Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-08-24
GROCERIES LEAD
WHOLESALE TRADE
Sales Up 1871 Per Cent Over
1894 Mark-HardWare
Volumes Next.
BY EDWARD C. STONE.

Groceries revealed the best percent
age gains in wholesale trade OF the
Fifth Federal Reserve district, includ-
ing Washington, during July, the Re
serve Bank of Richmoud reported to-
day in making comparisons between
the five leading lines. The jump was
161 per cent over July, 1884.
Hardware sales came next with a
las per cent advance. Drugs stood
third with an upturn of 5.4 per cent.
Dry goods sales were lighter than a
year ago by 20 per cent and shoe sales
were off IL per cent, the bank said.
Compared with June of this year,
Midsummer wholesale trade hung up
brilliant record. Shoe sales were
921 per cent better, dry goods sales
were up 14.1 per cent grocery de-
mand was 80 per cent better, while
drug buying increased g. per cent
and hardware Al per cent.
Wholesale trade was spotty in the
first seven months of the present year
as compared with the like period in
1884, Hardware trade gained "a per
cent, groceries So per cent, and drugs
Is per cent, but dry goods business
was off IT per cent and shoe sales Is
per cent
Stocks on hand at the end OF July.
compared with July 81. 1884. were
lower in groceries, dry goods and
shoes. but "a per cent higher in hard
ware, with drugs not reported. Com
pared with June of this year stocks on
< hiuhQr hard.
ware, 10 per cent In dry goods, 70 IN
shoes and 2 per cent in hardware.
Collections during July were excel
lent. Grocery payments were good.
OF bills due the first of July, SO per
cent were paid on dry goods. "a per
cent on shoes, al per cent on naro-
ware and 66 per cent on drugs, the
Richmond Bank says.
Dual Bank Control Scored.
Dual control of banks by State and
Nation must be abolished II SOUND
banking conditions are to prevail In
the United States, DR.. c. D. Bremen
declares in American Banking Fall
ures." Just published by the Columbia
University Press. The inability OF
American banking to provide adequate
protection for the resources OF the
community and the savings OF deposl-
tors has repeatedly been demonstrated
bv the recurrence of bank failures, ne
asserts.
The guaranty deposits plan Is
not a solution of the bank failure
problem in the country, according TO
DR.. Bremen, whose study OF the oanK-
ing situation was conducted unoer
the faulty of political science OF Co
lumbia University.
Competition between the national
and State banking systems for banks
and resources has involved gradual
deterioration of the banking laws,
DIR. Bremen says. 1T has specifically
been shown that the national banking
act has several times been relaxed In
order to place the powers OF national
banks more nearly on par WIN
those enjoyed by State banks"
A fundamental weakness OF the
United States banking structure has
been the establishment of an excess
sive number of banks, DR.. Bremen
points out. "By far the greater pro-
portion of banks suspended between
1921 and 1882 we're small banks, al
though after 1929 there was distinct
tendency toward failure among the
larger banks"
Sentiment Turns the Corner.
The Henry Clews weekly review
declares that sentiment has turned
the corner for the better, citing the
upward movement in trade and the
advance in the stock market as two
good indications. With retail trade
still expanding and wholesale buying
for Fall and Winter the best in sew
eral years, the review looks for the
upswing to continue. Further COM
ments from the weekly:
Not only is steel activity increas-
ang, but what is more encouraging,
At is noticeable in almost all steel
districts. Too much stress cannot be
laid on this development because
steel Is really the barometer OF trade
and usually when conditions are IA
vorable in this branch of industry 1t
means that there is corresponding
pickup in nearly all other lines.
The upward trend of employment
An this country was resumed in June
after a temporary setback in May,
and in consequence the number of
employed persons is now near the
peak level record in April, 1888. The
total as of June is estimated at ST.
100000, compared with 37,7l6,000 In
May. There has also been marked
improvement in the national banking
surance Corp. is now citing growth
of $7,199 ,000, 900 in deposits in 1878
licensed banks, 14,214 of which are
members of the F. D. I. c.
Bank debts, power production and
other induces of business are making
a favorable showing and are the basis
for the statement that the Fall upturn
in activity is now under way"
Cleaned in Financial District.
President H. Prescott Galley Of the
National Savings g. Trust Co., will be
back at his desk in a few days after a
trip to Europe.
Mariner S. Eccles, governor of the
Federal Reserve Board, left Washing
ton today for months vacation In
Utah. He expressed high praise fol-
the banking bill.
Mrs. Nellie Tayloe Ross, director OF
the United States MINIS, took part in
the ground-breaking ceremonies fol-
the new mint to be built in San Fran
cisco, involving an outlay Of 81 ,225, O0C
and 10 months work.
In connection with the death OF
William D. Beall, native of George
town and former banker, it is interest.
ing to note that his grandfather, Will
liam Marbury, was the first president
of the Farmers & Mechanics National
Bank, now branch of Riggs National