Evening star., 1936-09-25

o.,.,w w as.- ABOVE august y
year ago. Whole
sale hardware sales were 10.5 per cent
higher than in July Of this year and
over IL per cent larger than In
August, 1885.
The demand for wholesale groceries
In August took an 8-per-cent slump
from the July total, but sales were
Is per cent better than in August
last year. Drug sales were Of 2.5 from
the July total this year, but almost
per cent higher than in August in
1885.
AL five wholesale lines made an
excellent showing in the first eight
months Of this year, as compared
with the like period q year ago.
Groceries sales gained 81 per cent,
dry goods 172 per cent, shoes 81 per
cent, hardware 96 per cent and drugs
6.5 per cent.
Wholesale stocks on hand at the
end of August were higher than in
the like period In 1885, but dry goods
and shoe stocks were lower than ut
the end Of July this year. The per-
centage Of August collections to re-
ceivables at the beginning of the
month was 113 per cent for groceries,
a for dry goods, IS for shoes, a
for hardware and II for drugs, today's
report says.
Adams First Vice President.
Most of the Washington bankers
were heading East today from the
San Francisco convention, which con-
cluded yesterday with the installa-
ton of Tom Z. Smith to the presi-
dency; Orval w. Adams. first vice
president, and Philip A. Benson, Sec
ond vice president.
Everybody kflnew Tom K. Smith,
st. Louis banker and former adviser
to Secretary Morganthau. would be
moved up to succeed Robert v. Flem-
ing. It was also generally understood
here that Orval Adams would be ad-
vanced in spite of the divided opinion
over his attacks on the New Deal.
A year ago he attacked Government
banking policies without reserve. In
more recent speeches, however, he
has been very careful to state that
his views were personal and that he
was not speaking for the A. B. A.,
although an ofdcial in the organiza-
ton.
Savings bankers in Washington con-
slider Mr.. Benson an excellent choice
as second vice president, as he is one
Of the leaders in their type Of bank
ing and has been for years. He will
be president OF the association two
years hence.
Echoes of A. b. A. Conclave.
Gilbert T. Stephenson, vice presi-
dent Of the Equitable Trust Co.. VIII
mington, Del. advised American
banks and trust institutions. to gain
greater confidence Of the public by
!aesuing oficial pamphlets explaining
then functions.
National bankers as group
neither appreciate the possibilities of
increased real estate lending nor real
i2e their responsibility to provide
communities with mortgage money"
Russell G. Smith, cashier of the Bank
of America N. T. & S. A., San Fran
cisco, declared.
"If national banks are to continue
70 share in the savings Of the people,
they must be prepared to share in
the real estate financing In which
these savings may be properly en-
ployed."
Mr.. Smith, In urging real estate
loans, urged also that provisions for
repayment be made In accordance
with the ability Of the borrower to
meet the obligations: with payments
by farmers upon crop maturity, and
by city dwellers tn accordance with
expected income.
Columbia Declares Dividend.
Directors of the Columbia National
Bank, meeting yesterday, declared .
dividend Of So per share on the out
standing stock payable Is follows:
t1.50 per share to stockholders Of
record September 26, payable October
! and $50 per share to stockholders
Of record December a.. payable jan
uary 2, President Frank ]. stryker
announced today.
Sidney r. Taliaferro. vice president
and trust ofiicer Of the Riggs National
Bank, has been appointed . member
of the Executive Committee Of the
trust division Of the American Bank
ers' Association for the coming year,
according to advices received from
San Francisco. The appointments
were announced late yesterday.
Karl w. Corby, president Of the
District Bankers Association. was
due to reach Washington today by
plane from the San Francisco con-
vention. He returned aboard . new
type Of plane just put into service,
very fast and making the trip with
out any changes for the passengers
at other air fields.
- d. c. Collections Fair.
Department store collections In
Washington in August were 2s.3 per
cent Of the bills due at the beginning
Of the month, the Richmond Reserve
Bank reported today. Richmond re-
ported ~ per cent, Baltimore, ~, and
the whole district, IS per cent.
Retail stocks on hand were 14.3 per
cent higher at the end Of August this
year than . year ago. and o. per cent
higher than ct the end Of July this
year. The average for the nth dis
trict was 10 per cent higher than .
year ago and 90. above the figure at
the end Of July this year.
As already noted, retail trade In
Warrington was on 47 per cent In
August when compared with . year
ago, but showed . gain Of 100 per cent
In the frst eight months Of this year.
as compared with the Like period In
1885.
Bank Stocks in Demand Here.
Five sales IN Riggs National Bank
preferred stock took place on the
Warrington Stock Exchange today ct
102. Another sale In Lincoln Ma
tioual Bank stock was recorded ct
20S.
Two 100-share sales In Real Estate
Mortgage d Guaranty took place at
HlL and IA0atnn Mnn0tvOe aUoenre0