The Washington times., 1925-09-16


1T is impossible to view the inn
mediate future of business III
Washington with anything but sin
cere optimism, declared William
r. Baum, vice president of the
Mt. Vernon Savings Bank. today.
I'm the first place, it is a quite
obvious fact that the general con-
dition of the country has never
been better than it is at present
Take the one fact of the tremen-
dous expansion of the banking
power of the country .Ilone.' said
Mr.. Baum, land we find that the
combined. resources of the banks
and trust companies of the United
States exceed sec, 200, 100000. 1t
is hard to conceive what this means
in the way of Industrial and finan-
cial possibilities. Certainly it indi-
Gates a very solid basis for the
belief that the country is financial
Iy sound and that business is NOV
ing forward with a clear track
ahead. q
I'm making predictions in regard
to this city and its in1m adiate bust
ness future we must take into
consideration, however, not only
the general banking situation
throughout the country and, espe-
ciaIly, in Washington, but many
other factors which influence husi-
ness here independently of condi-
tons which apply in the greater
industrial centers. and the agricul-
tural sections. Washington occu-
pies a unique place as city.
1T has few of the elements
which enter into and determine the
business advancement or retrogres-
sion Of othernarge cities. However.
it has something which is lacking
in all other cities and that is the
stabiliZing Ninfluence of the great
Government payroll.
Regardless Of business slumps,
OF Industrial slumps, or agricultural
sIumps which affect other sections.
Washington business can never fall
far below normal. because of the
constant and regular outpouring of
Government funds in the shape of
salaries.
While the Federal disbursements
are a commercial stabilizer, they do
not, however, constitute Washing
tons sole source OF business supply.
There is a constantly growing popu.
lation of business and professional
men here. Representatives of great
corporations. of educational move
ments. of institutions of various
kinds, which are establishing head
quarters at the National Capital.
To those must be added the increas-
ing number of citizens who are
maintaining winter homes here. 1t
is surprising what large part of
the population Of the city is in
cluded in these classes and their
buying power must be. considered in
relation &c any local business survey
1T has been said that Washing
ton can never be a great industrial
city, and that, therefore, its bust
ness expansion is more or less
limited. / agree tO//this. in part.
1t is not desirable that Washington
Become an industrial center, nor is
industry on large scale necessary
to its growth.
THE past twenty-five years have
amply proved this. But that there
is any limit to the business expan-
sion of the city, ! believe, is a
mistake. Business will grow in
Washington just as fast as the in
creasing population demands eXpan-
sion in our commercial life
That the population of the city
will steadily increase cannot be
doubted. The development of the
whole country is progressing today
faster than at any other period in
our history and, as the nation
grows. so must Washington grow.