Evening star., 1942-10-30
Capital Store Sales
81 Peri Cent Above
Year Ago in Week
Four Weeks Volume
n Per Cent Aheod
Of 194T Period
BY EDWARD C. STONE.

sales In Washington for the week
ended last Saturday, October "a,
scared 81 per cent above trade ac-
tivity in the corresponding week a
year ago, the Federal Reserve Bank
of Richmond announced today.
The gain for the fifth district
was Is per cent over last year, sales
moved up per cent in Baltimore
and 20 per cent in group of other
<cities, the report added.
Sales in the Capital were % per
cent better than in the preceding
week this year and were up 10 per
cent in the fifth district, 18 per
cent in Baltimore, but off 2 per cent
in the group of other reporting
cities.
Cumulative sales in Washington
in the four weeks ended on October
"a were 81 per cent better than last
year, stepped up 20 per cent in the
fifth district, 10 in Baltimore and
% in the other cities, the survey
stated.
Capital merchants said today that
advance Christmas buying of gifts
to be sent overseas played an i'm
portant part in the striking sales
gains, the stores already having
assumed a decided holiday appear
ance. ,
Two weeks ago the upswing here
was per cent over the like 1941
period and three weeks ago 40 per
cent.
Pay Day Plans Progress.
The busiest officials in the Treas
ury right now are said to be the
men who are working out the new
20 pay days month schedule
which the President recently Or
dered. While the days have been
designated on which the various de-
partments will pay off their en-
ployes, yet there are host of de-
tails to be worked out before Novem-
ber Is, when the new system goes
into effect.
The President ordered IA more
paydays each month in addition to
the six already prevailing. Under
the present plan there have been
four big paydays and two smaller
ones. Retaining of these will bring
the number to the 20 for which ar
rangements are now being made.
Capital banks have been open late
In the afternoon on the 9Th, 18th, 23d
and last day of each month. This
schedule, of course, will be changed.
1t is understood, however, that late
banking hours will not be aban-
doned. There will be an opportunity
one day each week for Government
workers to get checks cashed and
make deposits outside of working
hours.
The Washington Clearing House
Association will eventually decide
what changes in hours are to be
adopted, after recommendations
have been made by a special COM
mittee which has held many Treas
ury conferences.
People Increase Savings.
The Department of Commerce
estimates that individuals were saw
ing at the annual rate of $24,000,-
000 600 during the second quarter of
this year. The rate a year earlier
had been Sl0000,000,000.
The step-up in purchases of War
I saving bonds and stamps from a
$4,000, 100000 annual rate in mid
1941 to a $7,OOO,OOO,OO annual rate
in the second quarter of this year
was an important new means of
saving
The report adds that people were
paying off old debts and making
few new ones. due to new customer
credit regulations.
Installment Loans Decline.
The Federal Reserve Board report
ed today that on September 81, con-
sumner installment loans outstanding
in industrial banks, personal finance
companies and credit unions
amounted to an estimated total Of
$842, 100000. This represents a de.
cline of 20 per cent since the end Of
1941.
The decline during September was
33 per cent, compared with an aver
age decline of about 90 per cent pei
month for the year to date. Persona
finance companies have shown tht
smallest relative decline in their re-
ceivables during 1912 while credit
unions have shown the greatest.
Loans totaling $l08000,000 were
made by credit unions, industrial
banks and personal finance COM
panies during September, 1912, show.
ing a decline of is per cent from tht
previous month, and of IT'S per cent
from the same month a year ago.
Special Bank Tellers Needed.
Washington bank officials believe
the larger banks in the city will hav'
to have special tellers for the clear
ing of rationing checks when thu
new system goes into effect earl,
in 1943. The smaller banks will prob
ably handle rationing coupons a
the regular windows. No doubt thi
will be the method used by countr.
banks.
Bankers expect that many extr,
bookkeepers will be required to han
ole these accounts. They will, o
course, be kept entirely separate fror
all other activities in the banks. L
the big banks all over the countr
there will be a notable expansion i
personnel.
Bankers here look for nations
adoption of ration banking som
time in January.
Gas Common in Demand.
Fifty shares of Washington Gs
Light common stock sold eX-divi
dend at 1885 on the Washingto
Stock Exchange today. The markt
closed with 15h bid and l5a. aske'
Gas common has been one of til
most active stocks in the list in RI
cent sessions.
Bond quotations remain firr
every utility issue on the list no
selling far above par. the lowe
prices being around los.
Wall Street estimates that NJ
income of the Chesapeake & Oh
Railway for the full year will be bt
tween $3.75 and $4 share on tt
49,