Evening star., 1938-07-24
D.C.STORE SALES
DROP BELOW 1887
BUT REVEAL GAIN
Commerce Review Places
Rise Over Previous Week
at IA Per Cent.
DROP FROM YEAR AGO
DUE TO HEAVY RAINS
Acacia Life Insurance June
Report Shows Sharp Upturn
in New Business.
By EDWARD C. STONE.

BY EDWARD C. STONE.
Retail department store sales in
Washington for the week ended July
20 showed an average increase of IA
per cent over the previous week, but
experienced a negligible loss of 18
per cent when compared with the cor
responding week year ago, the Com
merce Department weekly review of
business in "a key cities announced
yesterday.
Heavy rain hit retail trade a hard
blow all over the country, the re-
port says, adding that while progress
suffered setback, there seemed to
be no feeling of doubt among mer-
chants as to the outlook for improved
business later in the summer"
Washington reported bank clear
ings for the week at s23,165,15
against the slightly higher figure of
S25,S42,778 in the corresponding week
last year. Building permits were also
lower than a year ago. total Of
s545,300 comparing with s737,4OO.
Visitors to the Washington Monu-
ment were about the same as the
previous week, but the total was not
as large as last year, the weather pre-
sumably being the main reason for
the drop. Total passenger revenues
of the Capital Transit Co. for the
week ended July l6 were included in
the Commerce report, total of $780,
499 comparing with the lower figure
of sl90,452 in the like period last
year.
General business throughout the
fifth Reserve district continued the
slow improvement that has been evil
dent since the early part of June, the
Commerce review added. Charleston,
s. c. was one Of six cities in the United
States to serve a definite trade ad-
vance over the same week in 1887.
Baltimore reported wholesale dry
goods and general merchandising
business as improving. Merchants
are displaying a slight tendency to
buy in advance of current require
ments. Prices remain firm, the Com
merce survey concluded.
Acacia Reports Record June.
That the tide of business is turning
definitely upward is shown clearly in
figures covering recent accomplish
ments of the Acacia Mutual Life
Insurance Co., it was stated yesterday
by William Montgomery, president
President Montgomery reported that
total insurance in force now is at the
highest point in the company's his
tory. exceeding 1898 100000, a gain Of
nearly s5,600,000 during the first six
months of this year.
OF outstanding importance as an
index of returning business activity
and prosperity generally, in Mr. Mont
gomery's opinion, is the record estab-
lished during June. In that month
Acacia's volume of insurance in force
registered an increase of well over
s3,000,000. At the same time, placed
business hit new high for the year
more than $4373O0O
Randle Joins Johnstons Staff.
Clement G. Randle, who has been
In the securities business in Washing
ton for many years, has become asso-
ciated with the investment firm of
Johnston, Lemon & Co., James NJ
Johnston, one of the partners, an
nounced yesterday.
Before entering business, Mr.. Randle
attended Trinity College, Hartford,
Conn. and the Rennesalear Polytech-
mic at Troy. N. Y. Since then he has
been identified with investment and
banking firms for more than 25 years
He was formerly associated with the
Fenner & Beane office here.
F. H. A. Mortgages Reported.
The Federal Housing Administra-
ton reports that home mortgages ac-
cepted for insurance by the housing
administration during May numbered
1909 and amounted to $61 IT'S, ,050
compared with 1886, amounting tc
s44,387,426, accepted during April
Home mortgages selected for appraisa
made a new record in May, owe,
$4,000, 900.
Home mortgages accepted by the
r. H. A. for insurance in the District
of Columbia in May numbered Is ano
amounted to s168,100, the report said
compared with 10 mortgages. amount.
ing to $1251o0, in May of last year
So far in 1888 the F. H. A. has &C.
cepted for insurance SO mortgages in
Washington, involving $627,000.
So far this year in Maryland 74C
mortgages involving s3,4l6,050 have
been accepted In Virginia the figures
stand at 767, amounting to $3,629, 900
The general average term of these
mortgages is being heightened, the
report stated.
Basic Factors Held Better.
A midyear forecast by independence
Fund of North America, being dis
tributed by Slauson, White & Rowe
says that the recent important rise
in securities prices, supported by some
signs Of economic improvement in
dicates general return of confidence
in the business outlook Caution
however, is in order until business
indices confirm expectations, but
basic factors justify the assumption
that we have probably reached the
low levels Of the business cycle"