Evening star., 1937-08-04
WHOLESALE TRADE
WELL ABOVE 1886
56 Firms of Fifth District
Show 14.7 Per Cent
Gain in June.
BY EDWARD c. STONE.


Sales of Sc wholesale firms in the
fifth district in June totaled $4,563,-
383, as compared with S3980,264 in
June, 1886, a gain of l4.7 per cent.
according to the Federal Reserve
Bank of Richmond's latest review.
Retail sales in So department stores
during the same period amounted to
S9,829,289 in comparison with $685.
1l6 in June, 1886, and gain of 54
per cent. The gain in Washington
Of only 03 per cent prevented the
general average for the rest of the
district from being considerably high !
er, the review said.
The most striking percentage i'm
provement was in the value Of build
ing contracts awarded in June in
this territory. Value of such con-
tracts was s4032l 900. against $22,-
187,100 in June, 1886, or bound
upward of 8l.7 per cent. Building
permits awarded, however, which
totaled $7,6O2,196 in 81 cities, were
II per cent lower than in the corre-
spending month year ago, the bank
report says.
Fewer Failures, Liabilities Up.
Cotton consumption of 314, 500 bales
was II per cent ahead of June year
ago, while total of 81 100000 tons
of soft coal mined was 8 per cent
better than the amount mined year
ago. There were 81 business failures
against 40 year ago. making drop
of rs per cent, but liabilities amounted
to $4,000 against s266.000 in June,
1886, an increase of g. per cent.
Debts to individual accounts in "a
cities totaed Sl,358,798 900, which
compared with Sl,230,333 900 in June
of last year and gain of nearly 10
per cent. Debts were also about 8
per cent higher than in May of this
year. All but on of the "a cities re-
ported higher debts than in June,
1885. Washington, with a gain Of 19
per cent, made the largest gain over
the May. 1887, figures, while Columbia.
s. c., with a 81 per cent advance,
topped the other cities in gains over
June, 1896.
Discounts continued to increase
moderately at the Reserve Bank of
Richmond during July, the report
adds, and for one DAY, July IA, totaled
more than sl,00o,o00 for the first
time in several years. Member bank
reserve deposits declined between June
is and July Is.
Loans and Discounts Off.
Loans and discounts at Al reporting
member banks declined and invest
ments in securities dropped between
June Is and July IA. Deposits also
decreased. In comparison with fig
ures on July is. 1896, those for July
IA this year show increases of S35,-
$4,000 in loans, S3l, ISL 900 in de-
mand deposits and s2,763,0 900 in time
deposits, while investments in Sc
curities declined by S29,958,000.
Details from the report show that
10 mutual savings banks in Baltimore
had deposits totaling s2l7 7l92,727 on
June 30, 1887, an increase of four
tenths of / per cent over $216 ,298, ,343
on May 81, 1887 and a rise Of 81
per cent above s2os,362, ,668 on June
80, 1886. The deposits figure for
June 80 this year was the highest on
record IN these banks.
The District of Columbia reported
3304 registrations of new passenger
automobiles in June this year. against
40l4 in June year ago, drop of
over II per cent. Registrations for
the first six months of this year num-
bered 1919. against 1882 in the
first half of 1886, a slump this year of
8 per cent. In the whole district there
was a slump of 33 per cent in June,
but the half years registrations wee
12.l per cent better than a year ago,
the survey concludes.
Investors Well Protected.
Latest reports from the Nations
Better Business Bureaus indicate that
investors are now better protected
from fraud than at any time in the
past. There are 81 Better Business
Bureaus in the United States, in
cfuding one in Washington and three
in Canada. Their motto is "Investi-
gate Before You Invest" and they
have recently been specially active
against glib-tongued stock statesmen,
reports state.
There is a Better Business Bureau
open in every major investment center
in the country and their activities are
closely eo-ordinated. A survey reveals
that the Securities Commissions in
the 48 States are particularly active
OF the Securities and Exchange Com
mission it too well known to be re-
viewed. The three agencies combined
are making life very hard for fnan-
cial takers.
The Securities and Exchange Com
mission finds that the former bucket
shop has disappeared. In its place
has come much seto-house high
pressure canvassing. Fewer and fewer
takers are using the mails to de-
fraud cases. AS any potential stock
buyer can check with any Of these
powerful protective agencies in case
he becomes suspicious, there would
seem to be little excuse for losses due
to swindlers' operations.
Heard in Financial District
New York City bank stocks reached
moderately higher levels during July.
according to survey by Holt, Rose g.
Troster. Insurance stocks also i'm
proved, the highest point Of the month
being reached on July 26.
Albert S. Galley, vice president of
the Lincoln National Bank, is spend
ing his vacation at Ocean City, Md.
Charles H. Doing, first vice presi-
dent of the Washington Loan g. Trust
Co. and manager of the West End
branch, has returned from a three
weeks vacation at Saranac Lake
NJ. F. Calnan, president of the Lib
erty National Bank. has postponed
his vacation until Fall, when he will
attend the annual convention of the