Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-08-17
Gas Light Co. Reports
Heavy Sales Increase
For First I Months
By. Nelson M. Shepard


July sales of the Washington Gas
Light Co. accounted for total OF
1857 400 therms, a gain of BIT per
cent over the 6,801,37 therms sold
in July, 1947, the company reported
late today.
The July figures reflected the
usual seasonal influences, for an en-
tirely different picture is drawn
over the first seven months of this
year when the rate of increase was
a sizeable 1851 per cent. The COM
pany sold 99,08l, 655 therms in the
seven months compared with 49,
535,155 therms the l947 period.
Reserve Reports on Upswing.
Again citing improved retail trade
conditions in Washington and con-
trasting them with other cities, the
Federal Reserve Bank of Richmond
said today there is no indication
that fear of rising prices was a
motivating factor in these sales in
creaSes."
1t referred specifically to newly
reported furniture sales in Washing
ton which showed 9 per cent in
crease in June over the same month
last year, as well as to the recently
announced Is per cent increase in
general department store sales for
the same comparative month.
The analysis suggested 1.-The un-
usually large rise from May to June"
was on "ssssonally conducted bases. "
There have been no develop
ments in the district of nature
that would indicate substantial
improvement in the purchasing
ability of the people of the district"
the report added. Therefore these
trade figures must be looked upon
as partly an increased willingness
of people to spend for these pur-
poses. and partly because of promo
tional efforts and price concessions"
No Indication of panic"
1t was quite apparent. the Re-
serve Banks financial and business
analysts said, that there was no in
dication of panic" buying such as
associates with impending crises or
prospects of Immediately soaring
prices.
Going back to the quoted retail
furniture sales. the Richmond bank
reported a 4 per cent increase for
the first six months of the year
compared with the same 1947 Pc
Rod Washington's 9 per cent in
crease for June compared with 4
per cent decline in Baltimore sales,
although for the siX-month period
that city doubled the percentage OF
increase in Washington.
Among other pertinent figures of
a different nature included in the
current monthly review of the Rich
mond bank was an increase of 81
per cent in the value of construc-
ton contracts in Washington in
May over the same 1947 month. The
value of contracts was $4,668,000.
Bank Deposits Increase.
The same report disclosed that
the average daily deposit of member
banks in the District of Columbia
had increased S. $4,000 in the last
half of June over the last half of
May. OF the total deposits an in
crease of S425,000 was reported for
the two banks here classified under
the Federal Reserve System as
country banks" They are the Ma
tional Capital Bank and the Ana
costa National Bank, whose total
deposits averaged $22,03S the last
half of June. A country bank" is
one that has been granted permis-
sion to carry IA per cent reserves
against demand deposits in contrast
to the 20 per cent in reserves re-
quired of banks classified reserve
city" banks.
Jewelry sales seem to be soaring
throughout the country. Sales of
154 jeWelry wholesalers in June
totaled $5,O45, 900. a 10 per cent in
crease over June of 1947. The fig
ures are from the Census Bureau.