Evening star., 1940-03-09
Capital Store Sales
3Per Cent Above
Like 1899 Week
Larger Guin Scored
In Four-Week Period,
Bonk Report Shows
BY EDWARD c. STONE.

Department store sales in Wash
ington in the week ended March 2
were per cent greater than sales
in the week ended March a, 1880
the Federal Reserve Bank of Rich
mond announced today. Compared
with the previous week this year
sales were 90 per cent lower, the
report said.
Washington's 3 per cent gain,
compared with the corresponding
week last year, was just the same
as the advance for the whole fifth
district. In the fifth district sales
were down 6 per cent from the pre-
vious week this year. A group of
cities reported a 16 per cent rise
over last year and % per cent
Jump above the previous week this
year.
In the four-week period ending
March sales in the Capital were
So per cent higher than in the
like four weeks a year ago. They
scored per cent upturn in the
whole district, ST per cent in
group of cities and 35 per cent IN
Baltimore, the review shows.
The weekly review indicates that
retail trade in Washington and the
rest of the fifth district will dis
close excellent February results, well
ahead of last year.
Gas Meeting Due Monday.
The adjourned annual meeting OF
the Washington Gas Light Co. is
set for next Monday at the head
Offices on Tenth street. The meet
ing in February was adjourned be-
cause complete figures for the an
nual financial report were not ready.
Stockholders will elect directors
for the coming year. The present
board includes Albert w. Atwood,
Everett J. Boothby Robert c. Overs,
Christopher H. Pope, Marcy L.
Sperry, Sidney F. Taliaferro and
Corcoran Thorn.
The present executive officers are
Marcy L. Sperry, president; Everett
J. Boothby, vice president and gen.
eral manager; Robert c. Overs. vice
president and treasurer, and Edward
T. Stafford, secretary.
The Washington Gas Light Co, as
previously noted, earned S2.52 per
share on the common stock in 1899 |
against 1924 per share in 1888
There were 425000 common shares
outstanding compared with 100000 !
In the previous year.
Interest charges of $8l0114 showed |
the savings from the refunding in |
1888 of So 500 900 of per cent bonds |
by an equal amount of per cent |
bonds In 1888 interest charges were |
S987,569, the report says.
Studebaker Urges Thrift.
The Importance of thrift as an
educational force was emphasized
by DR.. j. w. Studebaker, United
States commissioner of education, at |
the Eastern Regional Banking Con-
ference in New York this week. He |
dismissed as unwarranted the views |
of those who are alarmed by the !
Governments program Of social Sc
curity, declaring this program Is
hardly calculated "to sap the incen-
tive of the great rank and file of the
people to accumulate private nest
egg"
William j. Martin, Bay State
banker, told the delegates that
foreclosed real estate is not frozen
asset 1t is liquid, unless one per-
sists in thinking along ancient lines,
he declared
L. W. Bishop, Richmond (Va)
banker. declared that banks must re-
cuce costs by simpliflcation of forms
and systems, and through the better
organization Of staffs, so as to
market service and credit at the
lowest possible figure"
Educating the public to the need
of thrift and savings to Offset cur
rent economic theories which call
for mass public spending, was advo-
Gated by Harold F. Clark, Columbia
University. The most dangerous
suggestion for the long g-term well
fare of the country, that could be
made. is to stop the discussion and
teaching of thrift, he said.
Wilmer J. Waller, vice president
of the Hamilton National Bank of
this city. took an active part in a
general discussion pertaining to saw
ings accounts.
Financial District Comment.
President E. D. Merrill's annual
report states that the Capital Tran
sit Co. now has $500 officers and
employees.
The suits against Capital Transit
and Washington Railway g. Electric.
with respect to bonds of the Ana
costa 81 Potomac River R. R. Co.,
and of the City G. Suburban Ry.,
have not yet reached trial, the re-
port states.
The United States Savings and
Loan League will hold its 48th an
nual convention in Chicago No.
vember 1915, members of the Dis
trict Building and Loan League an
nounce.
The Commerce Department re-
ports the dollar volume of retail
financing of new passenger automo-
biles was 81 per cent higher in jan
uary than in January, 1889, and 66
per cent higher than in 1888.
Chester Davis, member of the
Federal Reserve Board, and Robert
M. Hanes, head of the American
Bankers Association, will be the
featured speakers at the second an
nual convention of the Bankers
Association for Consumer Credit,
March 20 and 80 at White Sulphur
Springs, w. Va.
State and municipal financing for
February aggregated s173,023,773, as
compared with s60,422,473 for Feb
ruary, 1899. according to the Daily
Bond Buyer.