Evening star., 1939-06-08
Sales Of Furniture
In Capital Rise
In -Four Months
Best Showing Scored
In Fifth District
By South Carolina

Retail sales in Washington furni-
lures stores in the first four months
of the present year were per cent
ahead of last year in the same
months, the Federal Reserve Bank
of Richmond has just reported. For
the month of April, however, sales
In the Capital were off per cent.
Maryland furniture stores re-
ported sales 2 per cent higher in
April than last year but 2 per cent
lower for the full four months
Virginia revealed the same per
cent gain as Washington in the
four month period but noted a
drop of 5 per cent in April sales.
South Carolina made the best
showing of any section in the fifth
district, noting a 26 per cent rise in
April and 10 per cent in the four
months.
North Carolina also did we'll, re-
cording a IA per cent April gain
and per cent advance in the four
months.
The Richmond bank said today
that 38 stores in the whole fifth
district scored a 3 per cent gain in
furniture business in April and 4
per cent in the four months, over
last year.
Several Dividends Voted.
Dividends on both preferred and
common stock have been declared
by four industrial loan companies
affiliated with Southeastern In
dustrial Bankers, Inc, it was an
nounced today by Clifton M. Eisele,
president of the parent company.
The Southeastern Loan Corp.
Roanoke, Va, will pay a 7 per cent
dividend on preferred stock, and 10
cents share on common today, Mr..
Eisele announced.
The Silver Spring Industrial Saw
ings 6, Loan Co. has declared divi-
dend of per cent on preferred
stock and 10 cents share on COM
mon, payable June 10.
Dividends of per cent preferred,
10 cents a share on class B common
and ST so share on class A common
stock have been voted by the direc-
tors of the Hagerstown Industrial
Savings g. Loan Co., payable June
10. also.
The Frederick. Md, Industrial
Loan Co.. one of the newer lnstitu-
tions in the chain, will pay divi-
dend of per cent on preferred stock
on June II, Mr. Eisele announced.
Banking Developments in May.
Bank reserves continued to in
crease during May but at slower
rate than in March and April. says
the June Federal Reserve Bulletin.
rejecting the fact that large part
of the gold inflow went into foreign
holdings and foreign deposits at the
Reserve banks. Nevertheless, total
excess reserves of banks had in
creased by May "a to $4,000 900, 900,
q new high level. The increase
continued to be principally at New
York City banks, which receive
most of the deposits arising out
Oh tIle movement Ol CdplIdl lIOII
abroad.
Deposits at reporting member
banks in leading cities, which had
increased by s75O,0OO,OOO in April,
showed little change in the first
half of May. On May II adjusted
demand deposits at these banks
amounted to about $l6,70O0 900 900,
which was about $1,000 100000 above
the record high level that had been
reached at the end of 1886. The
effect of gold acquisitions in in
creasing deposits at member banks
during May was counterbalanced by
a reduction in the amount of bank
loans and investments
The reduction was mainly in New
York City where loans to brokers
and dealers in securities declined
to near the lowest levels of recent
years. Holdings of investments at
New York City banks were also le-
duced during May, largely as a re-
suit OF repayment of maturing obli-
cations by the New York State
and city governments, the Bulletin
says.