Evening star., 1934-11-17
OUTLOOK BETTER,
D. c. BROKERS SAY
Trade Gains Cited as One
OF Chief Reasons for
More Optimism.
BY EDWARD c. STONE.

More cheer has been noted in Wash
ington brokerage houses during the
past week; the opinion has been fire.
quently expressed that the tone of the
stock market is better and that quota
tionS are more likely to work higher
than lower during the rest of the year.
The market, however, is still conSid-
cred extremely Selective.
Unusually favorable retail trade re-
ports are assigned as one reason for
the better feeling. November reports
have tailed with the October figures
which revealed that department store
trade, mail order business, chain store
and individual store sales were not
only much better than last year but
also making further gains week by
week. This improvement is now ex-
pected 70 continue during the holiday
season.
Since the election, when the New Deal
got such widespread support, the at
tendance in the broker Offices here has
expanded a good deal This must be
true elsewhere as the volume of trad
ing on the New York Exchange has
increased materially No doubt this
increased interest in stocks and bonds
is one of the main reasons for the
optimistic turn noted in the past few
days.
The surprising growth in renovizing
loans here and elsewhere is also prov
ing boon to business that was be-
lieved impossible several weeks ago.
New construction figures are also
mounting.
October construction was the highest
since March, though per cent under
year ago. Of special significance is
the % per cent rise in residential
awards, and the Al per cent gain in
non-residentlal construction over last
year. Public works and utility awards
were 80 per cent smaller than a year
ago. In the first nine months of 1884,
construction activity has shown Suf-
flclent Improvement to require cement
shipments of more than so per cent
over last years total in 18 States, ac-
cording to Business Week.
Gov. Eccies in Office.
Local bankers are naturally greatly
interested in Mariner S. Eccles, who
took the oatn Thursday afternoon as
governor of the Federal Reserve Board,
succeeding Gov. Eugene R. Black, who
resigned to resume his duties as head
of the Federal Reserve Bank at Atlanta.
Gov. Eccles is A. much younger than
the Reserve Board governors who have
preceded him. However, he has had
wide experience in both banking and
industry.
He inherited vast industrial and
banking enterprises from his father.
Leading financial institutions in Utah
and Idaho, with resources in excess
of $50.000,000 and at which he was
the head at the time the depression
started, came through the banking
crisis in excellent condition, reflect
ing great credit on his ability as
bank executive. Since coming to the
Treasury last January, Mr.. Eccles has
given up all his banking connections.
After Tom K Smith left the Treas
ury, the new Reserve Board head
was Treasury co-ordinator with the
Reconstruction Finance Corp, Fed
eral Deposit Insurance Corp and
the Federal Reserve System. So he
already knows a lot of practical
things about his new job.
He has ha' much to do with the
Home Owners Loan Corp, Farm
Credit Corp. and Agricultural Ad-
Justment Administration. He rep
resented the Treasury in the develop
ment of the housing act and has
been a special advisor to the Pres
ident on foreign trade. AS banker
himself. he has & sympathetic ap-
probation and understanding of their
problems. He says that from the
first the Government has been out
to aid and restore banking confidence,
adding that many new problems re-
quir" a fresh viewpoint. That is
the viewpoint he will apply to the
Reserve Boards problems.
d. c. Bankers Study Loans.
At a special meeting of the Dis
trict Bankers Association held last
night in the board room of the
American Security & Trust Co.,
methods of increasing loans were
given careful consideration.
The bankers listened to a most
informative address by j. Howard
Ardrey. deputy administrator of the
Federal Housing Administration, on
titles and 3 of the Federal housing
act.
The general information regarding
the operations of titles 2 and of
the Federal housing act, is being sent
out by the Housing Administration.
Blanks on which the lending insti-
tutions will make formal application
for approval as mortgages and the
blanks on which mortgagors will make
application to such mortgages for
loans on properties will be issued this
week
After an informal forum discus
sion of the housing act, buffet
supper was served There was a large
attendance, President Siddons being
in the chair 1t is hoped the meet
ing will result in the further expan-
sion of bank loans here, thereby
taking up the slack in the employ
ment of idle funds.
Following complete discussion
of the subject, which is more or less
involved and is more of real estate
matter than a banking matter, the
association passed the following reso-
luton:
Resolved: That the member banks
of the District of Columbia Bankers
hooOIAdIlOll SO-OpSl dtC Wy SAJlOI Al5
the possibility of Titles 2 and 2 of the
national housing act and advise the
associations president as soon as pos
sible of their decision as to their
making applications to act as a mort
: gagee,"
The question of acting as mortgages
is one that has to be decided by the
board of directors, of the Executive
Committee of each bank, representa-
tives at last nights meeting not hav-
ing the power to make final decisions.