Evening star., 1938-12-12
D. {. Retail Sales
For Present Year
May Exceed 1887
Latest Reports Show
Gains as Holiday
Business Mounts
BY EDWARD C. STONE,

ny EDWARD y.
Washington bankers and mer.
chants expressed the belief today
that retail trade for the full yeal
1888 will equal and perhaps exceed
the total volume in 1887. Forecasts
were also heard that Christmas
trade this year will be ahead of the
1887 total.
The predictions are based on
many factors, one the report by the
Federal Reserve Bank of Richmond
that trade in November was ahead
of last year and in the first II
months of this year was almost as
good in the Capital as last year. In
recent months the difference has
been rapidly narrowed down.
The latest Department of Com
merce review stated that Christmas
trade had reached high speed, that
business last week was fraction of
! per cent better than the same
week in 1887 and more than 60 per
cent better than in the previous
week in 1898. This statement fol-
lowed announcement a week ago
that trade then was ahead of the
previous week and the same week a
year ago. Both surveys added evi-
dence to the upward trend.
Bank Clearings Improve
Bankers today pointed to the
higher bank clearings last week
than in the similar week II months
ago. The number of checks going
through the clearing house always
reflects trade trends one way or the
other. Recent comparisons with
1897 have disclosed steady improve
ment.
The weather, an extremely impor-
tant factor in trade activity is eX
pected to be normal during the rest
of the month. The very warm, un-
not likely to be repeated in long
time.
The volume of Christmas trade
will determine what the full years
business results will be. Washing
ton stores are now jammed with
shoppers who are doing a great deal
more than looking at the goods.
According to the Capital Transit
Co.'S weekly figures on passenger
revenues, there are a good many
more Christmas shoppers using the
lines and buses now than at the
same time last year.
Such factors as Christmas Saw
Low of
money recently paid depositors in
several closed banAs, Christmas
bonuses, the huge Government pay
roll and very heavy parcel post and
express shipments are cited by
bankers as further reasons for op-
tinisn.
Morris Plan Declares Bonus.
Directors of the Morris Plan Bank
have declared a Christmas bonus,
to be distributed at once among
all the employees of the bank, Presi-
dent Willard G.. Barker announced
today. The bonus is based on length
of service and will amount to two
weeks salary for employees who have
been with the bank for more than
a year. 1t was the fifth bonus an
nouncement in the financial district
in the past few days by banking
institutions.
Washington bankers again today
reported unabated interest in the
new 1889 Christmas Savings Club
accounts. Several banks are still
ahead of last years record at the
u-Io ~ fIo+
the number of new members is
running about the same as a year
ago.
Gibson Joins Loan Concern.
Richmond E. Gibson, who has
been active in the financial district
for quite long time, has become
associated with the Northwestern
Federal Savings & Loan Association
in the Colorado Building, Secretary
Howard S. Gott announced today.
Mr.. Gibson is a graduate of the
American Institute of Banking,
where he pursued special work in
investments. He received a law
degree from National University.
The Northwestern Federal is more
than 81 years old, has a Federal
charter and has Federal insurance
for accounts up to $4,000.
Business Up IL Per cent.
Continuing the upward trend not
ed in the final quarter of the year,
the Phoenix Mutual Life Insurance
Co. reports a gain of II per cent in
November paid for business over
the same month of 1887, according
to l.. H. Riggles of the local agency.
Insurance in force has shown a
gain in 10 of the past II months
and the total increase for the year
is now in excess of 100000. The
November gain was S1,900,000.
Washington Suburban Sanitary
District will receive bids December
81 for 100000 per cent bonds,
dated May l, 1888, and due in so
years. optional in 80 years.
Southern's Earnings Grow
Southern Railway is estimated to
have had a net income of approx
mately $250,0OO in November, the
fourth successive month in which
the company had balance after
all charges. In 1887 operations in
each of those months resulted in a
red figure after deductions, the loss
for November last year having been
$290,731.
Attainment of estimated net in
come of $250000 in November would
reduce the loss for the first II
months to about $2,150,000, the Wall
Street Journal notes.
Heard in Financial District.
Directors of the Morris Plan Bank
of Virginia, Richmond, have author
lied an increase in the capital stock
of the bank from 100000 to $1,000
900.
The Commerce Department re-
ports that payments on open credit
accounts receivable by department
stores during october were of
slightly from October of last year