Evening star., 1936-09-06
D. c. STORE SALES
): j. UP 3O.5 PER CENT
+ FROM WEEK AGO
Recovery From Trade LulI
Sends Totals SO Per
Cent Above 1885.
CLEARINGS ALSO SHOW
SUBSTANTIAL INCREASE
More Than 100 Loans Made by
Banks Here Under Title I of
National Housing Act.
BY EDWARD C. STONE.

Washington department stores made
q splendid sales record during the
Summer months and got away to a
fine Fall start during the last week,
according to reports made yesterday.
Recovering from the previous weeks
slump, retail sales here registered
gains Of sos per cent over the pre-
ceding week and SO per cent over
the same 1885. according to the De-
partment of Commerce.
At the same time glance back over
the longer period shows that in only
2 of the 13 weeks in the Summer
months was less retail business trans
acted in Washington, as compared
with the same months in 1895. The
sharpest gain was more than 28 per
cent recorded in the week ended
June %. Dollar volume for the entire
Summer is estimated at II per cent
ahead of the 1885 hot-weather results.
Store executives anticipate continued
gains during the Fall months.
Bank clearings in the Capital this
week advanced sharply over the previ-
Gus week and the same week a year
ago, with gains of 1873 per cent and
46.4 per cent, respectively? The value
OF building permits was 31a times
larger than in the like 1885 week
but of II per cent from the preceding
weeks high level of f1850,65 For the
whole month of August building per-
init values totaled s2,S52.0O0, com.
narad with tho rro1IP1
Of $1,548,800 for August, 1885.
Business in the rest of the fifth
Federal Reserve district reacted IA
vorably during the last week to i'm.
proved weather conditions, with con.
sumer interest in Fall merchandise
more pronounced. Bank clearings
showed marked advances.
d. C. Banks Grant 100 Loans.
More than 100 loans were made by
Washington banks during the week
under title of the national housing
act in connection with the campaign
to increase home repairs and improve
ments. The funds provide money for
this type OF work in the Capital and
must be used for that purpose under
the contracts. The National Housing
Administration is cooperating in the
drive which was launched by the
banks here early in the week.
The loans made so far average
about 5000 each. 500 being the small
est amount available under the hous-
ing act. The act provides for the
maximum interest that may be
charged for such loans, but the banks
here are making it practice tc
charge a lower rate than the top fig
ure named in the law. The lower rate
is charged in order to stimulate hous.
ing renovations in the city as much as
possible.
About $4,000 has been put into cir
culation in Washington during the
last few days, or since the renovizing
drive opened last Tuesday through
advertisements placed in the daily
press by the members of the District
Bankers Association. It is anticipated
that this sum will be increased greatly
as the Fall season opens. Money
easy to get; good time for repairs" T"
bankers assert.
SU SLuQentS 70 Graduate.
Fifty students will receive standard
and pre-standard certificates at the
Fail meeting of Washington Chapter,
American Institute of Banking, to be
held in the Willard Hotel on Septem-
Der 9, at 8 o'clock. Paul j. Seltzer,
chapter president, will preside, and
Karl w. Corby, president Of the Dis
trict Of Columbia Bankers Associa-
tion, will present the greetings of that
organization. Raymond B. Dickey,
dean of the faculty, will deliver his
message.
Gov. Joseph A. Broderick of the
Federal Reserve Board and DR.. Harold
Stonier, national educational director,
Institute of Banking, will deliver brief
addresses at this meeting before they
present the national radio commence
ment broadcast from the studio of
the National Broadcasting Co.
Gov. Broderick will make an address
on the subject, adult Education in
Banking" presented as part Of the
program from 1890 to II.
This meeting will be preceded by
the educational dinner at the Raleigh
Hotel, at which DR.. Stonier will be the
principal speaker, and plans for the
coming year fully discussed.
Business Best Since 1880.
The Washington agency of the Mu-
tual Benefit Life Insurance Co. of
New Jersey reported yesterday that
business Is now the best it has been
since March, 1880. Officials in this
agency look for further increase in
the demand for life insurance here.
The Munsey Trust Co. has declared
the regular quarterly 81 dividend due
at this time, payable October /, an
other similar quarterly dividend pay
able January 2, 1887, and two extra
ascent dividends, one payable Octo-
ber / and the other January 2, Vice
President G. H. Pope announced yes
terday.
Louis M. Denit, general counsel and
trust officer of the National Bank of
Washington, sailed on the Panama
Pacific liner California yesterday from
New York bound for San Francisco
via Havana and the Panama Canal.
The boat is due in San Francisco on
Monday morning, September 81, the
day OF the opening of the A, B, A,