Evening star., 1942-07-07
D. {. Furniture Sales
8 Per Cent Above
Year Ago in May
Capitol Leeds All
Other Cities in
Fifth District
By EDWARD c. STONE.

CAlC upAod1 Sd a SotOS SoAIA "
8 per cent In May over May. 1874,
leading all other cities In the fiftl
district in percentage advance,
according to the Richmond Reserv
Banks monthly review just re
ceived here. Norfolk stood secon,
with a per cent upturn. Due II
retail credit restrictions, all othe
cities in this territory reported
decreases running as high as so ant
b3 per cent.
The report has been expanded
to cover 113 stores. The average TO
the fifth district was down Is pc
cent. Compared with April, sale
in the Capital declined 10 per cent
and in the whole district Is pc,
cent.
The review states that debts tt
individual accounts In Washington
banks in May totaled $422, ,584 900
an increase of 10 per cent over
May, 1941, and were up 19 per cen
in the whole district, Frederick. Md
and Charlottesville, Va, being
among six new reporting cities.
Sales of 78 department stores ir
the fifth district in May totalee
&17,187,817, an increase of 4 pei
cent over the same month last year
and sales of 205 wholesale firms
amounted to $l5.S49 900 and were
Is per cent ahead of last year.
Failures Show Increase.
The number of business failures ir
May numbered IS, compared with
81 year ago and only 10 in the
previous month this year. Liabili-
ties, however. totaled $485, 900
against only $4,000 in April, an
increase OF 329 per cent, and $2S1,
600 in May a year ago, an increase
Of 73 per cent.
May building permits were at the
lowest point OF any month since
January, 1910, due to restriction or
private building by the Federal
Government. In building permits
issued In May, Baltimore led the
District with a total OF $2,603 1868
and Washington was second with
81, ,4S5, $50. Contracts issued in the
fifth district totaled $68,914 900
compared with $100,005, 900 in May
last year.
From April to May the number OF
employees on Washington payrolls
increased by 20 per cent and the
amount Of payrolls moved up 2.3
per cent. People who have been
forced to find new work because
their former jobs were abolished
have usually found other employ
ment in q short time, the review
says.
Used Car Market Still Lays.
Stocks of new automobiles con-
tinue frozen, the report adds, ex-
cept where prospective purchasers
have priority ratings, but no re-
strictions have been placed on used
cars.
The tire shortage and gasoline
rationing have dealt severe blow
to the used car market, as used
cars are not selling nearly as we'll
as.was expected before the gasoline
rationing program went into effect.
Another obstacle for used car deal
ers is the disposal of cars, fire.
quently at a sacrifice, by young men
1nducted into the armed forces.
The automobile repair business has
also fallen of more than was ex-
pected.
In spite Of greatly increased taxes
and efforts being made to sell War
bonds and stamps to the public,
consumers have plenty of money
with which to buy commodities
they want, and stores which have
adequate stocks are doing q very
large volume of business. Freez-
ing orders, priorities rules, ration
ing regulations and sitter credit
nave hit some retail outlets hard,
the Richmond bank comments.
War Insurance Booming.
The new war raid damage insur-
ance is in very heavy demand in the
Capital. according to leading agents
Many building and loan associations
have protection clauses on thei1
loans which call for insurance OF
this type of risk.
In such cases the associations are
automatically adding the new GOV.
erage. Many Of the banks, possibly
all Of them, are demanding the
war damage insurance on all new
property loans.
The banks already have insured
their own property against any pos
sible damage from air raids and 8
host Of other corporations are sale
10 have taken similar action. Indi-
vidual home owners are taking ad'
vantage of the low rates to obtair
further protection.
Maryland Bank Joins Reserve.
Hugh Leach. president of the Fed.
kral Reserve Bank of Richmond, an.
nounced today that the People.
Bank, Pikesville, Md. has become {
member of the Federal Reserve
System. Several other banks in thi
territory have been admitted thi
year.
The first issue of the Netherland
Trade Review, published in New
York, contains a message from Sec
retary OF Commerce Jesse H. Jone
and an article by DR.. Alexande
Loudon, Netherlands Ambassador II
this country. Surveys OF post-wa
problems are feature Of the review
William N. Strack, for % years II
the law department of Swift 81 Co
has been made head OF the depart
ment and general attorney for tn
Swift organization, the Washington
ONCE announced today.
Capital Transit Moves Up.
Fifty shares of Capital Transi
stock sold at 81 on the Washington
stock Exchange today, up l ful
point and the highest price at whicl
the stock has moved in long time
The market closed with 20 bid an
2l asked.
Potomac Electric Power 51a pc
cent preferred stock came out in
1o-share sale at ia, around recen
levels. Other stocks and bonds wer
neglected. =,
There are some particularly wild
spreads In bank stock quotation
The bid for Liberty National stand
at 1863 with 200 asked, and for Rige
National common the bid is 240 wit