Evening star., 1937-11-14
DC. STORE SALES
DROP ) PER CENT
BELOW YEAR AGO
Volume SIumps Nearly Ten
Per Cent Under Level
. of Previous Week.
CLEARINGS AND CHECKS
HOLD ABOVE 1886 MARKS
Federal Home Loan Bank System
Plans Third Debenture Issue
of About $25 100000.
By EDWARD C. STONE.

with drop In department store sales
In other sections of the Fifth. Reserve
District, the Commerce Department
reported yesterday, noting a slump oi
more than S per cent over the CORE.
spending week year ago and prac-
tically 10 per cent lower than the
previous week this year.
Bank clearings in the Capital, how
ever, were better than in the same
week last year, S24,9l4008 against
$23,677,457, an increase of more thar
$1,o0o,0O0. Building permits were also
up. total of s860,3oO comparing with
s435,500 year ago. Tourist business
was slightly better than last year. &C.
cording to the number of visitors al
the Washington Monument.
Baltimore made the best report
among other cities in this territory
sales registering improvement over the
week in 1886, although the margin was
small. Clearings were up IA per cent
Richmond retail sales were off but
Norfolk reported definite gains owe,
last year.
Wholesale houses in the Fifth Dis
trict felt the let-up in retail trade
most of the orders being for replace.
ments and holiday business, the Com
merce review stated.
Bank Plans S25,000,000 Issue.
Gov. Preston Delano of the Fedora
Home Loan Bank System announced
UacfarHov that h1 ko,
to make third offering of joint de-
bentures which will total about
's25, 900 900.
The new issue will be brought out
because of the continuing demand for
home financing funds by the 1927
member institutions, Gov. Delano sal Z
Each of the two previous issues in
May and July, respectively, totahng
S52,700,000 we're greatly oversub-
scribed within an hour after the Of
ferings were announced The first two
offerings were for period of one year
each, but it is expected that the new
debentures will be for longer term.
The announcement added:
Created by act of Congress five
years ago, as permanent credit res
ervoir for thrift and home financing
institutions, the Federal Home Loan
Bank System has become the largest
home mortgage reserve structure in
the world, providing q source of IL
quidity for member institutions and
assuring facilities for long-term home
financing. On October 81, there was
a total paid-in capital of sl55 5,1S5, ,750,
of which the United States Govern
ment has paid in s121,514,O0O and
member institutions s33.67l,75O. The
total assets of the system on that date
were s225.921 ,045."
c. g. P. Auditor Heads Program.
Franklin H. Kenworthy, general
auditor of the Chesapeake g. Potomac
Telephone Cos, who is in charge
OF the accounting departments of the
four operating companies of the Bell
System which furnish telephone serv-
Ice in the District of Columbia, Mary
land, Virginia and West Virginia, will
be the principal speaker at the No
vember meeting of Washington Chap
ter. National Association of Cost Ac-
countants, at the Hamilton Hotel
Wednesday night.
Telephone companies require an
extremely intricate system of account
ing to keep track of the myriad of
transactions constantly taking place.
AT the head of departmental Or
ganization comprising nearly 700 en-
ployes and with background of 36
years experience in the industry, Mr..
Kenworthy is fully qualified to bring
to Washington Chapter some most in
teresting information on the sub
ject Of telephone accounting. All ac-
countants interested in accounting
procedures of a large utility are in
vited.
The meeting at 8 O'Clock will be
preceded by dinner at $50. Walter
F.. Raymond, chapter president, will
preside and the Chesapeake g. Poto-
mac quartet will appear on the pro-
gram.
Trading on ID. C. Exchange.
Washington Railway Electric pre-
ferred stock sold ex-dividend at 107%
on the Washington Stock Exchange
ye@rday. Mergenthaler Linotype,
which has recently shown more
activity, figured in two sales at rs,
unchanged In the bond division
Washington Gas IS, 1860, registered
q 81 1000 sale at 1131a. The week ended
with very few changes in the bid
and asked prices on other issues on
the exchange. The final bid on Capt.
tai Transit stock was 81z, offered
at sA.
Both the Washington Railway l.
Electric issues and the Potomac Elec-
trio Power preferred stocks are being
quoted without the dividends which
have been declared and will be paid
IN q few days. All four dividends
were for the usual amounts.
The Potomac Electric Power Co.
has filed an application with the Sc
curities and Exchange Commission
for exemption from the requirement
Of filing an extended statement re-
garding the proposed $5,0oo,00 issue
OF 81 first mortgage bonds, which
are to be sold privately. Names of
the buyers will be furnished the
commission.
John K. Ottley, president of the
First National Bank of Atlanta, has
been elected director of the Southern
Railway, succeeding Devereaux Mil
burn, resigned.
The Atlantic Coast Line r. r. re-
ports for the first nine months of this
year . net income of $2.91 q. share on
the common stock, compared with
s1.2S . share in the like period in
1886.