Evening star., 1938-04-27

NeaesSSs<&kSA
Ms s,ru,. ing or holding
their own The
other half still report a downward
trend. In February this ratio stood
50 per cent down, rs per cent un-
changed and IS per cent up. In March
1t was 81 per cent down. 80 per cent
unchanged and ID per cent up.
"One element of the current de-
preston which deserves greater en-
phasis is the relatively strong position
of the banks" the survey remarks.
There is a fundamental difference in
the condition of the banking system
today as compared with the period
following the collapse of 1929" it adds.
Mine years ago the chief weakness
of the situation was the Nations
banks. Today these institutions are
the chief source of strength"
w. R. Kuhns, editor of the survey,
gives it as his opinion that public
spending is not only out of date as
way toward recovery, but would prove
a serious obstacle, adding that the
outlook for genuine Improvement de-
pends almost entirely on tax relief
and satisfactory relations between bus
mess and government"
Szymczsk on Bank Program.
Governor NJ. S. Szymczak of the
Federal Reserve Board will discuss
What Is the Federal System?" at the
convention of the National Association
Nf Mutual GotiJ,pr VII ~,
New York May As. Other Govern
ment business leaders are also on the
program.
Walter NJ. w. Splawn, chairman of
the Interstate Commerce Commission,
will speak on How Shall We Meet the
Railroad oGisis?'
Stewart Mcdonald, Federal housing
administrator, is to consider the real
estate and mortgage outlook and an
other Washingtonian, John H. Fahey,
chairman of the Federal Home Loan
Bank Board, is booked to talk on Bet
ter and Safer Home Ownership"
Gen. Hugh S. johnson will be the
banquet speaker. The associations
president is Henry R. Kinsey.
Washington Collections Lag.
Twenty-seven per cent of Washing
ton department store receivables due
at the beginning of March were COL
lected during the month, the Reserve
Bank of Richmond announced today
This compared with % per cent for
the fifth district and was also below
DeI
mond
AS already noted, sales in Washing
ton stores were 12l per cent lower in
March than in March of last year,
lateness of Easter being the chief rea-
son. In the first quarter trade was
off 6 per cent in the Capital. Store
stocks we're off 8.5 per cent from
March, 1887, but we're 9.3 per cent
higher than at the end of February
this year.
In the first quarter stocks IN the
stores here were turned 1863 as COM
pared with 81 for the whole fifth dis
trict and higher figure than either
Richmond or Baltimore reported, the
statement says.
r. F. c. funds Loaned IL Banks.
During March the Reconstruction
Finance Corp. authorized loans to IL
banks and trust companies, including
those in liquidation, but actually dis
bursed only s44,421. There was repaid
from previous loans S3,365,477.
Purchases of preferred stock capital
notes and debentures were authorized
to seven banks and trust companies in
the aggregate amount of S623,600.
Disbursements for payments to de-
positors in closed banks amounted to
S543,930, while repayments from past
loans of this type amounted to S2,744,-
1l3 for March
Officer Phones Sales Staff.
By special telephone broadcast
members of the Washington Office of
the Fidelity Investment Association
were greeted this morning by Carroll
D. Evans. vice president and director
Of agencies, direct from his Office in
Wheeling, w. Va. According to George
Naramore. manager of the local Office,
the broadcast was part of the 9th
anniversary day celebration of the or
ganlzation. Mr.. Evans spoke to repre-
sentatives in II States and the District
Of Columbia. His message was spoken
into a regular telephone and the
volume increased by loudspeakers in
each Office.
Plan Honor for President.
Directors of the Potomac Insurance
Co., at their regular meeting on Fri
day. are planning to tender luncheon
IN honor of Frederic Richardson. who
has been president of the company
for many years. His associates con-
slider that his very efficient service
merits some special attention at this
time. Many of the officers of the
company are also officers of the Ma
tional Metropolitan Bank, George w.
White being chairman of the board.
Members of Washington Chapter.
American Institute of Banking, will
nominate officers for the coming year
at a meeting tomorrow evening at
headquarters in the Bond Building.
Delegates to the Louisville conven-
ton will also be elected at the same
meeting.
Today's Trading on Exchange.
National Capital Bank stock was
In demand on the Washington Ex-
change today, 10. and 10 share lots
changing hands at 1876.
Potomac Electric Power 51s per
cent preferred was also wanted, one
small lot moving at 1l21a and an
other 1925.
Washington Gas Light common
and Washington Loan e. Trust Co.
stocks are now being quoted ex-
dividend.
Norfolk & Western Railway earned
Sl.22 on common during the first
quarter Of 1888 against $5.67 in the
like 1887 period
Western Maryland Railroad earned
13 cents share on the per cent
preferred, compared with 50 cents
a share on the common stock in the