Evening star., 1939-08-07
Electrical Goods
In Best Wholesale
Demand in June
Sales Of Industrial
Supplies Are Second,
Reserve Bank Says


ing gain of Sc per cent over year
ago according to the latest report
from the Richmond Reserve Bank.
In the reports from 1913 wholesale
firms in this district, industrial sup
plies came next in sales, with 20
per cent improvement, and hardware
third with rs per cent pickup.
Dry goods sales we're 20 per cent
ahead of last year, automobile sup
plies were up II per cent, shoes IA
per cent and drugs per cent.
Groceries showed a modest 5 per
cent gain. paper and paper products
were in IA per cent better demand
than last year, tobacco and tobacco
products showed an per cent
improvement, while various mis-
cellaneous lines showed per cent
advance over last year
The average gain in all wholesale
lines by the 1913 firms was IA per cent.
Compared with May of this year
business was off l per cent, the
report stated.
Turning to retail business, the
Richmond bank reports that furni-
ture sales in Washington in June
were off II per cent from June, 1888,
but in the first six months of this
year were 2 per cent better than in
the like period in 1898.
Sales of furniture in Maryland
were 7 per cent better than June.
1888, and l per cent higher in the
six months. In Virginia sales scored
26 per cent gain in June and were
8 per cent higher in the half year.
In the whole fifth district, 81 stores
reported an average gain of 4 per
cent in June and per cent for the
six months, the survey disclosed.
Business Up 20 Per Cent.
Of SO industrial groups, including
% major groups and their subdi-
visions surveyed by Fenner & Beane,
New York Stock Exchange firm. the
outlook is now considered relatively
favorable for % groups, unfavorable
for 6 groups, and of average prom
Use for the remaining divisions.
Industrial activity during July, as
measured by the Federal Reserve
Board index of production 1929
25-100 is estimated by Fenner q
Beane at SO to 100. This compared
with an index of 81 for June and
IS in July, 1888.
Recent business activity has been
some 20 per cent better than year
ago, the firm estimates. and during
the next three months is expected
to average at about July levels with
the possibility that a longer term
cyclical upswing in business may be
in the making.
Gas Stock Practically Sold.
Although the head of the syndi-
cate handling the sale of 1862 588
shares of Washington Gas Light
common stock is in New York, it
was believed in the financial district
today that the greater part of the
offering has been sold. A large
amount of the stock has been pur-
chased by Washington investors.
The reception given the Wash
ington stock is considered a good
omen for public utility offerings
by other concerns. In New York
the demand for the stock was con-
sidered as more or less of a test
of the market. That the stock has
gone so we'll In midsummer is con-
sidered highly gratifying.
The present officers and direc-
tors of the Washington Gas Light
Co. include Marcy L. Sperry, presl-
dent and director; Everett J. Booth
by. director. vice president and gen.
eral manager; Robert C. Overs, dl-
rector. vice president and treasurer.
+
wood. economist and lecturer, of
this city; C. H. Pope, president of
the Munsey Trust Co.; Sidney F..
Taliaferro. trust officer, Riggs Ma
tional Bank. and Corcoran Thorn,
president, American Security Il
Trust Co. The secretary is Ed
ward T. Stafford.
Heard in Financial District.
Business in Virginia is running
last year and in Maryland 3 per
cent higher, according to the Brook
mlre economic map.
Ira G. Keller. native of WASH
ington, has just been elected vice
president of the Contianer Corp.
of America, Chicago.
The Bell System added 1920
telephones to its lines in July. bring
ing the total station gains for the
year to date to 3819 In July
year ago. the system lost $500
phones, while for the seven months
it had gained 127,100.
NJ W. Clement, president of Penn
sylvania Railroad estimated that in
the period July to July % this
year. Pennsylvania s gross increased
13 - cent over the same period
of Freight revenues, he estl-
ma. were up 146 per cent and
passenger revenues increased 1877
per cent.
The voters of 81 communities in
q States during July authorized a
total of s4.829 200 in State and mu-
nicipal bond f1otations. This total
is approximately one-half of the
usual July tlgure for past years,
according to the Daily Bond Buyer.
July totals tor other years were
S9,566 229 in 1888, $1O,O17 1886 in 1887
and $685. 255 in 1886. The total for
the first seven months of this year
was $57.584045.
Capital Transit Co. stock sold at
1874 on the Washington Stock Ex-
change today, in session of light
trading. Potomac Electric per
cent preferred went at 1851, and
Potomac Electric 512 per cent pre-
ferred sold at lisa.
Edward c. Stone, financial editor of
The Star, and Mrs. Stone left yes
terday on vacation for a trip to the
Pacific Coast and the San Francisco
Worlds Fair. They will be gone
three weeks.
Takes Fishing Trip.
G. c. Morgan of Laidlaw d. Co.,
who is now on fishing trip in the
wilds of Canada, is reported to be
having good luck. One day recently
y g 4.