Evening star., 1948-04-04

BILE transactions year ago, turn"
over of $76,500 comparing with $45,-
500 in the like 1947 quarter.
Mr.. Nees stated that the distribu-
ton of Potomac Electric Power COM
mon stock and the increased interest
of investors in income producing
local issues accounted for the gains.
Store Sales Continue Rise.
Department store sales IN the
Capital for the week ended March
81, were II per cent above a year
earlier, the Richmond Reserve Bank
reported yesterday. An early Easter
was the major factor.
Retail trade was per cent ahead
of the preceding week, Sales in four
weeks ended March 81 were 4 per
cent above year ago,
The weekly gain over year earlier
for the Fifth District was per cent
and for the four weeks per cent.
Utility Earnings Hold Up.
Reports to the Public Utilities
Commission show that Washington's
utility corporations made favorable
showing in the first two months Of
this year.
Two months net income OF the
Chesapeake & Potomac Telephone
Co. amounted to 1851 800, before
interest and dividends, an increase
of $47,647.
Net income of the Washington
Gas Light Co. amounted to $685., 2,327,
a sharp gain of $345,802 over the
first two months of 1947.
The Capital Transit Co. reported
a small net income of S12,74 against
a loss of $149.29 year ago.
Net income of the Potomac Elec-
trio Power Co. amounted to s643,138,
practically the same as last year.
Banks Plan Bond Support.
Washington banks are planning
100 per cent support of the Treas
ury's Savings. Bond drive to curb
high prices and imitation, the ma
tional campaign starting April Is.
The District Bankers Association
was the first in the country to
pledge aid following the recent
three-day conference at the May
flower.
Thomas j. Groom, District chair
man, stated at a luncheon Friday
noon that the Districts quota will
be $22, ,500,000 Efforts will be CEN
tered in selling $14,000,000 Of e
Bonds and $780, 900 of F and G
Bonds. One of the features of the
drive will be efforts to revive the
old-time savings habit.
Associates Honor Marsh.
John D. Marsh, general agent Of
the Lincoln National Life Insurance
Co., was given luncheon yesterday
at the Army Navy Club, in honor
of a record production month. Dur
ing March, the Office wrote s2,700,721
life insurance, best single month any
Lincoln agency ever had.
c. G.. Hallowell, vice president OF
the Etna Casualty 6 Surety Co.,
and other top officials attended a
special insurance conference at the
Mayf1ower Thursday. Guy E. Mann,
manager of the Washington office,
and B. S. Foster. associate manager,
were active in the program.
District Chapter. American Society
of Life Underwriters, will have
about 200 members and guests at the
dinner at the Shoreham, on Mon
day, April 10. making the 21st an
niversary of the national organiza-
ton, H. Lawrence Coate, chairman,
reported yesterday.
Installment Loans Top 1947.
The Federal Reserve Board re-
ported yesterday that consumer in
stallment loans during February
were S per cent below January but
were about one-fifth higher than
the volume in February, 1947. Banks.
small loan companies, industrial
loan companies and credit unions
reported the gains over last year.
State and municipal bonds ap-
proved during March totaled $751;
773 900, as compared with $56,009,-
OTIS in March year ago, according
to the Daily Bond Buyer. First
quarter total was s132,437,034.
Department store sales in the
Richmond Reserve District up to
March 27 of this year were per
cent ahead of the like 1947 period.
The average gain for the II districts
wer per cent, Philadelphia, Cleve-
land and Dallas leading with ii
per cent, upturns.
Claude w. Owens, president of the
Security Finance Corp, has sent a
letter to stockholders proposing
liquidation of the company as rec
commended by the directors. He
says the company can't compete
with the Government guaranteed
loans and rates, and adds that the
banks are now active in the real.
estate field. First liquidating divi-
dend would be $50 a common share.