Evening star., 1932-03-26
D. c. RETAIL SALES
OFF IN FEBRUARY
Trade Ahead of Baltimore,
but Under Richmond, Fifth
District Bank Reports.
BY EDWARD C. STONE.

ment stores in February were 104 pei
cent under the figures for February
1881, according to detailed comparisons
received from the statistical depart
ment of the Federal Reserve Bank oi
Richmond today. This was a better
showing than Baltimore made but not
as good as Richmond, the report shows
Department store sales in the fifth
Federal Reserve district in February
1882, averaged 1926 per cent less than
sales in February, 1881, but the decline
is at least partly accounted for by gen.
erally lower prices this year. Thirty
three stores reported on their February
business, and among the individual
cities from which three or more reports
were received Richmond made the best
record with an average decline OF 9.i
per cent. In total sales during the firSt
two months Of 1882. the 80 stores aver
aged a decrease Of 1877 per cent in COM
parison with sales in the first two
months of 1891.
Stocks in the reporting stores in
creased seasonally during February,
rising by 8.4 per cent over those on
hand at the end of January but on
February 30 this year averaged 10l per
cent less than a year ago. Part OF this
decline was also due to price changes.
The reporting stores turned their STOCK
an average of .264 times during Febru-
ary, and between January l and Febru-
airy 90 stocks were turned 300 times,
both of these averages being lower than
those for the corresponding periods in
1881.
The percentage Of collections IN
February, 1892, TO total accounts re-
ceiveable in February l was lower than
the percentage for February. 1881.
k.tr rsrsl-
lection percentage, while Baltimore re-
ported the lowest chiefly because Of q
relatively large volume OF 1nstallment
accounts included in the Baltimore hg-
ureS.
The Richmond Reserve Bank re-
ported that sales in Baltimore were
i44 per cent below the February, 1881,
figures and a group of other smaller
cities showed decrease OF III per cent.
In combined sales for the first two
months of the present year, Washington
is ahead of all the other cities in the
district. Stocks on hand in local stores
were 81 per cent below the stock car
ried in February, 1881, but 7.8 above
stocks carried in January Of this year.
Georgetown Gas Net Higher.
The GEORGETOWN Gas Light Co. has
fled its February financial statement
with the public Utilities Commission,
showing operating revenues Of $127,-
e42.O3 against S1l4,079.02 in February,
1881. Operating expenses called for
SlOI, $3.50 compared with $94 ,209.57,
leaving an operating income Of S22,-
437.5l, while this item last year stood
Gross was s24,os379, against ST.
57462, and deductions for interest on
bonds and other requirements took
$4,56286, against $4,875.92 in February,
1881, leaving a net corporate income
for the month of $19,519.93, against
S12,698.70 in the like period last year,
or a gain Of $6,82l %.
For the first two months of 1882
operating income amounted to $247.-
zoo. 81, compared with $253, ,926.03; op-
Grating expenses were $197 ,260 .08, COM
pared with the higher figure last year
of $209, ,121.47. Revenue deductions re-
quired $205, 5,260, against $217 ,423.69,
leaving an operating income Of $42,-
420.51, in comparison with S36, ,614.80.
After deductions for bond interest and
other expenses, the Georgetown COM
pany had a net income of $50, ,595.27,
this figure last year standing at $29,-
S69 80, an increase in 1882 of $6,725.T.
Haas Views Business Recovery.
While in town this week President
Harry J. Haas of the American Bankers
Association made some interesting COM
mentS on business recovery. From the
viewpoint of general business, said Mr..
Haas, recent national movements have
recognized that business recovery will
not be achieved by decreasing the value
of investments and commodities, but
rather by Stabilizing the prices of in
vestmentS and commodities at some
where near their real value. This de-
sired condition cannot be brought about
by reducing the volume of credit, but
rather by increasing the amount of
available credit, he said.
THE Glass -Steagall bill," Mr.. Haas
continued, very wisely provided for the
release Of approximately $700, 1000, 900
in gold to secure Federal Reserve notes.
I'VE believe that the groundwork has
been laid for an improvement in busi-
ness. Many large business concerns
have mapped out plans for the expendi
ture of large sums in the employment
of labor and The purchase OF materials,
but we sincerely believe that their plans
will be interrupted or held in allegiance
should they be fearful of legislation
affecting their business adversely.
I'VE believe that the enactment of
the Glass reform banking bill, making
sweeping changes in the national bank
act, the Federal Reserve act, concen-
trating additional powers in the Fed
eral Reserve Board, and in the control
provided for the administration of
member banks, would be most harmful
to the Federal Reserve System mem
Der banks and to general business"
Finds Business More Sound.
L. A. Miller, president Of the WHY'S
Overland Motor Co, who has been in
the city to see w. ]. Chown, one of his
distributors, said today that business
methods have been greatly improved
all over the country during the past few
weeks. Waste and excessive overhead
have been eliminated, he said today, in
merchandising as well as in manufac-
turing. That means he added, that
good profits can be made on a much
smaller volume Of business and is a
most vital factor in getting things back
to normal Greater values for the money
and more advertising are also helping
IN a most important way toward speed
ing up the recovery, which has recently
been greatly assisted by Government
legislation. Mr.. Miller said.
ROsslyn Steel Elects Treasurer.
Malcolm S. Mcconihe, former Wash
ington bank official, has been elected
treasurer Of the RosSlyn Steel & Ce-
ment Co., succeeding w. G. Galliher,
who resigned to devote his time to
other business interests. The new
president has recently acted as receiver
for several banks in the South
r. A. Drain is president of the COM
pany, P. r. Bailey, vice president; w.
G. KieSler, secretary, acting with C.
Emery Galiher, Charles H. Ganiher
and w. G. Gallher, directors.
Bond Club Announces Meeting.
j. Fred EsSary, Washington corre-
spondent of the Baltimore Sun, will ad-
dress the Washington Bond Club at
the monthly luncheon at the Carlton
Hotel next Wednesday, President Law
renee M. Proctor announces. Mr.. Es-
sary IS former president of the Ma
ticnal Press Club, the Gridiron Club
and Is nnR 0f the ha<% rr0Rtino