Evening star., 1941-08-08
n, c. Retail Trade Scars

u. c. Retail Trade Scars.
Department store sales in the |
District of Columbia for the week |
ended August scared 25 per cent |
above the record for the correspond |
ing week in 1910. the Federal Re- |
serve Bank of Richmond reported |
today.
Sales in the fifth district were |
"a per cent better than a year ago,
were up % per cent in Baltimore |
and 81 per cent in a group of other |
cities.
{ Compared with. the previous week |
tthis year, ending on July 26, sales |
in Washington stores showed 7 |
per cent rise, moved up 4 per cent |
jim the fifth district, per cent in |
baltimore and 5 per cent in the |
group of other cities.
Cumulatlves sales in Washington |
In the four weeks ended August |
i2 average 80 per cent ahead of last |
wear. In the whole fifth district |
sales were 81 per cent higher than
a year ago. todays report said.
Peoples Drug Earnings Climb.
Peoples Drug Stores, Inc, in |
creased net profits substantially in
the first six months of this year, it |
was announced today
The drug chain reported a net |
profit for the six months of SAL |
1872, equal to 80 cents per share on |
the common stock, against a revised /!
net profit in the first half of 1910 |
amounting to 1882, 2,287, or 78 cents a
share on the common.
Net sales in the six months totaled
sl2,764,O96.49 against Sl1,184, 1899
in the like period in 1910. Operating
profit amounted to S707 ,352.59, as
compared with s491 800 SO in the first
half of last year, the report showed.
Z The company had an earned sur
splus on June 30 this year of S4272,- |
Se49.87, compared with S4,005 $685. |
Peoples Drug has total current assets /
of S. 623, ,37819 at this time, against !
IS 037 .260.20 a year ago on June 80.
Total assets stood at S9,059 1872 SO
on June 30, against s8,25l ,56709 a
year ago.
Investment Code support Urged.
Wallace H. Fulton. executive di- !
rector of the National Association |
of Securities Dealers, with head |
quarters here. is now in San Fran |
cisco. He is urging dealers all over |
the country to support an aggressive
self-policing program to obvlate the
need of any additional forms OF |,
Government regulation. Much prog |
ress along this line has already been
made . o,,s,,o. cox,,
mittees have handled over 100 COM
plants against members this year,
Mr.. Fulton reported. In Is per cent
of the cases, he said, drastic acton
was taken against respondent mem
bers involving either cancellation OF
membership, long suspension from
the association or substantial hneS.
Mr.. Fulton is being accompanied
m the trip by Robert w. Baird,
chairman of the association.
Employment Highest in Years.
In the textile field, cotton con-
sumption by fifth district mills IN
June exceeded June, 1910, consump-
ton by As per cent, and shipments
of ravon yarn to domestic consumers
rose "a per cent in the same PERIOD
Bituminous coal production in the
United States last month was So
ner cent above June, 1910, produc-
ton.
Business failures declined in both
number and liabilities from June,
1910, figures.
All of this increased activity raised
employment levels to the highest
r,oint over a period of years, and
reduced relief rolls substantially ac-
cording to the Richmond Reserve
Banks latest monthly review.
Bank on Daylight Saving.
For the period fixed by the Gov
ernor of Virginia, beginning at
midnight, Sunday. August 10, and
ending at midnight. Sunday, Sep
tember %. 194l, the head office of
the Federal Reserve Bank of Rich
mond will operate under daylight
saving time, which will be one hour
earlier than Eastern standard time,
President Hugh Leach announced
today. All Washington banks have
been notified of the important
change.
Secretary Morgenthau said yes
terday that he agrees with Leon
Henderson that the Federal Re-
serve Board should have authority
to control installment credit as a
brake on imitation. Il am for 1t:
the Reserve Board wants the au-
thority and I give them my bless
ing" he said
John M. De Marco, assistant
cashier of the Hamilton National
Bank and manager of the Seventh
Street Branch, is passing his an
nual vacation at Atlantic City and
other resorts on the New Jersey
Coast.
Today's Trading on Exchange.
American Telephone rights were
strong on the Washington Stock
Exchange today, sales of 10 and 70
rights taking place at 8-32ds.
Two hundred shares of Real
Estate Mortgage g. Guaranty pre-
ferred stock moved at IA.
Potomac Power per cent pre-
ferred was strong at 1852 and %
shares of Washington Gas preferred
changed hands at 1854, ex-dividend.