Evening star., 1949-11-04
Store Sales Remain
3 Pct. Behind 1948
In Fifth District
By Edword G. Stone

Department store sales in the
Richmond district, which includes
Washington, for the week ending
October 20 were down per cent
in comparison with the CORE
spending week last year, the Fed
eral Reserve Board reported to-
day.
Store sales so far this year IN
this district. from January
through October 20. were 3 per
cent lower than in the like period
last year. the report stated.
The Reserve Board said sales
over the Nation averaged nearly
per cent lower in October than
In September. after allowance for
seasonal variations and the diff
ference in the number of trading
days.
Sales for the Nation during the
week ended October 20 were 7 per
cent below the same week last
year.
Kansas City and Dallas districts
reported weekly increases over
last year of and 6 per cent.
Cleveland sales were off the most,
IA per cent. Other declines were:
Boston, 8: New York. 8; Phila-
delphia, IL; Atlanta. 2; Chicago,
8; st. Louis, S: San Francisco, II,
and Minneapolis unchanged.
Many Bills in Committee.
According to a summary by D.
J. Needham, general counsel of
the American Bankers Associa-
ton, there were a host of bills
vital to banking still before COM
mittees when Congress adjourned.
Among them was the bill to give
the Federal Reserve Board power
to control reserves Of non-member
insured banks, q bill to reduce
FDIC assessments, to increase
FDIC insurance coverage, revision
of State taxation Of national
banks. to give the Federal Re-
serve Board power to regulate
and control bank holding COM
panies.
Also bills to continue Federal
Reserve Board regulation of con-
sumer installment credit, to limit
establishment of branches Of
Federal savings and loan associa-
tions into mutual savings banks,
and to amend laws regulating to
the Federal Savings and Loan
System.
Other bills would permit re-
duction in the interest rate on
postal savings deposits, increase
limit on postal savings. and in
crease lending authority Of the
RFC.
Women Fine Bond Sellers.
Women have been getting loud
praise this week for the bond
selling job accomplished In the
Treasury's recent Opportunity
Drive. Mrs. Luna Diamond, call
ed the best woman savings bond
seller in the District, sold $617,-
275 in Series E Bonds during the
campaign.
Among the other "a prize win
ners. Mrs. Caroline wentworth
won second place by selling
$544,275 E Bonds, while Miss
Altha Coons took third honors
with sales Of $4,000. Fourth
award went. to Mrs. Milton
Baldinger with $191,S5o total
sales.
Thomas j. Groom, District
chairman, and Mrs. L. P. Rawley,
women's division chairman, were
elated over the results.
Rail Slump Continues.
Class / railroads in the South
ern region in September had an
estimated net income Of $3,600.-
600, after charges, compared with
$1,000, 900 in September, 1948. In
the first nine months Of 1949, net
income amounted to SAL 900, 900
compared with $70,000,00o a year
ago.
Kenneth P. Laird, of Washing
ton. was elected secretary of the
National Paint, Varnish and
Lacquer Association, at the At
lantic City Convention.
Washington Chapter. National
Association of Cost Accountants,
has formed a permanent advisory
committee with Russo H. Crowell
chairman.
The Potomac Electric Power Co.
still has q 45-day coal supply on
hand, q far larger supply than
many utility companies report.
Linens of the Week National.
Inc, New York concern, is about
to enter the Washington business