Evening star., 1942-08-10
Wholesale Volumes
Jump IS Per Cent
In Fifth District
Tobacco Products Show
Largest Gain Over
Year Ago in June
Ry EDWARD C. STONE.

Net sales of BOT wholesale Arms in
the Fifth Reserve District which in
cludes Washington, averaged Is per
cent higher in June of this year
than in the same month in 194l,
the Richmond Reserve Banks latest
bulletin states.
Tobacco and tobacco products
made the biggest gain, 35 per cent,
and all other lines, with two excep-
tions, scored advances. Sales Of
automobile supplies took a severe
tumble and we're down 81 per cent,
the report discloses.
Wholesale demand for shoes were
% per cent heavier than year ago;
sales of electrical goods were up 18
per cent and paper and paper prod
ucts, per cent. Three important
lines, drugs, dry goods and groceries,
had the same increase over last
year, l9 per cent.
Hardware sales we're only per
cent ahead of 1941 and sales of
industrial supplies were down 8
per cent. Fifty-nine firms dealing
in miscellaneous lines reported l3
per cent more business than year
ago and per cent over the preced-
ing month of this year.
June trade totaled S17,853,0 900, as
compared with 15582 900, the sur
vey showed.
Treasury Bills Gain Favor.
The Richmond Reserve Bank re-
ports two important developments
in the Treasury bill market which
have added to their popularity. The
amount of these bills has been
stepped up sharply and their liquid
ity materially improved by the will
| ingness of the reserve banks to
purchase them on definite yield
basis.
Banks are showing far more In
| terest in the bills as short-term
investment. An even wider market
is predicted. Tenders for the new
issues are being received in growing
numbers by the Richmond and all
other reserve banks, according to
President Hugh Leach.
Bankers To Meet Wednesday.
John A. Reilly, president of the
District Bankers Association, has
called special meeting of the Dis
trict Bankers Association for We'd
nesday, at 4 o'clock, in the board
room of the American Security &
Trust Co., it was announced today.
Robert " Fleming and J. Clifford
F'olger, members of the Victory
Fund Committee of the Fifth Fed
eral Reserve district, and Winslow
B. Van Devanter, area chairman for
Washington, will outline efforts to
be made to increase the sale of GER
tain United States Treasury issues.
A large turnout is anticipated.
Ways to Invest Funds Listed.
The brokerage firm of Merrill
Lynch, Pierce, Fenner & Beane,
suggests that every working citizen
would do well to direct his funds
into: Cd life insurance and home
ownership, (2) cash reserve in the
bank for emergencies, 90 War
bonds, "a securities yielding an in
come and having good postwar ex-
pansion prospects.
] In circular just distributed, the
firm takes very strong ground
against boarding of cash. keeping
money idle being considered q
great waste.
Heard in Financial District.
H. T. Bisselle, vice president of
the Riggs National Bank, and j. B.
Brooks, assistant cashier, were back
at their desks today after short
vacations.
T. Howard Duckett, president Of
the Prince Georges Bank & Trust
Co., is taking short vacation
George L. Haines and Harry Pitt
of the insurance firm OF johnson &
Adams, will attend a meeting in
Chicago this week where they have
been specially honored by the Con-
tinental Assurance Co. for produc-
ton records
War Bonds Quotas Announced.
The War bond quota for August
for Virginia was announced by Sec
retary Morgenthau today as $12,-
600 900.
The August quota for Maryland Is
$11 ,250,000, the same announcement
stated.
The quota for Alexandria, Va, is
$225, 900; Fredericksburg, $89,500;
Richmond, $2,727,OO0.
The quota for Montgomery Coun-
ty, Md, is $234,20O; Baltimore City,
$1,000, 400; Prince Georges County,
$194 500.
The District of Columbia August
quota is $6,750.0OO.
Today's Trading on Exchange.
Washington Loan & Trust Co.
stock opened the weeks trading on
the Washington Exchange with five
shares selling at 200, unchanged.
Capital Traction IS appeared on
the board in $500 transfer at 105ss,
off "a from recent asles.
Mergenthaler Linotype registered
small sale at "a, against the last
previous transaction at IS.