Evening star., 1933-07-26
SALES GAINS NOTED.
IN MANY DISTRICTS.
Continued Expansion So Far
In July Helps Offset Usual
Summer LuII.
BY EDWARD c. STONE.

SQItitIICt IUIIs
BY EDWARD C. STONE.
Continued expansion of sales volume
of mail order houses and chain organ
izations distributing merchandise in the
lower price ranges to industrial wage
.earners and throughout agricultural
districts has been the feature of retail
trade thus far in July, says the STAN
dard Statistics Co., in a current sur
vey which continues in part:
This betterment, while not fully
equal to the rapid advances recorded
In such lines as the textiles, directly
reflects the improvement in industrial
employment and payroll totals, and the
improved income of the farmers. both
actual and prospective. resulting from
the sharp rise of prices for agricultural
commodities
Through these means. wage earners
not only have been able to satisfy urgent
needs to an increasing degree, but also
to anticipate in small measure ris-
ing trend of prices
With the concentration Of buying
largely in lower price volume goods, the
record of department stores continues
somewhat less satisfactory than in other
distributi~e fields. In fact, the mid
month report for the New York metro
oolitan area discloses level still around
per cent below that Tor the CORE
spending 1882 period, while many Of the
larger metropolitan department store
organizations. which were able to exceed
1882 records in May and June, are no
longer maintaining such gains. The
usual Summer SlackneSS ordinarily is
more sharply reflected in this field.
i 70 tIA fol
volume of trade at retail continues to
show gradual upward trend"
Stock Market Hours Changed.
Tickers in all the New York Stock
Market Offices in Washington started
at 10 o'clock today in accordance with
the earlier opening in Wall street. The
local Offices were open from 10 to in
stead of from II to as on Monday and
Tuesday.
The earlier session hours pleased
Washington brokers as 1t gives more
line in the afternoon to clean up pend
.ng business. In moderate market it
also means no night work.
The shorter Wall street hours are not
expected to last very long 1t is ex-
oected here that the market will at
east go onto four-hour trading sche-
iule after. this week and possibly the
BOARD of governors will vote to return
the regular flve-hour sessions begin
ming next Monday.
Trading so far this week has not
been of a kind that calls for any eX-
tended shortening Of hours.
American Ice Profits Improve.
Net profits of American Ice Co. for
the second quarter ending June 80 were
s42o418. comparing with S34l ,634 for
this period last year.
The company'S improved current posi-
ton is reflected in current assets as of
June 80 of S3496,125 and current
liabilities of s2,055,918, comparing with
current assets year ago of S3,754, 500
and current liabilities of s3,800,477.
Bank loans amounted to 100000
compared with s190OO0O a year ago.
Cash item was S808,686, compared with
S7134S5 last year.
General Motors Net Higher.
To the army of local holders of Gen
eral Motors stock, the latest report will
De good reading, showing that for the
quarter ended June 80, 1888. including
equity in undivided profits or losses of
subsidiary and affiliated companies not
consolidated. shows net profit a SAL
,98 l69 after depreciation, interest,
Federal taxes. etc, equivalent after
preferred dividend requirements, to 90
cents share (par $10) on 430l4,409
7hares of common stock. excluding
shares in treasury. This compares with
net income of s6870,007, or II cents
common share in preceding quarter and
s5,326,377, or cents common share,
in June quarter of 1882.
For six months ended June 80, last,
net income including equity in un-
divided profits or losses in subsidiary or
affiliated companies not consolidated, was
543,O68,176, equivalent after preferred
dividends to S1.01 share on the COM
non. This compares with S15,0l9, ,404,
0r "a cents a common share, in first
.lalf of 1882.
Record Day on d. c. Exchange.
The Washington Stock Exchange
made record today-not in the volume
Of business transacted but in the light
amount of trading done during the
regular daily session. President c. j.
Gockeler called off all the issues on the
BOARD with great care. giving members
Of the Exchange plenty of time to put
in bids on any and all stocks and bonds
and carry out buying orders.
Apparently buying orders on the
member books we're bit scarce and the
bids too low to pry loose even the best
issues on the board. When all had
been said and done and the clerk was
ready to read back the list of sales for
confirmation of buyers and sellers. 1t
was discovered that just one sale had
been conSumated
This was in Washington Gas Light
SIS. 1860, ST 900 selling at 104l2, an ad-
vance of "a point over the last previous
sale. With this transaction completed,
the Exchange adjourned for the day.
Reserve Report Favorable.
The Federal Reserve Boards business
analysis covering June and the first
half of July states that rapidly expand
ing industrial activity has continued
during that period.
Summarizing the bank credit situa
ton, the board noted that during the
four weeks following enactment of the
Glass-Steagall banking act, which pre-
hibits payment of interest on demand
deposits. net demand deposits of week
lv reporting member banks in go cities
declined by S500,000 900. At the same
time. time deposits increased by $780,
100000. Return flow of currency
amounted to S90,000,000 during the
five weeks ended July 10.
The board noted considerable in
crease" in factory employment and pay
rolls as these indices responded to the
march of production.
Wholesale commodity prices rose
rapidly in the boards indices until
the third week in July when prices of
leading raw materials showed a sharp
decline.
Usual A. & p. Extra Voted.
Great Atlantic e. Pacific Tea Co.
declared the usual extra quarterly
dividend of rs cents on its common
stock in addition to the regular quar-
terlY disbursements of $50 share