Evening star., 1948-12-05
Capital Store Sales
Ahead Of Year Ago.;
New Record Forecast
By Edword c. Stone

New Record Forecast
By Edword c. Stone
Washington department store ex.
ecutives reported last night thai
trade during the week just ended
was ahead of the corresponding weea
a year ago and made the forecast
that the total volume Of Christmas
trade will exceed last years record.
While Fridays heavy rain dented
the weeks total sales, shopping
doomed the rest Of the week and
was all that could be desired. stors
officials said. The present holiday
sales rush started on the day after
Thanksgiving.
The Richmond Federal Reserve
Bank reported that department
store sales in the Capital for the
week ending November q ran 4 per
cent ahead of the comparative week
a year ago and per cent above the
previous week this year. In the four
weeks ending on the same date sales
were off per cent.
Sales revealed substantial i'm
provement over the week ended No
vember q, when trade here regis
tered a 7 per cent decrease from
1947, the report said.
Mergenthaler Has Big Year.
Net income Of the Mergenthaler
Linotype Co. for the fiscal year end
ed September 80 amounted to ST.
179,631, or $711 q common share,
against $1,305,614, or 1884 in the
previous year, according to the an
nual report received here yesterday.
The income figure included $504.-
049 in accumulated dividends on the
preferred stock Of the company's
English subsidiary. No such divi-
dend was received in 1947 and this
years Still per share does not in
clude it.
Current assets disclosed an IN
crease Of $868,28 and net working
capital gained $585,677. Book value
of the stock increased from $110.32
to $115.43 per share. Steady prog
ress Is being made on new printing
processes, President Martin M. Reed
said. Mergenthaler stock, listed on
the Washington exchange, Is now
quoted at AZ bid and IS asked. The
last sale was at Sly.
New Mortgage Record Seen.
Building and loan associations are
establishing new record in 1948
in mortgage loans on newly built
homes, the United States Savings
and Loan League announced yester-
day.
In the first nine months Of 1948
cumulative financing Of new homes
reached 100000, 900, an all-time
peak. This was Is per cent ahea<
of the $640, ,000, 900 total In the sane
months last year.
In September, the report said,
mortgage loans of s85, 900 900 showed
the smallest dollar volume since
February, partly due to a decline in
the building of higher priced homes.
Pepco Meeting Tuesday.
Preferred stockholders Of the Po-
tomac Electric Power Co. will vote
at special meeting Tuesday on the
directors request for approval of a
$4,000, 900 bank loan. The desired
loan is in connection with the ex-
pansion program now under way
which will eventually cost around
$85 900, 900.
The power company has $12 ,O00, 900
in loans from Is banks in this ter
ritory and four in New York. The
$5,000,000 loan will be made from
the same banks. Later, bonds, pre-
ferred and common stock will be
issued to care for expansion needs,
the work to be completed in 1852.
The company has outstanding 225,-
900 shares Of $50 per cent preferred
stock entitled to vote at the special
Brokers In New Quarterx.
Herrick, Waddell & Reed, Inc,
firm, got settled during
the week in their enlarged ONCE in
the Dupont Circle Building at 1346
Connecticut avenue, after being in
the National Savings & Trust Build
ing for seven years.
Barrett Herrick Is president Of the
company and John r. Dunbar, as
sociated with him for "A years, Il
vice president and manager of the
Washington office. With Mr.. Dun
bar are John L. Costello. Emanuel
Fishkin, Claude r. Grabeel, Kimball
Herrick. George E. Hudson, Floyd
r. Miller. A. Lester Tracy, Z. L.
Voneiff and r. M. Wolfe. The ffrm
includes Virginia, Maryland and
Pennsylvania in Its territory.
Koontx in Banking 81 years.
w. L. Koontz, president Of the
Anacostia National Bank, has been
connected with the institution 81
years today. Starting as q boy, he
held many different positions, al
ways moving forward until he was
elected president. The bank now
has $10,500, 900 in deposits. and o
highly prosperous branch which was
opened early this year.
Petroleum Heat & Power Co.'S
annual report shows net sales Of
$79 1854 1855 for the year ending June
80. Net earnings were 1886. 1888, or
1910 per cent of sales. The years
sales were $50 1872 ,0SO higher than
in the previous year.
Chapter to Send Delegation.
Washington Chapter, American
Savings and Loan Institute, will
send a large delegation to the
Eastern Seaboard Regional Confer
ence in New York next Saturday,
sponsored by New York Chapter.
Planning to attend from Washing
ton are:
William Blumenauer. Columbia Federal:
Fague Perpetual; Mildred Foore, Columbia
Federal; Samuel w. Fry. Northeast; WILL
liam Grimm, First Federal; William Poul.
ton. Columbia Federal; Herman schwert.
Stuart Thompson, Washington Permanent
Joseph zegowitz. National Permanent.
Real Estate Bonds Lower.
Prices of real estate bonds in
November took a drop along with
other securities after the election,
and were off 03 per cent at the end
of the month, according to the
Amott-Baker price averages, which
cover 200 eastern issues.
Despite the decline the price
averages were still IL per cent
ahead of their closing 1947 level.