Evening star., 1939-06-25
DC. Store Sales Force
, Moderately Ahead
MYear Ago
Weeks Bonk CIeurinqs
And Building Permits
Also Improve
By EDWARD C. STONE.

last weeks report when trade tilted
downward.
Compared with the previous week
sales for the week ending June 81
showed range from minus 6 per
cent to an increase Of 29.2 per cent,
while the percentage change from
. year ago ranged from q minus 86
per cent to gain of 10.8 per cent,
r. the summary stated.
Bank clearings for the week showed
substantial improvement. SIG, ,3O4, ,776
comparing with $23, ,7s4,O08 a year
ago. Building permits also dis
closed an advance. 36 permits for
So buildings totaling $612 400; year
ago $5l6500.
Total passenger revenues of the
Capital Transit Co. also revealed
another marked weekly gain, $229, 1894
- comparing with $21482l last year.
The number of visitors to the WASH
ington Monument reflected the same
favorable conditions, being above
the previous week and the same
period year ago.
Department store sales in the other
cities in the fifth district were
maintained above the same level a
year ago, the Commerce review said.
$17,080, 900 Bonds Awarded.
Folger, Nolan g. Co., Washington
investment firm, and Alexander
Brown & Sons are among the men,
bers Of the syndicate headed by the
Bankers Trust Co. of New York
to which was awarded the $1,000
600 issue of Memphis. Tenn. gas
and electric bonds. Four groups
competed for the bonds, the award
being announced late Friday. The
underwriters announced yesterday
that the entire issue had been sold
with distribution being made on an
allotment basis.
Net interest cost to the city on
tho successful bid is 21938 per cent.
TThe group took the gas bonds ma
turing from 1910 to 1914 as 325s,
and the gas obligations, due 1945 to
1854, as 210s Electric plant bonds
maturing from 1912 to 1949 were
taken as 3.25s and those due 1850
to 1869 as 210s.
The city of Memphis will use the
proceeds OF the sale to acquire the
gas and electric facilities of the
Memphis Power & Light Co. There
was unusual interest in the issue
because it was the first of the kind
in the T. v. A. territory. 1t being
anticipated that other similar issues
will be brought out later.
Accountants Of to Conclave.
Washington will be ably repre-
sented at the annual convention Of
the National Association of Cost
Accountants. which opens two-day
session at the Ambassador Hotel,
Atlantic City, tomorrow. Account
ing experts from all over the coun-
try will take part in the program.
The Washington delegation will in
= clude:
william H. Churchill c. Milton
Clark, Mr.. and Mrs. Augustus E.
Brown, Mr.. and Mrs. Oscar D.
Crockett. Mr.. and Mrs. William M.
Deviny, Miss Irene Grubbs, Mr.. and
Mrs. Thomas w. Howard, Mr.. and
Mrs. O'Neal M. johnson, Mr.. and
Mrs. Robert W. King Mr.. and Mrs.
George D. Lane, Vinton E. Lee, Mr..
and Mrs. John l.. Mitchell, D. L.
Myers, Miss Mary G. Myers, Miss
Ann Gilman Paul, Mr.. and Mrs.
= Walter F. Raymond, William S.
Ritnour. Mr.. and Mrs. Laurence E.
Skees. Mr.. and Mrs. William L. Slat-
terry, Mr.. and Mrs. Lloyd v. Will
liams, Raymond P. Wylie, Mr.. and
Mrs. Joseph w. Rabbit, jr., and j. j.
Breen.
Next Friday will be accountants
day" at the Worlds Fair and many
of the Washington chapter members
are planning to 60 on to New York.
Demand Deposits Increase.
The Federal Reserve Boards
monthly bulletin said yesterday that
during the four weeks ended June
IA total loans and investments at
member banks in 101 leading cities
increased by s27O,OoO 900, following
q decline of 5000, ,000, 900 in the pre-
ceding four weeks. The major in
crease was in holdings of Treasury
notes and bonds at New York City
banks. Demand deposits increased
sharply to new high levels both in
y New York and in the leading cities
outside New York.
Prices of United States Govern
ment securities, which had advanced
sharply from April II to June S,
reaching a new high level, eased
slightly during the next two weeks.
The yield on the longest-term
Treasury bond outstanding declined
from 2.49 per cent on April II to
226 per cent on June S and in
creased to 232 per cent on June 19.
Industrial production, after re-
ceding during the first four months
of the year, increased considerably
in the first three weeks of June, the
board said.
Heard in Financial District.
More than 125 officers of the Ma
tioral Savings &. Trust Co., employees
and guests attended the recent out
ing in Rock Greek Park of the Ma
tional Savings Club. All types of
sports were enjoyed. The annual
outing will be held at the Annapolis
Road Club in September.
DaV1Q SamakOW OF Cne WaSnlng-
ton ONCE Of the New York Life In
surance Co. led the entire sales Or
Ranization in the Atlantic depart
ment in May in the number of paid
applications.
John K. Hedler of Spicer g. Rees
Of Washington has been made an
associate member of the American
= Institute of Accountants, it was an
nounced in New York yesterday.
Wayne Kendrick of this city is a
member of the Executive Council
and there are more than 145 men,
bers in the District.
Richard Hatton, former financial
editor of the Washington Herald,
attended his class reunion at Prince
ton. Overcome by the heat, he