Evening star., 1941-08-27
Bankers 10 Discuss
New Regulations
For InstaIIments
Washington Finonciers
Will Meet Friday
Noon at Willard
BY EDWARD C. STONE.

by EDWAhD u. SlONE.
Washington bankers will hold
meeting next Friday noon at the
Willard Hotel at which there will
be full discussion of the Federal
Reserve Boards new regulations gov
erning consumer installment credit,
1t was announced by T. Stanley Hol-
land, president of the District Bank
ers' Association, today.
Kenton r. Cravens, chairman OF
the Consumer Credit Council of the
American Bankers Association, will
attend the meeting and answer any
questions that may be asked. Mr..
Cravens, who Is a Cleveland banker,
played a very important part in
drafting the new rules for approval
and at the request of Federal Re-
serve officials.
A vice president of the Cleveland
Trust Co., he came to Washington to
help formulate the regulations and
get them into practical operation.
He Is, perhaps, more familiar than
any one else with the details of these
far-reaching credit restrictions.
Attendance at the meeting will be
confined to senior bank officers who
compose the weekly luncheon group.
Mr.. Holland will preside and Spe-
cial guest will be D. ]. Needham,
general counsel of the A. B. A.
Orders for Merchandise Soar.
Orders for merchandise for de-
partment stores in the fifth district
at the end Of July showed an aston
ishing upswing over the same month
last year, the Federal Reserve Bank
Of Richmond announced today.
Orders in Washington stores at
the end of the month were 1l3 per
cent higher than on July 81, 1910.
The fifth district rise was LOG per
cent
Richmond reported 96 per cent
more goods on order, Baltimore 81
per cent, and a group of other cities
1875 per cent.
D. C. Store Collections Lag.
The same report shows that
washingtonians didn't pay their
bills In department stores in July
quite as fast as people did in other
parts of the fifth district. During
the month, % per cent of the bills
due Washington stores on the first
of the month, were paid. Payments
In the whole fifth district averaged
80 per cent.
Collections in Richmond were 80
per cent of the bills due on July /,
In Baltimore IS per cent, and in the
group of other cities 20 per cent,
the report said.
Stocks of goods on hand at the end
Of July In Capital stores were Is
per cent higher than year ago and
up 20 per cent in the fifth district.
As already noted, July retail trade
h Washington was 80 per cent better
than last year and 81 per cent better
In the first seven months OF 1941
than a year ago.
Offices Merging Rapidly.
Following completion of all de-
tails OF the merger, the two Wash
ington offices of Merrill Lynch,
Pierce, Fenner & Beane are now
being rapidly combined.
The investment department has
already been moved from the Offices
at 729 Fifteenth street to the Offices
which have been headquarters of
Fenner & Beane at 815 Fifteenth
street. ..-.
Other moving will be carrying out
during the rest Of the week and by
Saturday the consolidation will be
complete During Sunday and the
Labor Day holiday on the stock ex-
change the final wire changes will
be completed in New York.
Opening Of the market Tuesday
will find the Washington business
being conducted under one roof in
most commodious quarters. This
will end hectic period for George
A. Garrett, resident partner, and
his associates.
Miller On A. B. A. Program.
Douglas Miller, author of you
Can't Do Business With Hitler" and
former commercial attache of the
United States Embassy in Berlin,
will address the A. B. A. Convention
In Chicago on Propaganda Methods
Under a Totalitarian Regime" it
was announced here today.
Mr.. Miller's book on the CONNER
cial aspects of the Hitler regime
has become one of the current best
sellers and is being widely quoted.
He was in the foreign service of
the Government for Is years and is
now a member of the faculty of the
University of Denver. He has be-
come one of the foremost anti-Nazi
writer's and lecturers.
Financial District Gossip.
John A. Reilly, president of the
Second National Bank, is passing
two weeks vacation at Bay Ridge.
George o. Vass, vice president and
cashier Of the Riggs National Bank,
is back at his desk after months
vacation.
William B. Willard, vice president
Of the National Savings & Trust
Co., is vacation1ng at his summer
home in New Hampshire. He will
return early in September.
C. H. Gockeler, assistant vice
president of the Hamilton National
Bank, has returned from three
NScho NdCdeiOIl db lllo 1dNOlltc iC-
sort, Ventnor, N. j.
Eldridge D. Kendrick, assistant to
tie secretary of the District Bank
ers' Association, Donald w. Larson,
has returned from a two weeks va
cation passed in Boston and at
Ocean City, Md.
c. H. Pope, president OF the Mum
sey Trust Co., has returned to
Goshen, N. Y, for few days more
vacation and will return to the
Capital after Labor Day.
P. J. McMahon, a vice president
Of the Munsey Trust Co., is at At
lantic City, and r. D. Watkins, as
sistant treasurer, is passing his
vacation at Ocean City, N. j.
Today's Trading on Exchange.
Peoples Drug Stores common
stock sold at "a on the Washington
Stock Exchange today. This was a
gain of a point since the last sale.
American Telephone rights were
again quoted at 1 1892 bid and
] 1882 asked.
Western Maryland Railway IN the
t@ss