Evening star., 1924-08-09
BANK HEAD NOTES
SWEEPING CHANGES
Business in Washington Now
Good Throughout Year,
Says AiIes-Briefs.

"ashington's business in summer
has been revolutionized from the pre-
war days, and the National Capital
mas been changed from a nine-months'
city to an "all-year-round city" in
the opinion of Milton f. Allies. presi-
dent of the Riggs National Bank
Even the departure of Congress does
not now have an appreciable effect
IN slowing up business operations
here as it formerly did, Mr. Allies de
clared today, predicting that never
again would this city return to the
old days when. in the summertime
everybody moved OUT
IN the midst Of this hot weather
"hue there seem to be no great
strides of finance, business, manufac-
turing or commerce here. and no
great strokes of advance are being
made In sensational way, neverthe-
less, in the opinion Of Mr.. Allies. there
IS so much contrast between the
Washington of pre-war summers and
today as to be we'll worth noting.
The increase in population of the
city, with its increased demands, has
stimulated all manner of service for
that larger population. Motion pic
lures automobiles, building opera
tons, electricity, supply houses and
the heavier circulation of money nee
essary to carry on the larger activity
have given Washington, even in this
summer solstice. not only an appear
ance OF business, but the reality.
Bank ciearings prove it. The banks
know Il.
Despite the natural defiation of the
Governments war functions, il is APP
parent that the Federal Governments
demands now are much more varied
and of more quantity than before
This adds to the better Washington"
results.
Steel Contract Awarded.
Contract has been let by the Fed
eral-American National Bank to Bar
ber & Ross for the structural steel
of the banks new home, the founda-
struction at the corner of Fourteenth
and g streets. 1t is understood the
figure was in excess OF $4,000.
One American Railway Association
reports that class l railroads had in
storage on July 10, 7,l4l locomotives
crease in freight traffic, which always
comes in the fall of the year. This
constituted the largest number OF
serviceable locomotives in storage al
any one time since May 1922, and
was an increase of "a since July l.
Rate Lowest in L. Years.
The latest reduction of the rediscount
rate to 3 per cent by the New York
Federal Reserve Bank makes New
Yorks rate the lowest of the twelve
districts Minneapolis has the high
est rate at !. per cent RateS for
the other districts are: Boston and
Philadelphia Il per cent, and Cleve
land. Richmond. Atlanta St Louis,
Chicago, Kansas City. Dallas and San.
Francisco, 4 per cent.
The New York rate is the lowest
since the New York Federal Reserve
Bank came into being nearly twelve
years ago.
Business Trend Upward.
Dun's weekly review of business,
says the trend toward business eX-
pansion, though not general is dis
tinct. Gains made in July, which
marked the turning point in several
basic lines, have been extended in
certain instances, and the strength
ening of confidence is an important
phase. A reflection of the better SEN
timent. and a change from the pre-
vious attitude, is seen in a disposi
tion IN some channels to widen the
scope of operations, more inclina-
tion being shown to make advance
commitments.
Banker Plans Motor Trip.
Charles D. Boyer, cashier of the
Federal-American Bank, ani MIS-.
Boyer will start Monday on d motor
trip of two weeks through New Eng
land.