Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-05-16
Store Sales Off 1924 Per
Cent for Week, or 2.66
Below Year Ago.
OTHER FIFTH DISTRICT
CITIES SHOW ADVANCES
Preparations for Preakness Spur
Baltimore Trade-Wholesale
Activity Also Higher.
BY EDWARD C. STONE.

previous week, bank clearings in the
Capital again revealed substantial i'm
provement during the last week.
Checks passing through the Washing
ton Clearing House totaled $24, 488 852
against $23.237,935 in the correspond
Ing week year ago. Building per-
mits Issued during the week also kept
up the recent excellent showing, the
total OF $982,600 comparing with
S846.l00 in the previous week and
S401 500 In the same 1886 week, the
Commerce Department weekly survey
said yesterday
Department store sales. however,
took a decided dip of 1894 per cent
from the previous week and showed a
decline OF 266 per cent under the
record OF the same week in 1896, the
report added With the exception
OF the Capital, retail sales in the
leading cities in the fifth district ad-
Vanced substantially over the same
period last year Preparations for
the Preakness provided considerable
stimulation to retail trade in Balti-
maintained high levels.
Richmond reported considerably
higher bank debts, Norfolk better
trade than last year, and Charleston
S. c., noted an per cent gain in
retail and 10 per cent stepping up
IN wholesale trade over 1886. In
several cities special sales lifted trade
Maryland Bankers Elect Broun.
r. Bascom Broun. jr., cashier of the
First National Bank of st. Marys, at
Leonardtown, was elected president of
the Maryland Bankers Association
at the closing session at Atlantic City,
succeeding Howard H. Roark John
j. Ghingher, president of the National
Central Bank. Baltimore, and former
State bank commissioner, was elected
vice president. which usually means
succession to the presidency the next
year Eugene G. Grady. vice presi-
dent, Western National Bank, Balti-
more, was reelected treasurer, and
Matthias F. Reese, manager Of the
Baltimore Clearing House, was again
elected secretary.
This country will need to spend
an average of s33 900 O00,0 900 annually
on durable goods and to build an
average Of 100000 houses a year dur
ing the next five years if we are to
reach the goal Of 1929 living stand
ard, Harold G. Moulton, president
OF the Brookings Institution, Wash
ington, informed the Maryland bank
ers
In order to set up durable goods to
the level required to make good the
accumulated deficiency. Mr.. Moulton
said from 100000 to 100000 addi-
tional workers would be needed, and
that this would absorb all the I'M
employment in this country.
Following Mr.. Moulton's address
Ben johnson, special assistant to the
board OF directors of the Reconstruct
ton Finance Corp, urged bank
ers to make the safety and availability
Of funds rather than profit the pri-
mary consideration in lending or in
vesting funds.
1.-The local bank" he said, lis closer
to local business than is any other
lending agency, and should be the best
equipped to extend proper credit to
local interests.
"A bank is not chamber of COM
merce or board of trade. and its pur-
pose Is not primarily to create business
but to facilitate business"
Accountants to Hold Forum.
Forum discussion of President Roose-
velt's message to Congress transmit
ting the report of the financial adj
ministration of the Government, pre-
pared by the Bookings Institution,
will feature the final meeting of the
year Of Washington Chapter, National
Association of Cost Accountants. next
wednesday evening at the Hamilton
Hotel.
The annual election of officers and
directors for the chapter year 1878
will also be held and prizes will be
awarded to team captains and men,
beers leading in the chapter competi-
ton. The meeting will begin with a
dinner at $50 and the technical
session will open at o'clock.
The technical session will be led by
=. William Lee Slattery. controller of the
Post Office Department, Theodore B.
Nickson, controller of the Federal
Housing Administration, and Robert
w. King of the Farm Credit ADJ
\ ministration. c. Milton Clark, treas
urer Of the Central Bank of Co
operatives. and president Of the WASH
4aetdn Chapter, will preside.
Capital Transit At 1887 Low.
Capital Transit stock sold on the
washington Stock Exchange yester-
day at 912, the lowest quotation for
1887. Sales were very light, however,
the turnover being only eight shares.
Washington Railway & Electric pre-
fesred came out at 1882 and closed
at 108, also on light sales Potomac
Electric Power 5l2 per cent preferred
and the corporations 6 per cent pre-
ferred moved at 100. Bonds were
neglected.
The Securities and Exchange Com
mission has adopted 4 new form for
applications tor permanent registra-
ton under the Securities Exchange
act Of 1894 for bank holding COM
panies. The form Is prescribed for
tssuers engaged either directly or
through subsidiaries primarily in the
business Of owning SECURITIES of banks
for the purpose or with the effect Of
exercising control.
Not since May, 1881, has residen-
tial building been undertaken on such
. heavy scale as was reported in April,
r. w. Dodge reports. adding that some
Of the most important gains were
scored in the District Of Columbia,
Maryland and Virginia.