Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-05
D. c. STORES GAIN
IN SALES is SHOWN
Fifth District Federal Re-
serve Report Reveals In
crease Over No., 1923.

serve district showed some interesting
Developments in November, according
to Chairman w. w. Hoxton's December
review made public at Richmond yes
terday. The Reserve Bank review says:
reports from 80 representative de-
partn1ent stores scattered throughout
the district showed sales averaging
year, but practically all of the gain
was In Baltimore, Washington and
West Virginia stores. The Baltimore
stores reported increases averaging 12.1
per cent, an exceptional increase in
view Of stock figures averaging ga per
cent less than those of a year ago
Some Of the Washington stores did al
most as well as the Baltimore stores.
but two firms which reported lower
figures in November than in November.
1928, brought Washington's average
increase down to six-tenths of / per
cent. However, the record of the stores
included in the other cities group is
quite unfavorable. IL of the Is stores
reporting lower figures for November
this year. OF the 4 stores in this
group which gained In sales last month.
8 were in West Virginia OF the 80 re-
porting stores in the district, 19 show
larger total sales for the IL months of
1929 than for the corresponding period
last year.
Stocks carried by the reporting
stores are generally less this year. 20
OF the 80 stores reporting lower selling
values at the end of November. 1929.
than on November so, 1923. Most of
the stores showed a seasonal increase
IN stock on hand during November this
year. In comparison with stocks on
hand at the end of October.
The rate Of stock turnover in the
HfGfVf0E 1aA@ 1T
gear than during the first ii months
q 1928, except in Washington. where
me ngure Is slightly lower. Averaging
all the stores together, stocks have
been turned 1859 times this year prior
to November 80, in comparison with
only 1880 times in the corresponding
ii months last year.
Collections in the district in Novem-
Der averaged better than in either Oc-
tober this year or November, 1928, and
this Is also true of the Baltimore stores
The Washington collections were bet
ter in November than in October. but
not up to those Of November last year,
while collections in the other cities
stores in November showed a decline
from those Of October, but were bet
ter than collections in November last
year" the report concludes.
Rediscount In Seasonal Drop.
Rediscounts for member banks held
BY the Federal Reserve Bank of Rich
mond declined from $5l ,295. 600 on Mo-
v,mber Is to SAL .l22, 600 on December
Is, a seasonal reduction due chiefly to
the liquidation of agricultural paper at
member banks as tobacco and cotton
marketing progressed. Total earning
assets Of the Richmond bank also de-
cl1ned during the month, from S72,l3l.-
900 on November Is to SIS, IO3. 900 on
December IS, but the decrease was less
than the decline In rediscounts because
or increased holdings Of Government
securities.
Federal Reserve note circulation of
the Richmond Reserve Bank rose sea-
sonauy between the middle of No.
vember and the middle of December.
from $S3, 20e, 900 to SOC, 9S6 900. the rise
being due to increased demand for cur
rency as holiday trade got fully under
way. Member banks increased their
reserve deposits at the Federal Reserve
Bank OF Richmond from $62, 395, 900 on
November Is to &63,o98, 900 on De-
cember IS.
The several changes in the items
mentioned, with others of less inn
portance, raised the cash reserves of the
Richmond bank from $92, 995, GOO on
cember Is, increasing the ratio of cash
reserves to note and deposit liabilities
combined from $3.50 per cent to $3.50
per cent.
Less Reserve Credit in Use.
A comparison of the principal items
on the statement of the Federal Re-
serve Bank Of Richmond for December
r. 1879: with the figures for December
10, 1928, shows a somewhat smaller
amount OF reserve bank credit in use
this year at the date given. Rediscount
held by the Richmond bank rose ST.
$4,000, or 81 per cent, the increase
being in country bank borrowing
IN spite OF larger holdings of redis-
counts and Government securities this
year, total earning assets of Richmond
bank declined $4.474,0O0, or ga per
cent, between December Is last wear
ana this, due to a reduction in the
portfolio Of bankers acceptances pur-
chased In the open market Federal
Reserve notes in circulation on De.
cember Is, 1929, exceeded those in cir
culatlon year earlier by So 900. or
III per cent, at least part of the in
crease being due to the introduction
OF new small-sized currency this wear.
the cash reserves of the Federal Re
serve Bank Of Richmond rose $6.I47.O 900.
or 90 per cent, during the past wear.
and the ratio of cash reserves to note
and deposit liabilities combined rose
2.5l points.
Predicts Hard Work in 1880.
Darwin P. Kingsley. president of the
rev York Life Insurance Co., has made
some, interesting predictions for 1880.
As he sees It:
Men ride for q fall, get it, pick
themselves up, feel for broken bones
which most escape-grin ruefully, NUT
ter something about having been a fool
and go to work again. In six months
work than they did in all of 1929. and
viii soon be ready for the next ex-
perience
Nineteen thirty will be what YOU
make 1t. 1t will not be all easys There
are sore spots, but 1t will no longer
De true that men are not incarcerated
because they are in a majority. The
majority viii be sane"
Becker Bonus 80 Per cent.
Checks equivalent to 90 per cent Of
their annual salaries were distributed
to employees of Y. z. Booker g. Co.
investment bankers, yesterday.
THESE checks represent the amount
due under the proflt-sharing plan put
lhCo erect In 1925, when the firm was
established. The proportion of the pro-
nts which each individual receives is
governed by his annual salary.
The members of the firm are Y. E..
Booker, George Hewitt Myers, Harry w.
F1nney and T. Baker Robinson.
Bank Stocks More Active.
Capital Traction IS sold on the
Washington Stock Exchange yesterday
at 91A and 90. Washington Railway
q Electric As changed hands at 81 in
quiet trading.
District National Bank stock sold at
PIT, American Security & Trust at 436
and National Savings a. Trust Co. at
$40. Local bank stocks have been more