Evening star., 1932-08-24
STORE SALES DROP
.. IN FIFTH DISTRICT
D. C. Makes Better Showing
Than Average for This
Territory.

showed a decrease of 271 per cent IN
sales during July Of this year, as COM
pared with July, 1881. this recession
was smaller than the average for this
district, according to the retail trade
report from the Federal Reserve Bank
of Richmond, made public today
The average decline for July, 1882, as
compared to the same month last year
was 278 for the whole district with
Richmond showing a decrease of %
per cent Baltimore 278 per cent and
other cities in the district 293 per cent.
This city showed better results for
total sales since January l as compared
to the similar 1881 period, the decrease
for Washington standing at only 162
per cent, as compared to 2l2 per cent
decrease for Richmond. 20.7 per cent
for Baltimore, 25.8 per cent for other
cities and an average of 1875 per cent
for the district as whole.
Inventory Figures.
Stocks on July 81. 1882. as compared
with stocks en- July 81 of last wear.
showed a decline of 1923 per cent IN
Richmond, Is per cent in Baltimore,
RI per cent in Washington, 1914 per
cent in other cities and 1877 per cent
for the District as a whole.
Stocks on July 81 of this year, as
compared to stocks en- June 30 of this
year showed a decline of 10 per cent
in Richmond, II 4 in Baltimore. "a per
cent in Washington, 81 per cent in
other cities and 98 per cent for the
district as a whole.
During July of this year stocks were
turned PIT times in Richmond 2O7 in
Baltimore. .2l5 in Washington, 1853 in
other cities. and .205 for the district.
pat ry
were turned 987 in Richmond, 200l in
Baltimore, 2008 in Washington. 1.406 in
other cities, and 964 in the district
as a whole.
The percentage of July l. 1882, re-
ceivables collected in July was 265
per cent in Richmond, 21.5 per cent in
Baltimore, 26.5 in Washington, 21.2 in
other cities, and 23.7 in the whole dis
trict.
The figures were taken from sales in
33 department stores throughout this
Federal Reserve district, and the figures
were compiled by the Statistical De-
partment of the Federal Reserve Bank
of Richmond.
Trading on ID. c. Exchange.
Volume was light and prices down in !
trading today on the Washington Stock !
Exchange Norfolk & Washington |
Steamboat Co. stock sold at 100. Wash |
ington Gas IS A went at 98l2 and the |
IS B of the same company at 1905.
Railroad Bond Issue.
A new issue of $3950,000 two-year |
per cent gold notes of the Chesapeake |
& Ohio Railway Co. expected to be !
sold shortly through Paine, Webber & |
Co. as a direct obligation of the rail- !
way is seen as the first piece of railroad !
financing in many months outside of !
Reconstruction Finance Corporation /
loans. With the exception Of $758000 |
of divisional bonds due in 1886, the !
company has no maturities of mort |
gage bonds prior to 1888. The only !
issues maturing prior to these notes are
serial payments on equipment trust !
obligations.
The two-year notes have been issued |
by the company to provide funds for |
the purpose of acquiring certain capi- |
tai stock and interests in the securities |
of other railroads, in accordance with !
its plan for railroad consolidation.
Business Failures Fewer.
The number of business failures in |
the. South Atlantic division dropped |
from Al during the week ending Au- |
gust II, to As for the week ending Au- |
gust 18. according to Bradstreet's week. |
ly business digest. This compares with |
81 for the prior week of August 4. The |
failures index compiled by Bradstreets |
Weekly continued to decline for the |
country as a whole, during the week
ended August 18, despite the fact that |
the actual number of failures rose from |
511 to SAB. This gain in number of |
6.3 per cent. is, however, considerably
less than the increase normally eX-
pected. The index therefore, dropped
TO 1861 per cent of the 1928-30 average,
compared with 1862 last week and
1O8.5 last year. The number of fail
ures reported this week is still well !
above the corresponding week of last |
year. when 433 insolvencies were re-
corded.
The rise in number, Bradstreet's !
Weekly finds, was distributed among |
all groups, the most marked gain being |
in the retail group which rose from 373 |
to 397. Liabilities also increased 81 |
per cent in spite of declines in the re-
tail and wholesale groups. Banking |
suspensions which number 26 this week, |
are, however. considerably less than |
last year, when they were "a.
Sees Better Earnings.
Prediction by the Wall Street Journal |
today that the S-uthern Railway would |
show substantial Improvement before |
the year end aroused interest in local /
financial circles. The prediction was /
based on the fact that, although earn
ingS for the first part of the year have |
been poor, the favorable factors are |
sharp advance in the price of cotton,
which sold at new high for the year |
yesterday and the speeding up Of textile !
mill activity in the South
The company serves many parts of !
the South, the Journal explains, and |
would share in improvement III any sec !
tin. Improvement in industrial activity |
would cause an increase in Sol. hern's |
tra ffic in the industrial centers Of Birm- !
ingham and Chattanooga The larger |
steel manufacturing concerns have |
plants in these cities.
During the years of good earnings |
before the current level Of business |
Sc, in. the Southern spent large
amounts OF money getting its property
In good physical shape. This has made |
possible lover maintenance charges
which, combined with the extensive
economics effected since the slump in |
business set in, viii permit the car
rier to show a marked Improvement In |
net results on a comparatively slight !
increase in traffic.
The pickup il the demand for coal.
was seen rs Of considerable benefit 10
the Southern.
Heard in Financial District.
J. H. Dockery, who is well known
in the financial district, and for the
past three years was connected with
the investment department of G. NJ
P. Murphy g. Co, is now in the invest
m2nt department Of z. A. Pierce & Co.
Y. E. Booker, head Of the firm of
Y E. Booker & Co, is on vacation at
Watch Hill r. l.
Maurice Otterback. president Of the
AnacoStia Bank. has returned from two
weeks at Atlantic Cky whore he re-
curerated from a recent illness.
Arni MnRH nAEIL nnH0