Evening star., 1939-11-27
Business Activity
Facing 1910 Test,
Bank Survey Says
Some Letdown EurIy
In Yeur Forecast
In A. B. A. Review
By EDWARD C. STONE,

BUSINESS continues al ROOO
level" says the official November sur
vey of the American Bankers Associ-
alton, 'but the test will come after
the first of the year. Experience
and, to some extent. statistical EVIL
dence indicate that the autumn and
early winter pace will not carry very
far into 1910.
WAR buying may provide some
thing of cushion, but any period
of recovery that has progressed as
quickly as this one will need a little
while to catch its BREATH" the sur
vey continues.
The real basis for advance is still
domestic demand, particularly for
capital goods. Railway equipment,
plant expansions, new construction,
increased automobile output and or
ders for new machinery are keeping
the steel mills going at high rate.
Most purchasers are asking for early
delivery, indicating that this is not
a case of buying up supplies in an
ticipation of higher prices"
The survey adds, however, that
business is getting back to sober
reality after an attempt to concen-
trate on the war and forget about
the skeleton in the closet, case of
out of sight out of mind"
The publications cross index of
business opinion shows a slight de-
cline from that of the previous
month. Of the bankers polled, 81
per cent said that business was get
ting better, % per cent found con-
ditions about static, and 10 per cent
reported decline. In the previous
month, IS per cent said business di-
rection was up, 26 per cent reported
steady level, and 9 per cent re-
ported a downward trend.
Bank Assets Reach New Peak.
Assets of the Nations national
banks on October were the highest
in the history of the system, totaling
S34 $4,000, the controller of the
currency announces.
This represented an increase of
81 ,504 ,098, 900 over the assets reported
on June 80, last, and an increase of
S3,973. 100000 over the figure at end
of September of last year.
Total deposits, amounting to $780,
$50 ,693 900, were also higher by ST.
511 224,0O0 than the deposits report
ed on June 30, last, and S3,876,ol2.-
600 more than in September last
year.
Total loans and discounts as of
October were S8,764 1876 900, the
controller reported. This represented
an increase of S1904 100000 from
June and an increase of S465 ,592 900
from September, 1888.
Mead Bill Delay Predicted.
The latest Mead bill for small
business loans is receiving strong
administration support, and officials
are planning to seek special consid-
GRAFTON for it early next session.
However, because of an unusual situ-
alton which exists on Capitol Hill
regarding banking legislation, in
which category the small loan issue
has been placed, says the Wall Street
Journal, there is likelihood that all
measures in this field will be delayed
until 1941.
The Senate Banking and Cur
rency Committee was directed by
the Senate to conduct broad study
into banking and credit with a view
to determining governmental policy
and recommending legislation to
carry the policy forward. Senator
Wagner, chairman of the committee,
specifically included the small loan
proposal as part of this broad study
some time ago. This study with the
necessary public hearings, it is be-
Ieved, will take all of the next ses-
sion, which would delay actual bank
ing legislation until the 1941 Con-
gress
New Clubs Open Thursday.
The 1910 Christmas Savings Clubs
will be opened by Is Washington
banks next Thursday, November 30,
1t was stated in the financial dis
trict today. These clubs are launched
every year on the last day of No
vember, the date this year falling
on the second Thanksgiving Day"
Within the next 10 days the banks
In the Capital will distribute be-
tween s4,500,00O and S5,OOOOOO in
Christmas Savings Club funds to
this years members. This Yuletide
money will go to 10000 members and
will be an important factor in the
volume of holiday trade in the
stores.
Bankers predicted today that the
1910 clubs will have at least as
many members as the 1899 clubs
registered. Owing to particularly
favorable economic conditions here,
1t is forecast that the amount sub
scribed will exceed the record at
the beginning of 1899. On account
of the bookkeeping involved, a few
of the banks will not maintain clubs
in 1910.
Popularity of the clubs in subur-
ban banks spread rapidly in 1899
and is expected to go much further
next year.
Financial District Comment.
The auditors section of the Dis
trict Bankers Association will send
a large delegation to the 8tn Eastern
Regional Conference of Bank Audi
tors and Controllers to be held at
the Emerson Hotel, Baltimore. April
18, l9 and 20 The program is now
being developed.
Oscar A. Thorup. manager, and
the staff of Remington-R Inc,
opened for business today in new
and much larger quarters at 1915 L
street NV. The Washington office
has been at Thirteenth and F streets
for many years.
For the first time in history. New
York Stock Exchange quotations are
being broadcast daily by short wave
to the Far East. Exchanges in
Manila, Shanghai. Hong Kong and
elsewhere have installed receiving
sets. Business in stocks and COM
modities has shown a sharp increase.
Many Washington shareholders in
Radio Corp. of America common
stock will participate in the 20-cent