Evening star., 1935-05-11

RlCnmOnQ, va. go. lI.0 SO
Washington ....... 1924 +13.7
Winston Salem .... +44.6 Hi
Other Cities. ..... +18.1 + 3.5
Fifth district,
United States,
513 stores ..... +12. r 8.
State Figures.
Virginia ........... HIS + SO
West Virginia. ..... +29.5 + g
North Carolina. -. +18.8 r 4.8
South Carolina. -. + 3.9 - 2.5
Percentage changes in April and in
the first four months of this year in
comparison with the corresponding
periods year ago were as follows in
other Federal Reserve districts: Bos-
ton, -+8 and a; New York, rs and
q; Philadelphia. lis and 0; Cleve-
land, +13 and +3; Atlanta, +l2 and
-: Chicago, Ill and ~; st. Louis,
o and o: Minneapolis. I'll and +3:
Kansas City. IS and IS; Dallas. LA
and rs; San Francisco, +22 and +8.
The Richmond report shows the
Capital in a very fine trade position.
The April gain is ahead of the average
for the fifth Reserve district, which
in turn is above the average for the
whole United States. In the four
months Washington is likewise ahead
Of the fifth district average and the
fifth district above the national aver
age.
Eccles Air Trip Recalled.
In addressing the North Carolina
Bankers Association, Robert v. Flem-
ing recalled the fact that Gov. Mar
riner S. Eccles of the Federal Reserve
Board recently flew down to Pas
Christian, Miss, while special repre-
sentatives of the A. B. A. were giving
special study to the banking act OF
1885. He outlined in detail the aims
Of title 2. The action of Gov Eccles
in appearing before the meeting was
most courteous and helpful, Mr..
Fleming said. He gave two full days
to the assembly and the time required
IN getting down there and back. Mr..
Fleming called 1t very unusual eX-
ample of real public service.
At one point in his address Mr..
Fleming declared: I'VE are living in
an age Of complex and upset economic
terrelated not only within the confines
Of our own borders but extend to
other countries throughout the world.
which. of course, retardS our speed in
recovery. I think the greatest diff
Guilty we have to overcome in America
today Is due to our impatience with
the progress We are making toward
recovery"
The Washington banker has very
busy speaking schedule ahead. One of
his next addresses will be before the
South Carolina Bankers Association
He will address the Virginia Bankers
Association at IIot Springs and will
attend the District Bankers Associa-
ton convention to be held at the same
resort.
Watson Flags Isolation Ideas.
Thomas J. Watson, president of In
ternational Business Machines Corp.
which has had an Office in Wash
ington for years, declared in radio
address on world affairs that any
economic policy which places too great
emphasis on nationalism as perma-
nent policy cannot succeed. Our
efforts" he said, should be to re-
store q balance which will permit
a proper interchange of raw materials,
manufactured products and services
among nations. Only in this way
can world employment be aided,
profits and prosperity restored and
the various peoples of the world given
an opportunity to raise their stand
ards of living through the full en-
joyment of the fruits of science and
invention.
I'm this connection I would like
to point out that the United States
should benefit greatly through any
Improvement in the worlds living
standards. AS economic conditions
and living standards improve new
markets will be created for those con-
veniences and necessities produced
and consumed on large scale in this
country, but which are still looked
upon as luxuries in many other coun-
tries. Among other products Amer
icar automobiles, American plumbing,
American roadbuilding machinery and
American manufacturing equipment
for practically all industries are un-
surpassed in quality and performance
by similar products made anywhere
else in the world.
IT might point out that II the
standard Of living throughout the
world were at the same level as it is
In the United States, it would require
all the factories in the world working
full time for seven years to turn out
only one years supply"
Heard in Financial District.
Frank M. Perley, trust investment
officer Of the American Security &
Trust Co., was the principal speaker
at q last meeting of the Security Club
held at the Willard Hotel. Mr.. Perley's
subject was Services of the Trust In
vestment Department"
At the meeting Corcoran Thom,
president of the trust company.
awarded prizes to three employees who
were credited with outstanding work
last year at Washington Chapter.
American Institute of Banking. They
are Gustav E. Rott, Miss Cecil Field
ing and Miss Martha Ann Baker.
The Federal Reserve Board an
nounced today that the Cleveland
Federal Reserve Bank has cut its
rediscount rate to 1Ka per cent. effec-
tive at once. Earlier this week the
Richmond Bank cuts its rate to 2
mar cent.