Evening star., 1942-03-11
Big Wholesale Gains
Over Year Ago Seen
In Fifth District
81 Per Cent Increase
Shown in January
Bank Report
BY EDWARD c. STONE.

trlct IN January are revealed IN tn
latest monthly review Just received
here from the Federal Reserve Banl
o. Richmond. Sales of automobil,
supplies topped the list with 81
per cent advance over the same
month a year ago, while dry good
sales were SO per cent ahead o
last year.
The fifth district average in lead
ing lines was 80 per cent higher
than in l94l. The demand for elec.
trical goods at wholesale was ul
40 per cent, groceries 30 per cent
hardware 40 per cent and industria
supplies Sc per cent. Paper anc
paper products registered a 81 PEI
cent sales upturn, tobacco and to-
bacco products AZ per cent, while 81
firms handling miscellaneous line!
reported a Jump of AZ per cent II
their business
Only the demand for shoes wa!
lighter than last year, drop Of
9 per cent in sales being recorded
Some wholesale firms reported heavy
stocks on hand, the average being
80 per cent above January, l94l
Automobile supplies were AS per cent
higher, dry goods y per cent, elec-
trical goods 49 and groceries % pei
cent. Only in hardware were stocks
lower than in the like l94l period
The rush of forward b<Oing was
partly to discount further price in
creaseS, further ratloning, restrlc-
tionS on sugar consumption, ration
ing of automobile tires and also
due to greater purchasing power
The boom in wholesale business Is
laid to many of the same factors
which have caused such an unheard-
of rush for retail goods. the review
reveals.
Turning TO retail furniture sales
the reports state that January busl-
ness in five District of Columbia
stores was 81 per cent better than
a year ago, against a gain for the
whole fifth district of % per cent
In Maryland sales were up % per
cent and in Virginia % per cent.
District Title I Loans Drop.
A partial survey of the banking
district indicates that title l loans
granted by Washington banks have
recently registered a sharp decline
In fact. only a few such loans are
now being extended to patrons.
Bank officials say the main reason
for the tumble in title l loans Is
because of the difficulty in obtaining
materials tor pfbperty repairs. Title
7 loans are confined wholly to re-
pairs. alterations and all sorts OF
betterments. How long the shortage
in certain materials will prevail no
bank official dares predict.
Right after title I loans we're
established Washington banks made
host of such grants. There was
wave of building Improvements, the
loans helping the sale of materials
of all kinds for repair work as well
as being a real factor in increasing
the demand for labor.
Bankers look for some pickup in
the demand for such loans with
arrival of the spring season and
favorable weather for outside work.
However. only a modest number OF
applications are held likely.
Bonds Placed in Estates.
Defense savings bonds do not re-
vert to the Treasury in the event Of
the owners death without naming
a co-oWner or beneficiary. the Dis
trict Defense Savings Committee
announced today in answer to a
number of inquiries. If bond has
not been registered to a co-oWner or
beneficiary, it will form part of the
registered owners estate and be paid
to persons entitled to share in the
estate, the statement says.
The District Committee requeS; ed
TODAY that persons desiring to invest
s37 so or more at one time, specify
one bond of appropriate denomina-
ton rather than two or more SIS
bonds. 1t is believed that some pur-
chasers specify issuance of bonds in
smaller denominations as a protec-
ton against partial loss of accrued
interest in the event that they may
find it necessary to redeem part OF
their holdings before maturity.
The fact is that no loss of interest
will be incurred in such instances.
Treasury regulations provide that
upon partial redemption of saw
ings bond the remainder will be re-
issued as of the original issue
date
Heard in Financial District.
Western Union Telegraph Co. has
declared a dividend of 80 cents
payable April IS, to stock of record
March 20. Payments in l94l were
81 each on June 30 and December Is
William N. Schaefer, president OF
the R. P. Andrews Paper Co.. has
announced the distribution of more
than $4,000 in Defense bonds as
bonuses to employees, on the COM
panys 46th anniversary. Five en-
ployes have been with the company
more than 30 years.
Edward Riley elected vice preSi-
dent of General Motors, succeeds
G.. K. Howard, resigned. Mr.. Howard
is now serving in Washington as
deputy chief. motor transport divi-
sion, Army Quartermaster Corps.
Lerner Stores Corp. reports net
earnings for 194l equal to S347 per
common share, against S318 pei
share on the common stock in the
previous year. There were l79 stores
at the end of the year.
d. c. Exchange Active.
There was a lot of interest mani
tested in the Washington Stock EX-
change today. The first sale was
in Norfolk & Washington Steamboat
stock, 13 shares moving at IS, up
from 1872.
Washington Gas preferred opened
with a single share selling at 100
followed by As shares changing
hands at SO. Gas Common regis
tered a l5-share sale at 167s, of
from the last previous transfer.
Peoples Drug Stores common
came out on 100-Share sale at
1875, off fractionally, and so shares