Evening star., 1933-12-26
CHRISTMAS TRADE
: CHEERS CAPITAL
General Satisfaction Ex.
/ pressed Over Advances
e., Shown for Area.
BY EDWARD C. STONE.

- BY EDWARD C. STONE.
General satisfaction was expressed In
the financial district here today, and
In other cities all over the fifth Federal
reserve district. over the Unexpectedly
favorable results of Christmas trade.
The last week of Yuletide business
more than fulfilled predictions. In
some fifth district cities sales not only
exceeded the records of 1882, but were
ahead of 1881, estimates indicate.
The Federal Reserve Bank of Rich
nond is assembling data from the 81
leading department stores in this area
and will soon report just how much
better trade was this year during the
holiday season than 1t was year ago.
The splendid volume of business trans
acted in the last week of holiday buy
ing has proved that money Is more
plentiful and is having a psychological
effect on the 1884 outlook. 1t is now
believed that the stimulus of the ma
tional recovery program will go far into
next year
The Richmond Bank, has just made
its monthly report on the Wholesale
trade situation in the district in No
yember. Business was well above the
same month last year. November gains,
compared with the like 1882 period,
were:
Groceries, 223 per cent; dry goods,
S12 per cent; shoes, So per cent: hard
ware, Alb per cent, and drugs, IL per
cent. These percentage gains are real
ly sweeping in their size and lmpor-
tance. In the first II months of 1888
wholesale trade was above the like 1882
period in all lines except drugs, the
bank reports.
Some of the most striking gains re-
ported were in Southern Virginia. North
and South Carolina, where millions in
cotton checks and much better tobacco
prices have been the leading factors
In the northern part of the d1str1ct,
the Civil Works Administration checks
figures.
Simonds Praises Banking Code.
Consistently stronger banking meth
DDS will sweep over the Nation on
January l when hundreds of local
schedules of rules of fair trade prac-
tlce for banks under the National Re-
covery Administration 60 into effect,
Frank w. Simonds, secretary of the
Banking Code Committee, representing
the American Bankers Association,
stated.
During the past several weeks, said
Mr.. Simonds, 665 State, district and
local clearing house associations and
banking groups have carefully worked
out schedules of fair trade practices for
the banks in their respective territories
and have submitted them to the Bank
ing Code Committee and the National
Recovery Administration for approval.
The aim has been to make banking
safe and economical to the public, and
st the same time safeguard the banks,
n q fhnSp forms
throat and unfair competition which in
the past have initiated against the
soundness of many banks, added Mr..
Simonds.
Silver Still Board Room Topic.
When the New York Stock Exchange
tickers started off on the local brok-
holiday, the silver situation was again
being freely discussed. Opinions here
differ widely on the results to be an
ticipated. So far, however, the market
has not responded as much as many
traders had hoped its would. But there
Is plenty of time yet.
The proclamation of President
Roosevelt authorizing the free coinage
of silver newly mined in the United
States introduced a new phase in the
long and turbulent career of silver
however, says the New York Times,
involve a reconciliation of silver in
the sense Of making silver a part of
the monetary basis of the country. nor
does it involve bimetalliSm, according
10 the view of banking experts.
While the proclamation provides for
free coinage, it does not authorize un-
limited coinage, but restricts the mint
ing to one-half of the domestic produc-
tion. Moreover, there is involved no
Fixed ratio between gold and silver, ex-
cept the ratio that is implied by the
price which producers will receive-64l2
cents an ounce, measured against the
current R. F. C. gold price of S34.06 an
ounce. This indicates monetary ratio
Of about SO to l, but since the price OF
gold is subject to daily change, no fixed
ratio is involved, the newspaper adds.
District Drug Expert H0nored.
NJ c. Thompson of 5l05 Illinois
avenue, local representative of Bauer e.
Black, Chicago manufacturers, has been
honored with the presidents award"
in the form of a gold watch, by his
organization in recognition of his at
tainment of third place in the recent
Bauer & Black N. r. A. consumer buy
now drive. Mr.. Thompson is well known
In retail drug circles.
The Federal Reserve Boards Novem-
Der construction contracts index, ad-
justed for seasonal variations. shows a
gain of IA points as compared with
October and rise of "a points as COM
pared with November year ago For
November the index stood at 81 against
BIZ for october ana 81 for November a
gear ago. Without seasonal adjustment
The index stood at "a for November, 35
ENN n1ta aA1V- o,1I fa- ,Aar
New York City bank stock market
registered sharp recovery last week,
after establishing a new 1888 low or
Thursday. The aggregate market value
Of the 16 leading issues is now s1.076,-
e21 900, an increase of SAG, ,486, 600 or
f5l per cent compared with Sl.030,-
435,00 On Thursday. the low point for
1888 to date. Compared with a week
ago the aggregate market value regis
tered loss of S68,964 600, or 602 per
cent.
Banks Ready for Insurance.
Washington banks are ready for the
new insurance plan which goes into
effect all over the country next Tues
day. January ?. The new safeguard
of the public's money really goes into
effect January l. but that date happens
to be a national holiday.
All deposits up to $4,000 will be
covered by the fund in charge Of the
Federal Deposit Insurance Corporation.
1t is now estimated by the Treasury
that about 81 per cent of the de-
positors in the banks under the in
surance flag will come into the $4,000
deposit class and therefore be pro-
tected from any possible losses
Walter j. Cummings, chairman of the
Federal Deposit Insurance Corporation,
and his staff. are completing the thou
sand and one details this week. The
task of getting the machinery into
running order by January l has been
q mammoth one Some said it could
not be accomplished. But it will be.
Examination of so many banks that