Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-04
TRADE GAIN SHOWN
IN DISTRICT AREA
Retail and Wholesale Firms
Make important Reports
to Reserve Board.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Retail trade in the fifth Federal Re-
serve district in March, as reflected in
sales by 80 leading department stores
exceeded the volume Of trade in March
1928 by % per cent, according to the
Federal Reserve Bank of Richmond
The Easter holiday occurring in March
this year, combined with favorable
weather during the latter half of the
month. stimulated a large volume of
business, which was generally dis
tributed through the entire district. OF
the 80 stores reporting on their March
operations. all but reported larger sales
in March this year. Cumulative sales
figures for the first three months of the
year show 1929 an average Of 2.6 per
cent ahead of the same period in 1928
and March sales this year averaged 1873
per cent above average March sales dur
ing the three years. 1923-1925, inclusive.
Stocks on hand at the end of March,
1929. were 33 per cent lower in selling
value than stocks on hand on March
81 1928, but were seasonally larger than
stocks on hand on February % this
year an average increase during March
of 60 per cent being reported.
The percentage of sales in March to
average stocks carried that month was
OIL q pei NtllU. Will go pNl
cent in March last year. and the per-
centage of total sales during the first
quarter of 1929 to average stock carried
during each of the three elapsed months
was 76.5 per cent, indicating an annual
turnover rate of 3.04 times this year
in comparison with rate of 2.92 times
in the first quarter of 1928.
Collections last month were slightly
better than in March last year, the
percentage of collections during the
month TO total receivables outstanding
March / being 28.8 per cent. compared
with $50 per cent of outstanding re-
ceivables collected in March, 1928. The
percentage this year improved in Balti-
more. Richmond and Washington, but
declined in the other cities stores,
which are more largely affected by con-
ditions in rural sections than the larger
city stores.
Wholesale Trade Improves.
Seventy-seven wholesale firms. rep
resenting six leading lines of trade, sent
reports to the Federal Reserve Bank of
Richmond on wholesale trade during
March. Sales of furniture firms eX-
ceeded sales in March. 1928. but sales
in the other five lines declined last
month March sales in all six lines in
creased Seasonally over February, 1929,
sales, both because of increased demand
as a result of Spring requirements and
on account of splendid weather which
stimulated retail trade and created
many refill orders. In total sales during
the first quarter of this year, sales of
drugs exceeded sales by the same firms
during the first quarter of 1928, but this
years sales in groceries, dry goods,
shoes, hardware and furniture were
lower than sales in the same lines dur
ing the first three months of last year.
Stn0lYc nY1h hand in the rnnOrfinO firms
at the end of March. 1929, were larger
in hardware than on March 81, 1928.
but were less in groceries, dry goods and
shoes. Stocks in all lines declined dur
ing March from those on hand at the
end of February this year, seasonal
development after the bulk of Spring
and early Summer shipments had been
made.
Collections in groceries during March
totaled ga per cent of outstanding re-
ceivables as of March l. Drugs averaged
572 per cent of outstanding receivables
collected during the month. while hard
ware averaged 35.3 per cent, dry goods
$40 per cent, and shoes 23.4 per cent.
The dry goods, hardware and drug per-
centages for March. 1929, were higher
than those for March last year, but last
months PERI -1tages in groceries and
shoes were lower All of the changes in
percentage were slight, the Reserve
Bank says.
Sales in Other Localities.
Total sales of department stores in
March were 6 per cent larger and
average daily sales IL per cent larger
than in the corresponding month year
ago, according to reports made to the
Federal Reserve System by 523 stores.
The increase of II per cent in average
daily sales reflected in part the fact
that the Easter selling season this year
was eight days earlier than last year;
after allowance is made for this fact
the increase shown was about 8 per
cent.
inventories Of the reporting depart
ment stores at the end of March were
per cent below the level of year ago.
Reporting chain stores and mail order
houses made substantially larger sales
than in March of last year, which re-
fleets in part the establishment during
the year of additional stores.
Chain grocery store sales were up
"a per cent: 5 and 10 cent stores, 17.6;
apparel and drygoods, 20.1 per cent;
drugs, 20,1 per cent; cigar stores, 0.9
per cent: shoe. IS per cent; candy,
279 per cent, and mail order houses,
"a per cent.
Iglehart Elected to Board.
j. A. W. Iglehart has been elected a
member of the board of directors of the
National Food Products Corporation
Among the other directors are Louis
H. Windholz, president David Pender
Grocery Co.; H. C. Bohack, president
H. c. Bohack Co. Inc: j. A. MacDer-
mott, president United States Dairy
Products Corporation: L. Benedict,
president Worcester Salt Co., and H.
c. Phelan, president National Food
Products Corporation.
syndicate headed by J. A. w. Igle-
hart & Co. Of Baltimore and Washing
ton and Arthur Perry & Co. of Boston
recently underworld and distributed
S2.500,000 National Food Products Cor
porstion collateral trust per cent con-
Vertible bonds.
Four New Partners Admitted.
Stein Bros g. Boyce. members of the
New York Baltimore and Washington
Stock Exchanges and associate mem
bers of the New York Curb Market,
announce the admission to general part
nership OF Milton S. frost, c. Newton
Kidd. w. Keyser Manly, Loring A
Cover IT.. and FitZhugh j. Dodson. J.
Edward Johnston has retired from the
firm as general partner and has become
limited partner.
Check Payments Fall Of.
The volume Of money turnover dur
ing the week ended April 81, as indi-
Gated by check payments, was smaller
than in the previous week, but larger
than in the corresponding week year
ago. according to the Department Of
Commerce.
Primary distribution of goods. as in
cicated by car loadings covering the
latest available week. was per cent