Evening star., 1933-01-03
BUSINESS CHARTS
| NOW MORE STABLE
Federal Reserve Agent Finds
4 Downward Curve Has
Il LeveIed Off.
BY EDWARD G. STONE.

pointed out. The depression. he says,
continued progressively during the first
ftwo-thirds of the year, but about the
beginning of September the descending
s:scurves on business charts began to level
of, and in few lines of trade and in
dustry turned slightly upward. On the
whole, these moderate gains were MAIN
tanned until the end of the year, With
the result that some annual statistics
when compiled will show up better than
was indicated in the first half of the
year.
After the first quarter Of 1882, bank
failures in the fifth district declined
sharply, but commercial failures con-
tinued in large numbers. Some prog
resS Mr. Hoxton reports, was made in
overcoming boarding after bank fall-
ures were checked and considerable
volume of funds was added to circula-
tion during the closing months OF the
year from other sources than banks.
Textile mills rather suddenly increased
their operations during the late SUM
mer when it appeared that this years
cotton crop would be much smaller
than the yield of 1881, and. although
the crop turned out considerably larger
than early-seaSon estimates, the mills
held to the scale of operations estab-
hshed in August and September. In
textile sections, the increased activity
of the mills and larger pay rolls was re-
fiected in improved business in many
other lines, especially in retail trade.
Employment did not improve during the
year except in a few scattered INDUS
tries, but on the contrary. the number
of unemployed persons slowly increased
Extensive Road Work Planned.
Building declined still further in the
fifth district in 1882. especially IN city
construction, but road and highway
work continued at about the usual rate
and in the closing weeks of the year
plans were made for extensive roao and
bridge work as a relief measure. Agfl-
cultural Yields turned out much worse
than yields last year, and the price level
for farm products failed to advance IN
keeping with reduced production, thus
further reducing the purchasing power
Of the rural population.
Examining specifically the develop
ments in the Fifth Reserve district pc
tween the first of November ana the
middle of December most OF them ap-
pear to be seasonal i'll character, the
Richmond bank official adds. ReolS-
counts for member banks at the Fed
GIdl FGSeING bdllh Vi AN1AAAAiSAAN ~
creased moderately between November
Is and December Is, and member bank
reserve balances increased.
There was an increase in the volume
of Federal Reserve notes in actual cir
culation, a normal development at this
season when holiday trade increases the
need for currency. Reporting member
banks reduced both loans and invest
ments between the middle of November
and the middle of December, and their
deposits also dropped slightly during
the month.
Debts to individual accounts figures
in five weeks ended December IA failed
to show normal seasonal increase in
comparison with debts in the preceding
five weeks ended November 8, but, on
the contrary, declined 2.5 per cent.
Tobacco markets in North Carolina
and Virginia sold much less tobacco
in November than in the same month
last year the decrease being due in
part to later opening of some markets
this year, but chiefly to a much lower
production in 1882 in both States.
Average prices realized by growers last
month were moderately higher than
November, 1882, prices and the quality
of tobacco sold was also slightly better,
says Agent Hoxton.
Washington Office Opened.
Edie- Davidson. Inc, investment coun-
sci and economic consultants. announce
the opening of an Office in Washington
in the American Security Building,
under the direction of Winslow v. Van
Devanter, vice president. Mr.. Van
Devanter formerly was manager of the
Washington Office Of the Guaranty Co.
Of New York. He is also former presi-
dent of the Washington Bond Club.
Charles S. Conner, since 1899 man
ager of the American Type Founders
Co.'S Baltimore office, has resigned in
order to take rest. He has been
actively connected with the business for
over so years. He has been a director
of the company for nearly 35 years.
being elected in 1893. and serving in
that capacity until 1923.
w Seton Kent, who is manager of
the companys Washington branch. will
take over the management OF the Balti-
more house, located at 109 South Han
over street. He will divide his time be-
tween the two offices.
Four Classes of Savers Noted.
Thomas j. Groom. vice president and
cashier Of The Bank Of Commerce &,
Savings Ii ldQlD dGO1cSS last eve
ming placed Christmas savings club
members in four classes.
The first group consists of those who
make one deposit and then abandon
the idea entirely. The second group in
cludeS those individuals who, with the
same intentions, open a Christmas saw
ingS account, make regular deposits for
time and then drop by the Wayside
Their New Year resolutions lasted
longer, but eventually succumbed to the
same influences that worked havoc with
the first group.
The third group are the spamodic
savers. They deposit when the mood
seizeS them. They have no fixed plan
or budget They pay few weeks ahead
of schedule, or a few weeks behind
They save what they do not spend
They may reach their goal in the course
OF time, but it will be by spasmodic adj
vaneest rather than steady plodding
They jump rather than walk They
need a steadying hand TO keep them
doing the things they set out to do
The fourth group ennbodies all that
Is desirable and wholesome in the
Christmas savings idea. These people
save systematically and continuously
They join the Christmas Savings Club
agreeing with themselves that they will
lay ASIDE certain sum Neekly-and
DO. 1t. They need no prodding They
40 exactly as they contemplated. They
have set goal and intend to reach
it. Christmas finds them with a sub
stantial sum in hand, but more than
that, an achievement accomplished.
20 this class are these who subscribed
to Liberty bonus-and paid for them,
they meet their bills when they are due
If they assume an installment mortgage
they pay it according to its terms. They
plan ahead and carry cut their plans
They get ,ahegd-not spasmodically, but
step by step. each step sure and in tht
right direction. They do not specu.
late. but. save They build their for.
tune by the bricklayer's process The,
do not aim 70 get rich quickly, but III,
timately, they do!
Today's Trading on Exchange.
The new year started off quietly OF
the Washington Stock Exchange, witt
-