Evening star., 1939-06-03


daily. The COM John E. Parker.
pany has been we'll established for
a long time. reporting steady in
creases in business.
John E. Parker became associated
with Auchincloss, Parker & Redpath
In merger of brokerage houses
which took place here about year
ago. He has been active in the
brokerage and investment business
for many years. For several years
he was one of the managers of the
Washington Office of G.. M. P.
Murphy e. Co,
He started his financial career IN
the New York Office of Hornblower
& Weeks, shortly after graduation
from the United States Naval Acad-
envy. When he first came to the
Capital he was connected with John
L. Edwards & Co.
He has already taken trip to
Montreal over the airline in which
he is now a director, Chauncey G.
Parker. jr., another partner in the
brokerage firm, said today.
White on Credit Program.
Bad debt losses of manufacturers
and wholesalers run into the mil
lions annually even though the pro-
portion to total sales is small, the
National Association of Credit Men
revealed yesterday in announcing
that full analysis of the national
bad debt loss situa ton will be made
at it's 44th Annual Credit Congress
In Grand Rapids during the week
Of June IL,
At the same time it was an
nounced that Wilford L. White
chief. Marketing Research Division,
United States Department of Com
merce, will present feature ad-
dress at the Tuesday morning, June
10, session on What Today's Bad
Debt Loss Situation Means to Busi-
ness"
Both the industry by industry
analysis and Mr.. Whites talk will be
based on the first annual national
bad debt loss survey which has just
been completed through the CO.
operation of 1000 wholesaling and
manufacturing members of the
credit association and the Market
Ing Research Division of the De-
partment of Commerce. The study
covers the calendar years 1887 and
1898.
Some of the preliminary findings
indicate that in general the propor-
ton of bad debt losses to credit
sales for manufacturers was some
r-Lo
wholesalers.
The losses of wholesale firms in
1888 averaged 0.37 per cent of their
total credit sales, a slight increase
from the OBS per cent average for
the same firms in 1887.
Trade Reports Encouraging.
For all of the consumers goods
lines the retail trade reports pro-
vide encouragement, says the Ma
tional City Banks June letter. De-
partment store sales over the coun-
try in the four weeks ended May 20
averaged 7 per cent over year ago
In dollars, although prices are no
higher. Sears, Roebuck's sales in
the four weeks ended May 81 were
28 per cent over year earlier, and
II per cent over April; and Mont
gomery Ward also is understood to
have made an exceptional showing
With inventories and commitments
conservative, consumer demand is
quickly reflected back to the pro-
ducer.
Building contract awards in April
were in line with the seasonal trend
FOR the first three weeks of May
they were higher in the residential
classification, but lower in public
works and the non-residential group
Gains over year ago have mar
rowed. due to the rise then. but
business is deriving more ~port
from general building activity this
summer than In eight or nine years,
while residential construction is the
best since 1929. The peak of the
Treasury disbursements for the ac-
count of the P. w. A. and U. S. H. A.
Is still to be reached. the bank says.
Preparations for the next auto
mobile season will begin early, due
10 earlier showing of the new mod
els. From present Indications the
review adds. the seasonal low point
tn assemblies will come some time
In August instead of the latter part
Of September, which has been the
rule for the past few years. The
change will require correspondingly
earlier shipments of steel and the
innumerable other materials used
in automobiles.
Heard in Financial District.
Washington delegates attending
the Manufacturing Chemists Asso-
citation convention at Skytop, Pa
report that the chemical business in
this country in the final half of 1898
is expected to exceed the first six
months.
Washington bankers have received
word that savings depositors of a
number of smaller banks of the
Chicago district, including foul
within the city limits, have beer
notified Of, a reduction in interest
rates to per cent from the pre-
vailing ~ per cent, effective July
/. Total savings involved are esti.
mated at $30.000OO0 to $4,000 900.
Residential building during May
continued to forge ahead and the
month will record the highest tota
since october, 1929, L. Seth Schnit.
man. consulting economist. says ir
the Wall Street Journal. The figure
for last month of about $50, 900 ,00(
for the 81 Eastern States ran abou
Is per cent ahead of that of Apri
opd hefter than IN r,ar rant ohoys