Evening star., 1942-05-01
Capital Store Orders
Up ia Per Cent
From Year Ago
inventories Reported
Sc Per Cent Ahead
Of 194l Dute
BY EDWARD c. STONE


March 81 than on the same datt
a year ago, the Federal Reserve
Bank of Richmond reported today
Orders for goods in Baltimore
were up 247 per cent, in Richmond
Ill per cent, in group of Other
cities Ill per cent and in the whole
Fifth District 179 per cent, the re-
port added.
Stocks on hand in Washington
stores at the end of March were
56 per cent larger than year ago
averaged so per cent higher in the
Fifth District, 43 per cent in Rich
mond, 81 in Baltimore and "a in
the other reporting cities.
At the end of the first quarter
total receivables, compared with
receivables on March 81, 194l, were
20 per cent higher in Washington
stores, 10 per cent in the whole dis
trict and about the same amount in
Richmond, Baltimore and the other
cities, the review says.
March collections were good, 80
per cent of the outStandinf1 bills IN
Capital stores being paid during
the month, "a in Richmond, 33 in
Baltimore and 81 per cent in whole
district. AS already noted, sales in
Washington were up 38 per cent in
March and Al per cent in the quar-
ter over l941.
The report covers 78 stores al
though the merchandise and col
lection reports were from only %
stores, the survey states.
C. &P. Telephone Net Lower.
Net earnings of the Chesapeake &
Potomac Telephone Co. in March
amounted to S89, ,435 against $181 ,305
in March year ago, a decrease OF
s91,87O, according to the state
ment filed today with the Public
Utilities Commission.
Operating revenues totale e d
$1,595,89 compared with s1,258, ,652
a year ago. At the same time op-
Grating expenses a IN unite d to
s1,299 219 as compared with $876, ,48s
a year ago, leaving net operating
revenues of s296,672 against the
much higher figure year ago OF
s382.163. Taxes of $1l4,78l COM
pared with s134,028 last year.
Incorporating income was lower,
S181,89 comparing with $248. l3o.
Gross stood at $197 ,532 against
s257 1884 in 1941. Interest deduc-
tions we're heavier, $l08, ,097 compar-
ing with $76,079.
For the first three months Of 1912
net income totaled 1851 ,904 In COM
parison with $518,703, decrease OF
$685. ,799. Sharply higher operating
revenues were absorbed by grow
ing expenses. Interest deductions
called for 5000 800 against S22l,25o
last year.
There were 337,7l3 telephones in
service at the end of March, which
was an increase OF ALL telephones
over the previous month. Teie-
phone users made 43.787 900 calls
during the month, or 6,576,000 more
than in March. 1941.
Hoarding of Savings Scored.
withdrawal of savings deposits in
currency and boarding it in safe de-
nosit boxes or elsewhere is sense
less and unjustified, Chester c.
Davis. president of the Federal Re
serve Bank of st. Louis, said in a
recent address at the University OF
Illinois.
The former Federal Reserve
Board governor added that there
are no grounds whatsoever for the
fear that the Government is going
To commander savings accounts for
investment in War bonds, as any
such step would directly contradict
the policy which the Treasury is
following, and must follow, In
financing the war"
Bank deposits already finance
nearly $4,000, 100000 which the
banks have invested in Government
securities. There would be no gain
to the Government il existing saw
inps on deposit with banks, which
the banks in turn have invested IN
Government securities or loans, were
forced into direct investment in De-
fense bonds bought by individual de-
positors. Banks would be forced to
sell on the one hand what the in
dividuals bought on the other.
What the Treasury really wants
Is to have more and more War bonds
purchased out of current savings
from current earnings and income
That makes sense. 1t also reduces
the percentage of current income
spent for goods at a time when
goods for civilian consumption are
being sharply reduced by conver-
sion of factories and materials tc
war production.
War Bond Purchases Jump.
As an evidence of the stepped-ul
voluntary purchase of War savings
bonds and stamps, President Rlch'
ard H. Stout of the Morris Plar
Bankers Association announced here
TODAY that approximately 10000 ,oO'
In War bonds and 100000 IN Wa
savings stamps were sold throughou
the country by members Of the Nor
ris Plan Bankers Association
through March 81 Voluntary pur
chases from Morris Plan banks sine
January ! represented so per cen
increase over preceding months
The Morris Plan Industrial Banl
Of New York alone has sold $4,000.
900 worth. and the Morris Plan Banl
of Virginia and the Industrial Banl
and Trust Co. of st. Louis. have sol'
more than 81 900 900 worth each.
During April the Amott-Bakel
real estate bond price averages
based on 200 issues including sew
eral Washington realty bonds
showed a decline of 09 per cent
However, in the first four month
of 1912 these same bonds gainet
two points.
Home Loan Bonds Called.
John H. Fahey. commissioner o
the Home Loan Bank Administra
ton, announced today that s875,
5000 Series G ~ per cent bond
of the Home Owners Loan Corr
will be redeemed on July l. The