Evening star., 1942-11-09
Capital Furniture
Sales Show Slight.
Gain in Month

Luxury Buying Wave
Yeor Ago Recalled
In Bonk's Survey -
By EDWARD c. STONE.
Seven leading Washington furn1-
ture stores recorded a per cent
gain in retail sales in September
over last year, while the advance
for the fifth district was 2 per cent.
according to the Reserve Bank OF
| Richmond's latest review. The
comparatives are with 1941 period
when a buying wave of luxury gooos
was at its height before new taxes
went into effect on october l.
Sales in Virginia in September
were up per cent, but were down
l per cent in Maryland. Sales 1r
South Carolina made the best State
showing, Greenwood, S. c., report
ing sales pickup of 1913 per cent.
The review states that sales by
ia furniture stores in the fifth
district totaled $2,783,900 in Sep
tember, against $2,885,500 in Au-
gust and $2,719,700 year ago.
District Second in Building.
Building permits in % fifth dis
trict cities in September totaled
$3.50 SOL, but Baltimore accounted
for half of this amount, Washington
standing second with permits OF
$2,831 1885.
Permits actually awarded in Sep
tember totaled $78,946,00O, against
SIT, ,738, 900 in 1941, mostly for war
construction.
There were fewer failures, II for
s556,o00, comparing with 2a for
$735 900 a year ago.
Both railroad freight and pas
senger traffic we're the heaviest ever
known in the district.
Hoardrooms Well Filled.
INTEREST in the New York Ex-
change took a sudden jump in the
Washington Offices today every seat
in some of the boardrooms being
taken at the opening. The most
interest in months was manifested.
Brokers reported the most tele-
phone calls in several weeks. With
the tax bill and elections out of the
way, and the favorable turn in war
news, the possibility of a. market
advance held attention. Traders
who haven't called up their brokers
in two years were inquiring about
the market today.
In the first half hour Interna-
tional Telephone aroused the most
comment. A few months ago 1t was
~. In the early trading today, it
hit 61s
Notices were posted in the Ex-
change Offices today that the market
will be closed on Wednesday, ARM
istice Day.
Banking Hour Changes Near.
Substantial progress is reported in
the conferences between Treasury
officials and committee of Wash
ington bankers on the coming
changes in banking hours in the
Capital due to the new system Of
20 Government paydays per month.
The new plan goes into effect on
} November 16.
With 20 paydays instead of the
four big paydays now prevailing.
marked changes will naturally be
made in banking hours. The four
late closings will be dropped, ac-
cording to the latest information.
The new arrangement will make 1t
possible for all Government EN-.
ployes to cash their checks on the
days they are paid off, Treasury
Officials state of
times.
1t is anticipated that the change
in hours will be settled and an
nounced later this week in order
that the new system may go into
effect next Monday. Any changes
in hours in the banks have to be
approved by the Washington Clear
ing House Association, of which H.
H. Mckee is chairman.
Chain Store Gains Numerous: =.
In the last few days some i'm
pressive gains in chain store sales
have been reported for October over
October, 1941. McCrory Stores sales
were up 27.8 per cent; w. T. Grant.
27.3; j. j. Newberry, 1926; G. C.
Murphy, Bis; Lerner Stores, 49:
Crown Drug. 245: S. S. Kresge,
2l8, and Sears Roebuck, 1.8 per cent.
Peoples Drug Stores sales, already
noted, were up 1877 per cent in
October and 17.2 per cent in the
,, first 10 months of this year. All
these striking advances are of spe-
clal interest in view of predictions
!, early this year that sales would fall
oil in the later months.
Exchange in New Quarters.
The Washington Stock Exchange
+ opened for business today in new
! quarters on the third floor of the
Washington Building after many
years Or the fifth floor. The ex-
change is making a sharp cut in
expenses by taking more condensed
offices. Incidentally, the Govern
1 ment was very anxious to take over
the former Offices
l Business was heavy on the first
: day in the new surroundings. The
f; first sale was in Warrington Gas
; Light common at Is, a new high on
the present move.
Potomac Electric Power 51a per
: cent preferred moved at 114sa and
the 6 per cent preferred at 115sa. A
n later sale in Gas common was re.
/ corded at 15A.