Evening star., 1933-03-25
D. c. RETAIL SALES
!. HEAD LOCAL AREA
Stores Make Best Record
! During Month, Richmond
~ Bank Announces.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
How sales in 80 department stores IN
Washington and the rest OF the f1ftn
Federal Reserve district in February
and the first two months of 1888 COM
pare with the corresponding periods IN
1882 is pictured in detail today by the
Federal Reserve Bank OF Richmond.
Sales in Washington retail stores IN
February were ola per cent below the
business transacted in February. 1882,
and l91 per cent under the figures Tor
the first two months of last year.
Stocks on hand at the end Of February,
1888, were 1872 per cent lower than at
the end of February, 1882.
Stocks on hand in Washington stores
on the last day of February were 81
per cent higher than on the last day OF
January. 1888. During the month of
February store stocks were turned I'll
times. In the first two months OF 1888
stocks were turned .523 times. During
the month 256 per cent of all receiv-
ables we're collected.
Washington Leads Other Cities.
Washington made a slightly better
retail sales record than any OF the
other cities in the fifth district in Feb
ruary Richmond sales were off % per
cent and Baltimore sales % per cent
compared with February, 1882.
Richmond sales for the first two
months of the year, compared with the
corresponding period a year ago, were
off 1914 per cent and in Baltimore "a
per cent. The average for the 80 de-
partment stores in the whole district
was 213 per cent.
Goods on hand in Richmond stores
in February were 16.1 per cent lower
than stocks at the end Of the same
month last year. but 5 per cent higher
than at the end of January OF this
year.
In Baltimore stores the stocks on
hand were 81 per cent above the total
at the end of January. For the whole
district the figure was 6.8 per cent
higher, and for group of stores out
side the three cities mentioned a. per
cent above the January figure. The
-rapidity of stock turnover was about
the same in all the cities.
OF the outstanding receivables, 81 per
cent were collected in Richmond during
the month 209 per cent in Baltimore,
PAT per cent in other cities, while the
average for the fifth district as whole
was 239 per cent, the Richmond bank
announced
Traders Sitting on the Fence.
Local traders, as well as investors.
have watched the action Of the New
York Stock Exchange very closely dur
ing the past week. Market action has
been disappointing as it had been hoped
that more of the sharp gains would
be partially held.
The rapidity with which Congress has
acted on measures supposed to help
sentiment and strengthen the stock
, market indirectly, has caused a great
deal Of Wall Street discussion, but has
, been reflected to no great extent in the
, market quotations. In discussing the
: market outlook, James B. Clews says
. in his weekly letter:
? considering that so many people are
sitting on the fence waiting for some
f. thing to turn up, thus reducing the
. buying demand, it is not surprising that
. the market should have backslided as
an aftermath of the upEft which en-
sued when the bank holiday was lifted.
Any change in present business condi-
tions apparently is on the side of i'm
provement and, of course, the banking
: situation Is now more stabilized. This
. should afford encouragement, taken in
!. conjunction with the constructive legis-
lation which the Government is put
ting through; but until the public gets
in buying mood it is idle to expect
. that the market will do more than
record rallies after setbacks. If busi-
d. ness should pick up this Spring in steel
and other lines, as predicted in some
quarters, that would go a long way in
getting the market out of its present
rut."
: Savage Recalls Other Depressions.
: Francis M. Savage, retired local bank
i president, says he recalls two financial
depressions where Clearing House money
and scrip had to be used. Both were
used successfully, prevented further
banking troubles, the money being used
. without friction and with no losses to
p. the users.
Mr.. Savage was living in Cincinnati
1893, and another section OF the Middle
West in 1907. In Cincinnati he recalls
buying bank stock and giving check
for it against Clearing House funds
In another instance, four banks banded
together and issued their own scrip.
The former Washington bankers say
that the difference between the pres
ent banking situation and conditions
in the past is that people now are look
ing to the Government for help, while
in former depressions they looked
largely to themselves.
Every other depression has passed
and this one is sure to do the same,
MIR. Savage says. adding that greater
. prosperity has followed every other for
: mer setback. History will repeat it
4, self, he feels sure.
. Insurance Restrictions Lifted.
Earl D. Krewson, agency director for
. the New York Life Insurance Co. in
the District of Columbia, said yester-
> day he had received word from Presi-
dent Thomas A. Bucker of the COM
pany stating all restrictions on loans,
. cash values and dividend deposits of
p, the company are withdrawn until fur
: ther notice in the District of Columbia,
Maryland and Virginia. In other
words, normal business of the company
. Will be resumed in these States.
4. Safeway Net S422 a Share.
The annual report of Safeway Stores,
=, Inc, CMaryland) and subsidiaries for
, year ended December 81, 1882, certi-
fled by independent auditors. shows
net income of 4.390,227 after depre-
citation, interest, Federal taxes, adjust
sment of net current assets of Canadian
subsidiaries to exchange value Of
United States dollars at December 81,
1882, and after deducting S150,00O pro-
vision for possible loss due to closed
banks
q This is equivalent after preferred
sdividendS, to S422 share on 1858
saverage number Of no-par shares of
common stock outstanding during the
year and compares with net income in
1881 of S5,415,590, equal to 1894 a
sshare on 717.503 average common
shares outstanding during that year
and $3.50 share on 8OO35O common
shares outstanding at close of the year.