Evening star., 1932-09-19
STORE SALES DROP
16PER CENT IN D. c.
Fifth Federal Reserve Bank
Figures Also Show Lower
inventories.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Comparison of department store sales
in 80 stores in the fifth Federal Re-
serve district, for the first eight
months of this year, shows that busi-
ness in Washington was off 16.1 pei
cent, Baltimore sales were 2l.2 pei
cent, Richmond was off 2l.6 per cent
and the average for the whole district
was down 1877 per cent from the buSi-
ness done in the corresponding period
in 1881, the Reserve Bank of Richmond
reports.
In August alone retail sales in Wash
ington already have been reported as
145 per cent under August, 1881; Rich
mond sales were down 25.4 per cent
Baltimore, 263 per cent, a group OF
other cities 30l per cent and the aver
age for the fifth district 22.2 per cent
The Richmond bank also announced
today that stocks on hand on August
81 1882 were - per cent lower IN
Washington stores than on August 81
1881: 10 per cent lower in Richmond
15.9 in Baltimore, 222 in group OF
other cities and 1876 per cent lower in
the average for the whole district
Stocks of goods on hand in August
compared with July were only slightly
lower, 3.4 per cent in Washington and
18 per cent for the average in the
whole district, the Richmond bank
said.
Since the above figures were compiled
trade in the fifth district has shown
seasonal improvement. according to the
weekly bank clearirgs. For the past
two weeks clearings have gained in
Washington and also in the rest of the
district so that September probably
will show up to better advantage in
total sales.
Today's Trading on Exchange.
Trading lacked pep on the Wash
ington Stock Exchange when the first
business session of the week opened
Bonds got all the attention. George
town Gas Light SIS figured in $500
turnover at 1902 and Washington Gas
IS, series A, came out at SO.
The statement of EmerSon's Bromo-
Seltzer. Inc (holding company only,
which is listed on the Washington EX-
change. for six months ended June 80,
1882, shows net income of S777178,
after taxes, interest, etc. equivalent.
after dividend requirements on 8 per
cent preferred stock, to 81 share on
combined 50,556 no-par shares OF Glass
A and 624 985 no-par shares OF Glass
common SIOckS. 1llS CoIIlpaIeo WIN
S775.067. or ST a share. on combined
common shares in first half OF 1881.
Bank Stocks Yield Higher.
In line with the recent fall in Sc
curity prices, New York City bank
stocks, which are widely held in this
city, reacted during the past week, the
aggregate value of 16 leading issues
registering a decline of S203 ,479 900. &C
Iiyon tn
Rose & Troster. The aggregate value
at the close of the week was Sl,896,-
377000, which compares with total of
S2,O99, 1855 900 reported at the close of
the previous week and with a total OF
1929 8o5, 900 reported on May 81, last,
the low point of the depression.
The average yield of the 16 stocks is
now 610 per cent, compared with SOL
per cent reported on September 9 and
with a record yield of 1924 per cent
reported on May 81.
Insurance Pickup Predicted
Eugene E. Andrews of Chicago,
agents counselor of the New York Life
Insurance Co., told the Washington
Agents Club, at their Fall luncheon,
that the bottom in insurance and other
business has been reached and passed.
He has just finished 40 years of un-
broken service in life insurance and
spoke of the great opportunity to be
had in the life insurance business by
the young man of today, as against
that in 1898-19O0 He emphasized how
the life insurance industry had with
stood the depression. Mr.. Andrews had
Just come from a meeting of the lead
ing insurance men from all over the
country. and definitely stated that it
was the concensus of opinion that the
bottom had been reached and that We
now were on the upgrade, and that
while improvement would not be sud-
den, that when the club meets at this
time next year the members will sing
the new national anthem, Happy Days
Are Here Again"
John P. Lynch. president of the Dis
trict Underwriters Association, well
coined about 25 out-of-town New York
Life agents at the meeting, and L. L.
Cluster acted as tOaStmaSter. A Sill
yer loving cup was presented Herman
Friedman by Earl E. KreWson, agency
director, for leading the agency in new
business during the past two months.
New Georgetown Office Opened.
Many business men and others Wis
tied the new branch office OF the FL
deity Building & Loan Association,
which was opened at the corner OF
Thirty-first and M streets in George
The officers were Congratulated on
reviving this business corner 1t will
be recalled that the building was oc-
cupied for years by the Old Dominion
Railway and it was previously occupied
for years by the Farmers & Mechanics
National Bank. which novel INTO its
own building at Wisconsin avenue and
M street, later merging with the Riggs
National Bank.
The building associations main office
Is at 610 Thirteenth street northWes'.
The company also has branch office
at 735 North Capitol street.
Other Financial Notes.
PENNSYLVANIA Railroad Co. reports for
seven months ended July 81, 1882, net
income of S4,998,435, after taxes and
charges equivalent to 38 cents share
1par $500 on 13,162,81o shares of stock:
This compares with S9,984,284 or 76
cents a share on 13,160,257 shares in
first seven months of 1881.
The Home Loan Bank Board has re-
ceived a check for subscription OF
Home Loan Bank stock. the first to he
received locally at the headquarters of
the board The check was for the
minimum subscription of $1,000 from
the Fidelity Building & Loan Associa-
ton of this city and was for stock
of the bank at Winston Salem, N. c.
Consolidated sales of Safeway Stores,
Inc, for four weeks ended September
10, 1882, were s16,82O506 and for sc
weeks ended September 10 totaled
sl6O,5O2574 Number of stores in op-
Grafton were 3,406.
Charles P. Light, for many years
with the Washington office of the Ma
tional City Co., joined the local staff
of Hartman & Co. today.