Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-26
RESERVE DISTRICT
RETAIL TRADE OFF
Richmond Bank Declares
April Sales go Per Cent
Lower in 35 Stores.
BY EDWARD C. STONE.


public today by the Federal Reserve
Bank of Richmond, retail trade in the
fifth Reserve district in April, as re-
flected in sales by IS department
stores, was in smaller amount than
trade in April. 1880, partly due to the
earlier date of Easter this year. which
~ caused a relatively large part of Spring
buying OF clothing to be done in March.
Sales in the IS stores last month aver
aged 3D. per cent less than sales in
April, 1880, but majority of the re-
porting stores showed larger declines,
the average being reduced by the rela-
lively good record made by reporting
stores in Washington. Washington's
record during earlier months this year
also brought up the cumulative sales
percentage for the first four months of
the year, these sales averaging only 81
per cent less than sales in the CORE
spending period of the preceding year.
Stocks carried by the IS reporting de-
partment stores increased an average
OF one-tenth Of l per cent between the
list Of April and the 1st of May, but
az the end of April average stocks were
1877 per cent smaller in selling value
than on April 80, 1880, the decline
being due partly to closer buying and
partly to lower prices for most lines of
AASASAA0ASAAOC oAAAo yCdL' 4AkC SIOA CO
turned their stock 1923 times In April
and between January l and April 80
turned them 1.207 times. a better rec
- ord than Loaf times stock was turned
in the first four months of 1880.
Collections in April were better than
IN April last year. In April, 1881, the
reporting stores collected 28S per cent
of receivables outstanding on April /,
in comparison with 27.2 per cent of out
standing reroivohIeR rOllanfaI ~,
1880. Both Baltimore and Washington
reported better collections last month,
but the other cities reported a decline,
chiefly because in 1880 some of the
Richmond stores were included in this
group.
were 1T per cent below the record for
April, 1880, while sales in Richmond
were on l4.1 per cent and in Baltimore
lit per cent. A group of other cities
showed slump of 90 per cent.
Wholesale Trade Also Reported.
Wholesale trade in April in the fifth
Reserve district exceeded that of March
Nn groceries, dry goods and hardware,
but was less IN shoes and drugs. In
comparison with April, 1880, sales, those
of April, 1881, showed material declines
In all five lines for which statistics are
available, the declines being due, in
part, to lower prices this year. In to-
tai sales since January ! all lines show
q smaller sales than in the first four
months Of last year.
Stocks carried by the reporting
wholesale firms decreased seasonally in
all lines during April, and at the end
of the month were also lower than
stocks a year earlier
Collections in April in wholesale
lines were better in all lines except
drugs than in March this year. but
three of the Ave lines reported slower
April. 1880. Dry goods and shoe coll
lections in April. 1881, were better than
collections in April, 1880, but groceries,
hardware and drugs reported lower per-
centages of receiyaSdes collected In
April than in the same month last
year, the Bank of Richmond says.
Sl33.S65 Phone Outlay Voted.
Additional telephone facilities In
Washington, involving expenditures of
$685. covering the installation of
switchboard equipment In the District,
metropolitan and national central Of
fees. underground conduit and cable
extensions and new switchboard install
lattons In several sections of the city,
were authorized by the board of direc-
tors of the Chesapeake & Potomac Tel
ephone Co. at its regular monthly
meeting held here today.
This appropriation brings the total
amount authorized for extensions and
improvements to the telephone system
in Washington so far this year to
1881 ,041, according TO a statement
made by John A. Remon, general man
ager.
4 Bank 10 Pay Hamilton Coupons.
: Holders of frst-mortgage 6l2 per
cent gold coupon bonds, Of 81 1850. 900
issue, numbered / to 1868, inclusive,
secured by deed of trust dated July
s, 1927, from the Rochester Corpora
ton to the Southern Maryland Trust
Co, trustee on the Hamilton Hotel.
have been notified by the American
Security g. Trust Co. that it will pay
out of funds in its possession for the
purpose. Coupon No. 8: due July .;
holders, with interest at 61a per cent
per annum, from July 8, 1880. to June
II. 1881. After the latter date accrual
of interest on said coupons viii cease.
According to published legal notices,
the American Security & Trust Co.
was substituted as trustee by Dis
trict Supreme Court decree on July
2, 1880.
Convention Invitations Out.
The usual invitations to the coming
convention of the District Bankers As
sociation, TO be held at Hot Springs,
Va, June 10 TO 81, have just been
sent out to all bank officials. bank di-
: rectors and other flnanciers in Wash
ington.
The invitations are signed by Lanier
p. McLachlen, president OF the asso-
citation, and by the secretary, George
0. Vass. The invitations include blanks
for making reservations for railroad
and hotel, which are TO be returned 70
Frederick H. Cox, cashier OF the Com
Ynercial National Bank. who Is chair
man of the Transportation Committee.
The invitations are unusually attrac-
tive. The convention is TO be held at
the Homestead 1t is the thirteenth
meeting Of the kind and an extra effort
is being made this year TO increase the
attendance Of bank directors.
Local Bank Stocks Active.
Today was one Of the busiest days
ION record on the Washington Stock
Exchange so far as trading in bank
stocks is concerned. The transfers were
largely In small lets.
Riggs National was the first stock TO
appear on the board. the first sale
being made at 3T4. The stock closed at
4 373 after about dozen l0-share lots
n had changed hands.
Second National figured in two sales
totalling AZ shares at 1904. The next
bank stock was American Security g.
Trust. which opened at 300 and closed
around 297, the days turnover being
$50 shares
Union Trust Co opened at POS and
closed at 200 on a 23-share turnover.
Several other stocks also changed
hands. Capital Traction opening at SO
and closing at $3.50. Norfolk &, Wash
ington Steamboat Co. came out at $50,
Railway g. Electric preferred moved at
97A, ex-dividend, and there was a lot
- La.