Evening star. [volume] (Washington, D.C.) 1854-1972, 1934-09-26
HOUSING DRIVES
SUCCESSFORESEEN
GiIchriSt Believes Spending
May Exceed S. 900, 900
Here in Year.
BY EDWARD c. STONE.

While addressing the washington
Association of Credit Men on the
significance to the Capital of the
housing campaign, ]. K. Gilchrist of
the National Housing Administration
predicted that based on recent figures
there is a reasonable expectation that
more than S6,0O0,O0O worth of mod
ernizing and repair work will be done
here during the next II months.
He declared that the expenditure
of this amount of money will place
several thousand persons at work on
full time in the building industry and
have far-reaching effect in increas-
ing buying power in this city.
He told the credit men that many
business firms will find former Gus
toners returning to pay up back bills
and also to buy new merchandise OF
all descriptions.
Mr.. Gilchrist expressed the opinion
that the credit men Of the city will
have far fewer worries as the reno
wiling drive conducted by the WASH
ington Better Housing campaign
leaders, and sponsored by the Fed
eral Housing Administration, gets
further under way. His encouraging
predictions were made at luncheon
meeting held at the Raleigh Hotel
yesterday.
Collections Held Up Well.
Reports from 81 department stores
in the fifth Federal reserve district
show that collections held up well
in August, according to a statement
made today by the Federal Reserve
Bank of Richmond
During August 25.5 per cent of the
receivables due Washington stores had
been collected at the end of the
month Collections in Richmond
made the best fifth district showing,
26.7 per cent of the bills being paid.
In Baltimore the record was 25.5 per
cent, while the average for the whole
district was 256 per cent.
In the first eight months of the
year stocks on hand were turned
2457 times in Washington stores, 2.498
times in Richmond, 2207 times in
Baltimore. 2.l82 in group of other
cities and 1888 as the average for the
whole district In August alone stocks
were turned 0.3 times in Richmond
O266 times in Baltimore, OBJ times
in Washington and 0.288 times as the
district average.
Goods on hand in Washington
stores at the end of August were las
per cent lower than at the end of
August, 1888 The fifth district av-
erage was 81 per cent lower than a
year ago. Baltimore was down SO per
cent, but stocks in Richmond stores
were 313 per cent higher.
AS already announced. retail sales
In Washington stores in August were
14.5 per cent above August, 1888, and
1876 per cent better for the first eight
months than in the corresponding
months a year ago. The August rec
ord was the best in this trade area,
but Richmond's gain of 20.8 per cent
was the largest for the eight months.
Safe Deposit Meeting Planned.
The first meeting of the safe deposit
section of the District of Columbia
Bankers Association for the ensuing
year will be held on Thursday evening,
September 81, at o'clock, in the
board room of the American Security
e. Trust Co, Fifteenth and Pennsyl-
vania avenue. Richard E. Harris,
chairman of the section. will preside,
and many matters of interest to the
section will come up for consideration.
In addition to Chairman Harris,
this years safe deposit section officers
include Albert E. Fisher, vice chair
man; John F. Hillyard, secretary;
Andrew R. Walden and Charles M.
Ashton, members of the executive
council.
The section ironed out many inter-
esting problems in safe deposit service
last year and expects to be equally
I1rnf1nl tlniS 1raar