Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-04
D c. RETAIL SALES
!. SHOW GAIN IN 1928
Hoxton's Monthly Review
Gives Survey of Trade
in Fifth District.
BY EDWARD C. STONE.


,ington area and the remainder of thu
fifth Federal Reserve district are re-
vealed in Chairman william w. Hox'
tons monthly review. received today
from Richmond. The report says:
Retail trade in December, as re-
fiected in department store sales, wa:
up to seasonal average, increasing 55 pei
cent over November sales and also
averaging 10 per cent above average
December sales by the same stores dur
ing the three years 1923-1925, inclusive
Sales in December by 80 stores fell six
tenths of ] per cent below December
1927, sales, but total sales in the calendar
year 1928 were four-tenths of l pei
cent above sales in 1927. Sales In
Richmond and Washington in 1928 ex-
ceeded sales in 1927 by % and 3.3 pei
cent, respectively, but sales in Balti-
more and the other cities were smaller
Stocks on hand at the end of De-
cember, 1928, we're "a per cent smaller
than stocks at the end of 1927, and
were 1872 per cent smaller than at the
end of November, 1928. Sales during
December amounted to 48.4 per cent
of average stock carried during the
month, and total sales during the
calendar year 1928 were 334.7 per cent
of average stock on the shelves at the
end of each of the IL months. This in
dicates an average turnover during the
wear Of 3347 times, the stores in Rich
mond leading with approximately 3.74
times.
COLLECTIONS in December equaled
28.9 per cent of total receivables out
standing on December /, a slightly high
er figure than 1856 per cent of recely-
ables collected in December, 1927.
Washington, with 32.6 per cent, report
ed the best collections in December.
80 Firms Report Wholesale Trade.
wholesale trade in the fifth Federal
Reserve district in December, as indi-
Gated by reports from 80 firms in six
lines. was in smaller volume in every
line except drugs than in either Mo-
vember. 1928. or December, 1927. The
decreases in December sales under those
of November were largely seasonal, but
the declines in comparison with Decem-
Der, 1927, sales show actual decreases IN
business. Total sales for the year 1928
were also smaller in every line reported
upon except groceries and drugs. which
gained 90 per cent and 3,6 per cent, re-
Spectively.
DRY goods and hardware stocks de-
clined in December, while stocks OF gro
of the year stocks in all of the four lines
for which information was available
were less than stocks on hand December
81, 1927.
collections in December were better
than in November in all lines except
groceries. In comparison with collec-
tons in December, 1927, those of De-
cember, 1928, were better in dry goods,
shoes and drugs, but grocery. hardware
and furniture collections compared I'M
favorably with those of the correspond
ing month of the preceding year" the
report said.
Savings Deposits Also Announced.
Time deposits in So regularly report
ing member banks, located in Is leading
cities in the fifth district, totaled $240,-
TIA 900 on January Is of this year, COM
pared with $246, 039, 900 on January 10,
1923.
Between December IL, 1928. and jan
uary Is, 1929, loans on securities" OF
member banks increased by $1,000,
but esall other loans" which are largely
commercial or agricultural, declined by
s8,I11 600, bringing about net de-
crease in outstanding loans to custom
ers of $1,344,000 during the month.
The reporting banks increased their
investments in bonds and other secur-
tiles by $4,56l 900 between December
IL and January Is and reduced their
borrowing at the Federal Reserve Bank
by $4,429 900. Time deposits rose ST.
400 900 during the month under review,
but demand deposits declined $8,667 600,
a net decrease in total deposits OF ST.
$4,000. Cash in vaults declined $2,-
O85 900 between December IL and jan
uary Is, the banks needing less cur
rency after the holiday shopping season
had passed. The reserve deposits OF the
reporting So banks decreased $201, 900
during the past month, q daily nuctu-
alton only.
The figures reported for January Is,
1929. compare closely in most items
with those reported for January 10, 1928.
An examination of loan and discount
figures shows an increase Of $50, $685.
600 during the year in loans on secur-
tiles. but loans otherwise secured and
unsecured decreased 29,277 900 during
the same time, a net increase In all
loans and discounts amounting to
S3,392, 900. Total investments OF the
reporting member banks in bonds and
securities showed decrease Of $16,306,-
600, probably due in part to higher re-
turns OH money loaned on securities
than on bond and stock investments.
Deposits declined $23,728.000 between
January 10, 1928, and January is, 1929;
demand deposits decreasing by Sls,-
$4,000, and time deposits by $685.
600. last year showing the first decline
In time deposits in several years. AS
a result of lower deposits, the So re-
porting banks reduced their reserves
at the Federal Reserve Bank by $685.
600 between January Is last year and
January IS this year. Cash in vaults
dropped s1,454,0 600 during the year
under review Aggregate borrowing by
the reporting banks at the Federal Re-
serve Bank of Richmond was $l,358,-
600 greater in amount on January is
1929. than on January 18, 1928.
Washington Gas Stock Sells OF.
Washington Gas Light stock sold of
on the Washington Stock Exchange
today, presumably Of the passing Of the
annual stockholders meeting at thu
company's headquarters this noon. Thu
market opened with one share of ga.
selling at 124, off point from last
weeks close Five shares then changed
hands at 100 and four more at lis, thu
closing figure. While the stock was of
points on the day, the turnover wa
very small.
Capital Traction opened the week a
1867 and closed at 1868, sales totalin,
25 shares. Potomac Electric Power
per cent preferred was strong at IL;
and the 5Ia per cent stock moved a
109A. Chevy Chase Dairy preferre,
changed hands at lot.
Federal-American Co. common again
sold at SIS and 80 shares of Mergenthal
er figured in the days trading at 1043s
After call a baby gas 6, series B, sol
at los and single share of Rigg
National Bank stock registered 576.
For the first time in weeks not
security on the local exchange is no.
selling ex-dividend, the February pay
ments having cleaned the slate.
Heard in Financial District.
e. A. Pierce, head of. the brokerag
firm which maintains an Office in Wash
ington, opposes an increase in the mum
Der of New York Stock Exchange seat.