Evening star., 1942-02-20
Capital Store Sales
"a Per Cent Ahead
OF Last Year -.
Margin Above lo4l
Looks Smaller Than
In Recent Weeks
BY EDWARD C. STONE.

ington are still being recorded, tn,
advances over the like 1941 prriod
are not as large az earlier in th'
year.
Z Sales in Capital stores for tn,
week ended Saturday, February ID
were "a per cent higher than IL
the comparable week a year ago
the Federal Reserve Bank of Rich
mond announced today. In tht
week ended February they were
up 80 per cent, in the previous weet
46 per cent and for the week endin.
January "a were 66 per cent above
the 1941 mark.
Sales In the fifth district las
week ran 80 per cent ahead of las
year, scored a "a per cent gain II
Baltimore and were up 19 per cen
In group of other cities, the repor'
said. Sales we're down per CEN
In Washington from the previou:
week this year and per cent ir
the fifth district.
! Cumulative sales in the Capita
In the four weeks ended February
IA revealed another surprising up
swing. Al per cent, over the like
period a year ago. Trade in the
whole district was 40 per cent bet.
ter, up IS per cent in Baltimore
and q per cent in the group Of
other cities, as compared with las,
year, the bank report said.
Market Boom Days Recalled.
: Thomas l.. Hume, said to be the
oldest investment dealer in the
financial district. who was presi-
dent of the Washington Stock Ex-
change about 80 years ago, remem-
bers when there we're so or so good
sized transactions on the exchange
every day. That was when the ex-
change was in its heyday OF pros
perity. the boom lasting for years
he said today.
Many years ago Mr.. Hume and
the late William B. Hibbs, another
pioneer in Washington financial
circles, were partners in the bro
kerage business. After two years
they dissolved partnership, and since
then Mr.. Hume has devoted most
of his attention to Washington is
sues listed on the exchange or sold
over the counter. His two sons.
Thomas L. Hume, jr., and Charles
w. Hume, are associated with him.
Mr.. Hume recalled that seats on
the washington Stock Exchange
once sold as high as $4,000 each.
At present they are between $4Oo
and $500.
War Bonds Bought to Limit.
The February Federal Reserve
Board Bulletin states that during
the six months ended December 81
net receipts from the sale OF saw
ings bonds amonted to s1,8OO ,OO0,O 600.
Sales of savings bonds increased
from O.0O000O in November to
$3.50 900 900 in December and in
creased further to more than $1,OOO,-
600 900 in January, 1912.
The increase in January refects
to some extent purchases of the
full amount which any investor Is
permitted to buy during the calen-
dar year, the review says.
F. H. A. Mortgages Total Up.
The total of insured Federal
Housing administration loans at the
close of the year stood at s1l2,-
600 900. which was $4,000, 900 higher
than at the end of November and
So 900 900 higher than at the END
of 1910.
This total is divided between sl8,-
o00.0 900 for property improvement
p. H. A. insured mortgages under
Title I and s2O00,000 Of new small
home construction under the same
title. s88, 900 900 of home mortgages
under Title II and $4,000, 900 OF Title
VI defense housing mortgages.
Insurance Club Hears Evans.
r. M. Evans, administrator, Agr1-
cultural Adjustment and Conserva-
ton Bureau, gave an intensely IN
teresting address at the monthly
luncheon of the Insurance Club OF
Washington at the Lee Sheraton
Hotel yesterday on the food situa-
ton in England. Mr.. Evans recently
returned from a trip to the British
Isles. where he made special sur
vey of food conditions. Howard
Eales. president of the club, pre-
sided.
Banks, building and loan associa-
tions and many investment houses
today reported a steady demand
for United States Defense savings
bonds. Setting aside of money for
March tax payments was expected
to cut into war bond sales this
month. but bankers said today they
could see little letdown in the de-
mand.
Pennsy's Earnings Climb.
Gross revenues of Pennsylvania
Railroad in January approximated
S55 AL 900, an increase of 29.9 per
cent over January, 1941, M. w.
Clement, president, said. Freight
revenues during the month are esti-
mated at SAL $4,000, a gain of 296
per cent over the 1941 month, and
passenger revenues at S10,234,000, a
gain of 40.7 per cent.
Estimated revenues in January
were exceeded in 1941 in only three
months, August, September and
October.
President Clement added that
gross revenues in the first half of
February we're 25.5 per cent ahead
of last year.
Financial District Comment.
N. D. Jay of Morgan g. Co. is
proving a decided drawing card as
guest speaker at the coming lunch
con of the Bond Club of Washing
ton. Myles H. Quail, head of the
Arrangements Committee, reported
that reservation requests were COM
ing in very rapidly today.
Washington investment dealers
were notified today of the postpone
ment in the proposed sale of $685.
900 shares of Union Electric COM
mon stock. Several firms are in the
underwriting list and others had ar
ranged to offer the stock next week
j. E. McCombs has received WORD
from the head Office of the Berk-
shire Life Insurance Co. that new
life insurance showed an increase OF
81 per cent in 1941, largest volume
ir, the mast IN wears