Evening star., 1942-03-09
transit Head Sees
Further Sharp Gains
lin Revenue Traffic
Influx Of War Workers
= Cited by Merrill
4 As Major Factor
By EDWARD c. STONE.


ger traffic during the present year
The number of additional Gov.
ernment employees to be brought
into the District in the first six
months of 1912 is now expected tc
be above 50,0OO he says, from which
may be deducted Approximately
10000 who may be moved from the
District through the decentralizing
program.
Furthermore, the automobile and
tire situations are turning large
number of people to the streetcar
and bus lines. AS time goes on, the
Capital Transit head believes the
number of people leaving their au-
tomobiles at home and using the
streetcars will constantly increase
In his annual report. Mr.. Merrill
pointed to the increases in paSSen-
ger traffic which have already taken
place. Back in 1910 the number of
revenue passengers, as compared
with the preceding year, increased
G7 per cent during the first six
months and 10 per cent during the
second half of the year.
In 194l the increase in revenue
passengers was l76 per cent in the
first half of the year. compared
with the like 1910 period. and
mounted to 277 per cent in the
last half of the year.
Stockholders will be deeply inter-
ested in the forecasts of still great
er traffic gains in 1912, despite the
sharp increases in Capital Tran
sits operating expenses and very
heavy outlays for equipment.
New Credit Rules Received.
All Washington banks were noti-
fed by the Federal Reserve Bank
of Richmond today of the Federal
Reserve Boards further steps to re-
strain expansion of installment
credit. the new order going into ef-
feet March %.
The standard limit for spread of
payments is reduced from l8 to IS
months for all credits subject to the
regulation. except credits for resi-
dental modernization. plumbing,
furnaces. water heaters. water pumps
and pianos, all of which may still
be for l8 months.
Down payments will be increased
from 20 per cent to 33ia per cent
on refrigerators and many other
household items On home air-con-
ditioning systems and attic ventilat-
ing fans first payments will be in
creased from Is to 1913 per cent. and
on furnaces, water heaters, water
pumps and plumbing from Is per
cent to 20 per cent.
This is the third time the con-
eumers credit regulations have been
tightened since they went into ef-
fact last September. Lenders or SELL
efs coming under the new regula-
ton have until June | to register
with the Federal Reserve Bank and
meanwhile may operate under a
general license, Washington banks
were informed.
Christmas Clubs Smaller.
The 1912 Christmas savings clubs
conducted by % banks in and near
Washington show decrease in
number of accounts and the amount
of dollar subscriptions. according
to figures submitted to headquarters
of the District Bankers Association
since membership enrollments we're
closed.
In the 1912 clubs 74.878 accounts
were enrolled and the total amount
of subscriptions was s6951,265, a
decrease compared with the 194l
clubs of 14164 accounts, or 15.9 per
cent. and a drop in the amount
subscribed of $924,775, or III per
cent.
Figures for the 18 District of Co.
l,unbia banks which operate Christ
mas savings clubs show that the
1912 clubs enrolled $3.50 accounts,
while subscriptions amounted to
S6.244,560. This was a decrease
from last year of 1903 accounts. or
16.6 per cent, a decrease in the
amount subscribed of S927,425, or
129 per cent.
No interest is paid on Christmas
savings funds and some banks place
service charge on members who
fail to make the full years pay
ments The clubs we're also given
very little advertising this year, and
at the time the clubs we're opened
many members we're putting money
into Defense bonds.
For these reasons the results are
considered highly satisfactory. AS
usual, the funds will play an i'm
portant role in holiday trade next
December.
Wholesale Gains Impressive.
Details from the Commerce De-
partment report showing sales of
wholesalers up 81 per cent in Janu-
ary over January, 1941, are i'm
pressive.
This rise in the dollar volume of
sales continues the record increases
noted in the last three quarters of
1941. but is even more noteworthy
because it is an acceleration over
and above the increased volume of
1941. January of last year had al
ready been l8 per cent over Janu-
ary, 1910, and 1941 as a whole was
81 per cent over 1910.
Each of the 35 trades reported
January, 1912, sales to be greater
than January, 194l. Four trades
showed gains of go per cent or more,
compared with year ago. Six more
showed gains of so to so per cent.
National Banks Set Records.
Loans held by national banks or
December 81 increased 1882 900 ,00(
in the final quarter of 194l, new
high mark. reaching sl,724,000 900
Preston Delano, controller of tht
currency, reports.
In summary of the December
call figures, the controller states
that deposits totaled 100000 900
another all-time record. Bank as
sets of s43,555 100000 were also a
the highest point ever reported b.
the national banks.
Investment by 5.123 natlona
banks in United States Government
obligations aggregated sl2,073,oOo,
600, a gain of S945 100000 during tn
1ost three months of l94l