Evening star., 1938-06-10
STORE SALES LAG
! IN FIFTH DISTRICT
May Volumes Show Drop
of 13 Per Cent From
Levels Year Ago.

Department store sales In May for
the fifth Federal Reserve district, in
cluding this CITY, were 13 per cent
below May, 1887, as compared with a
II per cent decrease reported for the
entire country.
This was announced by the Board
of Governors of the Federal Reserve
System, which indicated that the fifth
district showed per cent decrease
for the five months of this current
year as compared with the five months
year ago. These reports were based
on 81 stores in % cities of the fifth
district.
The country rs whole showed
10 per cent decrease over the Ave-
month period.
For the country department store
sales decreased considerably from
April to May and the boards season.
ally adjusted index showed a further
decline to 70 per cent of the 1923-25
of SO for April. 86 for March of this
year and SO for May of last year.
The largest decrease in department
store sales in May was reported from
Philadelphia. with a decrease of q
per cent, while the smallest was the
Dallas district. with per cent. Dallas
was the only district to show gain
over the five months period, compared
to the comparable five months of a
year ago. Its gain was only per
cent. as compared to Chicago with the
greatest loss, of Is per cent, for the
same period
Part Of the decline from year ago
In the dollar volume of sales was at
tributed by the board to the effect of
lower prices for commodities sold by
the department stores.
Firm to Close Office.
Although the New York Stock Ex-
change firm Of G. NJ P. Murphy e.
Co. plans eventually to discontinue
all Its branch Offices including the
one in Washington at BIS Fifteenth
street the firm will continue to operate
its local office indefinitely" until other
arrangements are made, it was ex-
planned by A. Chester Flather, man.
ager.
The managers and general agents
dlvlslon of the local Life Underwriters
Association will hold its regular BIZ
monthly luncheon meeting at the
Hamilton Hotel Tuesday.
The speaker will be Troy M. Rodlun
who will discuss various phases of ad-
VertSlng as it may affect life insur-
ance distribution. Mr.. Rodlun until
recently was advertising manager of
the Acacia Mutual Life Insurance Co.
At the last meeting of the managers
section, Mr. Charles w. O'Donnell,
manager of the Minnesota Mutual was
elected president for the coming year
succeeding Mr.. Lawrence Choate. Mr.
Armand Durant is now secretary, sue
ceeding Mr.. Roger Baldwin
Three utilities provided the only
trading on the Washington Stock Ex-
change today. Georgetown Gas SIS went
at lis; Washington Railway e. Electric
preferred stock sold at ILL.,; and Po-
tomac Electric 6 per cent preferred sold
at 1893. and 1l4.
First Federal Gains.
Share accounts In the new First
Federal Savings & Loan Association
have passed total of $4,000 900, it
was announced today by Carl H.
-Ellingson. executive manager of this
firm, which has taken over assets of
the old Fidelity Building & Loan As
Sociation.
Out of the accounts of the Fidelity.
shareholders invested in new First
Federal shares total of about ST.
500 1000. Mr.. Ellingson said New ad-
ditional money invested in Federal
shares since the institution opened in
March totaled s462 ,s8e.77 UP to June
Q, the figures show. This new money
came in at the rate of s95,516 in
March, s14l.359 in April. sl66.350 in
May and s59,66 during the first eight
days of June.
Expected to Top S5O0.000.
These new accounts by the end of
June, the executive manager predicts,
will go over half million The new
association has approved 81 mortgage
loans totaling s350,00n
The receiver of Fidelity. James H.
Nolan, still has on hand about 500
dividend orders on the First Federal,
which Fidelity shareholders have not
get called for.
They amount to about s2l 900. The
receiver also has in hand about $500
unproven claims amounting to about
$1,000.
He hopes that Fidelity shareholders
will call 10 straighten out their ac-
counts so that the receivership may
be closed July !. Anything left after
that time may be turned over to the
controller of the currency.
Marks goth Anniversary.
The Washington district of the
Fidelity Investment Association of
Wheeling, w, Va, is celebrating the
goth anniversary of the founding of
the Washington office. George L.
Naramore, district manager, an
nounces the first five months of 1888
report from all so district Offices shows
an increase over the same period in
1887 of 48 per cent.
Among those present at a luncheon
held in celebration of the anniversary
were John Marshall of this city, chair
man of the board; Carmi Thompson
OF Cleveland, Ohio, president of the
association, and other members of the
Board of Directors Mrs. Emmabelle
Kraft of Washington was awarded
a prize for leading the entire women's
department during April.