Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-08
RETAIL TRADE Held
KEY TO EXPANSION
Some Measure of Seasonal
/ Improvement This Fall
Generally Expected.
BIZ EDWARD G. STONE.


In Washington's financial district
views as to when there viii be an hon.
est-to-goodness advance in business al
over The country differ greatly. Banker:
claims that the SURPRISES in wheat and
cotton must be reduced before ans
great changes can take place On the
other hand it is said that the Fal
crops will cause some kind Of inn
provement in business conditions, No
matter what prices are prevailing. as
they furnish great deal Of labor and
tremendous amount of business foi
the railroads.
There is little in the present domes.
tic business situation to occasion either
enthusiasm or concern, Edward B
Smith & Co. state in the current issue
of their outlook for Equities. "Prece-
dent suggests some measure Of sea-
sonaf recovery this Fall, but there Is
as yet no basis for estimating its pos
eible extent, and unless hopes are rig
idly curbed there appears to be some
danger Of their exceeding aCtualities
and so again producing only discour-
agement," the bankers say.
we have long held to the view that
the temper Of the public mind is most
adequately reflected by retail trade re-
suits. and that the end of the present
depression period will quite likely be
signalled by more than seasonal ex-
pansion in merchandising activity"
Fifth District labor Review.
The past month or six weeks showed
no improvement in employment condi-
tons in the fifth Federal Reserve dis
trict, but on the contrary there appear
10 have been ltnfavorable Developments
Unemployment and labor trouble has
spread further In West Virginia coal
fields, railroads in the fifth district have
consolidated and readjusted some train
schedules, enabling them to discontinue
a few trains and railroad clerical
workers also have been reduced In num-
Der slightly.
Wage reductions. although not gem
eral IN the district, continue here and
there, chiefly In the smaller industrial
plants, which tried to maintain wages
at former levels when the present de-
preston began, but which have been
unable to stand the strain over so long
q period The outlook in the Fifth
district is materially worse for industrial
workers, railroad employees and persons
In building trades than it was a year
ago. since many people who were un-
able to ind steady work last year had
some surplus on which they could fan
back
This year, however. some portion and
IN many cases all Of these surplus funds
have been used. and as result the
number of calls for assistance received
by charitable and welfare agencies is
increasing steadily, according to the
Federal Reserve Bank of Richmond.
Washington Lifts building Status.
Building permits issued in June in 80
leading cities of the fifth reserve district
numbered 3.242, compared with 1921
permits issued in June, 1880. but esti-
mated valuation figures for last month
totaled only 1851 ,831. a decrease Of 90
per cent under valuation of S7,247,424
in June, 1880. Only Of the 30 report
ing cities showed higher valuation fig
ures for June, 1881, TRAN for June. 1880
and the district comparison between
the two months would have been much
more unfavcrable If washington had
not reported an increase this year OF
approximately SIS per cent
Contracts actually awarded in June for
construction work in the fifth reserve
district f0taled 1855, 1877 compared
with $37 665s96o reported for June, 1880,
according to figures collected by the F,
w. Dodge Corporation. OF the June
1881 awards Sc, 730 1872 represented res
dental types OF construction, compared
with $40 ,I20,240 for this class of work
IN June last year.
In connection with the detailed re-
port made this week, Chairman Hcx-
ton explained that the combined fig
ures for 81 classes Of permits had been
given, no distinction being made be-
tween permits issued for new construc-
ton. alterations or repairs. Some years
ago, he says, when there was a short
age Of housing and business premises,
and when industries were expanding,
the distinction between different classes
Of permits was important, but at pres
ent the employment OF labor is the sig
nificant feature in construction, and al
teration or repair work gives employ
n1ent TO as many people as new work.
Heard in Financial District.
Frank e. Ghiselli, vice president OF
the Federal American National Bank &,
Trust Co. and connected with the Fif-
tenth and Fl Streets Office, is away on
his vacation. which he is passing at a
popular Virginia health resort.
The McCrory Stores Corporation re-
ports decrease Of SO per cent in sales
in July and an increase in sales for the
first seven months Of the present year
of 03 per cent.
The Washington Office Ct the George
A. Fuller Co reports that the regular
quarterly dividends Of $3.50 each have
been declared on the cumulative par
tlcipating prior preferred stock and
cumulative and participating preferred
stock. both payable October l 70 stock
OF record September 10.
Washington Clearing House figures for
today. S357l i9S 81