Evening star., 1941-08-01
Department Store
Sales Gain 80 Pct.
In Washington
Fifth Reserve District
Reports 81 Per Cent
Advance Over Lost Yeu7
BY HAROLD b. ROGERS

BY HAROLD b. ROGERS
Department store sales in WASH
ington showed a gain of 80 per
cent in the wee kended July % over
the similar week last year, according
to the Federal Reserve Bank of
Richmond.
Sales in the July 26 week this
year were per cent less than the
previous week ended July l9 this
year.
Department store business in the
whole area for the four weeks ended
July 26 this year compared with
similar period last year showed
gain of 81 per cent.
Baltimore registered gain of 26
per cent for the week ended July
26 this year over the similar week
last year, tied with the previous
week this year, but the four weeks
period this year was 25 per cent
ahead of the four weeks last year.
The average sales gain for the
Fifth Federal Reserve District for
the week compared to the 1910
week was 33 per cent. There was
! per cent decrease from the prior
week. but the four weeks period
In 1941 showed a gain of 81 per cent
over the similar period in 1910.
Uniform Practice Code.
A national uniform practice code
for over-the-counter trading in Sc
curities became effective today un-
der sponsorship of the National AS
sociation of Securities Dealers, Inc, |
of which Wallace H Fulton of
Washington is executive director.
The code is the result of many
months work on the part OF the
Uniform Practice Committee of the
association headed by Joseph T.
Johnston. the Milwaukee Co, Mil
vaukee. Wis.
James Parker Nolan Of Folger, |
Nolan & Co. is chairman of Dis
trict No. II of the National Asso- |
citation of Securities Dealers, Inc, |
which includes the District of Co.
lumbia, Maryland, Virginia, West
Virginia and North Carolina.
Should Avoid Disputes.
attempt to facilitate business trans
actions in the over-the-counter mar
ket, and to codify and make uni
form, where practicable, customs,
practices and usages in the business.
In this way, it should avoid dis
putes among people in the business,
which arose in the past due to lack
of uniformity and codification."
There are two Washington mem
bers of the Uniform Practice Com
mittee for District No. IL: Harold c,
Patterson of Auchincloss, Parker &
Redpath. and T. Baker Robinson
of Robinson, Rohrbaugh & Lukens.
Chairman of the Uniform Practice
Committee for District No ii is
Howard E. Demuth of Mackubin
Legg a. Co. of Baltimore.
c. &P. Income Gains.
Net income of the Chesapeake u
Potomac Telephone Co. for the
month of June amounted to Sl56, ,0O4,
which was s11,864 more than in
Pune, 1910, according to Charles A.
Robinson, vice president and gen.
eral manager of the company. In
vestment in telephone plant as of
June, 1941, was. SO .o23,813 more than
in June, 1949.
Operating revenues for June were
s1.314.851, against sl,101,072 year
ago, and operating expenses were
S956,234, as compared with S760,96O
in June, 1910. For the six months
of l941 operating revenues were
1851 per cent higher than for the
same period last year, while ex-
penses, including taxes, were 1899
per cent higher. Taxes in June,
1941, amounted to $120,783.
There were 295,009 telephones in
service at the end of June, which
is an increase of 2,874 telephones
over the previous month. Telephone
users made 36,991 900 calls during
the month. or 5,306,000 more than
In June. 1910.
Russell Conn, manager of the
Ambassad Hotel, was honored at
a gathering of Washington hotel
men and business leaders Wednes-
day night at Kenwood Country Club,
sary in the hotel business here. Mr..
Conn started his hotel career at the
Old Riggs House He went to Chicago
but returned to Washington as as
sistant manager of the old Shore
ham. From there he went to the
Lee House as manager, then to the
Hamilton and finally to the Am
bassador.
Financial District Notes.
Willard G. Barker, president of
Morris Plan Bank, has returned
from vacation.
James B. Skinner, vice president
of Liberty National Bank, leaves
tomorrow on vacation.
William V. Simmons, trust officer
of Liberty National Bank, will re-
turn Monday from vacation on his
Maryland farm.
Wales Jack, assistant cashier of
Liberty National Bank. returns
Monday from vacation in Canada.
Julius E. Lob, vice president of
Second National Bank, will return
Monday from Macon, Ga.
lIdu1Ils was oCCiNc III uClH1les oH
the Washington Stock Exchange to-
day with prices steady to stronger.
Washington Railway G. Electric pre-
ferred registered a gain, selling at
115sa as compared with 114l2 last
sale. Other sales with prices steady
included Washington Gas SIS 1860
at 1873; Potomac Electric sig prefer
red at 11614, and Capital Transit
et 15M