Evening star., 1928-05-05
RETAIL BUSINESS
IND. c. AREA GROWS
Department Store Sales in
Fifth Reserve District Up
6.6 Per Cent.
BY EDWARD c. STONE.

eAl6 ILlEGS years 1SGo-Ao, lllGAuSlNC. ti y
of the March increase was probably due
to the earlier date of Easter this year,
some of the early Easter trade which
fell in April. 1927, occurring in late
March this year. On the other hand,
the weather in March, 1927, was mild
and stimulated more Spring buying than
the cold weather of March, 1928. Total
sales in the reporting stores since Janu-
ary this year averaged 81 per cent
above sales in the first quarter or 1927.
Stocks of goods on the shelves of the
reporting stores at the end OF March
averaged 3.3 per cent less than stocks
on March 81, 1927, but were seasonally
larger by IA per cent than stocks on
February 20, 1923. Baltimore stores
showed the greatest decline in stocks in
comparison with the preceding year, and
Washington reported the smallest de-
cline.
The percentage of sales TO average
stocks carried during March was 277
per cent for the district as whole, and
the percentage of total sales during the
first three months of this year to aver
age stocks carried during each of the
three months was 73.l per cent, indi-
eating an annual turnover of 90 times
in contrast with rate of 2.86 times re-
ported by the same stores for the first
quarter of 1927.
Collections by the reporting stores
during March totaled % per cent of
outstanding receivables as of March /.
all cities except Baltimore-which re-
manned MISUNDERSTANDING some i'm
provement over the February percent
ages. The percentages this year were
lower in Baltimore, the other cities and
in the district as whole than those OF
March, 1927, but Richmond and Wash
ington percentages we're higher during
the 1928 month The improvement in
Richmond collections vas perhaps due
in part 10 a recent advertising campaign
by Richmond stores against slow ac-
counts.
Wholesale Trade Reported Spotty.
Eighty-two firms, representing six
leading lines of trade. sent reports to the
Federal Reserve Bank of Richmond on
wholesale trade during March. Sales
by shoe firms exceeded sales in March,
1927, but sales in the five other lines
declined last month. March sales in
all six lines increased seasonally over
February, 1928, sales. both because OF
increased demand as a result of Spring
requirements and on account of the
longer month. In total sales during
the first quarter this year sales of gro
ceries exceeded sales by the same Arms
during the first quarter OF 1927, but
this years sales in dry goods, shoes.
hardware, furniture and drugs were
lower than sales in the same lines dur
ing the first three months of last year.
Stocks on hand in the reporting Arms
at the end of March, 1923, were larger
in dry goods than on March 81, 1927,
but were less In groceries. shoes and
hardware Dry goods and hardware
stocks declined during March from
those on hand at the end of February
this year. but grocery and shoe stocks
increased somewhat during the past
month
Collections in groceries during March
totaled 65,I per cent Of outstanding re-
as of March !. Drugs aver,
aged SAT per cent Of outstanding re-
ceivables collected during the month,
while hardware averaged 34.e per cent.
dry goods 324 per cent, shoes 25.l per
cent and furniture 22.i per cent. These
percentages are all lower than those of
1927. except in dry goods. which
averaged 29.l per cent last year. Fur
niture showed the greatest change IN
Of collections to outstanding
declining from c9.5 per cent
in March. 1927, to 22.l per cent in
March, 1923.
Other Fifth District Summaries.
In reviewing the labor situation the
bank said: Conditions In labor circles
improved during March and the first
half OF April with the beginning of
Spring construction work. but there is
still large number of unemployed per-
sons In the district. An enlarged build
ing program in comparison with the
first quarter OF 1927 has given wkrk to
many unskilled laborers and promises
10 give employment to a large number
OF skilled workmen as soon as ground
is prepared and foundations are put
down.
There was no change for the better
during last month in clerical and pro-
fessi0nal circles. and In all OF the cities
there is considerable unemployment In
the white-coliar class.
Business failures in this district in
March. 1928. numbered l4i, with LA
bilities aggregating s4,754.9i9. COM
pared with lat insolvencies and liahili-
ties totaling s3,585.847 reported for
March. 1927"
Bankers Dinner Plans Advanced.
Lawrence A, Slaughter and c. II.
Pope, who make up the committee in
charge 0f the pre-convention dinner Of
the District Bankers Association, which
takes place at the Columbia Country
Club on Monday evening, May IA. have
practically completed the arrangements
The usual golf tournament VIII be play
ed of In the afternoon and the prizes
awarded at the dinner. K. j. McQuade,
al akss stVs.a FxsfH fstst al
latest convention plans, which by that
time viii be ready for the starting gong
No set speeches are on the program
although there viii probably be one
brief talk, the speaker 70 be announced
soon.
Insurance Men 10 Meet May 10.
The May meeting of the District Life
Underwriters Association has been set
for Thursday noon. May 10. at Hotel
Gordon. John r. Cremer is now COM
pletlng his term as president of the as
ISOLATION and states that the outatand-
ing accomplishments this year have
been the enlarging Of the membership
and the strengthening Of the financial
position of the association. The insur-
ancc men have enjoyed unusually help
tul programs during the year and yet
nave balance III the treasury. Mr.
Cremer hopes for continued expansion
in numbers and believes that the re-
Gently adopted budget will be a great
aid 10 the next administration.
Heard In Financial District
The Great Atlantic & Pacific Tea
20. has declared regular quarterly diW-
dends Of rs cents on common and 81 rs
on preferred stuck both nnVahls .ItIne
10 stock of record May a.
The annual election ot officers and
governors Of Washington Chapter, A..
!. B, viii IN held IN the chapter rooms
next Thursday. The polls opening at 4
and closing nj $50, Some lively cam
paignlng Is now going on.
GOV Roy A. Young contributes the
leading article In Dollars and Sense +"
the ofIiciai publication OF Washington
Chapter. which Is just on the press
Mabel Waller Willebfandt, assistant at