Evening star., 1942-05-08
Capital Store Sales
Again Score Weekly
Gain Over 1941
Rise of l6 Per Cent
Under Mark During
Previous Six Days
By EDWARD c. STONE.

S'N
By EDWARD c. STONE.
Showing a slight downward trenc
department store sales in Washing
tin for the week ended last Satur
day, May 2, were 16 per cent highe
than year ago, while in the previ
Gus week sales were % per cen
ahead of the corresponding 1874
period, the Federal Reserve Bank O
Richmond announced today.
Sales in the whole fifth distric
we're up IA per cent, were II pc
cent better in Baltimore and 18 pc
cent in a group of other reportin,
cities.
Last weeks sales in Washington
disclosed a per cent gain over tht
previous week this year, made th'
same gain in Baltimore, averaged
per cent in the fifth district and II
the group of cities were up 20 PEI
cent.
The review states that cumula'
tive sales in the Capital in the foul
weeks ended May 2 rose II per cen
above the same 1941 period, gained
u per cent in the fifth district,
per cent in Baltimore and pei
cent in the other cities.
Peoples Drug Stock Gains.
Eighty shares of Peoples Drue
Stores stock sold at 1875 on the
Washington Stock Exchange today
against the last sale at 1873. The
market closed with 19 bid and q
asked.
Mergenthaler Linotype appeared
on the board today, a small sale
taking place at 33, off half point
The market closed with 32l2 bio
and "a asked.
In the New York Stock Exchange
: Offices here today there was in
tense interest in the naval battle in
the Pacific. Traders watched the
ticker notes constantly for late bull
letins on the momentous results;
this news overshadowing all other
reports.
Bank Resources Reviewed.
Resources of the % insured COM
mercial banks in the District OF
Columbia totaled $548 DAB 900 on De-
cember 81, 1941, according to sur
vey made public today by the Fed
eral Deposit Insurance Corp. De-
posits we're listed as $495 ,554 900.
Loans and discounts of the report
ing banks amounted to $144 ,623 900
an increase of s6,757,0 over the
June 80, 1941. total. Direct and
guaranteed obligations of the United
States Government listed by these
banks amounted to $136,3 1852 900 on
December 81, 194l.
Resources of the 172 insured COM
mercial banks in Maryland totaled
1902, 2,136, 900 on December 81, 194l.
Resources of the 314 insured COM
mercial banks in Virginia totaled
s942 ,S99 900 on December 81, l94l.
Kayser to Address Bankers.
DR.. Elmer Louis Kayser, George
Washington University dean, will
address the final meeting OF the
year of the fiduciaries section OF
the District Bankers Association at
the Washington Golf and Country
Club next Wednesday evening, j.
Wesley Clampitt, jr., section chair
man, announced today. DR.. Kayser
is professor of European history at
George Washington and is a fire.
uuent speaker before banking groups
The section win also hold an cleo
ton of the Executive Council for
the coming wear. Dinner will start
at $50.
Six Take Insurance Exams.
The Life Office Management In
stitute, which is devoted to higher
education for life insurance en-
pIoyes, is giving final examinations
for the year in the Reliance offices
in the Woodward Building.
Among those taking the examina-
tions are Zula Fisher, Jefferson
Standard; Roberta Hill, State
Mutual Dorothy Belt, Reliance
Life; Betty Stewart, Prudential;
Ruth Posey, Reliance Life, and
Fronts Winn, Prudential. The
classes were organized by William
H. Dowd, the courses being offered
for the first time this year.
Ten New Instructors Listed.
Washington bankers at the Grad
uate School of Banking at Rutgers
will find 10 new members on the
faculty, according to announcement
by Harold Stonier. director OF the
school. They are from seven differ
ent States.
The 1912 resident session at Rut-
gers will be held June Is to 27, fol
which 600 students are already en-
rolled. The faculty will number As
members, divided between bank ex-
ecutives. college professors and
Government department executives
Lanston Declares Dividend.
Directors of the LanSton Monotype
Machine Co. have declared the regu-
lar quarterly dividend of 25 cents
per share, payable May % 10 stock
holders of record May 10.
Holders of Lanston stock were
greatly pleased with the annual re-
port, out yesterday, which revealed
that net earnings had been treblec
during the year. Due to war orders
lIle lOl OllC SOlliA1iS ySoA As
also most encouraging.
Current assets on February q
amounted to s3,605,022 and current
liabilities were S2l9936, compared
with s3,27l .894 and sl56,5 at the
end of the preceding year.
Bank Loan Payments Urged.
Banks are being urged by tht
Controller of the Currency, Fedora
Reserve Board and Federal Deposi
Insurance Corp. TO press payment o.
individual loans, especially install
ment loans. The aim is TO get peo'
pie to pay off their debts insteac
of spending money for goods tha
might cause further rise in TIT
cost OF living.
The Washington agency Of tn
Mutual Life Insurance Co. of New
York reportsTa gain of 88 per cen
in new business in the first quartz
of this year, compared with
Nation wide increase in II agencie
Of 60 per cent.
John w. Barriger, III, Office o
Defense transportation, told Ney
York bankers yesterday that tn
Federal Government will not tax