Evening star., 1935-12-28
D. c. COLLECTIONS.
LAG IN NOVEMBER
People Paying Bills Rapidly.
but Not as Fast as in
Other Cities.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Washington people are paying their
bills rapidly but not as fast as in
Richmond, Baltimore and other cities
in the fifth Federal Reserve district,
the Federal Reserve Bank of Rich
mond reported today.
Receivables collected in Washington
stores during November were 28.5 per
cent of the bills due at the beginning
for the whole fifth district were 29.9
per cent, only fractinally better than
the showing in the Capital.
Baltimore retail stores took in 29.7
per cent of the receivables due at the
beginning of the month. Richmond
topped the list of cities, 35l per cent
of bills due being collected. A group
of other cities reported that 32.4 per
cent of outstanding bills were paid
during November.
The report covering 81 important
department stores added that from
January to the end of November stocks
were turned 364 times in the whole
district. Store stocks moved faster in
Washington, 4.064 times being re-
ported. Baltimore stocks were moved
1859 times and in Richmond 3.517
times.
Stocks on hand in Washington
stores at the end of November were
81 per cent higher than year ago
and IL per cent higher than at the
end of October this year.
AS already announced, retail sales
In Washington in November were 1877
per cent better than year ago in the
same month and in the first II months
of 1885 were 1873 per cent ahead of
the like period in 1884. Both these
gains are far ahead of the marks for
the whole district.
The statistics from the Richmond
Bank lay bare an expansion in buying
power which is one of the outstanding
developments of 1885.
Steel Men Rise From Ranks.
The host of clerks in Washington
banks will take courage and renew
their ambitions as they read about
the progress of executives in the steel
industry. Nine out of every 10 of
the men who are now top executives of
representative steel compauies started
at the bottom of the ladder and
worked their way up. Three out of
every four got their knowledge of steel
in the operating departments of the
mills.
These facts were revealed by infor-
nation recently obtained by the Amer
lean Iron and Steel Institute from 176
xecutives-chairmen presidents and
vice presidents-of companies repre-
senting more than 95 per cent of the
capacity of the steel industry.
Of the IT'S executives, 1913 have had
close contact with the operating de-
partments-84 as laborers in the
mills. 25 as engineers or chemists, and
10 as messenger boys. Only 13 out of
the 176 executives entered the steel
industry in an executive position.
Ayres Predicts Better 1886.
Probabilities for next year are fur
fishing lively topics for conversations
In the board rooms these days as
traders watch the tape. A lot is said
about election. Along this line Col.
Ayres. the Cleveland banker, said the
E other day:
Probably this economic puzzle will
not have to be solved next year, and
chiefly for the reason that 1886 is an
election year. It seems reasonable TO
expect that the Government will not
make drastic economies in its spending
next year, and also reasonable to ex-
pect that both industrialistS and in
vestors will prefer to continue with
waiting policy until they can see how
the political campaign develops
Usually there is not much sub
stance in the old belief that business
is likely to be poor during election
years. We have had SO presidential
election years in our history since the
first Inauguration of Washington, and
the records show that 81 of them have
been years of prosperity, while only
IS of them have been years of de-
preston. Nevertheless it may well
prove that the fact that 1886 is an
election year will tend to postpone
somewhat, both any important cur
tailment of Government spending, and
also any resumption of large scale
f1oration of new capital issues for the
expansion of private enterprise.
"It now seems reasonable to expect
that 1886 will prove to be a some
what better business year than 1885.
Individual consumers purchasing
power should be at least as large next
year as it has been this year"
Hamilton Votes Dividend.
Directors of the Hamilton National
Bank have declared an initial divi-
dend of 21a per cent or so cents per
share on the $4,000 shares, par $40,
of the banks capital stock, president
Edwin c. Graham announced today.
The dividend is payable February l,
1886, to stockholders of record on
January %.
Financial District Gossip.
The usual bank call is expected
from the controllers office soon after
the New Year bells ring.
Industrial production in the United
States, supported largely by durable
goods ouput, continued to show i'm
provement in November, according to
the Federal Reserve Boards business
index. Factory employment and pay
rolls which usually decline at this
season showed no change from Oc-
tober to November.
Weekly bank clearings in the Capt.
tai were again we'll ahead of the mark
set in the same week last year.