Evening star., 1940-03-08
Auto Supplies Lead
Wholesale Gains in
Fifth District
Reserve Bonk Reports
Rise of 48 Per Cent
Over Yeur Ago
BY EDWARD C. STONE,

Sales of 1874 wholesale firms ir
the fifth Federal Reserve district
including Washington, in January
scored an average gain of per
cent over January, 1899, and an ad-
vance of 2 per cent over December
the Reserve Bank of Richmond re-
ported today. Net sales of automo-
bile supplies led all other lines with
a surprising jump of 48 per cent
over January last year. The rise
over December was 16 per cent.
Industrial supply sales made the
second best showing, stepping up
Is per cent. Drugs ran third with
a IA per cent pickup, while paper
and paper products stood next in
line with gain of 13 per cent over
the corresponding month a year
ago.
Wholesale demand for hardware
revealed 9 per cent gain over
January, 1889, and miscellaneous
sales by 80 different firms were also
up per cent. Sales of shoes moved
up per cent above the like month
last year and piled up a gain of 1873
per cent over December results.
Dry goods we're in per cent bet
trical goods sales were up per
cent, groceries per cent, tobacco
and tobacco products 3 per cent.
Only sales of plumbing and heating
materials were behind January
1899, recording a drop of 10 per
cent, the Richmond bank review
says
Turning to retail sales of furni-
ture, the report says sales in the
District of Columbia in January
were "a per cent below the mark
of January, 1889. Sales differed
widely, Richmond being off % per
cent and Baltimore up 81 per cent.
Sales for the whole fifth district
were per cent higher than a year
ago.
Able Bond Speakers Booked.
An array of able speakers has
just been announced for the bond
conference to be held at Richmond
on Wednesday and Thursday, March
20 and 81, which will be attended
by Washington bankers and others
from all over the fifth reserve dis
trict.
c. L. Robey, president of the Pur-
cellville National Bank, is chairman
OF the Conference Committee
Among the speakers are Hugh
Leach, president of the Federal Re-
serve Bank of Richmond, where the
sessions will be held; E. A. Kincaid,
consulting economist Of the Rich
mond Reserve Bank; j. Harvie Will
kinson, vice president, State Plant
ers' Bank &, Trust Co., Richmond;
Stephen NJ Foster, economist, City
Bank Farmers Trust Co.. New York;
Dudley M. Mills, president, Discount
Corp, New York, and B. Howell
Griswold. senior partner, Alexander
Brown & Sons. Baltimore.
The second days speakers will in
clude Edward A. Wayne, chief bank
examiner, Columbia, S. c., and F.
Cyril James, chancellor, McGill Uni
versity. Montreal. Frederick P. H.
Siddons, secretary of the American
Security & Trust Co., this city, will
preside at the afternoon session on
the second day. E. Sherman Adams,
Hanover National, New York, is also
on the program.
The speaker at the banquet on
March 20 will be the Minister of
Finland to the United States, HAL
mar j. Procope. The two-day pro-
gram will be given over entirely to
study of investments. w. r.
Forster, vice president, Hamilton
National Bank, is representing the
District Bankers Association in the
advance arrangements.
North American Step Vital.
Wide interest was manifested in
financial circles here today in the
annual report of the North Amer
ican Co.. which stated that the
Washington Railway g. Electric Co.
had been moved to the place of an
affiliate, the stock to be carried in
the future in North Americans list
of investments Heretofore the
Washington Railway & Electric Co.
has been considered part of the
consolidated system.
Ownership of voting stock of the
Washington Railway & Electric Co.,
1t is pointed out in the report, fell
below so per cent, due to a special
dividend on North American COM
mon stock paid in December last
in participating units of Washing
ton Railway & Electric common
stock. AS an affiliate, and not a sub
sidiary, the w. R. g. E. accounts are
not included in the consolidated
financial statement.
ITO be in the consolidated state
ment. President Shea says, North
American must own rs per cent or
more Of a subsidiary's voting stock
The move is held significant in
financial circles because of the re-
cent integration orders issued, or to
be issued, by the Securities and Ex-
change Commission under the Pub
lie Utility Holding Company Act.
Gas Executive Honored.
M. L. Sperry, president of the
washington Gas Light Co., has been
reelected to the Board of Directors
OF Gas Exhibits, Inc, for 1910,
which sponsors, in behalf of the
American gas industry, an exhibit
at the New York Worlds Fair
known as the Court of Flame"
Mr.. Sperry is one of "a executives
of gas utility and gas appliance and
equipment manufacturing companies
from all parts of the Nation who
are either officials or directors of
Gas Exhibits, Inc.
Aetna Meeting Planned Here.
The Aetna Casualty & Surety Co.
announces meeting of representa-
tives in this territory at the Ward
man Park Hotel next Wednesday,
starting with luncheon. During
the afternoon there will be talks on
important subjects by Assistant
Secretary Paul Rogers and Field
Supervisors L. B. Fowler, F. W.
Potter and William w. Ellis. Fol-