i'm
portant cities. Hotel and restaurant
business In the Capital was greatly
stimulated by inauguration activities.
Bank clearings totaled s2o.17o,32
compared with s24,902 1856 in the pre-
vious week and $21,472,047 for the
corresponding week in 1886. The
value Of building permits issued dur
ing the week was only $172, 500. much
lower than in the previous week. The
impetus of inaugural crowds, how
ever. pushed attendance at the Wash
ington Monument up to 9,7l9 for the
week, compared with 1921 a week
ago and 1869 during the correspond
ing week last year, the Monument
being kept open two nights to ac-
commodate visitors
Weather continued to play the DOM
inant role in retail activities in other
parts Of the fifth district especially
in Baltimore. Abnormally high tenn
peratures, as we'll as the torrential
rains, slowed down demand Balti-
more, however, reported substantial
improvement in the buying of Spring
goods at wholesale. Even some de-
mand for early Fall requirements ap-
peared. Hot weather in Charleston,
S. c.. hurt trade. but 1t was still 18
per cent ahead of last year, the COM
merce report stated.
Land Bank Elects Officers.
Donald S. Mace was reelected pres
ident of the Potomac Joint Stock
Land Bank at the annual meeting of
the board of directors held Friday.
The other officers, all reelected for
the coming year, are:
Robert T. Scott, vice president:
Wade B. Hampton, vice president and
general counsel; J. T. C. Hopkins, jr.,
secretary; Audrey B. Carroll. treas
urer and assistant secretary, and
Carrie E. Allison, assistant treasurer.
For many years the Potomac Joint
Stock Land Bank has operated in
Maryland and Virginia, maintaining
an office in the Munsey Building in
Washington.
Prices Firm on Exchange.
Washington Railway g. Electric pre-
ferred stock sold at III on the Wash
ington Stock Exchange yesterday and
$1,000 Washington Gas SIS. 1858,
changed ownership at 1864. Bid and
asked prices on other issues were firm.
While business was quiet yesterday,
trading so far in 1887 has been highly
satisfactory. Transactions this year
have already been recorded in 18
different stocks and bonds. The de-
mand for Capital Traction IS has led
activity in the bond division with a
$20.500 turnover reported.
In the stock division some sales
were made during the week in Capt.
tai Transit at 16. It was the first
time the stock had reached Is in
many moons. Early this month it sold
at 14h. While Mergenthaler Linotype
did not appear on the board here, it
sold in Boston Friday at 81 and 53k
Institute Semester Starts.
Second semester classes of Wash
1ngton Chapter. American Institute
Of Banking, starts tomorrow, Presi-
dent Paul j. Seltzer announced yes
terday. The subjects offered include:
Bank accounting and auditing con-
troll, instructor, Ralph Endicott,
Washington Lean & Trust Co.; law /,
Raymond B. Dickey, dean of faculty;
economics, Norman E. Towson, Wash
ington Loan g. Trust Co.; credits,
Harold w. Burnside, Riggs National
Bank, and banking, Frederick H.
P. Siddons, American Security g.
Trust Co.
Institute officers look for a very
large attendance during the last half
year, adding that enrollments will be
accepted throughout the present week.
Heard in Financial District.
Members of the District Bankers
Association are still discussing the
address of Sir Willmott Lewis at the
Midwinter meeting, on social welfare.
One of his most interesting points re-
lated to property. In the past property
rights have always been held as sacred.
Millions of laboring men no longer
have their own tools, he said, but play
their parts in the operation of ma
chinery. That means that their only
property is their jobs, making the
protection and insurance of jobs more
vital than at any previous time in
history.
His advanced ideas on other phases
of social welfare made some of the
bankers gasp, but his facts and con-
vincing manner Of expression forced
them to agree with him. His talk
made the meeting one of the best in
years.
st doubt if any man in Washington
had more friends than w. B. Hibbs,"
said q man yesterday who had known
him q great many years. The atten-
dance from the financial district at
his funeral was an enviable tribute,
both the District Bankers Association
and the Washington Stock Exchange
having special delegations.