Evening star., 1940-12-29
D. +. Store Sales
Far Ahead Of
1889 Marks
22.3 Per Cent Gain
Reported for Week
Preceding Holiday
By EDWARD c. STONE.

SilI SlIIldSs uSpdl llilcllJ SbOlc SdiCo III
Washington scared 223 per cent
above the record for the correspond
ing week year ago, the Federal
Reserve Bank of Richmond reported
yesterday.
The gain for the whole fifth dis
trict over last year was 18 per cent.
Baltimore reported a l3 per cent
rise and group of Sther cities en-
joyed IA per cent advance in sales,
the report showed.
Washington stores registered a
Jump of 206 per cent in the week
ended December q over the previ-
Gus week this year This was much
better than the IA per cent pickup
IN the whole fifth district, 39 per
cent in Baltimore and 18 per cent
in a group of other cities
In the four week period ended
December 81, department store sales
in the Capital ran 116 per cent
ahead of the four weeks ended De-
cember % last year. In this period
fifth district trade was up 10 per
cent, Baltimore sales gained 80 per
cent and other cities showed an
= average improvement OF 1O.2 per
cent, the report stated.
Yesterdays statement backs up
previous forecasts that Christmas
trade in the Capital would be more
than 10 per cent ahead of last year.
The final two shopping days are
not expected to make any material
change in the advance already an
nounced.
In the week ended December 81
sales In the II Federal Reserve dis
trlctS were up per cent. The l8
per cent gain in the fifth district
topped the list
ID. c. Mortgage Loans Mount.
The Federal Home Lean Bank of
WlnSton-Salem reports that build
ing and loan associations in the
District of Columbia in November
closed mortgage loans amounting to
s3,7O7,406 against 81 ,633 ,293 in No
vember a year ago.
The same associations reported
that new investments in November
this year amounted to s1.859 .354
against $l,094,953 a year ago in the
same month. Private shares repur-
chased totaled S1.134,747, compared
with S538,574 in the like period
year ago.
In the first II months of this wear
the report said, mortgage loans
closed in Washington amounted to
S36,7e5 ,445, compared with s18.628,-
889 in the like 1899 period.
Mortgage loans closed in the en-
tire fourth district in the II months
totaled s127,198287, against s72-
454,44l a year ago, President o. K.
La Rogue announced.
Banks Make Defense Loans.
Washington banks reported during
the week that they had already
mace lew OF the so-called national
defense loans. They expect to make
many more in the near future. The
banks are now fully acquainted with
the methods of procedure in obtain
ing these loans and are taking Wig
orous steps to do a lot of this type
OF lending. The loans are highly de-
Slrable with very sound collateral.
Along this line Fitch's Investors
Service said yesterday that the ex-
tent of industrial borrowing is. of
course, one means of gauging Short
time demand for banking capital
ana 1t is noteworthy that loans in
this category showed commemorate
progress in the final quarters of the
year.
Loan Association Expands.
tomorrow the Mutual Building
Association will be in new quarters
at 425 Seventh street S.W., according
TO an announcement by Joseph T.
fitzgerald. secretary. For some years
the association was located at 3O6
Seventh street SW., but growth in
recent months has made the change
necessary.
A member of the United States
Savings and Loan League and the
District of Columbia Building and
Loan League, the association re-
ports total assets of $500 900.
In addition to Secretary Fitzger-
aid, other officers include Lindsey
P. Rawley, president; Leo F. Die
gelmann, vice president, and Joseph
p. Burke, treasurer.
Financial District Comment.
Potomac Electric Power 51s per
cent preferred stock registered four
10-share sales and one 15-share
sale on the Washington Stock Ex-
change yesterday at lis. The mar
ket closed with ia bid and none Of
fered at any price.
Thirty members of the Lee D
Butler wholesale and retail Stude-
baker sales organization left here
for five-day trip to Miami Beach
Fla, Friday. They are the win
ners in a November-De sales
contest. which, according to Mr.
Butler, featured the most success
full November and December in the
history of his firm.
Harold A. KertZ, former assistant
trust officer of the National Metro
politan Bank, has joined the law
firm of Roberts & McInnis. Mil
ton S. Musser, former law clerk to
Mr.. Justice McReynolds of the Su-
preme Court, has joined the same
firm.
Selling on the New York Stock
Exchange to establish losses for in
come tax deductions is practically
over, Washington brokers said yes
terday. Ending of this December
selling, which is called extensive In
some quarters, is expected to be
helpful to the market. 1t has beer
depressing factor all the month
Gas Dividends Declared.
Directors of the Washington Gas
Light Co., meeting Friday, declared
the regular quarterly dividend OF
s1.12la per share on the 10000
shares of $3.50 cumulative preferred
stock, payable February 10 to stock
holders of record January 81.
The board also declared the usual
quarterly dividend of 3712 cents pei
share on the 425000 shares of COM