Evening star., 1940-07-28
Capital Store Sales Soar.

LIZ PoL tlliSAIU Cbo4C SdICS III tIit
Capital for the week ended July %
scared 178 per cent above retail
business in the corresponding week
year ago, the Federal Reserve
Bank of Richmond reported yester-
day. The average gain for the Fifth
District was 13 per cent.
washington stores scored mod
est gain of 10 per cent over the
previous week this year, against a
drop of 7 per cent in the whole dis
trict. In the comparison, Balti-
more sales were down Is per cent
while a group of other cities re-
ported fractional decline
In the four weeks period ending
July 20, cumulative sales in Wash
ington stores were 121 per cent bet
ter than last year while the gain
for the whole district was II per
cent, in group of other cities off
IL per cent and up II per cent in
Baltimore.
The report is in line with other
recent statements from the Reserve
Bank showing summer trade in the
Capital is holding up splendidly.
Insurance Rules Changed.
Thomas I. Parkinson, president of
the Equitable Life Assurance So
ciety, notified the Washington Of
flee Yesterday that restrictions have
been removed on the issuance of
policies involving air. travel risks.
No limitations of amount will be
imposed and no extra premiums
will be charged because of an an
pllcant's past or contemplated fv-
ing as fare-paying passenger on
scheduled planes operated by COM
mercial airlines within the United
States, the company says.
The action is taken because of
the great reduction in the number
OF accidents in air travel. The re-
markable achievements of the air
industry in recent years have caused
air risks to be placed with other
accident risks involved in life in
surance underwriting. 1t is antici-
pated by members of the District
Life Underwriters Association that
other companies, which have not
already changed their rules. will
take similar action in the near fu-
ture.
New Quotation Plan Starts.
Bid and asked questions on WASH
ington securities sold over the
counter, compiled by local members
OF the National Association of Sc
curltles Dealers, are presented in
The Sunday Star for the first time
today. They are assembled by a
special committee made up of Ber-
nard l.. Nees and Edgar B. Rouse.
There are more than so of these
issues in which there is a large
amount of trading which makes the
current quotations of very general
interest. The list is practically the
same as has been quoted for sew
eral years by Johnston, Lemon &
Co. The new plan is being adopted
in the larger cities all over the
country.
The Securities and Exchange
Commission reports that the total
market value of transactions in
stocks and bonds listed on the
Washington Stock Exchange was
$1l7,350 in June. Of this total the
stock turnover accounted for S37 ,875
in dollar volume, involving the
transfer of 1920 shares, while the
market value of traded bonds was
S29,475
MacKubin, Legg & Co. is distrib-
uting a booklet entitled Fire
Marine and Casualty Surety
Stocks" which shows that the fire
insurance business changes very lit
tie in times of war or peace In
wartime Spain. the booklet says,
when home Offices were separated
from their branches, new business
survived remarkably well.
Financial District Comment.
Chauncey G. Parker, A. Chester
Flather and Harold G. Patterson of
Auchincloss, Parker & Redpath are
away on vacations.
William D. Hoover, chairman of
the board of the National Savings
& Trust Co., is feeling the call of
the mountain and lake breezes of
New Hampshire and August is
likely to find him visiting some re-
sort in the Granite State.
Keith-Albee- -Orpheum Corp has
declared dividend of SITS on the
7 per cent cumulative preferred
stock for the quarter ended March
81. 1888, payable october /. A SINH
lar amount was paid on July /.
President M. w. Clement of the
Pennsylvania Railroad says that es-
timated gross in the July l to July
Is period showed an increase of
1872 over 1889 Freight revenues in
creased 202 per cent, while passen-
ger revenues were off SO per cent.
Extensive development of regional
clearing house associations for
country banks as a means of pro-
noting bank cooperation and solv-
ing local banking problems is urged