Evening star., 1933-11-25
TRADE IS COMPARED
fi
!. IN FIFTH DISTRICT
Richmond Led Retail Sales
Percentage Gains During
Month, Bank States.
BY EDWARD c. STONE.

pdI tHleuI SCOTeS Ill Tie HUI Ccueldl
reserve district in october reveal that
Richmond made the best showing in
business gains, with an advance of 80
per cent over October, 1882, according
to the monthly comparisons announced
today by the Reserve Bank of Rich
mond.
Baltimore retail sales were up 81 per
cent and group Of stores in other
cities averaged 5 per cent better busi-
ness than year ago. AS already an
nourced, sales in washington DEPART
nlent stores were ga per cent under the
like period last GEAR
Richmond also made the best record
for the first 10 months of .he present
year. retail sales being off only 81 per
cent. Baltimore department store
business was down 81 per cent, Wash
ington 10.1 per cent, other stores So
per cent, with the average for the whole
district IA per cent behind last year.
Change in stocks on hand during
October, compared with October, 1882,
show Washington stores up 253 per
cent. Baltimore the same, Richmond
6.8 per cent and the average for the
fifth district 20.2 per cent.
The report also compares stocks at
the emo of october with goods in the
stores at the end of September. Stocks
were 3S per cent higher in Washington,
S per cent in Baltimore, 60 per cent in
Richmond and 40 per cent in the
whole fifth district.
Stock Turnover During Month.
> During october stocks were turned
271 times in Washington, .282 times in
Baltimore, 1886 in Richmond and .283
times as the district average for all the
department stores. From January l to
October 81 stocks were turned 2.781
times in washington stores, 2.787 in
Baltimore 3.136 in Richmond and
ATS in the entire territory.
During October 25 per cent of the
receivables due at the beginning of the
month were collected in Washington
stores. 23.2 per cent in Baltimore, 289
per cent in Richmond. 81 per cent for
a group of other stores and IS per cent
for the district average
TOdayS report follows one made yes
terday on wholesale trade conditions
which showed marked increase over last
year in October Hardware business was
up over % per cent, drugs "a per cent
shoes los per cent. groceries almost Is
per cent and dry goods 25 per cent.
month also made fine showing, ex-
ceeding the retail record. Dry goods
collections were up 81 per cent, hard
ware "A per cent, shoes 55, drugs So,
and groceries TOT per cent.
To return to retail trade. October
average sales in the fifth district were
per cent ahead of the average for
the whole United States. Not very
Important, unless it indicates trend.
Savage Lauds Pact With Russia.
Francis NJ Savage. retired Washing
ton bank president, is enthusiastic over
United States recognition of Russia
He believes it is a coed move for this
country ard certainly a good step for
Russia.
Mr.. Savage was in Russia 40 years
ago, again 20 years ago. 2 years ago
and only 6 months back. He has
studied that country and its economic
possibilities very closely.
He says that the extreme measures
taken by the Soviet government at the
start of the regime are being slowly
relaxed. AS an example. he says that
man with a family may now buy and
own a house, the size OF the home de-
pending on the size of his family. Many
other restrictions are being lifted, the
CA-DdIIhCl SeS
Comparatively speaking, Mr. Savage
believes that Russia will make more
progress during the next Is years than
the United States. The reason he gives
is that American industries already are
highly developed while Russia is just
beginning to develop industry on big
scale.
Instead of the United States Agri-
culture Department hog destroying pol
icy. Mr. Savage would sell surplus hogs
to Russia even if the Government had
to make long-term loans to finance
such a plan.
Washington Is Thrifty City.
b This weeks announcement that the
Washington Christmas Savings Club
average was far ahead of the national
average of S43.75 per club member
aroused wide discussion among the local
banks conducting these clubs.
. Why such a difference? The answer
given by the largest number of bankers
was the steady Government pay roll"
Government workers know about what
income they will have over a long
: period and can govern their budgets
accordingly. They can join Christmas
,clubs and be pretty sure that they can
complete their payments.
Another factor stressed by many
bankers was the cooperative advertis-
: ing campaign which the banks have
used for several years. The inStltu-
! tionS here make stronger and more
united appeal than most of the banks
! scattered over the country make as
= units, it is claimed.
1t is also considered quite possible
: that the percentage of banks having
Christmas savings clubs is larger in
. Washington than in most other places.
I During 1894 it is already announced
: that 18 of the 81 local unrestricted
banks will again maintain clubs. The
thrift advantages Of the clubs have
been stressed for years. and have taken
deeper root than in good many other
> scities and towns, Capital fnanciers
: believe.
= Cleaned in Financial District.
9 First Civil Works Administrator.
. checks were being cashed in local banks
today, following President Roosevelt's
special request made through the IL
8 Federal Reserve Banks.
According to a new District Building
ruling, all Washington banks placing
Christmas Savings Club signs outside
their entrances will have to have per-
naitS This was not required last year.
The Interstate Commerce Comms-
sion has ordered reductions in freight
rates on fresh Strawberries moving
under refrigeration from points in
Maryland, Delaware and Virginia to
destinations throughout the East and
Canada.
2 General Electric Co. has declared the
regular quarterly dividends of 10 cents
on the common stock and Is cents on
the special stock. both payable January
rs to stock of record December 20.
The Detroit Clearing House Associa-
ton has adopted a resolution approving
the national administrators policy of
Strengthening the banking resources of
the country by having banks issue pre-.
ferred stocks or deferred capital notes
Controller of the Currency j. F. T.
.o'COnnor addresses . group meeting of
the California Bankers Association this
evening in Los Angeles.