The Washington times., 1926-09-17
DISTRICT RETAIL
SALES JUMP
BY RICHARD HATTON

"A more pronounced activity is re-
ported 81 retail sales in this city
during the present week than has
been marked for some time. This
revitalizins Of local trade is reflect
ed in bank deposits which. in many
instances, have shown decided
gains in credits to commercial ac-
1 courts.
The close of the vacation season
ard the time for reopening OF
schools together with favorable
weather conditions contribute to
the noticeable stimulation in retail
buying and there is very general
,1y expressed belief in financial a11d
trade circles that the period of
summer business slackness is now
definitely ended and that Washing
ton has entered one of the most
prosperous business seasons in its
history.
Especial activity was noticeable
this week in such lines as dry
goods, wolnen,s wear, shoes, radio
nlAtepials, hosiery, mems wear and
general department store trade
while all lines of Observation-Disclosures
fluence of the tall stimulation.
Local banks are feeling the re-
cults of the recent action of the
Treasury Department in fnstftuting
A,rsystem of paying Government
employes in cash instead of by
check,eas was formerly the custom.
The generally expressed opinion
In barking circles is that the action
of the Treasury Department has
worked q benefit to the: employees
and has decidedly curtailed the
work OF the banks. Business
houses as well, find that the new.
system Of payment is advantageous
and more cofvenisnt. than the old
check system.
According to information obtained
from many local banks, there were
thousands of Government checks
presenter for payment each pay
day.
Often the holder of the check did
not even have an account at the
bank asked to accommodate. Also,
1t was the custom of depositors to
deposit their pay day check and i'm
mediately withdraw large portion
Of the amount on personal check.
All Of this. OF necessity, created
much extra work for bank tellers
and eftiled tremendous amount of
extra effort on the part of book
keepers Mhy thousands of dollars
q year. Il IS estimated, viii be saved
to the, banks and many hours OF
work cut from the time of SEM
ployes.
FROM the business standpoint ii.
IL said that the new arrangement
keeps more actual cash In circuIa- |
ton. while saving the merchants and |
the Government employees the en- |
barrassment OF check cashing in
stores.
nhis address at the opening of
the annual meeting of the Ameri- |
can Association of Joint Stock |
Land Banks in Detroit Thursday,
President Guy Huston said:
EFT was on July IL, 1916, that
President Wilson signed the re-
Gently enacted Federal farm loan
act. and 1t became law. so that
we have, during the present year,
conr1eted a decade of operation un-
der the first rural credit act ever
enasfed in America.
DNring that period Of time there
have been made under this system
farm loans to the number of ass, SIT,
the total amount representing money
loaned being 81. 953 ,901; S2f, and
although these loans were made on
the amortization plan and Tor a
long period of time-usually 80
years or longer-more than $780,
100000 Of this amount has already
been retired either Though pay
nfent OF the loan in full or by the
regular amortization fnstallments.
The course in commercial law,
which viii be given by the Washing
ton chapter of the American Insti-
tute of Banking during the present
school year under the direction of
Raymond B. Dickey, LIB, LIN,
VIII include offer and acceptance,
consideration, formal requisites,
statutes Of limitations, rights of
third parties, conditions in contracts,
fraud, mistakes, duress, impossible
ty, illegal contracts, quasi-contracts,
agency partnership, corporations,
personal property. estates, trusts,
carriers, bills and notes, torts and
crimes and miscellaneous topics.
President Harry ". Haynes, of
the Farmers and Mechanics Ma
tional Bank, and President George
Q. Watson, Of the Liberty National
Bank, left Washington Thursday
to attend the annual convention of
the American Bankers Association
IA Los Angeles.