Evening star., 1941-05-07
Wholesale Volumes
Climb Sharply in
Fifth District
Sales of Industrial
Goods 76 Per Cent
Above Year Ago
By EDWARD C. STONE.

BY EDWARD 4. SlONE.
Wholesale trade reports from 1873
firms in the fifth district, for
March, disclose amazing gains over
March a year ago, according to the
Federal Reserve Bank of Richmonds
monthly review just received here.
Sales of industrial supplies head
the list with jump of rs per cent,
while sales of electrical goods were
So per cent larger than year ago.
Next came miscellaneous sales by
IS firms, which were up 36 per cent.
Paper and paper products sales
were in 33 per cent better demand
than year ago, tobacco and tobacco
products enjoyed 16 per cent larger
sales, while business in automobile
supplies was 13 per cent ahead of
last year. Shoe sales were extra
heavy, being 81 per cent above the
corresponding month in 1910.
Drugs and sundries stepped up
l3 per cent, and dry goods made
the same gain. The demand for
groceries improved 10 per cent, and
hardware sales moved up II per cent.
These fine advances lifted the aver
age in all wholesale lines "a per
cent. Sales also scored an average
gain of y per cent over the previous
month this year, the review states.
ID. c. Furniture Sales Soar.
Turning to retail sales, the re-
port shows that furniture trade
scored very sharp advances in
March and the first quarter. WASH
ington stores topped the list with
a IS per cent gain for the month
over March, 1910, and Sc per cent
In the three months over the like
period a year ago.
Sales in Al stores in the fifth dis
trict were up 80 per cent in March
and % per cent in the first quarter.
Maryland reported a "a per cent
pickup in both periods. Business in
Virginia was 81 per cent better than
In March, 1910, and 81 per cent higher
than In the first quarter year ago,
the survey shows.
Industries have probably never
been buster in the fifth district than
they were in March, the review says.
Cotton textile mills used 26 per cent
more cotton than in the correspond
ing month last year, rayon yarn
mills shipped 18 per cent more yarn
to domestic consumers. tobacco
manufacturing exceeded March, 1910,
output in every branch of the in
dustry, and coal mines produced 81
per cent more coal than a year ago.
April, however. will reflect the coal
strike, the bank says.
Tydings to Address Bankers.
Senator Millard E. TEdings will
be one of the chief speakers at the
annual convention of the Mary
land Bankers Association, to be
held at the Lord Baltimore Hotel,
Baltimore, May 27-28 He will talk
on Present and Future Govern
ment."
Gov. O'Ccnor and Mayor Jackson
OF Baltimore are to speak, as is DR..
Willard E. Atkins of New York Uni
versity, his subject being The Cur
rent Economic Scene" Several other
speakers are listed.
j. Roland Chaffinch, president of
the association, will report on the
years developments.
Loan Groups Show Growth.
Eleven building and loan asSocia-
tions in Washington have assets of
more than s5000,000, according to
q summary of the 1876 largest aSso-
- i~, oo,,oy>i1oI I1-
the United States Savings and Loan
League. In addition to the Perpetual
Building Association, which tops the
list with S52,728,O18 resources, the
Washington associations include:
American Building, resources, S13,-
S74,868, and standing 21st; National
Permanent, $10,938,4 ,462, in 32d place:
Washington Permanent, $10,381 ,806,
In 36th place: First Federal, SO $685.
633, in 42d place: Hyattsville Build
ing, $9253 100. 49th; Equitable Co.
operative, s8,376, ,426, in 62d position;
Oriental Building. $6,412 ,468, Oath;
Metropolis, s6,255,557 Tooth place;
Columbia Federal $6,157, 1893, in l04th
spot, and Northern Liberty, $685.
POI, 1l3th.
Schram's Choice Pleasing.
Many Washington brokers ex-
pressed satisfaction today over the
selection of Emil Schram, chairman
of the Reconstruction Finance Corp,
as the next president of the New
York Stock Exchange. They all eX-
pressed the hope that he will be able
to bring about closer and more
workable relations with the Securi-
ties and Exchange Commission.
Brokers like the idea of having a
president who knows his way
around Washington" They also
point to the fine record he has made
with the r. F. C. Mr.. Schram is a
friend of many of Washington'S
leading bankers, who also expressed
pleasure today that he had been
chosen for the important Wall
Street position. Personally, he is
very much liked.
He is Al years of age. is 10 have
three-year contract with the New
York exchange at $4,000 a year, the
same salary as was paid to William
McC. Martin, jr.
Barge Shares Offered Here.
Three Washington flrms-Auchin-
Gloss, Parker & Redpath, Ferris,
Exnicios & Co.. and Robinson, Rohr-
baugh & Lukens-were participating
In the offering today of $500
shares of American Barge Line Co.
common stock, priced at $11 per
share.
The company is engaged in trans
portation of commodities on the
Ohio and Mississippi Rivers. Wash
ington dealers reported this noon
that the stock had met an excellent
demand.
Foreign Trade Feature.
Export trade and credit problems
are featured on the program of the
46th annual credit congress of the
National Association of Credit Men,
meeting in New Orleans the week
of May 13, the Washington Associa-
ton was informed today. The future
of foreign trade is held extremely
vital.
De-