Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-26
BANKERS APPROVE
BUY-NOW CAMPAIGN
Savings Pile Up That Could
Be Put Into Channels of
Commerce.

The "buy-now for better business"
campaign of the Washington Chamber
OF Commerce yesterday received the
whole hearted support of leading bank
erS of the city, who declared that the
tills of the local banks are piled high
with both savings and checking &C.
counts, that freed into the channels of
wholesale and retail trade will go a
long way toward relieving business de-
preston in this section and reducing
unemployment to the minimum.
There are in the banks here, they
said, ample funds for any expansion III
the purchase of merchandise advocated
by the Chamber of Commerce-funds
that fear of the depression caused de-
positors to pile up in the banks to I'M
usually high levels.
Intensive Drive Planned.
The buy-now for better business cam
paign will get an impetus from an in
tensive drive on November 2 through
the churches and newspapers OF the
CITY, George A. g. Wood, president of
the Washington Gas Light Co, who
first proposed the plan to the chamber,
is chairman of the Campaign Com
mittee. Four other members OF the
chamber are included on the COM
mittee which 1t is proposed to expand
TO include members of the clergy and
of the press
The recent call of the controller of
the currency. John w. Pole, showed
that the Washington banks had added
more than $4,000. 600 to their deposits
since the New York Stock Market crash
late last year. The local banks gained
more than $3,500,000 between the
controllers calls of June 80, 1880, and
September "a, according to an official
tabulation.
In answer to the last condition call,
the % savings banks in Washington
reported total deposits of Sal, 748. 583 SO,
. gain of 1869 ,407 over the figures Of
June 80. The national banks reported
a gain Of $3,260.221 over the June state
ment, ana as all these banks have saw
ings departments, indications are also
evident here of some sharp gains in
savings. Trust company figures were
not SO good. but these banks report q
broad interest In thrift and q steady
growth in savings.
Christmas Fund Large.
The Christmas Savings Clubs, which
are maintained by nearly all the banks
in Washington. will pay out some
| s., 00O, 900 in December 1t Is estimated
! by bankers that more than so per cent
Of this sum should 60 into trade chan
nels, the rest into permanent bank saw
ings and payment of bills.
Eliot H. Thomson. q local banker
has compiled statistics which show
that Washingtons half-million citizens
have an average spending income" of
81 1928, compared with 81 ,290 for New
York, l,l02 for Chicago and 1862 for
Philadelphia. He also calls attention to
the purchasing power Of the 1880 dollar
which will go farther than the 1929
dollar on account of lower prices.
Lanier p. McLachlen, president of the
District Bankers Association. declared
thrift and prosperity. THE situation
In Washington is economically sound"
he said. Business will proceed along
q normal course. unemployment prob
ably will gradually diminish. and pros
perity will replace depression just as
soon as fear Is eliminated from the
public consciousness and pocketbooks
are opened with less reluctance. There
Is real thrift in wise spending" he
added
That buying is already improving in
Washington Is revealed in the latest
monthly report of the Federal Reserve
Bank Of Richmond. covering the fifth
Federal Reserve district This report
states that sales in the whole district
were 20 per cent ahead of August, this
year, and per cent under September
1929. Sales in Washington department
stoi eS were only AZ per cent below Sep
TENDER q year ago and for the first
nine months of this year were only g
per cent below the corresponding period
in 1929.