Evening star., 1937-04-20

chapters in the National Association
of Cost Accountants. The subject of
his address will be distribution costs.
His treatment of the problem will be
very practical and he will discuss what
is actually being done by an actual
business organization concerning a
specific product.
The proper determination of cost
of distribution is a factor which gives
promise of much discussion at the
meeting in connection with the Rob-
inson-Pa tman act. That law presumes
that if differentials in prices are made
they must be based on actual differ
ences in cost. A manufacturer or
distributor who wishes to give pref
erential price to part of his trade,
must be able to support the reduction
of price by evidence that cost is really
less.
C. Milton Clark, president of Wash
ington chapter invites wholesalers and
jobbers and their accountants to at
tend and participate in the discussion
which will follow the address.
FHtn DlStr1ct IraQe CllmDS.
The Fifth district including the
Capital, enjoyed a splendid increase
IN wholesale trade in March and the
first three months of 1887, the Reserve
Bank of Richmond reported today
The wholesale demand for shoes and
hardware in March was 27 per cent
better than year ago, grocery sales
were up 20 per cent, drugs II per cent
and dry goods she same as year ago.
Grocery sales were also 16 per cent
better than in February, dry goods
were up II per cent; shoes, 81 per
cent; hardware, 30 per cent, and
drugs, 7 per cent. In the first three
months of 1887 grocery sales we're 13
per cent ahead of 1886; dry goods, 10
per cent; shoes, 81; hardware, Is, and
drugs, TO-
Stocks on hand at the end of March
were considerably larger than year
ago, the increase in dry goods being
as per cent. Comparisons with Febru-
ary Of this year were unimportant.
March collections were excellent, run
ming as high as 100 per cent in
groceries; dry goods, Al; shoes, 48;
hardware, so, and drugs, II.
Treasury Pays Higher Rate.
As the Treasury resumed borrowing
of an additional s50,000,0OO weekly on
short-term bills, along with the regu-
lar offering of $50,0000O0 273-day
bills, it was forced to pay higher
discount rate on both issues.
The average rate on the 273-day
issue was 0.701 per cent, while the
shorter issue, 148-day maturity, was
0.545 per cent. Last week, a 273-day
issue went at an average discount rate
of 0661 per cent.
The 148-day series, dated April 81
and maturing September 16, drew
tenders of $154, ,224, 900, of which $50,-
025,0 900 was accepted. The 273-day
issue, likewise dated April 81 and ma
turing January 10, 1888, drew tenders
aggregating $134, 100000, of which
$50,300,000 was accepted.
Heard in Financial District.
The April meeting of the safe de-
posit section of the District Bankers
Association will be held tomorrow
evening in the board room of the
American Security g. Trust Co. This
will be the most important meeting
OF the year as it is the last before
the annual convention of the Ma
tional Safe Deposit Advisory Coun-
Gil, set for Washington on May g.
and 8.
Secretary Morgenthau is most in
sistent that the Government has not
present intention of making any
change in the price of gold He says
the present gold policy is not mat
ter for speculation.
Today's session of the Washington
Stock Exchange was one of the busi-
est in many weeks. There were IL
consecutive $1,000 transfers in Capt.
tai Traction IS, all 931a, also a $500
sale.
Capital Transit stock figured ir
seven sales, involving 81 shares, al
1873, unchanged from yesterday
Washington Railway g. Electric pre-.
ferred sold at 10S1a and American
Security g. Trust Co. stock moved
at 298.