Evening star., 1932-06-25
D. c. RETAIL TRADE
OFF 12PCT. IN MAY
Report of Reserve Bank
Shows Best Record in
Fifth District.
BY EDWARD C. STONE.

Department store sales in Washing
ton in May were 1875 per cent under
retail sales in the same month year
ago, according to the monthly report
on retail trade made by the Federal
Reserve Bank of Richmond today. The
trade situation here is better than the
average for the whole district. in Rich
mond, Baltimore, or in any of the other
leading cities, the report shows.
Department store sales in the whole
fifth Reserve district in May wers l7.2
per cent less in dollar amount than
sales in 1881, but at least part Of the
decline was doubtless due to price re-
cessions during the year. Aggregate
sales in the first five months Of 1882
were IT'S per cent less than total sales
in the corresponding period last year.
Stocks on the shelves of the report
ing stores on May 81, 1882, totaled 1877
per cent less, at retail selling values,
Than stocks on May 81, 1881, and also
Ehowed a decline of 80 per cent since
April 80 this year Stocks were turned
Sr average of 309 times during the
month of MAY, and since January l
stocks have been turned an average OF
1.44l times a lower figure than 1887
times stocks were turned during the
FIRST five months of 1881.
Collections in 80 of the 33 reporting
stores averaged 257 per cent OF re-
eeivables outstanding on May /. lower
Percentage of receivables collected our
ing the month than 23.2 per cent COL
iected in May, 1881.
some Detailed Comparisons.
Detailed figures from the Richmond
Bank report show that retail sales in
Richmond were off 23.6 per cent, in
baltimore. 1872 per cent, and in a group
of other cities were off 23.2 per cent
during May.
For the first five months of the pres
ent year department store sales in
Washington were down but IA per cent
behind last year by 1872 per cent, in
baltimore. 1873 per cent, and in many
other fifth district cities taken as a
group the slump amounted to 24.3 per
cent
Il is interesting to note that the
Average for the whole district IN May
and in the first five months Of 1882
Showed a variation of per cent, the
I7.2 per cent slump in May being COM
pared with IT'S per cent for the five
months.
stocks of goods on hand in Wash
fngton stores on May 81, 1882, were
Stocks on hand at the end of May
were 90 per cent lower than at the
end of April of this year. Stocks on
hand in the whole fifth district were
3 per cent lower than at the end of
the previous month, this being prac-
tically the same as the figure for the
Washington stores.
The report covers trade conditions in
80 of the leading department stores in
Washington, Maryland, Virginia and
West Virginia, North and South
Carolina.
As Washington Views Business.
A survey of Washington opinions as
to business made by the Standard Sta
tistics Co., follows in part:
Washington officials feel that the
credit situation will be demonstrably
better this Summer, that the current
few months probably mark the low Of
the depression, but that recovery will
necessarily be slow and tedious.
Points on which this moderate de-
gree of short range optimism are based
are these: Alienation of uncertainties
by adjournment of Congress. Failure
of all outright imitation measures. in
Guiding bonus. Approximate balancing
of the budget. Continuing hopes for
success of the Federal Reserve credit
easing policy. Cessation of the out
flow of gold. High hopes for good prac-
tical results from the banker -industri-
alist committees in various reserve dis
tricts
Points which serve to modify any
feeling Of strong enthusiasm for the
immediate future include these: Un-
certainty about the outcome of the
Lausanne Conference on Reparations.
Uncertainty about Germany's predica-
ment after the elections late in July.
Lack of any definite signs Of early halt
in the downward trend of production,
business volumes, car loadingS or COM
modify prices. Prospects for further
tax increase by Congress next Winter"
Fleming New Commerce Director.
Robert v. Fleming, president of the
Riggs National Bank, was elected to the
board of directors of the United States
Chamber of Commerce, at meeting of
the board yesterday afternoon. He fills
vacancy caused by the resignation of
Nathen Adams, president of the First
National Bank of Dallas, Tex, and is
one OF the two finance members.
His election is considered a high
honor as it gives Washington two mem
bers on the board, no other city having
but one member. The other local mem
Der is John H. Hanna, president Of the
Capital Traction Co.
AT yesterdays meeting, James A.
Farrell, former president Of the United
States Steel Corporation, was also
elected to the directorate.
Nathan Adams, whose place Mr.
Fleming takes on the board, has been
elected to a vice presidency in the ma
tional organization Mr.. Farrell sue
ceeds Herbert j. T1ly Of Philadelphia.
Local Dividends Declared.
The board Of directors of the Liberty
National Bank has declared the regu-
lar semi-annual dividend Of $3.50 per
share, payable June 80 to stockholders
OF record at the close Of business June
27 The board met yesterday
Directors OF the Terminal Refriger-
eting & WarehouSing Corporation at a
meeting held yesterday declared the
regular semi-annual dividend Of $1.50
per share, payable July to sharehold-
erS Of record June "a.
A number Of recent developments
forecast halt in the declining trend
OF business, says the United Business
Service in its report today. Forced
liquidation Of securities is drying up,
bank reopenings have been frequent in
many parts of the country and Federal
Reserve member banks have increased
their loans on securities for the first
time this year.
Another RediScOunt Rate Cut
Effective today. the rediscount rate
OF the Chicago Federal Reserve Bank
Will be 2l2 per cent, instead of 3Is per
cent, which it established October IT.
The New York Federal Reserve Bank
dropped its rate yesterday from to 212
per cent, while all the other Reserve
banks continue on 3R per cent level
The most and the worst that can be
said of the situation as Summer sets
in. reports The Business Week is that
business and security markets are
marking time till something happens
at Lausanne, Geneva, Washington, Chi
cago, London, Berlin, Ottawa, or what
have you.