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GOULD RE-ELECTED BANK PRESIDENT Other Officers Retained at Annual Meeting of Washington Mechanics. BY EDWARD C. STONE. Ezra Gould and all other officers and directors of the Washington Mechanics Savings Bank were re-elected at the annual and organization directors held late yesterday. The stockholders elected the following directors: Directors Walter K. Bachrach, Clarence F. Ezra Gould, George Hayes, Hoyt Lamb, Jesse B. Edward Pyles, Edwin John Guy Mason, The directors met once elected these offiyear: Ezra Gould, cers for coming Clarence Burton, president; president and cashier; Dr. Edward Pickford and Buckingham. Offutt. vice secre- presidents; Mrs. M. H. McCarthy, B. M. Mehler. tary: jr., and B. M. Grant, assistant cashiers. The Washington Mechanics' Savings banks one the 20 local Bank was which was given basis license on 100 per cent of the holithe day. end Prior to the moritorium this basis. bank been on the had the bank twentyseventh Yesterday The office on Connecticut avenue and the bank has three branches. March Department Store Sales. store in the fifth Federal Reserve district were off 29 per compared with the same cent in March, for the first month three months year the present York year' made were the 24 New down best per of any the Federal Reserve districts in the month recently ended. Preliminary figures on the value of department store decrease from February to March of somewhat seasonal than the estimated more amount The Federal Reserve Board's index, which makes both for number of business days and for usual was in March on seasonal changes, of average as the basis 100, compared with 60 in February and 60 January In in comparison with year ago, the of sales for March. according to the preliminary figures, was 27 per cent smaller. In making the comparison with should be year the fact that the date of Easter. was very early last year (March 27) late this year (April 16), that this year sales during March included much smaller part Easter buying than they did last The for the first quarthe year was 25 per cent smaller than last year. Percentage decrease from year ago: Report March 447 Total Louis most disfigures tricts year. Bank Deposit Guarantees. Although bankers as whole have no sympathy for any proposal to guarantee or as they do, that such banking. possible, says the New York Times, that an insurance measure with steps to unify the banking system under the Federal Reserve and with prohibition against interest on demand deposits might be The of interest on deposits would effect an saving, possibly close to 1,000,000,000 year for the banking system as whole, unless it resulted wholesale transfers of funds from demand to time and out this saving the banks could well afford to contribute to guaranty fund. Moreover, the newspaper adds, if all banks were to uniform regulation under the Federal Reserve system, would be opportunity for bad bankers taking advantage the guaranty, to lure deposits out good banks by the of higher interest rates. It is probable that the chief argument of bankers such case will given under strict and interest on there be no need for guaranty fund. Today's Trading on Exchange. Bonds received attention on the Washington Stock today The first bond was in Washington Gas Light 5s. 1958, $500 at 85½ Washington Gas Light 1960, apon the board in $500 transfer at The was Washington Gas 6s, Series B, eight $100 bonds moving at 103½ In the stock department Potomac Electric Power 5½ per cent preferred figured in two sales, one at 106 and the other at Directors of the Virginia Railway today the regular quarterly dividend of $1.50 share on the ferred stock May to holders of April 15. Heard in Financial District. Fleming, president of the Riggs Bank, is attending the meeting of the Council of the American now ing held at Augusta. Ga. While there, Fleming will make report chairman the Legislative Committee. covering what has taken place in legislative matters in Congress since the bankers' annual meeting last October. Richard Whitney president of the New York Stock Exchange early in 1930, and president of the 106 change during the panic of will begin his fourth term in that office following of the change on May His by the of the exchange makes his election certain. As noted in today's Star, the of the Commercial National Bank that beginning morning, holders of commercial accounts may call at the bank and obtain statements as to their the time the bank ness on February 27. This applies to checking accounts only. an ment for savings depositors being expected shortly. This an announcement an early opportunity for the filing of all claims against bank. U. S. TREASURY CERTIFICATES 26% (Reported by Chas. D. Barney
