Evening star., 1946-06-02
Capital Store Sales
Climb 28 Per Cent
Above 1945LeveIs
By Edword c. Stone

IL
By Edword c. Stone
Continuing their recent sharp
gains, department store sales In
Washington for the week ending
May 25 climbed % per cent ahead
of the corresponding week year
ago, the Federal Reserve Bank Of
Richmond reported yesterday. go
The average sales gain in the
Fifth District was 80 per cent, while
sales in Baltimore were "a per cent
ahead of last year. Washington re-
tail sales were per cent ahead of
the preceding week this year and
the same advance prevailed in the
Fifth District.
Cumulative sales for the four
weeks ended May 25 were Is per cent
ahead of last year in Washington,
% in the Fifth District, 80 in Balti-
more, and 20 in group of cities, the
report said.
Howard Duckett Honored. -,
Officials in banks adjacent to
Washington were greatly pleased
with the election of c. Howard Duck
EFT as vice president of the Maryland
Bankers Association, the choice
being made at the annual conven-
ton in Atlantic City.
Mr. Duckett is president of the
Prince Georges Bank & Trust Co.
and chairman of the board of the
Suburban National Bank, which has
Offices in Silver Spring and Takoma
Park. According to custom, he will
be president of the Maryland Asso-
citation next year. :,
Frank Wrightson, president of the
Provident Savings Bank, of Balti-
more, is the new association presf-
dent for this year. =
Bank Deposit Growth Varies. n
Hugh Leach, president Of the Fed
eral Reserve Bank of Richmond, told
Maryland Bankers that in the five
years ended. December 81, 1945, de-
posits in Maryland gained 116 per
cent. The gain in all the banks in
the United States was 1873 per cent.
Deposits in North Carolina were UP
277 per cent and in South Carolina
244, he said.
Henry c. Evans, Baltimore invest
ment banker, addressing the Mary
land flnanciers, urged Congress to
pass the British loan at once. Such
a loan may be the deciding factor
In world peace and is essential to
the revival of world trade, he as
serted.
Capital Increase Favored.
Stockholders of the Bank Of Com
merce & Savings approved the plan
to increase the capital from 500 900
to S300,000 and surplus from $780,
600 to 100000, Thomas J. Groom,
president, announced. The plan
calls for the issuance of 1000 shares
OF new stock to be offered to present
stockholders at $3.50 a share.
AS the bank has Virginia char
ter, the proposal requires approval
OF the Virginia State Corporation
Commission. The bank plans to
open branch in Brightwood shortly,
this being one reason for the ex-
pansion in capital.
Banquet Sets New Record.
Members of the Association Of
Bank Women held their annual BAN
quet at the Mayfower Hotel last
night. the attendance being the
largest on record. The association
had avery large number of out-of-
town guests, along with many. Off
cials of Washington banks. Miss
Mary L. Chadwick, Washington
Loan & Trust Co., presided, and Miss
Jean Walker, associated with the
British Embassy, spoke on Postwar
Britain" -.
The bank women were to be enter
tanned at breakfast today at the
Fairfax, Va, farm of Mrs. Helen r.
Sharpe, formerly secretary of the
Bank OF Commerce & Savings.
Sachs Joins Insurance Firm.
David Sachs, for ten years con.
nected with Hartford department
store and recently with the Connec.
tlcut Office of Price Administration.
has joined the George S. King real
estate and insurance staff. He Is a
graduate of Central High School
University of Michigan, Harvard
School of Business Administration.
and served in the Pacific during the
war. !:
Washington bankers, who will at
tend the Graduate School of Bank. .
ing at Rutgers, June II to 20, include
Kenneth Birgfeld, F. j. Burwell:
L. F. Corea, H. L. Downey. C. E:
Huntington, G. B. Earnshaw, P. B.;
Fletcher, jr,, H. N Glasco, Thomas
Grant, jr., A. A. Greenstreet, D. A..
Mccormack, F. M. Perley. /.
The District Bankers Association.
through Bruce Baird, president, sent
congratulations to Detroit motors
leaders on the industry's Colder
Jubilee.
ID. c. Utility Earnings Vary.
Reports to the Public Utilities
Commission show that net earnings
OF two of the Capitals big utilitW
corporations were higher in the firsg
AVA AiioAieAlo Vi 1910 IIlan g YEAR
ago and two were lower. !:
Potomac Electric Power reported
net income of $1,476, ,288, AN in.
crease of S1l7,126 over the like 1945
period. Washington Gas Light earn.
lngs were ahead, net income OF,
1889 ,3e7, being $27,8l3 above a year
ago. :
The Chesapeake & Potomac Teles :
phone Co. reported net of 1914 ,25a
for the four months, before interest,"
and dividends, off $38,912 from lasS
year and the Capital Transit net of
s535,557 was $78,487 under the samE
l945 period. Heavy increases irss
operating expenses curbed net ins
come of all four companies. :
Financial District Comment. (
The special committee named by
the District Bankers Association ta
study Saturday closing for four sum I
mer months. or for the vear.oro,,p6s