Evening star., 1940-02-17
Capital Store Sales
81 Per Cent Ahead
Of 1899 Week
Volumes Show Drop
Of 81 Per Cent From
Preceding Week
BY EDWARD c. STONE.

by EDWAhD y. SIONE.
Registering sharp improvement,
sales In Washington department
stores for the week ended February
10 were 81 per cent greater than
sales in the week ended February
II, 1899, the Federal Reserve Bank
of Richmond reported today. Sales
were down 81 per cent from the
previous week this year, the report
added.
In the four-week period ended
February 10 business in Washington
stores was 2 per cent ahead of the
similar four weeks year ago. This
is practically the same gain as re-
ported a week ago, while the weekly
pickup was nearly double that an
nounced last week In comparison
with the week ended February 4,
1899.
The Washington weekly record
was ahead of the average gain of
6 per cent for the whole Fifth Dis
trict, the statement discloses. How
ever, the whole district showed an
average four-week advance of S per
cent. against the 2 per cent for the
Capital.
Baltimore reported a gain of 18
per cent for the week and SO per
cent for the four weeks. A group
of other cities enjoyed rise of 8.4
per cent for the week and an up
turn of a. per cent for the four
weeks under review, the Richmond
summary concludes.
Banks Boom Newspaper Ads.
Newspapers will receive more than
half of the advertising expenditures
of the Nations banks this year, with
the next largest amount going into
direct mail, according to a study
by a committee of the Financial Ad-
vertisers' Association and announced
by George Dawson of the Wells
Fargo Bank & Union Trust Co.
of San Francisco. Thirty per cent
of the banks studied are increasing
their appropriations this year and
all but per cent of the remainder
are maintaining the same budget
as for last year.
Percentages of the budgets to be
employed in the newspapers range
from so per cent in banks of 100
millions or over to ga per cent in
banks of the Is to so million dollar
class. Radio will be used chiefly by
the very large banks and only by
smaller banks in cities having local
radio stations covering their ter
ritory. The survey also indicates
that from Is to so per cent of the
advertising will be devoted to loan
copy and that savings copy will be
used principally by the largest in
stitutions.
Mr.. Dawson said that banks to-
day are becoming more public re-
lations conscious" than ever and
that the study showed the practice
Of bank officials appearing before
schools. clubs and organizations is
becoming very widespread.
The report was presented at the
associations Advisory Council meet
ing in New York this week.
Exchange Action Approved.
Many Washington brokers con-
nected with New York Stock Ex-
change firms are praising the action
Of the Board of Governors in re-
ducing the proposed service charges
which are to 60 into effect on
March /.
On custodian charges, the orig
inal rule was amended to permit
application of either a monthly or
quarterly charge of 81 and to per-
init the waiver of any charge If
during either the monthly or
quarterly period a security trans
action takes place in the account.
Previously 81 per month mini
mum charge had been planned If
an account had been open during
the entire monthly period.
The cutting Of coupons on Sc
eurities in safekeeping accounts por-
ton of the rule was amended to
show that on bonds of less than
$1,000 principal amount the charge
may be computed on the basis of 10
cents for each $1,000, or portion
thereof, Of principal amount. A $40
permissive maximum for coupon
cutting was reduced to $40 and
similar permissive maximum have
been included with reference to
dividend claims and transfers.
Brokers in the Capital Joined
others all over the country in op-
posing the original proposals. They
now consider the matter amicably
solved.
Leans Expansion Forecast.
With spring "just around the cor
ner," washington bank officials
today were predicting an early in
crease in the demand for loans
under Title of the Federal Hous-
ing Act, the money to be used for
property repairs and alterations.
There was an increased demand
for such loans at about this time
last year Favorable weather for
outside work will prevail shortly and
some bank patrons have already dis
cussed property improvement loans
with officials.
For several years the District
Bankers Association has pushed
Title I loans as much as possible
because of the help to labor in the
way Of more jobs and to the build
Ing and supply firms.