Evening star., 1932-02-08
COLLECTIONS DROP
SHOWN IN January
Credit Mems Association Re-.
ports Sales Were Also
Lower for Month.
BY EDWARD c. STONE.

Rejecting the uncertainty engen-
dered by the political and economic de-
velopments in January, collections and
sales in 1O9 OF the leading trading
cities of the United States continued to
drop slightly following the usual post
holiday let-doWn at the turn OF the
year, the National Association OF Credit
Men reported today
Although larger percentage OF the
cities reporting found sales and collec-
tions to be in the slow column than was
the case in the previous survey, two
cities. Springfield and Worcester, Mass,
reported good collection conditions COM
pared to only one in the January sur
vey. On the other hand, no cities re-
ported good sales conditions this month.
Springfield. Mass, which last month
was the sole representative in the good
sales column, dropped to the claSshca-
ton of lair.
From the Middle West there is much
comment about the low prices OF agrl-
cultural and live stock products. Iowa
states that the low prices OF farm prod
ucts and many bank failures have
very depressing effect. 1t would ppear
from comments made that there mas
been no improvement in coLectlonS
curing the past 80 days. This IS prl-
chants have not been able to realize as
much money from their receivabies be-
cause of the fact that farm productS
sell at this time at very low ngure'
the lowest in the history of this gen
Grafton Stocks of merchandise WIN
retailers and jobbers are lower at the
present time than they have been for
number of years, according to ln1orma-
ton sent the Washington ofhce.
Retail Trade Remains Spotty.
Latest reports to the II Federal Re
serve Banks show that retail trade is
spottv, with conditions about the same
as a week ago. Retail trade In the
fifth district is about the same as
wear ago, perhaps a bit slower.
In the Atlanta district group-o1 oe,
partment stores reported substantial
gains in sales last week. Many special
sales are being held and 1urther pre-
reductions made. There Is more op-
ti1nism among the steel men in the
Blrnirgham district, several important
orders having recently been booked;
Wholesale trade in the Phlladelph!a
district is picking up, being more active
than at any time since the houoays:
Boston reports a gain in the shoe ana
textiles trades. In St Louis. bankers
report that boarded money is coming
hack to the banks. Chicago reports
much better records are being made IN
Wholesale merchandising lines, although
retail trade is highly irregular:
Severe cold weather around Mime
epolis has helped retail trade good
deal in the past week and an increase
in bank clearingS has cheered up the
Dallas. Tex. area somewhat. In the
Cleveland and Kansas City Reserve
districts no encouraging changes have
been reported in the past few days.
Capital Increase Shown.
A S. Goulden & Co. has just re-
ceived the quarterly report of Massa-
chusetts Investment Trust, showing Sc
curities owned December 81, 1881. In
comparison with the previous quarter,
the trust shows growth in paid-in capi-
tai during the last three months OF
1881 of So, ,l59,843.
The fact is disclosed that during the
period from october l to December 81,
1881. the trustees Of Massachusetts, In
yestors Trust purchased over 67,OOO
shares of stock of II different com
panies, bringing the total number OF
different stocks in the portfolio to
total of 1913.
Confidence Better in ID. c.
Local bankers report that confidence
mas unpTObel III lIiLdlIS4di ciiS oo"-
ness circles during the past few days;
in fact, things have been looking better
ever since the first OF the year. 1t is
hard to put a finger on any single point
they say. yet there is less gloom than
was noted back in December. 1t is felt
that the readjustments. which are now
well into the third year, are certain 10
bear fruit during 1882. II Sufhclent
confidence can be built up to put an
end to boarding, che OF the most I'M
portant steps toward recovery Will have
been taken, in the opinion of local
fnanciers.
Heard in Financial District.
The Treasury Department today an
nounced an offering of $4,000 900 three
month Treasury bills, to be sold to the
highest bidder on discount basis, the
bills to be dated February Is and ma
ture MAY l8. A total Of S75,OOO,OOO
Treasury bills mature on February Is.
John D. Leonard, widely known
Washington banker, who retired from
the finan3al field last Summer on &C
count of illness. has completely recov-
cred his health For many years he was
actively connected with the Washington
Savings Bank. being one of the found
erS and for a long time president OF tne
institution.
Charles d. Barney q Co., IneHlpelo VI
the New York Stock Exchange, are dis
tributing a booklet illustrated with
charts, titled Selected Common
Stocks" The 81 stocks chosen are dl-
vided into three groups-those whose
earnings indicate continuance OF pres
sent dividends, those whose dividends
may be modified and those of Debated
basic industries with long-term recov-
cry prospects.
Trading on d. c. Exchange.
Washington Gas Light IS, series B,
opened the weeks trading on the
Washington Stock Exchange today,
$500 selling at 1929.
Washington Railway g. Electric pre-
fcrred figured in 35-share turnover In
three different sales at 9l12.
Potomac Electric Power 5l2 per cent
preferred also appeared on the board,
a small lot selling at 1033i.
Mergenthaler Linotype was the last
stock out for the day, selling at So, up
a point from last weeks close. At pres
ent prices this stock yields better than
II per cent.