Evening star., 1928-06-04

renected IN Depart E%%%%#S$zz N
ment store sales -
fell below the trade c.H. Pope.
of April. 1927.
chiefly because Easter was so early thl.
year that most of the seasonal buyins
occurred in March. while in 1927 tNi;
trade came in April April. 1927, alSr
contained one more business day thar
April. 1928. Last month 80 leading de-
partment stores sold 90 per cent less
measured in dollars. than in April, 1927
but averaged slightly larger sales thar
average April sales during the three
years 1923-1925, inclusive. The smaller
volume of business done in April was
more than sufficient to offset higher
sales in earlier months this year. and
total sales from January l through
April 30. averaged IL per cent less
than sales during the first four months
| of 1927.
| Stocks of merchandise on the shelves
of the reporting stores were 90 per cent
lower in selling value at the end OF
| April. 1928. than var earlier. but were
/ five-tenths of / per cent larger than q
month earlier Last months increase in
stock on hand was an unseasonal de-
velopment.
The percentage of sales to average
/
| cent for the district as a whole and
the percentage of total sales during the
| first four months of this year to aver
! age stocks carried during each of the
! four elapsed months was 9a.6 per cent
| indicating that business since January
was at an annual turnover rate oi
/ 2.o58 times. During the first four
| months of 1927 the turnover rate was
| 2,o97 times.
Collections by the 30 reporting stores
| during April totaled 27.l per cent OF
| outstanding receivables as of April l.
| a lower average than 27.5 per cent re-
ported for March this year. but higher
! than 266 per cent collected in April
| 1927. Baltimore. Richmond and Wash
| ington reported higher percentages In
April than in April year ago, but the
/ other cities reported decline. Rich
mond and Washington showed some
/ improvement last month over March
1928. collections"
/ Wholesale Trade Also Reviewed.
"Eighty-two wholesale and jobbine
! houses, representing six leading lines
sent confidential reports on their April
business to the Federal Reserve Bank
/ Of Richmond. The figures show that
! sales in all lines were seasonally less
! IN April than in March of this year
and In all lines except groceries total
sales since January l through April were
less than sales during the correspond.
| ing four months last year. In COM
| parison with April, 1927, sales. thosG
of April, 1928. show an increase in gro.
ceries. but in all other lines sales last
| month were lower than year earlier
/ Stocks of merchandise carried bS
the reporting firms increased during
| April in shoes and hardware, but de-
| clined in groceries and dry goods. Al
the end of April. this year, the report.
ing grocery and dry goods firms hac
larger stocks than on April 80, 1927
but the stocks of the reporting shoe anc
hardware firms were less than yeal
1 ago.
! Collections showed some improve.
ment during April over March in al
! lines except furniture. Dry goods anc
| drug collections in April 1923, were bet.
/ ter than in April, 1927, but grocery
shoe, hardware and furniture collections
/ last month were below those Of the cor
responding month year earlier. The
percentage of collections to receivables
! outstanding at the beginning of the
month reported by the furniture firms
dropped in April. 1923, 10 1913 per cent
| from 29.S per cent in April, 1927. anc
SAB in April. 1926"
Busiest Banker In Washington.
c. H. Pope. vice president of tn,
! Munsey Trust Co. is perhaps thu
busiest banker in the city this week
Mr.. Pope Is chairman Of the hotel com.
n1iftee, which Is arranging accommo'
| dations for the coming bankers con.
vention at Montauk Beach. Long Island
| It is his big job TO keep everybod,
happy throughout the convention. re,
gardless Of weather, poor golf scores
| further shipments Of gold TO Europe, tbs
! rediscount rate. or excessive speculation
| Assisting him in this important dut,
I are Harry l.. Selby, Frank p. Harmon
Louis G. Ecklofi. Edward l.. iiillyer
/ j. 7. Exnicios, Thomas r. Hickman
| Henry w. Offutt and John r.. Waller.
Chain Store Stocks Reviewed.
Merrill, Lynch IL Co. are distributing
| a comprehensive statistical chart con
taining detailed information regarding
/ ~ representative chain store com
| panies. These statistics include tn
number Of stores. sales, profits, earn
ings per share, capitalization and othei
/ figures Of interest 10 investors. IT i
! interesting 10 note that gross sales o.
these AZ companies In 1927 amounted
10 s2.502 1913 49i, as against s2,i94.45s,
/ 542 In 1926 an increase Of II PEI
cent while net profits amounted Il
! increase Of iT2 per cent Stores IL
| 1927 were 50970, against 46.267 ir
1925, an increase of I0,l per cent.
The public offering is being made to
day Of a new issue Of S29 900 900 1890
bonds at price OF i00is per cent ant
interest 10 yield 393 per cent To th
redeemable date 193s) and 4 per cen
thereafter 10 redemption or maturity.
The bonds are being offered 10 tn
public by conntry-wide group. com
posed Of the IL Federal Land Banks
investment houses, institutions and up
ward Of 900 dealers The bankiui
group is headed by Alley Brown
Sons Of Baltimore. Harris. Forbes
Co, Brown Brothers III Co Ire, Hi2
ginsoD 81 Co: the KantiOpsl City Co
and the Guaranty Co Of New YORK.
Bank Stocks Especially Active.
Local bank stocks were especially ac
tive when the weeks trading opened ~
! the Washington stock Exchange. Higg
National again sold 1T 530 ON IA 20
share turnover. Fifty shares of Federal
American National moved al 338. tn
same SIS the last sale. American Sc
alrity ~ Trust commanded 450, prac
ticaliy unchanged. and District Nations
maintained It's present level by eeilin
/ at 245. Five shares of Continents
Trust stock changed hands at 1885. Vbic
Is a lGWer price than prevailed whe
there was q contest on for control o
the bank Merchants Bank " Tfus
stock registered 1873
Considerable activity Was noted i
Norfolk ~ Washington Steamboat CO
stock, 63 shares selling at 500 Chest
nut Farms Dairy preferred sold up
104H. Potomac Electric Power 5i2 pe
cent preferred came out ~ i07l2 Will
Railway ~ Electric preferred moved q
psf snd "a