Evening star., 1936-12-03

CAPITAL BUSINESS
1|REC0RD IS HAILED
Refrigeration Sales Up 56
Per Cent Over Last Year.
Auto Sales Soar.
BY EDWARD C. STONE.

BY EDWARD G. STONE.
Household refrigerator sales IN
Washington made a remarkable rec
ord in the first nine months of 1896
As compared with the like period in
1885, scoring a. Sc per cent gain. The
average increase for the whole United
States was 80 per cent
According to specially prepared rec
ords by Business Week, the electric
power output in the Capital during
the nine months scared 80 per cent
over 1885, while the national pickup
In electric power demand was only
II per cent.
Automobile sales were in high
speed. Passenger car sales gained l3
per cent and commercial car sales
mounted Is per cent, the latter fig
lire being exactly the same as the
national average increase. However,
In passenger car sales this city Jagged
behind the national advance of Is
per cent over last year.
New life insurance was up l per
cent, and the value of checks drawn
showed a jump of 10 per cent against
Q national gain of IA per cent The
United States life insurance average
was of per cent. Heavy construc-
ton is the only barometer mentioned
In the report, so far as Washington
is concerned, to show slump, being
down 8 per cent.
Maryland had % per cent gain
In passenger auto sales, Is per cent
increase in commercial car sales,
per cent drop in household refrigera-
tors, 3 per cent dip in life insurance,
IS per cent rise in checks. IL per cent
larger farm income, l per cent better
demand for electricity and per
cent improvement in heavy construc-
taon.
Virginia passenger car sales were
up Is per cent, commercial cars Is,
refrigerators 81, life insurance of l,
checks up 10, farm income %, elec-
tricity demand 36 and construction up
30 per cent. West Virginia made
particularly fine showing, except in
life insurance and farm income, both
OF l per cent.
Yule Clubs Get Fine Start.
Washington bankers reported to-
day that the newly-opened Christ
mas Savings Clubs for 1897 are get
ting away to fine start. The 1886
club checks, which were distributed
early this week, are flowing back into
the banks with great rapidity, the
current having increased very rap
idly today. Most of the club members
keep their checks day or two or per-
haps longer Ito look at" as one banker
expressed it.
Then they decide how they are 60
ing to use the money and take the
checks to the banks. OF course, the
majority of the funds are used for
holiday purchases, as that is the big
aim of the clubs But the money Is
also used for countless other pur-
poses. Note tellers in several banks
today were receiving a good deal OF
Christmas savings money in INSTALL
rnents on notes and in many cases for
final payments.
The thrift impulse is still strong in
the Capital. While a host of new
1887 club accounts are being opened,
Q good many members are switching
part Of their funds over to permanent
savings accounts. The new clubs will
remain open to subscribers until Janu-
ary S.
Fifteen Washington banks are main
tanning the clubs again for the 1887
period. They include the American
Security & Trust Co., Anancostia
Bank, Bank of Commerce & Savings,
Hamilton National. Liberty National,
McLachlen Banking Corp, Morris
Plan Bank, Munsey Trust Co., Ma
tional Bank of Washington, National
Savings & Trust Co., Security Saw
tngs & Commercial, Riggs National
branches, Second National, Union
Trust Co. and the Washington Loan
h Trust Co.
Virginia Insurance Rates Cut.
3 Fire insurance rates on Virginia can
neries have been cut in half by the
State Corporation Commission after
the fire insurance companies doing
business in the State agreed with A. B.
Garner and other canning factory op-
orators that the old rate was excessive.
The present rate averages $465 per
500. The new rate will be S228. The
se-called basic rate was cut from So
to $l.25. The new rate means a saw
ing Of several thousand dollars to more |
than $50 large canning factories in |
Virginia.
It will result in the storage in vir-
Ginia of a great quantity of canned |
goods hitherto shipped to out of State
warehouses because of the high rates, |
and, by putting Virginia Gamers in q |
much better competitive position, may |
result in considerable expansion of |
one OF the largest industries in the |
State.
Sales and Collections Rise.
Marked gains in total net sales and |
. higher rate Of collections on &C.
counts receivable in October, 1896, |
as compared with October a year ago.
were reported by manufacturers in the |
monthly joint study of the National |
Association Of Credit Men and the
Bureau of Foreign and Domestic Com |
merce.
Total net sales of 542 manufac-
turers throughout the country regis.
tered an increase Of over II per cent |
IN October. 1896, from October, 1885. |
Without adjustment for seasonal in
duences, October, 1886, sales regis
tered an increase of over per cent |
from September Of this year.
The highest collection percentages
we're reported by flour, cereals and !
other grain mill products manufac-
turers, the figures for each, of the
three months covered exceeding 100
Der cent. indicating that customers |
of these firms took less than 80 DAYS |
On the average to pay for their pur-
ehases. The percentage of 135 for |
october, 1886, indicates that the &C.
counts owing to these firms ON Octo- |
ber were paid on an average Of ~ |
days.
Today's Trading on Exchanre.