Evening star., 1933-03-17
SALES GAIN NOTED
I IN FIFTH DISTRICT
Further Pickup Is Expected
J as Spring Buying
! Appears. *
BY, EDWARD c. STONE.

district, winch nCluQeS washington,
are reported as much improved during
the past few days. 1t is expected that
the Federal Reserve Bank Of Richmond
will report further gains as Spring ad-
vanceS. Industrial activities In this
territory slowed up but little even dur
ing the bank holiday.
The February department store sales
figures, which were announced by the
Richmond Bank few days ago, showed
a drop of "a per cent in dollar amount
in comparison with February, 1882.
This was a better showing than was
reported in most Of the other eleven
Federal Reserve districts. Sales In
Washington stores were down only 2l
per cent
For the first two months Of the pres
ent year, department stores sales IN the
Richmond Reserve district were 81 per
cent lower than in the same two
months in 1882, the Dallas, Tex, area
being the only section to better that
figure, reporting 19 per cent fewer sales
than year ago. For the first two
months of 1888 the stores in Washing
ton reported a decrease OF 19 per cent
compared with the first two months OF
1892
Only one other city in the fifth dis
trict made a better showing. Hunting
ton, w. Va, where the slump was only
1872 per cent. Richmond came next
with .O3 of / per cent of equallins
Washingtons figures.
Figures Picture Stock Gains.
Local observers of the New York
Stock Exchange movements are still
talking about the amazing advances on
the first day of resumed operations. Inc
figures tell most unusual story. The
largest advance in dollars was In l0
oil stocks, which appreciated S2dd 4.o,-
o0O The rails advanced Sl66,98o,o0o'
the motors. Sl65 ,224,0Uu, ana the ullll-
ties, S160.633,00
On a percentage basis the mines leo
the recovery, rising 81 per cent. Tne
motors advanced 281 per cent, the
building industry shares, PTS per cent,
the steels, 229 per cent; the electrical
Equipments, 21.9 per cent; the foods
17.7 per cent; the railroad equipments,
l7.4 per cent; the rails, 1853 per cent;
The chemicals, 15.2 per cent; the indus
trials, 1873 per cent; the oils, l4.6 per
cent; the merchandising issues, -l44 per
tent, and the utilities, II per cent.
The increase in valuations from the
close on March to the close on March
IS was equal to about rs per cent OF
the extensive decline in February.
Clearing House Plan GrOWS.
Action toward organizing a larger
humber of clearing houses among banks
mas been reported to the American
Bankers Association from many parts
of the country following the distrlbu-
ton of its plan several days ago pro-
posing the transformation OF existing
county and district bankers associa-
,tions into a closer-knit organization to
aid in the further working out OF the
sIovernrnent's plans for restoring nor
rnal banking.
The associations clearing house pro-
nosal was made through State bankers
associations in every State with the aim
:of enabling bankers to extend greater
sprolp "co-operation with the Govern
,ment along such lines as may prove de-
.sirable in dealing with the problems OF
the period of banking reconstruction
THAT is at hand
It pointed out that for several years
dts Bank Management Commission has
sco-operated with State associations in
promoting organization of both city and
regional clearing house associations and
Is prepared to furnish complete plans
for initiating, organizing and operating
them.
New Life Insurance Reported.
New life insurance production in
February was 268 per cent less than
sin the like month of 1882, accordlng 10
"a statement of the Association OF Life
INSURANCE Presidents. The report ag-
.pregates the new business records, ex-
sclusive OF revivals, increases ana dlVl-
sdend additions, of A companies Whlcn
shave 81 per cent of the total volume o!
fife insurance outstanding in all united
Estates legal reserve companies.
! For February the total new business
sof all classes written by the A com
snanies was 5000 725 900, against $685.
1924. 900 in February, 1882. New orol-
snary insurance amounted to S4Z4 44o5,
1000. against S577 1888 900, a decrease OF
samounted to s16s, 100000, against S22O,-
1858 600, a decrease of 23.7 per cena.
sGroup insurance was Sl6842 wv,
against s35, 5,l23,000, a decrease OF oz'o
.per cent.
Stock Purchase Is Approved.
Stockholders of the American Stores
Co, at their annual meeting IN rhiia. IA
Idelphia, reelected all directors for the
coming year, very large percentage
Isof the outstanding stock being voted.
J.. They approved purchase by the COM
many during 1882 of 96,630 shares OF
stock in open market at an average
.price of S27 88 and approved the reduc-
.tion in the authorized capital to l,5O0,-
1000 shares from 100000 shares.
There are now in the company
treasury 97,130 shares which will be re-
tired for the present. to be USED 1or
Iexpansion or acquisition OF stores II
necessary.
The pamphlet report of the Virginia
Iron. Coal g. Coke Co. for year ended
.December 81, 1922, shows net loss OF
,S32495 after interest, idle plant ex-
spense, depreciation. depletion. etc. the
.euuity of the company in current earn
'ings of unconsolidated subsidiaries for
the year exceeded dividends received
from such subsidiaries by s17,293. For
wear ended December 81, 1881, net profit
.was S1O5, ,948, equal to S5.32 share on
.19,908 shares of per cent preferred
stock on which there are accumulated
tunpaid dividends.
Heard in Financial District.
Trading on the Washington Stock
Exchange was very quiet today, the only
sales being in Washington Railway &
Electric preferred. at 80 and 8014.
American Telephone is now quoted ex-
dividend on the board. The unlisted
bonds were called off, as is done on
every Friday. Several changes were
noted in the bid and asked prices.
. Loca, broker Offices were exceedingly
popular again today. as a great many
customers watched the board in per-
ison. It has seemed like old times to
the partners. managers, customers men
and order clerks during the past three
days.
The total number of General Motors
common and preferred stock holders for
the first quarter of 1888 was 372,284,
compared with 365,oS5 for the fourth
quarter of 1882 and with 345, 1874 for the
first quarter of 1882.
Pullman, Inc, has declared the reg
ular quarterly dividend of rs cents, pay
able May Is to stock of record April "a.
Chemical Bank g. Trust Co., New
York, has declared the regular quarterly
dividend of As cents payable April l to