Evening star., 1933-06-26
STORE SALES SHOW
/ FAVORABLE TREND
: ~ '-'S
Reports for May Are Best
! for Any Month Since
1881.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
. Department store sales in the fifth
Federal Reserve district in May, 1888,
average only "A per cent less in dol
liar volume than sales in May, 1882,
the best record made for any month
since the Summer of 1881.
Comparison with last year, in view
of price declines during the period, was
tquite favorable. says today's detailed
report from the Richmond Reserve
Bank, and indicates a genuine pickup
in business, no seasonal influences haV-
ing affected last months figures.
Richmond sales made the best record
in the fifth district last month with
an increase of 81 per cent over May,
1882. AS already noted Washington
recorded a decline of SO per cent.
The stores in the "other cities" group
which are located in the CarolinaS also
made good records for May, sales being
stimulated by increased employment
and pay rolls in textile mills. Cumu-
jative sales in the Richmond district
in the first five months of this year
averaged 1873 per cent less than sales
in the first five months of 1882.
Stocks in the reporting stores on
MAY 81. 1888, totaled 14.8 per cent less,
at retail selling value, than stocks on
MAY O1, ISOL, UUJ St1OHNA OH 144OAN0SS
of IL per cent since April 80 this year.
Stocks were turned an average of 1857
times during May, and since January
stocks have been turned an average OF
LAST times, higher figure than 1.441
times stocks were turned during the
first five months of 1882.
: Collections in 80 of the 80 reporting
stores averaged 24.6 per cent of re-
ceivables outstanding on May /, lower
percentage of receivables collected dur
ing the month than 25.7 per cent col
lected in May, 1882.
Washington stores reported that 26
per cent of receivables due on May l
were collected during the month, Rich
nond 20 per cent, Baltimore % per
cent, compared with the 24.6 per cent
average for the whole district.
Sees Recovery Act Succeeding.
Theodore M Knappen of this city,
noted financial writer, addressed the
Wisconsin Bankers Association the
other day, saying among other things:
Now we have the industrial recovery
act, which is law to make business
good. Prices, wages and pay rolls are
to be increased by combine OF the
Government, industry and labor, the
antitrust laws being suspended for the
duration of the war.
Yesterday you were a good citizen
If you competed vigorously. manufac
tured efficiently, kept your expenses
down and your prices low. Today you
will be fined $500 shot for not doing
what you yesterday were forbidden to
do-and you can't do that without a
license. For the last three years any
body who made profit was suspected;
now if you don't make one you are
an undesirable citizen.
1.-THE lineal political defendant of
Thomas Jefferson, who limited govern
ment to defense and police, has plunged
us into the most colossal and tangled
problem of governmental control of the
whole business of a nation that has
ever been seen this side of Russia
or the other. One look at the job
makes your mind reel, two will drive
you crazy. 1t can't be done, but I'll
bet it will be-"
ID. C. Bank Reopenings Nearer.
Announcement that the Seventh
Street Savings Bank has decided to en-
ter the Hamilton National Bank merger
was favorably greeted by the banks
depositors in that section Ct the city.
The confidence that John D. Howard,
president and conservator of the bank,
expressed in the success Of the merger
is inspiring.
This latest announcement is believed
to take care of the future of 10 of the
13 banks which failed to open on full
time at the conclusion of the Nation
wide bank moratorium. Banks in the
consolidation move expect to reopen as
one bank about August l.
Another, the Franklin National, hopes
to reopen at about the same date as
the merged banks do, as such fine
progress has recently been made in pro-
viding all the necessary capital and in
other ways complying with the rules of
the Treasury The Chevy Chase Saw
ings Bank has been definitely taken
care Of by becoming branch of the
Riggs National Bank. This. bank was
returned to normal operations June Is.
Depositors express constant uneasi-
ness because these banks have not
already reopened. The reason is that
it takes great deal of time to meet
all the stringent rules laid down by
the Treasury Department. There are
also countless details involved in put
ting eight banks together. It is now
believed that July will see all these
matters ircned out and that by August
the entire situation will have been
cleared up.
The board of directors of the Chaplin
Sacks Corporation today declared the
regular quarterly dividend of 2 per cent
on the 8 per cent preferred stock, pay
able August l to stockholders Of record
July 20.
Bonds Lead Exchange Trading.
Bonds were in the best demand on
the WASHINGTON Stock Exchange TODAY
when President c. J. Gockeler raped
for order and opened the weeks busi-
ness.
The first sale was $500 Washington
Gas Light SIS, 1860, at 104, same as the
way e. Electric Is came out on the
board in $500 and 1000 sales. both
made at 8634, off slightly from the last
transaction.
Potomac Electric Consolidated IS
figured in $1,000 transfer at 1922. an
advance Of a half point. Washington
Gas Light 5s. 1858, also came out to-
day, 81 900 moving at 86A up from
the last sale at 86i4.
Stock trading was confined to one
issue today, Washington Railway &
Electric preferred. 10 shares changing
hands at 87is. This was a gain Of *
over the last sale.
The board of governors voted to close
Inc local exchange next MOnCdy, as
we'll as Tuesday. July Fourth. A petit
ton is now being circulated in New
York to close the New York Exchange
on Monday. as we'll as Tuesday, but
has not vet been acted upon. The
Washington exchange Will be closed
from the end OF the session Friday until
the following Wednesday.
Comment in Financial District.
George o. Vass, president of the Dis
trict Bankers Association, will be ready
to announce the chairmen Of his
standing committees for the coming
year in a few days It has come to bt
customary TO name these committed
heads shortly after the annual cOnyen-
ton although not much work IS dont