Evening star., 1933-03-03
RETAIL SALES OFF
'DG7P'ER CENT IND. c.
January Report Shows
- Shrinkage From Same
" Month in 1882.
BY EDWARD C. STONE.

Is BY EDWARD c. STONE.
Details from the monthly report OF
TIM Federal Reserve Bank of Richmond
show that retail sales in Washington
were off 1877 per cent compared with
January 1892, with l8.1 per cent 1or
the January average decrease for the
whole fifth district. The report Is
more favorable than in many other re-
cent months, the Richmond Bank says.
Retail sales in Baltimore were down
s1g8rper cent in January but in Rich
Inond were off only 16.5 per cent, a
Slightly better showing than the WASH
ington report. A group of other cities
noted slump of 10 per cent. The de-
ccfeaSes were ascribed as largely due
Ito price reductions.
Stocks on hand on the shelves of the
REPORTING stores were down 16.5 per
scent in the whole district in January,
: compared with stocks of goods at the
end of January, 1882. This was con-
q sldered as seasonal reduction. In
washington stores, stocks on the
shelves were off TIA per cent compared
with the end OF January of the pre-
vious year. Baltimore stocks were 14.4
per cent lower and in Richmond 14.5
per cent lower
...Stocks of goods were lowered in all
THE fifth district stores in January COM
pared with the last day of December.
Stocks In Richmond were 10 per cent
lower than at the end of 1882, 1877 per
cent, in Baltimore, SO per cent in
Washington, 6.5 per cent in other cities
and ia per cent for the fifth district
average
N collections showed some improve
sfnentS during the month. The per-
cefItage of receivableS collected during
january was 344, in Richmond 295,
in Baltimore 237 and in the whole
district 28.2 per cent.
- Not only was retail trade better in
JANUARY than in most other recent
months, but wholesale trade also i'm
proved, making the best comparable
Showing in more than three years. The
bank added that better business condi-
tiohs prevailed during the first half
of February, or up to the time the
monthly review went to the printer.
'Sitfce that time there has been an
dpturn in the residential construction
in the fifth reserve district.
80 Rapid Transit's Net Reported.
Operating income of the Washington
Rapid Transit Co., in January, amount
ed 10 S32,814.26, as compared with $685.
-S7T57, decrease of $6063.31, accord
ing, 10 the monthly statement filed with
the Public Utilities Commission. Oper-
ating expenses and taxes totaled $685.
1888 in comparison with S45,35797 a
year ago. a reduction of S9,138.59.
Operating income for January showed
S3,30512, as compared with the less
favorable deficit of over $4,000 in the
same month a year ago.
Incorporating income for last month
was S8968, in contrast with $126.6l in
this item in January, 1882, decline Of
S36g3. Gross income, less operating
expenses and taxes, also presented a
dsfioit of $3,31544, which was $3,038.35
under the deficit of S6,353.79 in this
item in the month last year.
Deductions from gross income for last
month amounted to S3,007.47, compared
with S2,806.61 for the similar period in
January, 1882, an advance of 5000 86.
The net income item showed net loss
Of S6,32291 for last month, compared
With one of s9,1604O for the month a
year ago, decline of $2,837.49.
80 ;. Life Insurance Given Praise.
- Tie monthly luncheon of the District
of Columbia Life Underwriters Asso-
ciation proved to be one of the most
largely attended and interesting sessions
helarfor some time. q. The guest speaker
wssV. w. Kenneyof Boston, general
a4aht of the Connecticut Life in that
city. He pointed with pride to the
record made by the life insurance COM
paaE$ ever since the unfavorable con-
ditions started. In concluding his ad-
dress he said:
The public has supreme faith in the
institution of life insurance, because,
during the depression, the life msur-
aalce companies have met every demand
made upon them and have actually
added many millions to their assets.
Because of this the public now
.realizes that life insurance not only
furnishes protection for their beneflci-
.arieyin the event of death, but gives
them safe, sure investment to pro-
wide comfort and peace OF mind in
their cd age"
John P. Lynch, president of the local
association, presided. The District
Underwriters are still talking about the
success of the annual sales conference
held with the Baltimore association at
the Shoreham.
Loan Directors Reelected.
! Reelection of all directors Of the
Sofftheastern Industrial Loan Corpora
tion. was announced following the re-
cent meeting of stockholders. The di-
rectors are M. J. Hine, Joseph A. VIII
rer, Ernest c. Ruebsam, Frank E. Ed
sngton, Charles o. Shaw, John B.
Schommer, Prof. Selden M. Ely, Charles
IL. Potter, Edward P. Gruver, c. M.
Eisele, Lewis Eisele, E. V. Wilcox, F. G..
EuHt, H. L. Schuh and w. L. Schuh.
:. The directorate reelected all officers
rs follows: E. v. Wilcox, president; E.
q. Ruebsam, vice president; c. M. Eisele,
Hcretary; w. L. Schulz, treasurer; P.
". Rogers, counsel.
- Company Earns S9.11 Per Share.
Covering its Sc annual cash dividend
Heut1irements by a margin of 81 per
cent, International Business Machines
Corporation, which has plant IN
Washington. reported for the year ended
December 81 net income, including that
Eom foreign subsidiaries, of $6,407,757,
after all charges. and Federal taxes.
ffhis. is equivalent to S9.11 a share on
7D3, ,345 no-par capital shares now out
standing, and compares with S7,422,386
dr. S1055 share reported in 1881.
'.The corporation retired bonds Of par
value of S769 .500 and in addition de-
f5osited funds for the retirement OF
1856 500 par value of bonds on January
i 1898. The company now has out
Standing 81 ,488 900 of an original issue
OF S7,000,000 of bonds.
:. In 1882 the company added to sur
plus S1,755,570 after payment of cash
dividends at the rate of $6 a share,
tptS.r1g s4,2l6,42S.
:. .Today's Trading On Exchange.
80 Business on the Washington Stock
Exchange today wound up the week
with fair amount of activity: The
1rst sale was $1,000 transfer in Po-
tcnlac Electric Power IS at 106. Later
In. the session 81 200 Washington Gas
Light SIS. 1860. moved at 103.
: Potomac Electric Power per cent
preferred came out in small lots at
1071s while the corporations 5E2 per
Eale at 1867 and closed with another
sale at LOT. Washington Railway &
Electric opened at 80 and closed at 82A "a.
: The washington Exchange Is closed