Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-02

Thus it will be seen that in seven
years the number of accounts has
Jumped from under SO, 600 to well toward
100000. At the same time the amount
subscribed has increased by leaps and
bounds from 100000 to $7,772,273.
II Is only natural that banks from
al over the country have written to
Washington to find out what makes the
Christmas clubs here so popular. In his
annual report at Montauk Beach last
June, Eliot H. Thomson, chairman of
the District Bankers Association adj
VertlS1ng committee, announced the re-
celpt OF great many inquiries.
Business Turning Upward.
In many respects the year began on
Q more suspicious basis than did 1929.
says the First National Bank Of Boston.
Funds for business purposes are avail
able on more reasonable terms. As a
matter Of fact, the whole world credit
situation Is on a sounder basis, and as
q consequence, world trade relations
should be more satisfactory.
The farm situation is in a somewhat
stronger position. Estimated farm in
come for the year ended June 80, 1929,
is above that of the preceding year,
Building prospects are brighter than O
year ago. Aggregate contracts awarded
Tor the coming year should make q
favorable showing compared with 1929.
OF much significance is the decided
GUS members of the trade and industry
to maintain stabilized conditions In
both prices anG production.
Hand-to-mouth buying continues to
be an important factor in keeping trade
on fairly even keel But of more sig
nificance than all these factors is the
strong underlying force Of American
progress which carries our business ac-
tivities steadily forward. The present
recession is merely a temporary inter-
ruption in the general upward move
ment.
Franklin Bank Looks Ahead.
The Franklin National Bank, in its
February business outlook, predicts that
States will approach SOS, 900, 000, 900 in
1929 when the totals have BEEN as
sembled.
Accommodating data covering business
operations in 1929 reveal notable list
of new records established during the
year, despite the drop in general activity
which came in the closing months.
Outstanding among the new marks
reported are: Automobile output, 70
per cent above the best previous year;
steel production, up 10 per cent; bank
debts, per cent; retail trade, per
cent; electricity output IL per cent; life
insurance sales, IL per cent, and ousl-
ness profits, 10 per cent.
Figures compiled by the Federal Re-
serve Bank Of New York covering 161
series of data give the aggregate OF the
Nations business as per cent larger
in 1929 than in 1928, the previous high
year, and approximately Is per cent
above the 1923-1925 average.
How great will be the extent OF the
current recession from this hlgn lever
of activity, and its probable duration,
are questions which still occupy the
foreground of interest.
A summary of the general situation
as it presents itself at the close OF the
first month tends to confirm Presioent
Hoover's view that 1890 VIII prove q
good average year, with business hold
ing its own, with some exceptions In
the first six months, and possibly NOV
ing to some new marks in the last six
months.
Cleaned in Financial District.
washington cleared 2,890, 900 this
week against $27,01S,00O last week,
which is a decrease Of 34.4 from the
corresponding week in 1929.
EnrollmentS at Washington Chapter,
American Institute of Banking, for the
second semester have reached gao.
making the number OF bankers IN al
classes for the year 625. This will be
increased during the next few days,
enrollments closing February 10. The
chapter students will be taken on an
Educational tour through the oficeS OF
the Chesapeake g. Potomac Telephone
Co. next Wednesday evening.
More than 2,400 employees OF Childs
Co. purchased the company's common
stock at $50 a share under the INSTALL
ment purchase plan expiring February
/, according to L. E. Buswell, treasurer
of the company. Childs Co. mas anou'
10000 employees.
There was last-minute rush to SUBJ
scribe. several hundred additional SUBJ
srrintions being received on the CLOSING