Evening star., 1937-04-03

president, is now chairman OF the
Board of Directors Mr. Addison hav-
ing occupied the presidents chair for
several years He is a former presi-
dent of the District Bankers ASSo-
citation, and is now chairman of the
associations Committee on Law and
legislation. He is former member
of the executive council of the Ameri-
can Bankers Association. His work
for the Better Business Bureau has
been outstanding and he has been a
leader among the bankers in the cam
paign for home renovations and i'm
provements.
On May 7, 1923. the bank estab-
iished a branch at 1918 K street
northwest which has proved a sub
stantial addition to the institution.
Sales and Collections Jump.
Total net sales and collections on
accounts receivable showed substan-
tial improvement during February for
group of manufacturers reporting
to the National Association OF Credit
Men and Bureau of Foreign and Do
mestic Commerce, continuation OF
gains in sales and higher collection
rates recorded in each month since
January, 1916, compared with the
same month in the previous year
Total net sales of the 557 manu-
facturers throughout the country re-
porting in February, 1887, registered
an increase of 25 per cent from Feb
ruary, 1886. Without adjustment for
seasonal influences, February, 1887,
sales registered an increase OF "a
Der cent from January of this year.
The highest collection percentages
we're reported by the meat packing
industry, the figures for each OF the
three months covered exceeding 100
per cent, indicating that customers OF
these firms took less than 80 days on
the average to pay for their purchases.
The percentage of 1913 for February,
1887, indicates that the accounts
owing to these firms on February l
were paid on an average of 1876 days.
Bank Loans Up S22O,0oo,o 900.
Recent statistic indicate that the
upturn in bank borrowings, which was
expected by many to follow somewhat
more closely upon business improve
ment, now may be under way, says
this weeks United States Chamber of
Commerce Review. Commercial loans
of weekly reporting banks have shown
increases for seven consecutive weeks.
The rise has been 1920, 100000, or more
than twice the net increase during
the corresponding part OF 1886. AS
compared with year ago, commercial
loans are up 1912 100000, or 26 per
cent.
Further substantial gains in home
building are anticipated in the current
wear. unless there should develop an
undue rise in construction costs. 1t Is
expected that some 425,000 dwelling
units will be built, as compared with
an estimated 275000 last year. Hous-
ing experts figure that for the next
several years the country will require
more than 100000 units to take up the
shortage and to provide for new fam
lilies, the review states.
Deposits in Startling Rise.
In a study of the $50 largest banks
In the English-speaking world, which
the California Bank, Los Angeles,
makes annually, a remarkable growth
In deposits during the recovery period
is revealed There are now 1876 lnstl-
tutions with deposits exceeding $780,
100000, as compared with 1872 last
year and 81 in 1888.
A study of the history of these $50
American, British, Colonial and Do
minion banks discloses that A banks,
or about 80 per cent of the list, are
100 years or more of age 20 being
British and Is American. The Oldest
bank in the group is the British insti-
tuition, Coutts & Co., founded in 1892,
almost a century before the founding
in 1884 of the Bank of New York &
Trust Co., the oldest American bank
on the list
The Riggs National Bank of this
city Is among those listed as having
over s100,000,000 in deposits AL
though a different type of bank from
the others, the Federal Reserve Bank
Of New York is given as the biggest
bank in the English-speaking world
with deposits of s3,l83, ,684 900, with
Midland, London, second, and Chase
National, third.
Store Changes Boost Sales.
James w. Carkner, who has been
reelected president of Loft, Inc,
which has five stores in Washington,
reported to the directors that the
recently instituted program Of re-
Mobilization and modernization Of
Loft stores indicates sales gains in
such stores ranging from 20 to so
per cent over comparative periods last
year This program is being pushed
rapidly, he said, and will affect many
more stores before the end Of 1887.
President Carkner also announced
revision Of the pricing system and
curtailment Of operating expenses,
which, he believes, will mean a sub
stantially better showing in the COM
pany's 1887 operations.
Big Road Outlays Planned.
Tentative ALLEGATIONS for mainte-
nance and construction OF primary
and secondary roads in Virginia during
the 1878 fiscal year call for total
expenditure Of $1s,623,3 1922, Henry G..
Shirley, highway commissioner, an
nounced The amount is $2,135,93
more than was expended during the
present fiscal year, which ends
June 80.
West Virginia Highway Commission
will have approximately $11,843, 900
available for maintenance and con-
struction of primary and secondary
roads for thet fiscal year starting July
l.. The total is approximately $780,
900 more than was available this year.
Commissioner Burr H. Simpson said
the commission is counting on
f2,863,000 for primary road main1