Evening star., 1934-04-25
COLLECTIONS UP
SHARPLY IN MARCH.
Jump 28.2 Per Cent Above
Year Ago in Leading
Capital Stores.
BY EDWARD C. STONE.


noon, covering the period IN which
sales in Washington department
stores were up 40.7 per cent over
March, 1888, show that collections
jumped 282 per cent above the COL
lection percentage year ago.
Stocks in the leading stores in this
city were turned 346 times in March
and .839 in the first three months of
the year, while stocks on hand were
up 2l4 per cent in March and "A
per cent in the first quarter. the re-
port says. In summarizing the trade
situation in the whole fifth district,
the analysis adds:
Retail trade in March, as reflected
in sales in 80 department stores in
the fifth Reserve district, was 51.8
per cent above the trade of March,
1888, and was 8.3 per cent more than
in March, 1882, which is probably
better comparison, because the 1888
figures were held down by the bank
ing holiday and the late date of Eas-
ter. Total sales in the 80 reporting
stores in the first quarter OF 1884
were 27.1 per cent larger than sales
in the first quarter of 1888.
creased seaSonally during March, ris-
ing by ST per cent over those on
hand at the end of February, and on
March 81 this year stocks averaged
219 per cent above stocks on hand
year earlier. The reporting stores
turned their stocks an average of .35
times during March and between jan
uary l and March 81 stocks were
turned 1924 times, both of these av-
erages being higher than those for
the corresponding periods in 1888.
The percentage of collections in
March, 1884, to total accounts receiv-
able on March l was much higher
than the percentage for March, 1888,
owing to the banking holiday last
year which tied up funds and pre-
vented prompt payment of current
accounts.
Dinner Speakers Announced.
Officials Of the District Bankers
Association announced today that
leaders in Government and business
circles have accepted invitations to
the preconvention dinner to take place
this evening at the Columbia Country
Club, starting at 7:30, with Thomas
J. Groom, chairman of the General
Convention Committee, presiding.
Speakers scheduled are Robert j.
Whiteford, general council, Hamilton
National Bank; Maurice u. Rosen-
berg, president of the Bank of Com
merce and Savings, and Rober. v.
Fleming, president, Riggs National
Bank. The latter two are both past
presidents of the association and Mr..
Whiteford has attended all of its
previous conventions. The toastmas-
ter will be Frank j. Hogan, general
counsel of the Bankers Association.
Nearly 200 reservations have been
sent to Karl w. Corby, secretary.
Bankers Association, who is in charge
of the dinner. He announces 40 en-
tries in the golf tournament for the
Robert V. Fleming cup, which will
be played during the afternoon. The
cup and other prizes will be awarded
during the evening.
7rofits to Control Trading.
Much unjustified fear exists with
regard to the possible effects of the
proposed stock market control legis-
lation on the volume and character
of trading, which in the final analysis
must depend upon fundamental fac
tors, including supply and demand,
according to Richard D. Wyckoff, Inc,
stock market technicians.
In the opinion of our organization
it is apparent that sound basic prin-
ciples of analyzng supply and de-
mand will remain as effective as ever.
This is especially true wnen We con-
hot vic q
rate profits are the fundamental
motivating causes of the urge to buy
or sell. Congress has manifested no
intention Of seeking to control the
economic cycle through stock regula-
ton, even though opponents Of The
proposed legislation contend, with no
little justification, that the original
bill would permit disturbing govern
mental interference with business.
The ordinary buyer has a marked
prejudice against 'high-priced' stocks.
He does not trade in them extensively
as a rule. but gives preference to
medium and low-priced issues. Stiff
margin regulations would simply
strengthen this prejudice. Moreover,
1t must be remembered that most
brokers already require that low-priced
stocks be purchased outright. That
portion of the public which has been
accustomed to deal in low-priced
stocks will thus gain new recruits.
No one who is familiar with the
American mind will be so rash as to
suppose that the urge to speculate
in securities will die. Drastic margin
requirements will simply induce the
public to shift its operations from
stocks in the higher priced brackets
to those in the lower
Trading may be less profitable for
the gambler, but for the scientific
trader, regulation may serve to make
trading even more profitable than
heretofore. More regular price move
ments would remove some of the lure
OF quick and easy profits"
S5O0,00O Home Loans Granted.
Under its new "8 per 1000" plan
the Acacia Mutual Life Insurance Co
has loaned more than S50O,O0O in the
District of Columbia during the past
three months to individuals for the
purpose of building or acquiring new
homes.
President Montgomery explained
that while a certain proportion of the
loans had been made on modern