Evening star., 1942-07-09
Sharp Gains Shown
In Wholesale Trade
In Fifth District
Leading Lines Average
IA Per Cent Upturn
Over May Year Ago
Rr EDWARD C. STONE.

BY EDWARD c. STONE.
Wholesale trade carried on by 20
Arms in the fifth Federal Reserv
district, which includes Washington
In May, was substantially ahea'
OF May, 1941. the demand for elec
trical goods heading II importan
lines with a jump Of 80 per cen
according to the Federal Reserv
Bank of Richmond's latest review.
The average sales gain for tn
EOS wholesale houses was IA pc
cent over last year. Compared will
the previous month this year, sale
were down 6 per cent, part OF tn
drop being seasonal and part due II
shortages in certain lines of goods
There were wide variations in diff
ferent lines. Dry goods stood sec
ond in demand, with sales advance
of IS per cent over last year. Mex
came industrial supplies which re-
corded an upturn of 81 per cent
Three lines revealed exactly thu
same gains, shoes, groceries, tobacco
and tobacco products reporting II
per cent increases.
Drugs and sundries reported pei
cent better sales than year ago
the demand for hardware was up
per cent, and for paper and paper
products per cent. Fifty-eight
firms handling miscellaneous goods
registered per cent. pickup in
sales. Only in sales of auto sup
plies was there a decrease, 8 pei
cent.
The dollar volume Of May sales
reached $l5,849,000 against S13,694,-
900 a year ago and sl7,778, 900 ir
April, the resume adds.
President Urges Debt Paying.
President Roosevelt is asking that
all farm credit borrowers pay of
their debts ito avoid the unneces-
sary hardships such as were ex.
perienced by farmers during anc
following the First World War.
Copies of the Presidents message
are to be sent to the million OF
more borrowers" of the Farm Credit
Administration, its officials here
said.
The Presidents emphasis on debt
payment of farmers is in harmony
with an earlier letter which was cir
culated to FILA mortgages.
Sloane's Manager Advanced.
In connection with the opening OF
their new store at 1917 Connecticut
avenue, the firm OF w. & j. Sloane
announce the election of Henry j
Zilliox, manager, to the position OF
assistant vice president of the cor
poration. =, Mr.. Zilliox has been
resident of Washington for the past
40 years and is well known in gov
ernmental and trade circles.
He has been in direct charge OF
the Government contracts executed
by the firm for the past Is years.
Quarterly Dividend Declared.
"A quarterly dividend of per cent
was declared by the directors OF the
Washington Loan e. Trust Co. at
the meeting of the board yesterday,
payable on August to stockholders
of record on July ~. -.
President Harry G. Meem stated
that earnings for the first half
year had been most satisfactory and
that the assets of the company had
reached an all-time high on June 80.
Wide Interest in Stocks.
Washington brokers reported to-
day that there has been a marked
revival of interest in the New York
Stock Exchange as quotations have
been climbing. There are great
many more telephone calls and an
increase in boardroom attendance.
Yesterdays late rally, accom-
panied by a good-sized increase in
volume, caused unusual interest In
today's opening. Market observers
saw many quotations come out on
the board at higher figures than
they closed yesterday, with trading
active. How long the move will
last nobody knows, but a lot more
optimism is noted in the brokerage
Offices.
Bank Employees Commissioned.
Four Washington bank employees
who have been attending one OF the
United States Coast Guards flnan-
cial schools, have just been com
naissioneo as warrant officers, 1t was
learned today.
They are Roland T. Carr, Frank.
lin A. Gibbons, jr., and Harry P
Bergman of the Riggs Nationa
Bank, and Kenneth Brgfeld of tht
American Security & Trust Co
They will re assigned to duty al
once in the paymaster's department
More than 225 Capital bank en-
ployes are now in the service.
Lower Reserves Held Unlikely.
Federal Reserve officials indicated
today that there will be no imme.
diate change in bank reserve re.
ouirements in New York and Chi.
cago, following of the amendment!
to the Federal Reserve Act by Pres.
ident Roosevelt. The board now
has the power to make differen
requirements for these central Re
serve cities than prevail in th'
other districts.
The new measure shifts the mem
bership basis of the Open Marke
Committee and clarifies limits upor
and liability of bank directors fol
making loans or declaring dividend
when their reserve, balances are de-
ficient.
Today's Trading on Exchange.
Twenty -four shares of Riggs Ma
tional Bank common stock sold Of
the Washington Stock Exchang
today at 255, off from the last pre-
vious sale. The market closed witt
245 bid and 265 asked. The trans
fer was one OF the largest in tn
bank stock division in many sessions
The newly listed Washington Ga
S. preferred stock was quiet today
with 1917 bid and l03 asked. Th
present bid for Washington RailWa
6y Electric common is s470 shar
bid and $50 asked.