Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-08
TRADE HERE HOLDS
UP DISTRICT TOTAL
Banks Review Explains Sales
Gains in Fifth Federal
Reserve Area.
BY EDWARD C. STONE.

washington and Baltimore held up
+he average of department store sales
in the fifth Federal Reserve district IN
january. according to detailed reports
from the Federal Reserve Bank OF
Richmond. The average for the moIlth
was above that of almost all the otheI
Federal Reserve districts in the coun-
try. The review for January ana lne
first half of February says:
This month we include hgureS IL
the table on retail trade from 80 Ieaa-
ing department stores in the lIth re
serve district, an increase OF stores
over the number which reported regu-
larly in 1929. -Four of the additional
stores are located in North Carolina,
giving that State better representation
in the statistics than it had previously.
Sales in January for the 80 stores as d
whole were slightly larger than total
sales in the same stores in January,
1929, but the increase was almost en-
tirely due to favorable returns from
Baltimore and Washington.
"Outside of these two cities, only four
stores reported higher sales in January
this wear than in January year ago,
one of the four being in North Carolina
and the other three in West Virginia.
OF the 35 reporting stores including
those in Baltimore and washington as
well as those in the other cities, only is
stores reported higher figures for last
month. Percentage changes in sales
varied very widely, ranging all the way
between an increase in one store OF AZ
per cent down to decrease In another
Of Al per cent.
Rate of Stock Turnover.
"Stocks carried by the reporting
stores at the end of January, 1880, were
lower than stocks on hand year ago,
and also showed a seasonal reduction
in comparison with stocks on hand on
December 81 as a result of the usual
January clearance sales. The rate OF
turnover of stock was slightly higher i'll
January this year than in the CORE
spending month last year in most OF
small decline in this item. At this
time in 1929 retail trade in Washington
was better than in most sections of the
district however.
collections in January averaged
slower than in January, 1929, due to a
falling off in Baltimore and Washing
ton. The other cities stores showed a
larger percentage of outstanding re-
ceivables as collected in January this
year than in 1929.
Wholesale Shoe Sales Up.
wholesale trade in the Richmond
Federal Reserve district was seasonally
better in January than in December,
but was below the volume of business
done In January, 1929, according to
reports from SO firms in five leading
lines. All lines reported materially
larger sales in January than in Decem-
Der, shoe jobbers showing the largest
increase, but all lines except shoes re-
ported lower sales than in January
last year. The unusual decline in drugs
was due in part to large sales on &C
count of an epidemic of influenza.
wholesale stocks increased in jan
uary, preparatory for Spring trade. and
at the end of the month stocks OF
groceries and shoes were larger than
q year ago. Dry goods and hardware
stocks were smaller this year.
January collections of receivables
outstanding on January were slower
In every line reported upon than in
January. 1929, groceries showing the
smallest decline.
Employment Outlook Better.
mo material change occurred in en-
ployment conditions in the fifth Reserve
district during the past month. but
prospects for additional work later in
the year improved. There is evidence"
the Richmond Bank continues, "of an
increase in construction activities to be
begun during the first half of 1880, and
some industrial plants are reporting in
creased orders.
For example, a car manufacturing
plant in Richmond has recently an
nounced receipt of a large order for
box cars from leading railroad, which
will enable the company to give en-
ployment to a large number of men for
several months. A new cigarette plant
now nearing completion in Richmond
will open shortly and will employ several
hundred new workers, most of whom
will be women.
"On the whole, the outlook seems to
have improved distinctly since the first
Of the year, and with the approach of
warm weather to tighten the expenses
OF living the unemployment situation
should be less serious than for the past
few months.
Contracts awarded for construction
work in the fifth Reserve district in
January, this year, totaled S27432, 558,
including both urban and rural con-
struction, compared with SPECIALISTS
awarded in January, 1929, and ST.
606,830 in January, 1923, the cloSeneSs
Of the three figures apparently indi-
eating about the normal seasonal
awards last month.
RObey Elected Assistant Cashier.
At the regular monthly meeting of
the board of directors of the Bank Of
Commerce & Savings yesterday, Fran
els Robey was elected an assistant
cashier. Mr.. Robey has been in the
employ of the institution II years, en-
tering its service as runner and be-
coming. in turn. a bookkeeper, receiv-
ing teller and note teller.
tho Y1aoafinU Martin a
director of the bank, received congratu-
lations from fellow members of the
board for his recent presentation with
q medal from the Cosmopolitan Club
for unselfsh service to the District OF
Columbia.
Bankers Push Radio Plans.
The question Of an educational cam
Paign covering fiduciary service by
banks and trust companies was referred
to the fiduciary committee by the adj
vertising committee of the ID. Q. BANK
ers' Association at a meeting held yes
terday under the chairmanship OF Eliot
II. Thomson. 1t Is understood That
these two committees will cooperate In
whatever action may be taken.
The f1dueiary committee Is expected
to arrange for the speakers and the
program The advertising committee
will then submit the idea to all the
banks having trust departments tol
their approval.
Financial District Notes.
Washington, D. c., cleared S28,359,-
900 this week against $20,577000 last
week This is a decrease of ga pei
cent from the corresponding week i1
1929
G. c. Morgan, co-manager in the
local offices of G, Mp. Murphy d Co.
has left for a visit TO Oklahoma City
and Tulsa, Okla.
NITilln...l .r,ra- Of flao Noun XnNL