Evening star., 1933-11-28
D. {. MEN PLEASED
BY TRADE UPTURN
Bankers and Brokers Point
to Advances Reported
- in November.
BY EDWARD C. STONE.

bateSG ISpOl 10 ollO" lAAoS SASSeAN
power production has turned sharply
upward, lumber orders have increased
so rapidly that they are now said to be
above output. The general trend of
stock prices has been upward during
recent sessions and the bond market
also has displayed more strength.
Bankers also call attention to the fact
that November retail sales are running
ahead of the same period in 1882 and
that approaching Christmas business Is
bound to make this showing still more
far reaching. In other words, the de-
clines IN business of some weeks ago,
when the improvement was too rapid TO
hold, has been checked and converted
into an upswing. Along this same line
Standard Statistics makes these inter-
esting comments on general business
conditions:
Favorable Factors Noted.
Zone of the most favorable factors in
the recent business picture has been
the substantial improvement in retail
trade Thus far this month dollar
volume of sales has reattained level
above that of year earlier. In the
New York area preliminary estimates
place the total for the initial half OF
November % per cent ahead of the like
1882 figure. Gains in other sections
have been generally more impressive;
IN fact, based on reports from mall
order houses, sales in agricultural Sec
tions are recording gains ranging up to
10 per cent under the impetus of in
creased farm income.
Business as whole is showing con-
siderable ability to ignore the upheaval
in general finance. the increase in buy
ing power of recent months being util-
lied for consumptive purposes with little
heed of abStruSe monetary questions.
From this standpoint the volume of
activity probably can be regarded as
close to minimum. Any further de-
cline undoubtedly would originate only
from definite curtailment of purchas-
ing power.
Influx of money into the farm re-
gionS, through Government payments,
normal crop receipts and other sources,
is of particular Importance at this time
and should contribute stimulating in
fluence to general business over the
remainder of the year the weekly re-
view says.
Forster With Hamilton Bank.
Warren b Forster, who PLAYED an
AiPOl lOIC III l4iC VI 5dA4lLol4OlL VI
the Hamilton National Bank, has now
become permanently connected with the
institution. 1t will be recalled that he
was recently elected vice president,
with tee understanding he would devote
the major part of his time to credit
matters. Following a brief vacation, he
has assumed his new duties. This is the
second Hamilton National Bank with
which he has been associated as he was
with the New York Hamilton institution
in 1922, remaining there for three years.
He went to the Reconstruction
Finance Corporation after experience
with several other financial institutions.
As an official of the R. F. C. Mr.. For
ster was assigned especially to the Or
ganization of the new bank. so is eXcep-
tionally familiar with the institutions
problems and set-upS. Although only 81
years old, he has served as a director in
27 corporations.
Born in Washington and a graduate
of Harvard, Mr.. Forster got his first
financial experience with the Guaranty
Trust Co. of New York. He fitted him
self for United States foreign service,
but decided he preferred a banking
career.
Will Work on Banking Insurance.
Washington bankers were much in
terested in the report that Tom K.
Smith, president of st. Louis Bank,
is to be an adviser in the Treasury.
1t is understood that he will devote
considerable time in working out the
remaining problems in connection with
bank deposit insurance, which goes into
effect on January /. He is also eX-
pected to give a part of his time to
examinations of R. F. c. bank stock.
Mr.. Smith received in 1882 the ST.
Louis award for most outstanding serv-
ice during the period. During the war
he was vice chairman of the Liberty
Loan organization for the eighth Fed
eral Reserve district. He now is a
member of the ST Louis District Ad-
visory Board of the Reconstruction
Finance Corporation. Mr.. Smith is ST..
He was graduated from University
of Missouri in 1904 and became vice
president of kaufman, Smith & Co.,
investment bankers, which firm was
consolidated with Boatmen's National
Bank in 1929. Mr.. Smith then was
appointed president of the bank.
Traction Bonds Lead Exchange
Capital Traction bonds were leaders
on the Washington Stock Exchange in
quiet session today
The first sale was $500 transaction
at 57L: After call these bonds ad-
at So, and 81 900 more at 5Sl4, up full
point on the day.
Washington Gas Light SIS. 1858, also
appeared on the board, a single 81 900
sale being recorded at 77a4. This was
lower than yesterdays close
In the stock division, Potomac Electric
Power 5i2 per cent preferred came out
in two small lot sales at 10412. eX divi-
dend.
The Potomac Power stocks, Railway &
Electric issues and Lanston Monotype
are all being quoted ex dividend. divi-
dend payments being due in few days
Heard in Financial District.
Eighteen Washington banks will open
their 1884 Christmas Savings Clubs to-
morrow, the last business day of No
vember. Final details for advertising
these clubs in the bank lobbieS we're
completed today.
Red Cross membership receivers in
the Washington banks report that the
response to the annual drive has been
very gratifying so far. The number of
memberships is now expected to exceed
the total of last year.
Wholesale commodity prices were de-
cidedly lower last week, the National
Fertilizer Association reports as its head
Office here. The index declined 10
points, the largest loss in several weeks
The Midwinter Trust Conference of
that division of the American Bankers
Association will take place in New York
on February l3, IA and Is, according
to word received here today. Trust
officers in the local banks always at
tend these sessions.
The Virginlan Railways earnings for
the first 10 months OF the year are
equivalent to $304 on the common,