Evening star., 1942-03-08
j. ). Trade Rise
|sLed by Fifth
District Stores
Two Months Climb
Of 80 Per Cent Tops
Other Areas
By EDWARD C. STONE.

In the hrSt two months of thi:
year DEPARTMENT store sales in the
5th Federal Reserve district, which
includes Washington. led all the
ether II districts, with an advance
of 80 per cent over the like periot
a year ago, according to the Fedora.
Reserve Boards latest trade review
The average gain in the IL dis
tricts was 27 per cent, or IL per cent
under the upturn in this trade area
Philadelphia came nearest to the
5th district mark with a SO per cent
upswing In retail sales, Cleveland
being in third place, reporting an
increase OF 80 per cent.
BoSton's gain in the two months
was % per cent. New York sales
were up "a Chicago. 81, and St.
Louis, % Store sales in Mime
apolis revealed an Improvement of
25 per cent. Kansas City, "a, and
San Francisco, 27 per cent.
Compared with 194l. the Atlanta
district had the smallest gain. 15
per cent while Dallas area sales
were up only II per cent, the survey
diScloSes.
Department Store Raises Pay.
To aid in meeting temporarily in
creased living costs, the board Of
trustees of Woodward & Lothrop,
Washington department store, has
authorized additional compensation
o1 0f
equal to 712 per cent of weekly SAL
aries, officials announced yesterday
The advance in pay is to remain in
effect until further notice.
Distribution will be made for a
four weeks period as promptly as
computations can be made, the an
nouncement added Payments for
the weeks ending March 7. IA, 21
and 28 will be distributed not later
than the second week in April.
Overtime. birthday presents. dis
tributionS of profits, awards for sug-
gestions. 20-year club presents and
monthly extra pay for drivers and
helpers will not be included in the
amounts on which the 7l2 Per cent
increase is computed, the notice
stated
Regular Dividends Voted.
Directors of the Potomac Electric
Power Co. have declared the regular
quarterly dividend of Sl.50 per share
on the per cent preferred stock,
payable June l to stockholders of
record May IS. it was announced
yesterday.
The directors have also voted the
usual quarterly dividend Of S1.371a
per share on the outstanding 5la
per cent preferred stock, also pay
able on June l TO stock of record
MAY Is.
Washington Railway & Electric
directors have declared the regular
quarterly dividend Of s125 per share
on the preferred stock, also payable
June l to shareholders Of record on
May Is.
Exchange Trading Quiet.
Trading on the Washington Stock
Exchange ended the week with a
small transfer in Capital Traction SIS
at los. unchanged from other recent
sales. These bonds have been by far
the most active on the list so far
this year.
Now being quoted ex-dividend
on the exchange are the Lincoln
Service Corp. issues, Mergenthaler
Linotype and Peoples Drug Stores
common Usual dividends will be
paid in a few days.
Members of the exchange COM
mented Yesterday on the latest store
sales reports for February, which
included Sears Roebuck, up 23.4
per cent: S. S. Kresge, 161 per cent;
j. J. NeWbury, 178; Lerner Stores,
35: and w. T. Grant, 243 per cent
over February 1941.
Henderson Urges More Loans.
Charles B. Henderson. chairman
of the R. F. c., urged banks to make
more loans to small manufacturers
and so-called small businessmen,
at the bankers credit clinic Just
ended in New York The banks will
help themselves and their cormu-
mites by pushing the war effort in
this way.
Mr.. Henderson knows the banks
have already granted a great many
such loans but thinks the number
should be vastly increased. It is
preferable and desirable that small
manufacturers use banking chan
nels to finance THAR credit needs,
for 1t is not the policy of the R. F. G.
to compete with the banks or other
lending institutions, he said.
Washington bankers. back in the
financial district yesterday, were
most enthusiastic over the three
day session.
r. F. c. Grants Transit Loan.
The Capital Transit is financing
the purchase Of new streetcars and
buses with an r. F. c. loan, accord
ing to President E. D. Merrill. who
says in his annual report:
Interest charges during the year
amounted to S710133. compared
with S700,950 during the previous
year. The very substantial improve
ment in property and plant has been
accomplished with this compara-
lively small increase in interest
charges by arranging bank loans
with new equipment as collateral at
interest rates averaging below 8
per cent and by reductions in in
terest charges on the modified
Anacostia and Suburban bonds.
THE Reconstruction Finance
Corp. has approved an application
of Capital Transit Co. for a loan
for the purchase of streetcars and
buses. under a plan whereby the
cost of equipment purchased there
under will be advanced by that
corporation. The purchase of Ct
streetcars ordered in 1941 for de-
livery in 1912 is being financed
under this plan. The program of
equipment loans, however, involves
substantial cash requirements to
repay amounts borrowed"
Brokers Son Also in Army.
1t. Col. Robert c. Jones, senior
mariner Of Robert C.. Jones & Co,