Evening star., 1939-12-24
DC. Store Sales
Up4.1 Per Cent
From Year Ago
Climb 23.3 Per Cent
Above Volume for
Previous Week
BY EDWARD C. STONE.

Washington's record Christmas
holiday buying registered further
gains for the week ended December
16, scoring an advance of al per
cent over the corresponding week
last year and 233 per cent over
the previous week this year, the
Federal Reserve Bank of Richmond
reported yesterday. In the four
week period ending December l6
sales in the Capital were 26 per
cent above the same shopping days
In 1888.
Trade in the whole fifth district
was per cent ahead of the same
week year ago. q per cent better
than the previous week this year
and up per cent in the four-week
period, the report added. The per
cent rise was the same as the
average for all II Federal Reserve
districts. every one of which re-
ported business better than year
ago.
Several other fifth district cities
reported about the same sales gains
as Washington. Baltimore noted
larger pickup than most other
cities in this territory. While the
wild rush of holiday buying con-
tinued during the last week, the
results in percentage changes are
not yet available.
Merchants last night expressed
great satisfaction over the whole
holiday season. Some managers said
there were times when the stores
were so jammed that they could
not have done any more business
than they did. They temporarily
reached sales climax, a happy
situation in any mercantile house.
Trust Company Votes Extra.
Directors of the American Security
& Trust Co. at the December meet
ing declared a quarterly dividend
Of 2 per cent, payable January 10
to stockholders of record December
81. and an extra dividend of per
cent on the capital stock. also pay
able January 10, President Corcoran
Thorn announced yesterday.
Directors of the First Federal
Savings & Loan Association have
declared a semiannual dividend at
the rate Of 3i2 per cent per annum,
payable on December 81. President
Thomas Somerville III also stated
that the board of directors had
voted bonus to the entire oper-
ating staff equal to 3 per cent of
their annual salaries
AS has been its custom for many
years, the Columbia National Bank
at this time is paying bonus of
per cent to all employees of the
bank on annual salary for the year
1899, according to announcement by
the president, Frank j. Stryker.
Chapman Optimistic on 1910.
G.. Bowie Chapman of Laidlaw &
Co., dean of the active brokers in
the financial district, yesterday ex-
pressed optimism on the outlook
for 1910. In addition to a careful
study of economic and business
conditions, he has talked with many
leaders in finance and industry.
They all look for generally bet
ter conditions in the coming year
than have prevailed in 1888. While
some softening in business activity
is likely, the indices are not ex-
pected to get back to where they
were in the early months of the
present year. Mr.. Chapman said.
Railroad officials seem especially
encouraged over the outlook for
further increases in traffic in 1910.
After an unsatisfactory year, Wall
Street brokers are cautious about
making predictions for 1910. How
ever if business shows further ex-
pansion, this should help the VOL
ume of trading and prices on the
New York Stock Exchange
At present a good many large
Investors seem to be awaiting a
clearer picture of the political stu
alton, especially as it relates to the
next presidential campaign, Mr..
Chapman added.
Slated for Treasury Post.
John L. Sullivan of New Hamp-
shire, assistant to the Commission
er Of Internal Revenue. will be
nominated as Assistant Secretary of
the Treasury, the White House
announced yesterday. Mr.. Sullivan
will replace Stephen Gibbons. who
recently resigned. He will continue
In his present position until Con-
gress meets and his nomination as
Assistant Secretary can be sent to
the Senate.
Washington bankers regret the
resignation of John w. Hanes as
Undersecretary of the Treasury,
which has been accepted by Presi-
dent Roosevelt. He is considered an
unusually able financier and has
made many friends among bankers
here. He is brother of Robert M.
Hanes. this years president of the
American Bankers Association.
Credit Ample for New Year.
In a forecast sent to the WASH
ington Association of Credit Men,
Henry H. Heimann, executive Sec
retary of the national organiza ton,
declares that credit with which to
transact 1910 business will be avail
able in abundance. The trend of
interest rates over the long period
will be slightly upward. The present
low rates may seem advantageous.
but they are the symptom of
rather stagnant demand for funds.
He added:
Because many security prices
have Jagged behind earnings, we
enter 1910 with a rather healthy
situation in this field. Security
prices should reflect the better busi-
ness in 1910, although there may be
some reaction in the markets be-
cause of the political campaigns
later in the year"
Exchange Trading Active.
Trading on the Washington Stock
Exchange picked up perceptably
during the week, prices being close
II -