Evening star., 1940-08-05
Business indicators
Hold High Leve|sin
Fifth District
Expected Seasonal Drops
Have Been Less Than
Normal, Bank Reports
Bv HAROLD n. ROGERS.


Expected seasonal decreases dur
ing the summer months in trade
and industry have been less than
were to be expected in the 5th Fed
eral Reserve district, which includes
Washington, according to the
monthly review of financial and
business conditions by the Federal
Reserve Bank of Richmond.
Either direct or indirect influences
of European conditions and of the
preparedness program at home, the
bank said, have probably held sev-
eral indicators at higher than sea-
sonal levels
Employment appears to be better
than at any time in many months"
continued the review, and there
is an active demand for skilled me-
chanics and building tradesmen for
work in shipyards, aircraft plants
and several other types of con-
struction. So Unskilled workers,
while less in demand than trained
men, are moderately employed in
construction and road work.
Department Store Sales Rise.
Distribution of goods to con-
sumers continues above the cor
responding period last year De-
partment store sales in the fifth
district in June averaged per
cent above sales in June, 1899. and
sales in retail furniture stores to-
tailed 8 per cent more than sales
last year. Wholesale firms in sew
eral lines sold per cent more than
in June last year. Registrations
of new passenger automobiles were
substantially above registrations in
June, 1899, and sales of used cars
also were reported quite satisfac-
tory.
The review emphasized that fifth
district industries operated in June
and the first half of July at least
up to seasonal levels and the recent
orders assure continuation of op-
erations at or above present levels
Shipyards in the Norfolk and Bal
timore areas are working at capacity
on sufficient orders to keep them
busy for several years and aircraft
plants have all the business they
can handle with present facilities.
Debts to individual accounts. re-
fiectjng transactions passing through
the banks of the District, were 5
per cent larger in June, 1910, than
in June, 1888. Figures for the Dis
trict of Columbia show that debts
showed a gain from S294,531 900 in
June, 1899, to S297 10000 in June,
1910. as compared with 1922 1880
in May, 1910.
ID. c. Employment Gains.
Employment in the District of
Columbia showed a gain Of 0.5 per
cent in the number on the pay roll
in June, as compared with May of
this year, and an increase Of is
per cent in amount of nay roll.
Registration of new passenger
cars in the District increased from
2,520 in June, 1889, to 1896 in June,
1910, an increase of 10 per cent,
while the first six months of 1910
showed gain of per cent in such
registrations over the first six
months of 1889.
Construction permits as reported
by the F. w. Dodge Corp. are
quoted as showing a decrease from
$18856,00 June, 1889, to S3.304 900
in June, 1910. drop of 80 per cent.
Department store net sales in
Washington showed a gain of So per
cent in June, 1910, compared with
June, 1899, an increase of 5.3 per
cert for the year 1910 to date, over
the same 1889 period.
Retail furniture sales of seven
stores here showed a gain of per
cent In June, this year, as compared
to June, 1899, an increase of 7 per
cent for the first half of 1910, as
compared to first half of last year.
The Chicago office of the Ward
man Park and Carlton Hotels, which
recently took up new headquarters
at $50 Michigan avenue, is now un-
der supervision of G. Walter Fen
der, formerly of Washington, who
arrived in Chicago today to take up
his new duties.
Mr.. Fender has been with WASH
mgton Properties, Inc, the COM
pany which owns and operates the
Carlton and Wardman Park, since
July, 1888. Before taking over the
Chicago Office he was assistant man
ager at the Wardman Park under
George johnson. Prior to that he
worked in the front Offices of both
hotels, and for short period last
winter managed the New York Of
flee of the company at 80 Rookie
feller Plaza.
Commercial Credit Co.
Commercial Credit Co. of Balti-
more announced today that it's gross
volume of all receivables acquired
during the six months of 1910 was
S416, 2085. .6S, compared with S342,-
26OlOl.8 30 for the six months of 1889
and was ,32O,9266l for the IL
months ended June 30, 1910.
After payment of S259.118.26 divi-
dends for the six months of 1910
on the 4l4 per cent cumulative con-
veTtible preferred stock outstanding,
there remained SO ,656, ,495 go, or So per
share, applicable to 1912 ,OO6 shares.
including scrip of common stock of
the company outstanding on June
30, 1910. This compares with So
504,496 90, or S190 per share, for the
six months of 1889, applicable to
1,842008 shares of common stock,
including scrip, outstanding on June
80, 1889, and was S7,577,416.14, or
SAIL per share, for the II months
ended Jl1e 30, 1910, on 1,8420O6
shakes outstanding on June 30, 1910.
Personal Mention.
Frederick P. H. Siddons, secretary
OF the American Security g. Trust
Co., left today for vacation in Maine
w. w. Ketk, assistant treasurer
OF the American Security & Trust
~ ,.n%, -