Evening star., 1936-12-13
SHOPPING BOOSTS
STORE SALESHERE
SHARPLY IN WEEK
Weeks Gain of 46.8 Per
Cent Sends Total 8.4 Per
Cent Above 1885 Period.
CLEARINGS ALSO SHOW
SUBSTANTIAL INCREASE
Rise Sc Per Cent Over Week Ago
and 17.8 Per Cent Ahead of
Last Years Mark.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Feeling the full impact Of the Christ
mas holiday demand, department store
sales in Washington rebounded to
much higher levels during the last
week as compared with the previous
week, disclosing an astonishing in
crease Of 46.8 per cent.
In similar manner the crowds of
holiday shoppers in the stores kept re-
tail trade well ahead of last year, a
consistent gain of 8.4 per cent being
recorded over the corresponding week
year ago, according to the Commerce
Departments weekly review Of business
in 81 key cities all over the United
States.
The remainder of the fifth Federal
reserve district responded to the effect
of generally improved activity. Retail
trade throughout the area felt the
beneficial results of the Yuletide season
and continued to surge ahead of last
years levels. Wholesale trade, like
wise, shared in the increased demand.
Richmond, Baltimore, Norfolk and
many other cities reported Christmas
buying steadily mounting to new peaks.
Bank clearings during the week gave
further indication of the happy busi-
ness situation in the Capital. Can
celed checks totaled $24 ,903, SAG, an in
crease of Sc per cent over the previous
week of this year and jump of IT'S
per cent higher than clearings in the
corresponding week last year. Building
permits also rose sharply to s686,000
from $500, 300 in the previous week and
only s272,7o0 year ago.
Union Trust Votes Bonus.
Directors of the Union Trust Co.
have declared a Christmas bonus OF
two weeks salary to all employees OF the
company, according to announcement
made by Ord Preston, president OF the
institution, yesterday. The action was
taken earlier in the week. The dis
tribution has been made and it was
hinted at the bank that q good deal
Of the money has already been spent
In Christmas purchases.
Trading was rather quiet on the
Washington Stock Exchange yesterday.
The first sale was in Potomac Electric
Power 5k per cent preferred stock.
small lot changing ownership at liz.
Capital Traction IS wound up the week
with added strength, 81 200 sale at
e3K. Prices on most other issues held
up we'll during the week. Mergenthaler
Linotype, however, eased off a bit, clos
1;I
final bid on Capital Transit was 1914
with 141s asked.
Comparatively few changes in quo
tations were noted in Washington
securities which are sold over the
counter. The bid on Barber g. Ross
As was advanced from SIS to 81. Fol-
lowing announcement Of another 30
cents dividend on Hamilton National
Bank stock, the bid quotation on this
issue advanced from 80 to 3lH2.
Commercial Deposits Soar.
In commenting on his analysis OF
the savings situation all over the
country, w. Espey Albig says that the
really spectacular rise in deposits in
1886 has been in commercial deposits,
which combined with savings deposits
make up individual deposits now ag-
eregating $46,310,117,000 a gain OF
S4,627, ,388, 900, or Ill per cent. He
adds:
1.-THE trend Of deposits from savings
to demand is particularly evident
when a comparison is made OF the
percentage relation of savings to total
individual deposits. Not since 1925
has 1t reached as low figure as IN
1896, when it dropped to 81 per cent.
This reflects the large surplus FUNDS
held by banks for suitable forms Of
investment and loans. 1t may also
indicate that savings are being trans
ferred to some extent into other
agencies.
TN only six States is rate of
interest higher than 21a per cent
paid on time deposits, and in those
States it is paid only in a few cities
and under certain limitations by a
particular type of bank. In most
states the prevailing rate Is now 2
per cent. In a number, only W per
cent is paid and in several the rate
has declined to / per cent or even
one-half of per cent. Under these
conditions it is natural that depositors
should seek other forms of investment
which offer a higher rate of income"
Financial District Gossip.
Virginia banks are to observe the
Saturday after Christmas as legal
holiday, following q proclamation by
Gov. Peery. All Washington banks
are to be closed on the same date, De-
cennber 26, which will give employees
time on from Thursday afternoon to
Monday morning.
At the last meeting Of District Of
Columbia Chapter, Chartered Life Un-
derwriters, at the Cosmos Club, James
A. Farquharson, vice president Of the
Association of Railway Trainmen, was
the guest speaker. He discussed the
six-hour-day plan in a most informa-
tive manner.
J. Clarke Moore, Philadelphia, was
the only member Of the Investment
Bankers Association at Augusta. Ga,
who has attended all rs national con-
ventions. He is partner in Barclay,
Moore & Co., and was presented with
q silver cigarette case.
It II reported by Secretary Nor
genthau that many united States Saw
inss bonds. known as "baby bonds"
are being bought for Christmas pres
ents. Reports from Wall Street in
dicsts that o good deal Of stock is
being purchased for the same purpose.
Because Of mounting trafic, un-
usually favorable estimates are now
being published on Southern Railways