Evening star., 1936-12-31

volume. Christ
mas trade in Eawra S,o,.
some stores being ~
reported as the best in eight years.
The year 1886 moved the Capital still
further away from the depression.
which really ended here in 1884 If
comparisons were made with situa-
tions in other cities in the United
States.
During the last IL months there
has been an unprecedented rush Of
money to the % Washington banks
Aggregate deposits now are reported
rs the highest on record. The last
bank call by the Controller OF the
Currency found the banks here with
total deposits of we'll over $306, ,000,-
900. Since then deposits have stepped
up some $20,000,000 in the aggregate.
The controller will issue a call in a
few days dated December 81, and the
exact figures will be disclosed at that
time.
Banking Conditions Improved.
Banks in the Capital generally re-
ported steadily improving conditions
in their 1896 business. Bank officials
are always pleased with increases in
deposits, as they reveal public con-
f1dence and the financial arrow point
ing upward. At present, however, the
deposit growth is tempered by the
lack Of demand for money which
makes difficult investment of the add
ed funds.
Despite low. interest rates, it has
been q significant year for the banks,
better than 1885. Regular dividends,
increased and extra dividends and
many bonuses testify to this. Bankers
make no secret of it. Service charges,
better management and watching of
costs marked improvement in the
real-estate field. demands for housing
loans for remodeling and alterations,
have all contributed to the upswing
in bank earnings. Perhaps best of
all, bankers say. has been the upturn
in the demand for commercial loans,
30 far very modest, yet highly impor-
tant and encouraging as trend.
Interest rates on savings have re-
mained very low, to the regret of bank
patrons. Yet bank cannot pay out
in interest more than it obtains in
interest on loans When the money
market turns upward, savings inter-
est will be increased, but when that
time will come remains uncertain, as
the curtain rings down on 1896.
In spite Of the low interest rates
residents Of the Capital have displayed
. striking thrift complex in the
amount of money they have placed
In the banks in time and demand de-
posits and in their Christmas Savings
Club subscriptions. More than $6,000,-
600 was saved during the year and
returned to the members on Decem-
ber l, in time for the holiday shop
ping rush. Another vital factor in
the Capitals mounting bank deposits
Is the safety and confidence afforded
by the Federal Deposit Insurance
Corp.
The sweeping upturn in bank de-
posits in 1896 has been participated in
by all classes Of banks, national, saw
ings, State and trust companies. The
gains show faith in the future, re-
fleet the present business upswing and
indicate that the days of so-called
boarded money have long been over.
Clearings Reveal Trade Gains.
Bank clearings in the Capital in
1896 furnish one Of the best barome-
ters Of business advancement. Figures
Apf the Washington Clearing House
ARE most impressive. For the first II
months of the year Cancelled checks
aggregated $1,018, ,382, $50, as compared
with $84a,077,976 in the same period
in 1885. or an increase Of more than
Sl70,000,000.
An average rise in December clear
ings over December, 1885, will bring
bank clearing totals close to $780,
0,000 ahead Of last year. Further
more, It should be recalled that this
sharp increase follows an advance In
1885 Of almost an equal amount.
During the last year the monthly
clearings crossed the 500 900 900 mark
for the first time since the days of the
Wall Street crash. These big months
we're April, June, July and October
Other business barometers, such as
the number Of telephones in service,
average daily originating calls, output
. Of electricity and post office receipts
tell the same story of broad and rapid
economic progress during the year
now ending. In postal receipts alone
there was q gain of $546,755 in the
firSt II months Of 1896, compared
with the like months In 1885.
Trade Gains Sensational.
Department store sales In Washing
tel during 1896 have been most
gratifying. The turnover Of goods was
faster than in any other city in the
NTH Federal Reserve district. Retail
sales In the Capital in the first II
: months Of this year exceeded the like
period in 1885 by 9.8. per cent. Al
{ this writing. with complete December
trade figures not yet reported. it IL
- S CAPITOL BUSINESS. Para B.s)