Evening star., 1938-11-27
d. Sales Drop
Ten Per Cent
Below 1887
Report Covers Period
Preceding Current
Cold Wave
By EDWARD C. STONE.


Washington department stores ex-
perienced drop of 10 per cent in
retail trade during the past week
IN comparison with the correspond
Ing week in 1887, the Commerce De-
partment reported in a review of
business conditions in 81 important
cities.
The trade summary added that
sales in the Capital registered a
decrease of per cent over the
previous week this year, the report
covering the period before the
weather turned much colder and
more seasonal.
Trade in the rest Of the fifth dis
trict for the week was spotty, the
review said. Charleston and Norfolk
reported increases over both the
previous week and the previous
year. Baltimore recorded no change
from the previous week but slight
decline from the previous year.
Merchants in the fifth district
are now actively featuring gift and
holiday items and many are pre-
dieting that Christmas trade will
equal or exceed last year. 1t is
believed that the colder weather
will increase demand for all types
Of winter goods.
The summary for Washington
revealed substantial improvement
In building permits for the week,
S522,6 against Sl4S,7O0 last year.
Bank clearings also advanced. s23.-
557 ,937 comparing with S2l,05l $50
year ago.
Total passenger revenues of the
Capital Transit Co. for the week
ended Wednesday were $223,036
against s2l7,823, the report stated
Woodward & Lothrop Stock Up.
Woodward & Lothrop common
stock recorded a sale on the Wash
ington Stock Exchange yesterday
at Sc, gain of 6 full points since
the last previous transaction. Trad
ing in this issue has been fairly
quiet during the year, 1T shares
having changed ownership. The
last sale in Woodward & Lothrop
preferred stock was made at 113.
On the Washington Exchange yes
terday, Washington Gas Light pre-
ferred stock again sold at the high
mark for the year-105. Two sales
were recorded in 10 and 5 share
lots. At one time during the week
the stock moved at 1047s but it was
soon back to 105. For weeks it has
been the most active issue on the
list due to the redemption of the
entire issue of Washington Gas
Light IS. 1858, at 104Aa.
Washington bank stocks were
quiet during the week. sales being
limited to Riggs National Bank
common and Washington Loan &
Trust. While there has not been a
sale on the exchange this year, Ma
tional Savings & Trust registers
bid of 203, with PIP asked, following
a long and steady rise in bid and
asked quotations.
Bank of Commerce & Savings
stock is still to record its first 1898
sale on the exchange board. The
stock stands at 230 bid and none
offered at any price. 1t pays $40 a
year, highest bank stock dividend
on the list. Several others pay So
q year.
Bankers Capture Golf Honors.
Three Washington bankers, who
attended the A. B. A. convention
at Houston, captured golf honors, it
was learned here yesterday.
Robert v. Fleming, head of Riggs,
won the cup offered to ex-presidents
of the national organiza ton:
Thomas j. Groom, vice president of
the Bank of Commerce g. Savings,
will receive the golfers trophy in
few days, and Francis G. Addison,
Jr., president of the Security Savings
81 Commercial Bank and the Wash
ington Board of Trade, won a silver
tray.
The winners were notified by let
ter, as all the tournaments took
place on the day after the conven-
ton had adorned. One of the
flnanciers suggested that this fact
be stated for the information of the
directors of the three banks.
Heard in Financial District.
The Merchants and Manufacture
ers' Association yesterday predicted
an unprecedented holiday shopping
season in the Capital. The state
ment added that the stores were
already prepared for the Christmas
business and were giving customers
a longer period than usual in which
to make their selections.
The District of Columbia Building
and Loan League meets at the
Raleigh Hotel Tuesday, when the
Executive Council will make COM
plete report on the recent Chicago
convention. Special tribute will be
paid Edward c. Baltz, who has just
retired as president of the national
organization.
William r. Castle, Undersecretary
OF State during the Hoover admin
istration and former Ambassador to
Japan, will address the National
Savings Club Forum at the National
Savings & Trust Co. next Friday
afternoon at o'clock on Europe
Iooay." R. L. johnson will preside
as club president.
The Federal Reserve Board re-
ported yesterday that total loans
and investments in 101 cities de-
ciined $50, 100000 in the first half
OF November, following a substantial
increase in October. The decline
was almost entirely in New York
City. Demand deposits, at an all
time peak in October, also declined
somewhat, the report added.