Evening star., 1938-02-02
DEPOSITS CLIMB
IN THIS DISTRICT
Other Recent Barometers
Are Less Favorable, Bank
Survey Shows.
By EDWARD c. STONE.

ton. are on the increase.
The rise was shown today In the
Richmond Reserve Banks monthly re-
view, which reported s3,l75.00O gain
In deposits from December is to Jam
uary u. in al member banks. The
advance, the survey said, included
S3,114O0O in time deposits and SCI 900
in demand deposits, the high percent
age on the side of saving deposits
indicating that thrift is in the saddle
right now.
The Richmond bank stated that deb
Its to individual accounts in "a fifth
district cities. rejecting the volume OF
business passing through the banks by
check. increased 1913 per cent in 1887.
The recession in the last quarter OF
the year was not enough to offset the
gains made in the first nine months,
the bank reported.
Employment and Pay Rolls OFF.
A rise in unemployment followed
along with a reduction in pay rolls
in the last quarter of 1887. The un-
employment increase after December
Is was greater than the seasonal aver
age, but was less marked than in Oc-
tober and November, the bank said. A
number of industries further cut oper-
atine time and workers in many plants
we're put on shorter hours.
The bank announced that mines
produced less coal on a daily basis,
railroad shops reduced their employees
IN December and textile and rayon
plants limited their output in an effort
to reduce inventories.
Commercial failures in the fifth dis
trlct increased 81 per cent in Decem-
her, compared with "a per cent in
crease for the country as whole.
Snuff Output Increases.
The bank reported tobacco products
manufactured in December changed
as follows in comparison with the
December. 1886, production: Smoking
and chewing tobacco. pounds. 8.8 per
cent decrease: cigarettes, by number.
48 per cent decrease; cigars, by num-
ber, "a per cent decrease, and snuff,
POUNDS. l54 per cent increase.
Automobile sales dropped further in
December and were 363 per cent be-
low the aggregate sales in December.
1886. the bank said. Total sales for
the year however. exceeded the 1886
sales by % per cent
Coal production in bItumlnouS fields
In December totaled 36,22600O net
tons as compared with the December,
1886, production of 45,756000 tons
The 1887 production of 440,265 900
tors exceeded the 1886 total output
by 4 per cent, the report concluded.
Building League Plans Dinner.
Arthur G. Bishop. president of the
District of Columbia Building and
Loan League. today appointed Ru-
tolph w. Santelmann general chair
man for the eighth annual dinner
snd dance to be held at the Mayflower
Hotel Saturday. March S. The in
ereaslng popularity of this annual
event indicates that the attendance
fais year will exceed 600 The COM
n1ittees named today are as follows:
Invited guests-Arthur G. Bishop,
e. Clinton James
Printing-Raymond K. Espey, S. S.
symons,
Seatlng-Rudolph w. Santelmann,
c. Clinton James, Raymond K. Espey.
Robert E. Buckley, Edward r. Jones.
Entertainment-Fred A. Smith, Carl
J. Bergmann. Edward K. Jones. Rob-
ert E. Buckley, Martin A. Cook. Odell
Smith, j. Hawley Smith. c. Maynard
Marshall.
Publicity-F. Wilson Camp
Exchanges Problem Held Easy.
Creation of the Office of paid
president for the New York Stock Ex-
change should prove no great hardship
financially in the light of the econo-
mics likely to be effected when the ex-
change ultimately adopts projected
recommendations for reorganization.
The 1886 stock exchange annual
report, says the Wall Street Journal,
disclosed that S134OO0 was paid for
committee attendance fees. The 1885
total was S126,000 Attendance fees
are $40 for each member and a full
attendance at meeting of the board
Of governors, usually held three times
a month. costs $500.
Under the new setup, number of
standing committees would be reduced
to Z from II, with five members to a
committee. The board of governors
now has SO members which would be
reduced to 49, The Law Committee,
likely to be abolished, now has IS
members.
Agency Sales Up 100 Per Cent.
John N. Buck, who represents the
Atlantic Life Insurance Co. in this
city, has just returned from Rich
nnond, where he spent a fortnight
in attendance at training school
conducted at the central Offices of the
Atlantic Agency, general agent for
the company for the District of Co.
lumbia and Virginia. Mr.. Buck was
accompanied by K. Wade Courtney,
c. Edward Dement,, jr.; Donald V.
Potter and Joseph P. Ullman. who
have recently joined the Washington
Office.
Sales of insurance by the Atlantic
Agency have shown pronounced
upUurn IN recent weeks, according to
Mr.. Buck, the increase in business
for January being 100 per cent above
that recorded last year.
Transit Stock Sells Higher.
Trading on the Washington Stock
Exchange today was by far the heavi-
est of any session so far this year
Capital Transit stock advanced to 8
on 20-share turnover. Lanston
Monotype figured in a 25-share sale
at 685s.
Mergenthaler Linotype opened with
. 10-share sale at % and closed with
40 more shares changing hands al
23A. The days volume was largest
In Washington Gas Light preferred
stock which recorded 50-share sale
at 98h ex-dividend.
Capital Traction SIS sold at SO. new
high for the year. Railway & Elec'
tric preferred came out at 10912.
Heard in Financial District.
A. the regular meeting of the Amer.