Evening star., 1939-04-27
Collections in March
Make Good SHOWING
In Capital Stores
More Than 70 Per Cent
Of Bills Are Paid,
Bank Review Says
BY EDWARD C. STONE,

According to the latest report from
the Federal Reserve Bank of Rich
mond, the Washington buying public
made a good record in the payment
of bills in March. Of bills due on
March l, todays report says, 28.1
per cent were paid, better than
usual monthly collection figure. In
80 department stores in the whole
fifth district in March, 80 per cent
of the outstanding bills were squared
up.
Stocks of goods on hand in WASH
ington stores on March 81 this year
were 90 per cent higher than on the
same date in 1898. Compared with
February %, 1882 stocks were 81
per cent higher, the review stated.
This was slightly above the fifth
district average of 81 per cent.
AS already noted. retail trade in
the Capitals department stores in
March was 9 per cent ahead of
March. 1898, and 3.9 per cent better
in the first three months of the
present year than in the like period
in 1888. The March gain in the
whole fifth district was SO per cent
and 23 per cent in the first quarter.
Here, as elsewhere, a larger part
of the Easter buying was done in
March this year than a year ago,
the Richmond survey points out.
The survey covers the District of
Columbia. Maryland, Virginia, West
Virginia and the Carolinas.
Back From Council Meeting.
Five Washington bankers who at
tended the executive council meet
ing of the American Bankers Asso-
citation at Hot Springs were back
at their desks today. most enthusi-
astic over the spring gathering.
Those attending from the Capital
were Robert V. Fleming, George o.
Vass, Sidney F. Taliaferro, Riggs
National Bank: Wilmer j. Waller,
Hamilton National and Francis G..
Addison, jr. president of the Sc
curity Savings & Commercial Bank.
D. j. Needham, general counsel, was
also present.
One of the most interesting reports
came from the Economic Policy
Commission. which cited the in
creased money supply, decreased
MITIGATION of Government" as the
four factors chiefly accountable for
the difficult problems confronting
the business of banking here and
abroad"
The report took notice of the cur
rent efforts in Washington to pro-
mote new sources of credit and
loans for industry and business and
stated that both Federal Reserve and
r. F. C. experience with loans offered
to business for longer terms and at
low rates than the banks usually
lend money, indicates virtually no
credit needs in this country which
are not already served by the banks ;"
The delegates discussed the bank
ing situation from every angle, heard
many business reports, considered
the general outlook and between
sessions found a few moments for
golf. Some 300 of the Nations
financial leaders were present, they
reported.
Woll, Moulton Tax Speakers.
The extent to which the mounting
tax burden is holding back recovery
and discouragirg investment in new
enterprises will be fully explored at
special session on Tuesday. May 2,
as part of the tWenty-seventh an
nual meeting of the Chamber of
Commerce of the United States.
The round table will consider the
general subject, Tax Deterrents to
Business Progress" from two main
viewpoints-as they relate to jobs,
and as they relate to investments.
Matthew Vol. vice president,
American Federation of Labor, will
discuss taxation as it affects employ
ment, and Harold G. Moulton, pres
ident, Brookings Institution, will
speak on investment aspects.
Insurance Leader to Speak.
Members of the District Life
Underwriters Association are ex-
pected to turn out in force at to-
morrow's luncheon at the Willard
Hotel to hear Stanley E. Martin,
Columbus, Ohio, speak on SALES
Motivation" Mr.. Martin, who has
addressed insurance groups all over
the country, is 40 years old, native
of Ohio. graduate of Ohio State
University and was a member of the
Million Dollar Round Table three
times in nine years.
The day will mark the 50th ami
versary of the National Association
of Life Underwriters, many of the
308 local units having planned spe-
cial luncheons. Senator Robert A.
Taft will address the Philadelphia
association and transcription of
his talk will be reproduced at the
meeting at the Willard and later in
the day broadcast from Station
VOL.
Directors for the new administra-
tive year of the District association
will also be nominated at tomorrow's
meeting.
New Advertising Plan Adopted.
Fenner g. Beane, New York
Exchange firm which has an office
in Washington, has broken away
from the old, conservative way of
advertising and adopted the more
modern. liberal. realistic" policy
which has just been adopted by the
exchange. The new type of advertis-
ing appeared in New York today.
The functions and economic neces-
sity of stock markets are explained.
In the future the firm plans a
type of advertising which will more
directly meet competition from other
financial institutions not connected
with the stock exchange. Philip D.
Russell, senior partner of Fenner
& Beane, believes the new advertis-
ing policy will bring about new
era between the stock exchange and
the investing public Other firms
are working along the same lines.
Canifa1 Ira nSit RaorheS tx