Evening star., 1935-06-16
D. c. RETAIL TRADE
WELL ABOVE 1884
DUR|NG'HALF YEAR
Department Store Volumes
Register Advance of 8.3
Per Cent in May.
POTOMAC POWER SHARES
GO HIGHER ON EXCHANGE
Six Per Cent Preferred Gains Half
Point as 51/a Per Cent Stock
Jumps to ia, New Peak.
nv EDWARD G.. STONE.
RY EDWARD 6. STONE.

By EUWAhD u SlUNE.
Retail trade in Washington in the
FIRST six months of 1885 will far ex-
ceed business in the first half of 1884
the latest trade reports indicate. The
gain of 8.3 per cent in department
store trade In May and the l2.4 per
cent advance in the first five months
of this year over the corresponding
periods a year ago show clearly what
the six months results must be.
Since these two important percent
age gains were announced by the
Federal Reserve Bank of Richmond
trade has been going ahead here
steadily. Arrival of hot weather ha:
boosted Summer business subStan-
TALLY during the last few days, the
visiting Shrine crowds adding to the
volume total. Trade reports from al
the rest of the country reveal Simi-
lar upturn.
Postal receipts at the City Post OF.
fice have recorded steady advances sc
far this year. June is certain to bt
one of the best months in the hall
wear. Bank clearings have mounted
steadily, the number of telephones ir
use has grown rapidly while the num-
ber of daily telephone calls has ad-
Vanced at the same time. All these
indicators give an excellent line or
what the first half year III the Capita
win be.
Electric power output has also moved
upward steadily month by month. the
demand for electricity always reflect
ing business progress. Reports on the
0f in written
Washington in the past five months
add their proof of better business con-
ditions. Other facts might be citeo
but those are sufficient. Latest Fed
eral Reserve reports place Washing
ton ahead of practically all the other
large cities in the United States, wher
retail trade comparisons are made
The population of the city is hold
ing up, which means that trade will
too.
Potomac Power Stocks Higher.
Securities we're strong on the Wash
ington Stock Exchange at the end
of the week. In yesterdays session
Potomac Electric Power per cent
preferred sold in small lots at ITO
up half q point from the last previous
sale. The same corporations 51a pei
cent preferred changed ownership al
ia, new 1885 high mark. The only
other sale was q small lot transfer in
Mergenthaler Linotype, which moved
at ~, on half point.
Bonds were neglected yesterday, but
the turnover for the week was salts
factory and prices were strong. Capt.
tai Transit stock, which figured in a
long line of sales Friday, was also
Quiet. 1t closed the week with 1914
bid and 201k asked. In recent ses-
sions, when the stock has been offered
at 20, it has been in lively demand
Inquiries about dividend prospects are
uoth constant and numerous these
days.
President Charles R. Gay o. the
New York Stock Exchange, who called
on the members OF the Securities and
Exchange Commission here Friday
declared the visit was purely compli-
mentary. Dean <. Worcester, new
executive vice president Of me ex-
change, accompanied him. Registra-
tions with the Securities Commission
are highly satisfactory. Mr.. Cav an
that over-the- counter dealers will CO.
operate with the commission in the
matter of registration. The latter
problem is Of extreme importance.
Directors Must Act on Loans.
Chairman Hoxton OF the Federal
Reserve Bank Of Richmond has sent
to all member banks in the fifth Re-
serve district The text Of the joint
resolution passed by Congress and
signed by President Roosevelt extend
ing for three years to June is. 1888
the time in which executive officers
of the banks n the Reserve System
must repay loans 10 their institutions
The resolution extended the time
limit from June l6, 1888. 1t applies
only to loans made prior to June 16
1898, and extension must be approved
by directors of banks involved, an6
then only '"if renewal is in the best
interest of the bank and. if the ofhcel
has made a reasonable effort to re.
duce his obligation"
All the Washington banks received
their notices yesterday. The matter
IL one In which there had been Ma
. ton wide interest and the congress
sional action brought general relief
Bank officers all over the United
States admitted freely that they wert
not in q position to wipe out tht
loans on the original date. withouI
heavy losses, and in some instances
said they could not meet them any
way.
Since 1928 the Southern Railwa!
Co. has reduced its funded debt b!
$11,9s7, 200, President Fairfax Harri
son says in his annual report TO
1894, printed copies of which hav
Just been received by stockholders IL
Washington.
Increase in revenues in 1894 a
compared with 1898 was offset by al
increase in expenses of $4,047 ,512, du'
to prescribed increases in wages ant
the increased costs under N. r. A
codes. Of fuel and other material
used"
Mr.. Harrison said that economic
Instituted along several lines had re
duced costs by $l,i45,240 on an an
nual basis, of which S437,4l6 wa
realized during 1894. He said tina
the latter figures may be taken "a
the contribution by the further ef1or
of MANAGEMENT during the year 3
the total of the similar reduction Il
the rate of operating expenses In 1884
compared with the disastrous yea
1882, amounting to 2l,265.
President Harrison reported tina
road to be in sound condition. mainte
nance having been adequate both 10
safe operation and protection OF tn
capital account. Purchases OF ne'
rail- have been only for actual re
quirements, but have met the require
ments Of traffic fully. Obsolete rollin
stock, idle for years, has beel
scrapped.