Evening star., 1933-12-31
BANK MORATORIUM
HELD 1888 CLIMAX
Adoption of N. R. A. Tempo
rary Code Also Vital Move
in Washington.
Continued From First Page.)

main in force for six months. after
which a permanent plan will go into
effect, unless amendments in the pres
ent banking act are adopted by Con-
gress before that time. Under the per-
manent Il deposits up to $4,000
are to be -. ected.
All member banks in the Federal Re-
serve System are included automatical-
member banks in Washington applied
for membership many weeks ago. Dur
ing the past few days payments OF the
first assessments have been made.
Washington bank depositors are
strong for deposit insurance. Little is
heard against the temporary plan
among local bankers But financiers
are strongly opposed to the permanent
law as it now stands. 1t makes good
bank management pay for bad bank
management, they say, which is un-
fair.
The Washington Clearing House As
sociation has had one of the busiest
years-probably the busiest year in its
history. Constant night sessions were
required during the bank moratorium
for the Interpretation, SO far as they
affected the banks here. of new rulings
that came out of the Treasury almost
every hour.
Bank interest rates have been changed
several times during the year, calling
for attention by the Clearing House As
sociation, while the check tie-up dur
ing and after the March moratorium
also placed a prodigious amount OF
work upon both officials and clerks.
The Clearing House Association has
been called upon to give much atten-
ton to the code situation and to ap-
prove the final draft. All in all, Chair
man H. H. Mckee and his official staff
will not soon forget 1888.
Scores of other important banking
matters, including the securities act of
1888, might be reviewed, but space pre-
vents.
Bankers in the Capital have been
held together closely through the Dis
trict Bankers Association, reference to
which is made elsewhere in this edi-
ton. The associations affairs this year
are under the able guidance OF George
o. Vass, a vice president Of the Riggs
National Bank.
Good Year on d. c. Exchange.
The Washington Stock Exchange has
enjoyed a satisfactory year. consider
ing general conditions. Trading has
been in fair volume, prices have held
we'll in most issues, both stocks and
bonds.
This years president has been c. j.
Gockeler. an official in the Hamilton
National Bank. The Exchange has been
shy on new listings during 1898, but
other Exchanges have faced the same
situation.
The Exchange will soon be trading in
the new Capital Transit Co. stock as
result of the merger of the Capital
way &: Electric Co. This consolidation
became a reality on December !. From
a public utility standpoint, it makes
1888 landmark year.
There have been but few changes in
local broker Offices during the past IL
months. J. S. Bache e. Co., New York
Stock Exchange firm. took over the
Meehan Office in the Washington Hotel
last February. More recently, G.. Bowie
Chapman withdrew as a partner in Har-
riman g. Co., and Ferry K. Heath be-
came manager of the Hartman Office
here. IT the same time Mr.. Chapman
opened a Washington Office for Laidlaw
& Co., another Stock Exchange house.
The Washington Bond Club has been
sailing along under the guidance of
Frank P. Morse. manager of Charles D.
Barney &, Co. The Ticker Clubs presi-
dent is Karl w. Corby, partner in w. B.
Hibbs & Co., while Thomas P. Morgan,
jr., has kept the wheels Of the District
Underwriters Association moving very
fast.
Trade Reports Favorable Here.
When completed. the years final fig
ureS on retail trade in Washington will
show a wonderful pickup during the
earlier in the year when comparisons
were made with like periods in 1882.
November retail business was less than
| per cent Under the same month year
ago. December is expected to be well
ahead of December, 1882.
The great increase in the population
Of the Capital, until there are nearly as
many people here now as in World War
days, has increased buying power stead
lily for months. The Civil Works Ad-
checks proved another big
YJuetide factor. General increased con-
fldence looSened up many other purse
strings until the grand result made the
rejoice
And what of 1894? Bankers look for
the present improvement to continue
Momentum developed by the Govern
ment'S ever-Widening recovery policies
should carry far into the new year.
Leading banking, business and trade
barometerS reveal definite uptrend
AS one economist says, There is still a
long economic ladder to be climbed,
with many small steps,"