Evening star., 1940-08-25

report revealed, while department
store trade in the entire area was
only 3 per cent higher in the same
period. While Baltimore sales were
20 per cent ahead of last year they
were off per cent from the pre-
vious week. A group of other cities
scored Is per cent advance over
last year, but noted a tiny drop
from the previous week this year.
Cumulative sales in Washington
In the four weeks ended August II
registered a 10 per cent gain over
the same 1899 period. The average
for the fifth district was up II per
cent over the 1889 results, the
banks entire review showing I'M
usually favorable trade conditions.
Jones Heads A. l. B. Drive.
Raymond L. Jones. National
Metropolitan Bank, has been ap-
pointed chairman of the Member
ship Committee of Washington
Chapter, American Institute of
Banking. President Edward M.
Blaiklock announced yesterday. He
has been treasurer during the last
wear and active in the institute for
a much longer time Other men,
bers Of the committee include:
Luis F .Corea, Riggs National;
Alton c. McAllister. Washington
Loan e. Trust Co.; Walter c. Doe,
American Security & Trust Co.;
Miss Helen Healy, National Savings
& Trust Co.: William M. Mcclure,
McLachlen Banking Corp: Neal B.
McKinnev. Second National; CraW-
ford Turnbull. Morris Plan: Harry
r. Harding, Union Trust Co. and
Kenneth Hulse, Hamilton National
Bank.
The new committee is planning
an intensive drive to enlist junior
bankers in the educational courses.
d. c. Store Collections Lag.
Bills collected by Washington de-
partment stores in July averaged
2o2 per cent of the money due at
the beginning of the month, the
Federal Reserve Bank Of Richmond
stated yesterday. This was not quite
UP to the average of 30.3 per cent
for the fifth district. Richmond
collections were 81 per cent and
Baltimore's 30.
On July 81 stocks of goods on
hand in Washington stores were
"a per cent higher than on the cor
responding date year ago. Com
pared with June 30 of the present
~ . nny,f lnuror
the report said. These percentages
were practically the same as those
prevailing in the whole district.
Department store sales in July
in the Capital, as already announced,
were 1876 per cent better than year
ago, the sharp gain making trade
for the first seven months 6.5 per
cent head of the like 1899 period.
Higher Transit Taxes Seen.
In filing the July report with the
Public Utilities Commission, Cap
ital Transit officials stated that
while the effect of the new taxes
to be imposed by Congress cannot
be accurately estimated at this writ
ing. there is every reason to believe
that the taxes of the company ap-
plicable to the first seven months
of 1910 will be substantially in
creased thereby
Taxes in July, 1910, were s82 ,555.
Taxes for July year ago totaled
SOL 1923 and included provision for
the District of Columbia income tax
for the seven months in the amount
Of s27,278. This is the chief reason
why the July report this year shows
q gain of s31,879.
Details from the report show OF
Grating revenues were up $97,415 in
July, but operating expenses also
climbed sS3374' While income was
up 10 per cent. expenses were up
IL per cent. Revenue passengers
again increased by 1886, 1858.
Trust Regulation Lauded.
Washington dealers in investment
trusts, as they are called, expressed
general satisfaction yesterday over
the signing by President Roosevelt
of the bill to regulate the entire in
vestment trust industry.
Investment trust dealers here fald
the new bill would give the public
proper protection and at the same
time sSould not impose undue re-
strictions on those operating the
trusts. Dealers called attention to
the fact that few badly managed
trusts had at one time and another
cast shadow over the soundly man
aged companies and indirectly hurt
their business.
Dealers made the surprising state
ment that aggregate investment
trust holdings in Washington run
into the millions. New York Stock
Exchange brokers were particularly
pleased over the signing of the bill.
With the exchange under such ex-
tremely close regulation, they have
long felt that the Securities and Ex-
change Commission should pay more
attention to the operations of in
vestment companies
Heard in Financial District.
Signing by President Roosevelt of
the amended Securities Act of 1888
was followed by Securities and Ex-
change Commission statement that