Evening star., 1942-08-21
Capital Store Sales
Is Per Cent Above
Year Ago in Week
Four Weeks Volume
10 Per Cent Ahead
OF l941 Period
BY HAROLD B. ROGERS.

week ended August Is. according to
the Federal Reserve Bank of Rich
mond, which reported department
store sales in Washington were Is
per cent ahead of the week ended
August 16. 194l
Washingtons increase was greater
than the average for the entire
Fifth District, which was IA per cent.
Baltimore showed a gain of IL per
cent during the same period, and
other cities In the area showed a
like gain of II per cent.
Sales here in the week ended
August Is this year were S per cent
ahead of the previous week ending
August 5, as compared with the dis
trict average of only 2 per cent
gain during the same period,
The cumulative sales in Washing
ton for the four weeks ended Au-
gust Is, were 10 per cent ahead of
the same period last year, while the
whole district showed an per cent
gain.
The averages were based on re-
ports from 18 leading department
stores.
Bank Ceilings Set.
Washington banks have been noti-
fed that the ONCE of Price Admin
istration considers rentals for safe
deposit boxes may not be higher
than the highest rentals charged
during March 1912.
This price ceiling on particular
service of the banking business
came as somewhat of a surprise.
According to earlier indications it
was expected that rates charged
industrial or commercial users might
be exempt, but according to informa-
ton from the Office of the general
counsel Of the American Bankers
Association here, the price ceiling
on such rentals Is to reach these
groups also.
The services covered by the
amended regulation" says letter
from D. j. Needham, general coun-
sci of ABA. relayed through the
District of Columbia Bankers Asso-
citation to all banks here, "are not
confined exclusively to consumer
services as were the services covered
by the original regulation. AS re-
suit all safe deposit rentals are SUBJ
ject to the price ceiling regardless of
the nature of the renter of the box,
and no exception is made in the case
of industrial or commercial users
TT continues to be our under
standing on the best information
available. at the present time"
the letter continued, that service
charges customarily made by banks
are not covered by the maximum
price regulations.
Opposed by Journal.
The American Banker, daily bank
journal of New York, is somewhat |
agitated at the prospect of a ceiling |
on bank service charges" which 1t |
declares would be bad for banking
safety"
There are banks which have
faced the situation squarely for !;
years." says the journal in an edi-
torial, "and which have systems of |
service charges and interest credits |
which are adequate to meet the |
changed nature of interest income |
and bank costs Such banks would
not be materially harmed by impo-
sition of ceiling on service charges.
But for banks where the full
effect Of the decreased value of
money and the increased volume
and cost of bank services has not
yet been recognized. but where it
cannot be much longer ignored, a
price ceiling which prohibited them
from resorting to service charges or
adjusting inadequate rates upward
would be economically dangerous
and unjust. and bad bank manage
ment ON the part of the Govern
ment, which ought to be always on
the side of good bank management"
ABA Council to Meet.
Charles H. Doing, first vice presi-
dent of. the Washington Loan g.
Trust Co., in charge of the West End
branch of the company, will attend
the meeting OF the executive council
of the American Bankers ASsocia-
ton September 1890 in New York,
it was learned today Mr.. Doing is
the District of Columbia member of
the executive council ABA and
speaks for the D. c. Bankers As
ISOLATION
Also planning to attend the ses-
sions are D. J. Needham, general
counsel, and j. o. Brott, assistant
general counsel of the ABA, with Of
fees here.
The council, it was announced
from New York headquarters OF
ABA, will be held on the dates orig
inally scheduled for the ABA Con-
vention. which was to have been
held in Detroit, but was Cancelled on
account of the war. Thus. it was ex-
planned. although the association
will not assemble as whole. its rep
resentative governing body will
meet"
Given Up Reluctantly.
at was with great reluctance that
plans for our convention we're cam
celed," said Henry w. Koeneke,
president of the association, in call
ing the council, ''for our annual
convention has been a real oppor-
tunity for the members to meet to-
gether and express themselves. But
the country is engaged in such a
gigantic war effort that its trans
portation facilities, like other ia
cilities, are being taxed to the ut
most. The movement of troops and
the production and movement of
supplies for the troops are the most
vital needs of the country. Hence,
when we were asked by the Office
of Defense Transportation to yield
to those needs we acquiesced readily
But the service of the associa-
tion to its members must and will
go on. Fortunately we have within
our structure the machinery by
which it can be carried on under
the direction Of the members them
selves.
The ABA is democratic or
eaniza ton operating under the di-
reetion of duly elected representa-