Evening star., 1950-09-10

will be present. James w. Dodd
of the Federal Reserve Bank Of
Richmond will be the chief
speaker. The dinner will mark
the official opening of the Insti-
tute year. 1t is hoped to meet
last years record student enrol
ment of 624.
The Chapters present quarters.
along with the officers of the
District Bankers Association, will
be moved from the American
Security Building next Saturday
to the newly purchased building
at 1850 N street NV. Finishing
touches to the new home now are
being completed.
Store Sales Taper Of.
Washington department store
sales continue to taper off, with a
notable let-up in the rush buying
that accompanied the start OF the
Korean conflict. Sales in the week
ending September declined three
per cent from the comparable
month last year, the Richmond
Reserve Bank reported.
Sales, however. were Is per cent
ahead Of the previous week this
year and up nine per cent in the
four weeks ending on the same
date. The entire Fifth District
reported a one per cent decrease
from last year and a % per cent
increase over the previous week
this year. Only the Richmond
and New York Districts had lowex
sales than a year ago.
Representative to Speak.
Representative John A. Nc
Guire, Democrat, of Connecticut,
will address the Friday luncheon
meeting of the District Association
of Insurance Agents at the May
flower Hotel. Before coming to
Congress, he was in the insurance
business.
He will discuss pending insur-
ance legislation vital to the fire
and casualty business. He Is spon-
sor of two measures now before
House committees. One would re-
activate the War Damage Corp.
The other would require private
plane operators to provide proof
of financial responsibility through
insurance, surety bonds and other
means.
Henry c. Young, program chair
man. announced yesterday that
the annual dinner will take place
in November.
Merchandise Orders Heavy.
The Richmond Reserve Bank
reported yesterday that orders for
merchandise by Washington de-
partment stores at the end Of
July were 81 per cent higher than
a year ago.
During July, As per cent Of cur
rent bills were collected. Install.
ment collections for the month
were 18 per cent of amounts due.
The figure for the Fifth District
was II per cent.
Dollar sales volume in Capital
stores in the first seven months of
1850 was unchanged from the like
1949 period but sales were UP 10
per cent in July.
Store Opens in December.
William Hahn & Co. announced
here yesterday that the new store
under construction in Baltimore
will be opened in December. It
will be located on West Lexing-
ton avenue next to the present
location. The store will be up-
to-the minute in every way, in-
Guiding air. conditioning.
The opening will be tied in with
observance of the company's 18th
anniversary in the shoe business;
The firm has eight stores, seven in
the Washington area.
American Linen Service Co. yesi
terday announced appointment Of
Jack Chernikoff as general man-
ager, effective at once. With the
firm since 1884. he has served in
an executive capacity in many de-
partments. He is a native Wash
ingtonian educated in the public
schools. The company is a sup
plier of linens and uniforms to
restaurants, hotels, beauty and
hardware shops.
Stock Quiet on Exchange.
Capital Transit stock ended the
week on the Washington Exchange
with 321a bid and "a asked, the
quotations being ex-dividend. In
terest in the stock has been prac-
tically nil in the last few exchange
sessions, following the recent run
up to $50 share and the doubling
of the quarterly dividend. Brokers
say they have few calls for the
stock.
The last sale on the Washington
was at "a, the stock sell
ing at the same price on the New
York Curb Exchange. The divi-
dend of 81 will be paid on Septem-
ber 80. Capital Transit has sold
from 231a to 39s4 this year.
Heard in Financial District.
Capital banks and building and
loan association will prepare at
once to meet the Federal Reserve
Boards new credit regulations
which are intended to check
imitation.
Washington Chapter, Society Of
Savings and Loan Controllers, will
hold dinner meeting at the
Burlington, Wednesday evening,
with William H. Rippard presiding.
District and Maryland banks
carried $25, 900 in loans to
farmers in January. Virginia
banks held loans amounting to
$54.331 900 on the same date, an
ABA survey said.
United Wallpaper, Inc, re-
ported a net loss of $592 .689 for