Evening star., 1933-11-27
BUSINESS SPOTTy
FOR RESERVE AREA
Richmond Bank Expects Gain
in Retail Sales With
Jobs Increasing.
By EDWARD c. STONE.

By EDWARD c. STONE.
The Federal Reserve Band of Rich
mond reports that business in the fifth
district was spotty last week. With
both Thanksgiving and Christmas rap
idly approaching, the cooler weather IS
expected to bring about Improvement in
retail trade this week. and the recent
increase in employment is certain to
be reflected in a short time. In WASH
inqton some S45O0,000 in Christmas
savings funds will be distributed by the
banks within a week
The latest report from Dun & Brad
street. covering the whole country is
unusually encouraging. The quantity
If merchandise moved reached the larg-
est volume of the Fall season, the re-
port says. and the demand is constantly
spreading The review adds:
While il was in the wearing apparel
lines for both men and women, dry
goods, piece goods, sweaters, blankets;
flIr garments. Winter hardware and
automobile accessories that the most
sustained activity was in evidence, the
buying Of Christmas merchandise pro-
vided no small augmentation to the
rising sales totals, most of which are
progressively in excess of the compa-
rative figures of 1892.
Most of the retailers are displaying
merchandise earlier than usual this
year. because OF the latensss of Thanks
giving, and tCy and gift departments
already are in operation, with store ad-
vertising stressing the advantage OF
carly purchases. because Of the diff
Guilty of maintaining current prices on
recorders.
With the good results thus far re-
corded. and with the peak OF the hoE-
day buying still ahead. conservative
estimates place the Christmas volume
at the highest figures in three years.
In many family groups. the first real
Christmas since 1929 VIII be enjoyed
this year.
O'Connor Secs Banking Gains.
Controller j. F. T. OConnor declares
that the general banking situation all
over the country is showing definite and
steady Improvement Much of the
public uneasineSS regarding banks in
general has now been Qissipatcd, he
asserts.
Controller O'connor, in an address
before California bankers. stated that
en- November II the amount of frozen
assets tied-Jp in national bank3 whose
future status Was then undetermined,
amounted 10 only O.42 per cent of the
aggregate OF all deposits in all open
State and licensed and unlicensed ma
tional banks.
On the same date frozen deposits in
I'll national banks with unapproved
plans amounted to 0.79 per cent of all
deposits in all licensed and unlicensed
national banks throughout the country,
the controller edded.
The ncw banking act, he said, has
many constructive reforms and has
eradicated many evil practices. 1t is
now illegal fCr national banks to pay
interest On demand deposits.
This Ubiquitous practice grew up
cut Of competition between banks. 1t
was unsCund in principle and its
elimination is gratifying to all the
friends of a sound banking system.
The elimination of interest on demand
deposits will save the banks many
millions CT dollars. The total amount
paid during the past five years by
member banks on demand deposits
vas $3.50 .242 900, making an average
CT S2E6,O48,500 per annum," said the
controller.
Erc.icrs Seek SoE-ReguIa.ion.
In a letter addressed to members
Frank r. Eope. president of the Asso-
citation of Stock Exchange Firms and
chairman C1 the special committee of
five which Will sit with the Law Com
nllttee CT the New YORK Stock Exchange
IS asking brokers to cooperate in the
current discussion of the problems of
the brokerage business. 1t is felt. the
letter states, that the benefit of all
members views should be obtained and
a -l l-FI 70
tons Many members of the associa-
ton believe that the present time is
propltious for correcting any flaws in
brokerage machinery which may exist
with the thought of forestalling Federal
regulation or demand for reforms.
In addition to Mr.. Hope the special
committee is composed of Gayer G..
Dominick, EdWard Allen Pierce John w.
Pyentiss and Henry Rogers Winthrop
The committee was appointed By the
asso 2iation two weeks ago on the invi-
tatlon OF Richard Whitney, president of
tie New York Stock Exchange
Some Of these same men are men,
bcrS Of the committee named last week
to work On the Stock Exchange N. R.
A code. of which w w. Spaid of w
B. Hl6bS & Co. Of this city is also a
member.
Good Day on ID. c. Exchange.
Trading started the week off well on
the Washington Stock Exchange today.
Opening sales were in Potomac Electric
E per cent preferred, which sod in small
lots at 1924 and 100. The corpora
tons 5l2 per cent preferred came out
at 1c4i2, also on sman-lot sales
Lanston Monotype gained point
during the session. The first sale was
r1o6n d. orH n1rcipn 10 - II
both small lots. Mcrgenthaler Linotype
also appeared on the board, three sales
being recorded at 23s4. Capital Trac-
tion opened at l3 and closed at 1875 on
a 25-share turnover.
In the bond division Washington
Gas 5s, 1858, registered a $1,000 sale
at 16 and $500 sale at 7613 Capital
Traction IS opened with $500 selling
at 57l2 and closed with SO, SEQ moving
at STA
Heard in Financial District.
In order to handle pay checks for
unemployed who have been given Jobs
by the Federal Civil Works Admins
tratlon. the Treasury Department ex-
poets to add 1G00 employees to the
Treasurer's Bureau to handle and clear
the millions CT monthly disbursements
The Childs Co., restaurant chain, has
applied for licenses to sell wines and
liquor in % of its New York eating
places. This marks a new departure
for the company
In the belief that the subject of in
surance of bank deposits is of vital
concern to shareholders of a bank, the
Bankers Trust Co. in New York has
sent all its stockholders copies of the
analysis of the plan recently published
by the Association of Reserve City