Evening star., 1939-07-08
May Retail Furniture
Sales in District
Climb Il Per Cent
Wholesale Business
Also Sharply Higher,
Bank Review Reveals
By EDWARD C. STONE.

Retail furniture sales IN Washing
ton in May ran 81 per cent ahead
of May, 1888, according to the latest
report from the Federal Reserve
Bank of Richmond. The sharp gain
was exactly the same as the average
increase in the whole fifth district
and is far ahead of the per cent
pickup reported for Washington in
the first five months of this year
compared with the like 1888 period
The banks review states that fur
riture sales in Maryland in May were
II per cent better than in May a
year ago, with the five-month rec
ord standing the same as last year.
Virginia also stood behind Wash
ington, with a gain of Is per cent
in May over last year. The five
month gain of per cent, however,
was the same as the figure for the
Capital,
South Carolina reported the best
May gain in this territory, 81 per
cent, while North Carolina made a
brilliant record with a % per cent
advance. In the five months South
Carolina sales were up l8 per cent
and North Cardinals 16 per cent.
Baltimore sales were up II per
cent in May and Richmonds per
cent. In the five months Baltimore
was even with last year, but Rich
mond furniture business slumped /
per cent, the report showed
Sales in 38 furniture stores in the
fifth district in May amounted to
$1,129648, against S933. 400 a year
ago, the report adds. Sales in the
same stores in the five months were
per cent better than last year
The gains in May are the out
standing feature of the survey and
mean that the record for the first
half of this year will be well ahead
of 1898.
Wholesale Trade Climbs.
The same review, turning to whole
sale trade, states that sales of 204
wholesale firms in the fifth district
in May amounted to sl1 1853 900,
against s10,272000 in May. 1888. a
rise of per cent. In the five months
sales were up II per cent.
Auto supplies led the sales list in
May with a 54 per cent gain over
last year, but we're per cent under
April. Next came electrical goods,
up "a per cent over May, 1898, and
10 per cent over April this year.
Hardware was in heavy demand,
sales being up % per cent over last
year and 10 per cent over the pre-
vious month.
The demand for shoes showed an
II per cent gain, drugs were in II
per cent better demand and 70
wholesale houses sold 6 per cent
more groceries than year ago. In
dustrial supplies sales were up per
cent in May, plumbing and heating,
IL per cent; paper and paper prod
ucts, 13 per cent, and tobacco and
tobacco products, IA per cent.
Sales of miscellaneous goods
handled by "a wholesaler firms were
6 per cent over May. 1888. The
average gain for the 204 stores in
all lines was II per cent better than
May last year and per cent above
the previous month this year. the
bank review said Sales were far
ahead of April. 1889. in all lines but
auto supplies and shoes, the report
concludes.
Electricity Output Increases.
Preliminary figures show con-
tinued improvement in the electric
output of subsidiaries of the North
American Co. during the second
quarter of 1899, with an increase of
1919 per cent over a year ago, ac-
cording to j. F. Fogarty, president
Total output, Mr.. Fogarty said
was within 22s per cent of the rec
ord high of the fourth quarter of
1888. a period of greater seasonal
use of electric service.
Output for the first six months,
Mr. Fogarty added. was liz per cent
above that for the first 1888 half
while for the IL months ended June
30 the increase was per cent.
The monthly reports of the Po-
tomac Electric Power Co. have re-
vealed steady increases in electrical
output and have contributed gen.
erously to the improvement reported
by Mr.. Fogarty.
Weeks Bank Clearings Gain.
Washington bank clearings for
the week ended Wednesday totaled
$24 800 ,027.32, as compared with $23,-
586 ,659.44 in the corresponding week
last year, an increase of $802 1857 88.
Clearings were also more than s121,-
900 ahead of the previous weeks
clearings of $24,268 .843.98.
State and municipal financing for
June totaled 4,7O5 900 as COM
pared with s111,2733S2 in June,
1888, according to the Daily Bond
Buyer. For the first six months of
this year bond sales totaled $751;
S77,453 as compared with $593 ,671,-
596 for the same period last year.
The New York Stock Exchange
has authorized for listing but not to
be admitted to dealings until fur
ther notice, the Chesapeake g. Ohio
Railway Co. $3OO00.OOO refunding
and improvement mortgage 3l2 per
cent bonds, series F, due December
/, 1868.
For the first five months of this
year net earnings of the Norfolk g.
Western Railroad were equal to S4.09
per share on the common stock. 1t
Is now expected that the company
will earn about IS share in the
first half year against $288 a share
year ago.
Rejecting increasing participation
by banks in the field of term credit,
a survey of representative banks has
disclosed that 25 per cent of their
outstanding business loans have
maturity of one year or more, the
Board of Governors of the Federal
Reserve System reports.
Among the issues expected to
come into the market later this year
Is the $104,000,00 Columbia Gas &
Electric offering. Originally it had
been planned to market this issue
In June, but the S. E. c. has not COM
pleted hearings on the integration
plan Of the company.
Two wilkins Dividends Voted.