Evening star., 1936-07-25
WHOLESALE TRADE
IN SHARP PICKUP.
Demand for Dry Goods and
Shoes Best in This Area
During June.
BY EDWARD C. STONE.

SUBSTANTIAL advances III live iCduAiS
lines, according to reports from 81
prominent firms.
The demand for shoes registered
IS per cent pickup in June, as COM
pared with June, 1885, the Reserve
Bank of Richmond reported today
The wholesale dry goods demand stood
second, up 80 per cent, while hard
ware sales came third with an in
crease of 169 per cent. Wholesale
groceries sales enjoyed an increase OF
1919 per cent, while drugs showed an
s.6 per cent better demand than IN
June, 1885.
Today's report shows that June sales
In groceries were 6 per cent better
than in May of this year, and So per
cent better in drugs. Dry goods sales
were 10 per cent lower than in May
shoes down 40 per cent and hardware
is per cent.
In the first six months OF this
year grocery sales were 6.3 per cent
ahead of the like period in 1885. Dry
goods sales were up 1877 per cent,
shoes as per cent, hardware demand
So per cent, while drugs moved per
cent faster than they did year ago.
Stocks in hand at the end OF June
In groceries were about 4 per cent
higher than at the end OF May, dry
goods we're Z per cent lower, shoe
stocks were 9 per cent higher, while
hardware supplies were down nearly
per cent.
June collections by wholesale firms
were extra good, ITO per cent OF re-
ceiyables on groceries, Al per cent on
dry goods, 81 per cent on shoes, Al on
hardware and 10 per cent on drugs,
the Richmond bank says.
Davis Heads Bank % Years.
Elected president of the Lincoln Ma
tional Bank in June, 1918, Floyd E.
Davis has Just started his twenty
fourth year as pilot of this widely
known financial institution, In Whlch
his interest dates back to the time
he was first elected director, 81
years ago. :,
Mr.. Davis first became connected
with the Lincoln National on June .,
1899. On January II, 1906, ne was
elected second vice president and on
lime 8. 1909, he was advanced to the
first vice presidency. His work for
the bank was so outstanding that ne
was asked to serve as president on
July 10. 1913.
Under his administration the bank
has grown steadily in influence and
usefulness. The last controllers call
as of June 80, 1886, found total de-
posits in the Lincoln Bank at $685.
081.16, When Mr.. Davis took charge
the bank had little over $l,70O,000
on deposit.
Aside from his duties as bank
president Mr.. Davis is head OF the
Floyd e. Davis Real Estate Co., and
at one time and another has served
as a director in several other banks,
including the Washington Loan q
Trust Co., Bank of Commerce & Saw
tngs and the Bank of Bethesda; also
on fire insurance, marketing COM
pany and building association d1rec-
torates, as well as being particularly
helpful to several philanthropic in
stitutions.
The Securities g. Exchange Com
mission has made public its rules and
permanent forms governing applica-
tions for registration of brokers and
dealers tranSacting business on the
over-the-c counter markets. The rules
have been received by many banks
and investment houses in the financial
district. In the main the forms re-
ouire information concerning the bus1-
ness history of the applicants, similar
to that required under the old rules.
The 5,785 brokers and dealers, pre-
viously registered, need take no fur
ther action since the act as amended
preserves their previous registration
Form 3-M is now the form for general
application for registration of brok-
ers or dealers doing business in the
over-the-counter markets.
No provision is made for an auto
matte termination of registration.
The old rule which provided that reg
istration would cease on December
81, 1886, has been repealed. Registra-
ton. therefore, will continue indef1-
The commission has also given out
q list of the names of investment
trust and investment companies in the
United States so far as known, pre-
pared in connection with the in
quiry into this field ordered by Con-
gress which opens next week.
The examination next week will be
confined to Interstate Equities Corp,
Chain & General Equities, Inc; Yose-
mite Holding Corp, Joint Investors,
Inc; Union Investors, Inc, and Gran
ger Trading Corp.
Bonus Spending Is Stabilizer.
In its latest review Rhodes & Co.
says that the spending of bonus
money more intelligently than had
been expected-in that it is being
spread out both as to goods purchased
and the time consumed in purchasing
them thinly instead of having been
'blown in" as gift from the gods
lends added stability to the rise in
consumer demand where it night
readily have caused a tremendous
momentary bulge and subsequent
sharp contraction in merchandise
sales.
The brilliance of the retail sales
record-and the outlook is equally
satisfactory-obviously speaks as much
for the earnings Of the producers of
goods as for the sellers of them. the
review adds.
Reserve Bank Salaries Cut.
The IL Federal Reserve banks as a
whole are not earning their normal
per cent dividend thus far this year
on account of the declining yield on
Government securities and Joseph A.
Broderick, a member of the Federal
Reserve Board, is now visiting each of
the IL banks, discussing possible econo-
mics in operations and organization.
Salaries of four reserve bank presi-
dents, those at Philadelphia, Rich
nond, Minneapolis and San Francisco,
bave been cllt as a part of the economy