Evening star., 1950-08-27

street area, will
h a d the
branch, Presi-
dent c. F.
Jacobsen an Mr.. Hiidebrand
yesterday.
The branch will be located in
building of Williamsburg Colonial
design and have every modern
convenience, including
trust facilities, safe deposit boxes.
drive-in window, and ample park
ing space. 1t will be air-condi-
toned. Main Office customers may
deposit and cash checks at the
branch, Mr.. Jacobsen said.
The branch will meet long
felt need in a rapidly expanding
area, the official added. The loca-
ton was selected in keeping with
the modern trend toward decen-
tralization of business.
The Metropolitan, organized in
1914, is the. oldest national bank
in the Capital. Just 100 years ago
it contributed toward the erection
of the Washington Monument and
has always played an active part
in the city's business life.
Scare Buying Again Drops.
Department store sales in the
Capital in the week ending August
10 were 16 per cent ahead of the
corresponding week a year ago
and II per cent above the previous
week this year, the Richmond
Reserve Bank reported.
Buying due to fear of a scar
city of goods steadily decreasing.
The gain of Is per cent compares
with an advance of % per cent
in the preceding week and 80 per
cent in the week ending August 5.
Sales in the Fifth Reserve Dis
trict were IL per cent above last
year and 7 per cent over the
previous week this year. Four
weeks cumulative sales in Wash
ington registered a 10 per cent
advance.
July Sales Reveal Gains.
The Richmond Reserve Bank
reported yesterday that July sales
in Washington department stores
were 10 per cent ahead of July,
1949, but were unchanged in the
first seven months of 1850 from
the same period year ago.
Sales were up II per cent in
the whole fifth district in July
and 2 per cent in the seven
months, as reported by 95 depart
ment stores. The July 10 per
cent upturn compared with only
3 per cent in June in Washington.
Every city in the district, but
Norfolk. had July sales advance,
Charleston, w. Va, topping the
list with a so per cent dollar vol
ume jump.
Mergenthaler at New Peak.
Mergenthaler Linotype sold on
the Washington Stock Exchange
Friday at 56. new high on the
present move. The stock moved
up from 531a. The high for the
year is SO and the low Al. The
stock formerly was one of the
most active issues on the board,
selling above $100 a share.
Capital Transit closed the week
on the New York Curb at SO. The
stock had sold at 80 on the dou-
bling of the dividend. Fridays
final quotations on the Washing
ton Exchange were SO bid and 40
asked.
Carpet Corp. furnished a sur
prise on the Exchange by the dec
laration and payment Of a divi-
dend of Sits a share.
Bankers Reserve for ABA.
Washington bankers are making
reservations for the annual con-
vention of the American Bankers
Association, in New York, Septem-
ber 24-27.
Among bankers who already
have reservations are Robert v.
Fleming. a former president of
the ABA; A. Scott Offutt, vice
president of the Union Trust Co.,
who represents the District Bank
erS Association on the ABA Ex-
ecutive Council; and Bruce Baird.
president of the National Savings
& Trust Co. At the end of the
session, Mr.. Baird will succeed Mr..
Ofutt on the ABA Council.
Elevator Contract Let.
A 100000 contract for the in
stallation of three elevators in q
new Cleveland apartment house
has been awarded to Westinghouse
by the Byrne Organization of
Washington. builders.
H. M. Cunningham, Washington
district sales manager of the
Lincoln-Merc division of the
Ford Motor Co., will attend a con-
ference in Detroit this week for a
discussion of distribution, budgets,
advertising, used cars and dealer
development.
Appointment of Capital Prod
ucts, Inc, 1905 South Capitol
street, as distributor of the new
Morrison Roly-Door has been an
by Morrison Steel Prod
ucts, Buffalo.
The Virginia Railway earned
$1.73 per share in the first seven
of 1850 against $1.57 a
year ago.
Merrill Lynch, Pierce, Fenner
& Beane is distributing a security
and industry survey with 48 pages
of news and comment.
Department Store Dollar Vol
ume sales in the Fifth Federal
Reserve District during the four
weeks ended August 10 increased