Evening star., 1933-05-27
D. c. STORE SALES
|. IN SHARP ADVANCE
Substantial Progress Shown
| in Reserve Banks Latest
! Comparisons.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Sales in Washington department
stores we're very much more favorable
in April than in March, according to
the latest comparisons drawn up by
the Federal Reserve Bank of Richmond
and made public today. Sales in April
were only 81 per cent below sales IN
the same month a year ago, while IN
March sales were down "a per cent
compared with March of last year.
Retail sales in Washington compared
with the first four months of 1888 were
down 1872 per cent During the same
time stocks of goods on hand were on
I'll per cent. During the month stocks
gained IL per cent compared with the
end of March. During April local stores
turned their stocks 348 times and 1.168
times from January / to the end OF
April. OF receivables due on April i.
255 per cent were collected during the
month by the local department stores.
Other cities in the fifth district
made better showing than Washlng-
ton in sales in April. Richmond retau
sales were off but "a per cent from the
record of April, 1882 Baltimore safes
were down only % per cent, group
of other cities reported drop OF ~
per cent while the average for the Whole
fifth district was down 4.9 per cent.
Local Stock Turnover Best.
From January to the end of April
sales in Richmond were II per cent
lower than last year, off 20 per cent IN
Baltimore. II per cent in other cltleS
and 10 per cent for the flfth dlstrlct
average.
Stocks on hand IN Richmond were
~ ner cent lower than at the end OF
AnriI a wear ago, 18 per cent lower in
baltimore, "a per cent in other cities
and 1876 per cent for the fifth district
average. =,
Washington made the best record IN
the number of times stocks were turned
over between January l ana April oo
hut Richmond and Baltimore were very
close For the whole district the aver
age was LOB times During the montn
255 per cent of receivables were col
Iected 2 per cent better than the rec
ord of Washington stores alone
Practically all the comparisons are
more favorable than in March and IN
this territory. Reports so far in May
indicate that this month will make
still better showing. To date IN May
trade signs have pointed definitely up
ward.
Utility Bonds Given Endorsement.
The holder of any sound operating
utility bond need have no 1ear OF I'M
pairment of his investment, as result Oh
rate -cIItting or taxation, the National
Association of Mutual Savings Banks
was told at its annual conference.
.JJnder anything that could be called
fair rate regulation and taxation, Such
operating utilities have demonstrated
their ability to earn enough to NAM
tain the integrity of their debts under
any conditions much short OF industrla!
nrostration." said F. V. Eenshaw OF
Wood, Struthers & Co, New York
Close supervision of holding COM
panies was recommended in commit
tee report to the conference. The re-
port pointed to the growing trend to-
ward municipal plants as a threat TO
outstanding utility bonds.
"A period of probation lies ahead for
the municipal bond before it returns to
its former favor as savings bank in
vestment," Carl M. Spencer, president
of the Home Savings Bank, Boston, told
the same convention. Fortunately
municipal reforms have been set in mo-
tior. real economies made and the tax
burden is being readjusted."
Much Increased Buying Noted.
In its current summary and inter-
pretation of the news of the week i'm
portant to business, the Business Week
says:
Modest enough in proportions, but
highly significant as an earnest OF
intentions, the Federal Reserve has be-
gun the open market operations which
are a basic part of the dmhistration's
program for raising prices. Consumers
are buying evidently eager to convert
cash into automobiles, refrigerators and
beverage equipment. before the prom
ised rise. New York City check trans
actions now outstrip 1929, as specula-
tive enthusiasm sends the stock market
far above last Summers sorry depths.
"An unexpected but altogether well
come revival of construction activity in
all major categorieS- nom
residential and public-has helped the
trend toward better business initiated
by other basic industries.
Business men are eXcitedly scram-
bling to get ready for the new industrial
set-up; trade associations are a little
dazed at their sudden prominence;
there is much confused thinking. The
watchWord should be restraint, self
control.
Cleaned in Financial District.
Another boiling New Ytrk stock mar
ket greeted local traders and investors
at today's opening. Local board rooms
were jammed, the tape could not keep
up with q rush of sales. Many stocks
revealed startling increases overnight.
Volume was enormous and interest at
feverish point THE days of '29" were
Vividly recalled.
Recent bond and stock advances are
proving a great help to some of the
collateral held in connection with loans
in local closed banks. Should the gains
continue over long period both banks
and their borrowers will profit greatly.
Chesapeake & Ohio Railway Co. has
declared the regular quarterly dividend
of 62I2 cents on the common stock,
payable July l to stock of record June 8.
General Electric Co. has declared the
regular quarterly dividends of 10 cents
on the common and IS cents on the $40
hnf Ii1iU 70