Evening star., 1934-12-18
BANKS TO START
EARLIER CL0S|NGS
New Uniform Schedule Ends
Day at 2 P.M., Beginning
January 2.
BY EDWARD c. STONE.

NIOoc dO P.AIla Na4Ay.
Under the new hours the banks
will open their doors at $50, as
practically all of them do now. The
doors will close at 2 o'clock every
day except on Government pay days,
when they will remain open for the
convenience of Government workers
until $50 The days referred to
are the 18th and last business day
of each month.
On Saturdays the banks in the
city will close at u noon. Arrange
ments are already completed for
adoption of the uniform hours. The
most important point for depoSitors
to remember is the hour earlier clos
ing in the afternoon. The hours on
pay days and Saturdays are the same
as now in force.
The new hours were suggested by
the Washington Clearing House AS
sociation after long and careful con-
sideration. The new hours have
been in operation in Baltimore, Rich
mond and many other cities of about
the same size as Washington and
have proved highly satisfactory They
are expected to prove equally popular
here.
The new plan will give bank Off
cials and other employees an unlnter-
rupted opportunity to finish up each
days business earlier than they can
now. Few customers realize how
much work has to be done in a
bank after the doors are closed and
no more money is taken in or paid
out. 1t was said today that officials
will probably take shorter lunch pc
riods in order to meet patrons who
are particularly anxious to see them
on business between u and l o'clock.
Rush for Winter Goods.
Latest reports from the Richmond
Federal Reserve Bank indicate that
holiday trade in this district will be
the best in the past five years. The
cold weather last week started the de-
mand for heavy Winter goods, the
only lines that had not been moving
rapidly during the past month. Heavy
Winter apparel suddenly jumped into
lively demand, adding the final touch
to the tremendous trade pace set in
other lines
nitS issued in the fifth Reserve dis
trict is also reported. For November,
the value of work authorized in this
district amounted S3,014,411, an in
crease of 927 per cent over the
81 ,564,551 figure in November, 1888.
This situation has greatly improved
the outlook for employment An i'm
proved demand for fuel is also proving
most helpful in the mining districts
According to the Richmond bank,
trade in the fifth district up to De-
Cember l was 18 per cent ahead of the
corresponding II months in 1888. 1t
is now expected to end the year more
than 20 per cent above last years
figures.
One Test for Rate Policy.
"One of the peculiar things about
our national transportation policy is
the baSing of rates on the financial
requirements of the roads" says
Sphere. There ought to be only one
supreme test for a rate policy, and
that is to keep the rates in balance
with the general economic price level.
To attempt to raise rates when they
are already more than 20 per cent
above that level is suicidal. 1t merely
discourages traffic or drives it into
competitive channels.
IF there is any one thing the Gov
ernment ought to do it is to require
transport costs that are in consonance
with conditions. If that means deficits
the Government, as a corollary of its
LOT ch 10
Were there open competition in the
railroad world no such rate levels as
now exist would be operative, and it
would be at least as cheap for couple
to travel by rail as by motor.
There is a definite passing from
the period of business stimulation by
fright Gnflation) into the sound prac-
tice of creating business by going after
it on the basis of value received. This
is really flight from emotionalism
into reality. Moreover, there is plenty
of business for those who go after it
on this realistic basis" the magazine
asserts.
Renovising Loans Increase.
Interest in renovising loans in
of the surprises of the year. J. How
ard Audrey, deputy Federal housing
administrator, reports that this city is
leading the country in the number
and amount of these loans per capita.
Up to December 7 Washington
banks had made 780 such loans, to-
falling SAILS, 1904. Many more have
been made since that date, bank Off
CialS say. Building and loan associa-
tions have granted 681 applications
involving total of $379,500 And the
demand is still holding up.
The mortgage loan field is also
showing a pickup under title and 3
of the Federal housing act. Bankers
reported today that they are receiv-
ing many applications. This service
has just been started. From the num-
ber of inquiries, local financiers pre-
dict big demand ahead for this type
of financing.
Today's Trading on Exchange.
Potomac Electric Power Consolidated
SIS opened trading on the Washington
Exchange today, one $1,000 bond NOV
ing at los. Washington Railway &
Electric IS came out $500 sale at
9812. In the stock division a small
lot of Railway & Electric preferred
sold at l005s. The first sale in Emer-
son Bromo Seltzer "a" stock took
place today at %.
AS reported by Waggaman, Brawner
& Co., Inc, the New York banks are
declaring their dividends for the last
quarter of this year and checks to the
many stockholders in Washington will
be received the first of the new year.
With one exception, the regular divi-
dends are being paid. Bank of Man.
haitian reduced the rate from 81 to
$3.50 per annum. Chase and National
City have changed their payments to
semi-annually and the next disburse-
ment is not due until February l.
The First Nationals $25 payment is
the largest one ordered. The United
States Trust will pay SIS a share,
Manufacturers, Is cents; Central
Hanover, $150: Bank of New York,
(yI- Tl,,t,