Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-11

collateral. In 9TH B;
er cities many of -
these bureaus are George r. Suter.
connected with the
clearing house associations. Loca
bankers, however, felt that such an or
ganization would function better as
part of the Bankers Association.
President Robert V. Fleming OF tn
Bankers Association will appoint
committee in the near future to put TIL
new plan into effect. Headquarters vii
be at bankers headquarters and a bu
reau manager will be selected later.
The council of administration of tn,
District of Columbia Bankers ASSocia
ton meeting yesterday, decided the cuI
offered by /. A. Pop" Fleming for thu
golf tourney in connection with thu
association convention at Montaul
Point, Long Island. N. Y, June 20-23
should be competed for by active OH
GERS of member banks only.
Young Banker Manages Branch.
One of the youngest bank officers ir
Washington is manager of the branch
of the Franklin National Bank at I'LL
Connecticut avenue northwest. He Is
George r. Suffer- The young man was
born in the Capital, attended the public
schools including Business High School
later taking courses in the American
Institute of Banking.
Suter started his banking career In
1922 in the Northwest Savings Bank,
then presided over by Francis M
Savage When the savings bank was
taken over by Riggs National Mr.. Suter
remained there under the new manage
ment until the middle of 1924 when he
decided to leave the banking business
and try his fortune in the insurance
field. 1t took him only few months
to find out that he much preferred
banking to his new venture and con-
seouently secured position in the main
Office of the Franklin National.
Two years ago he was placed ir
charge of the Connecticut avenue
branch and in January of this year was
elected an assistant cashier. The Of
fees are being completely made over
and doubled in size and will be opened
to the public SOON. Business is now
carried on in adjoining temporary
quarters. The officers of the bank re-
port that rapid business growth in this
part of the city forced them to plan
the enlarged facilities.
Check Payments Under 1928.
The volume Of money turnover during
the week ended May 4, as indicated by
check payments, was larger tlnn in the
previous week. but smaller than a veal
ago, according to the Department d
Commerce. Steel plant activity ad
yanced from both previous periods.
Output of crude petroleum during
the latest reported week was smaller
than for the previous week, but larger
than during the corresponding perioc
of last year. Output CT bituminou'
coal showed gains over both priol
periods. Lumber output, although un-
changed from the preceding week. was
greater than in the corresponding week
of 1923. Primary distribution Of goods
as indicated by car loadings. was {
per cent greater than a year ago.
General level Of wholesale prices
showed no change from the previous
week, but was lower than a year ago
Prices for IRON and steel likewise
showed no change from the previous
week but averaged higher than year
ago. Cotton prices also remained al
last weeks level but were lower than
for the similar period of last year. Bus
mess failures were smaller in number
than in either the previous week or g
year ago.
Receipts of hogs at the principal pri-
mary markets during the week ended
April 81 were greater than a year ago
Wheat receipts during the same week
showed a decline. from. last year. Cattle
receipts were smaller than year ago. a.
were also receipts of cotton.
Heads Building Association.
Thomas P. Brown, director of Liberty
National Bank, was elected president Of
the Mutual Serial Building Association
at recent meeting of the board of di.
rectors. The association is one of the
Oldest in the city, having been organized
in 1892
Bank CIearings Show Gains.
Bank clearings in Washington for tht
week ending May totaled So, o52. 0O(
in comparison with $29, 92l 900 for the
previous week and an increase of 81
per cent over the corresponding week q
year ago.
Bank clearings for the country as a
whole revealed falling of from both
ing period last year, although the de.
creases were comparatively small.
Outlook for Summer Business.
Business activity normally reache.
It's peak in late March or April, accord
ing to the United Business Service
This year two of the most important
industries. automobile and steel, have
both continued to expand past theil
usual peak periods and are still going
at top speed. 1t is entirely improb.
able, however, that they will continue
at these abnormally high levels through
the Summer mont
Building, after the constant increase!
for number of years, is now substan
TALLY off from last years figures. Com
modify prices, especially farm products
have fallen enough to curtal seriousl.
farm buying power later in the year.
The money and credit situation i
disturbing not only here, but abroad
where central banks have advanced
their rates to protect their exchanges
That will curtail purchasing power ant
hurt our export markets and pull fund
away from New York.
Yet the Federal Reserve Banks pos
sess an ample supply of unused credit
II a moderate depression develops dur
ing the next few months, this can b
checked by substituting a policy o
credit expansion for the tightening pol
icy that has been followed since tn
first of the year.
It seems, therefore, that while tn
normal seasonal slackening of bushes
must be anticipated and prepared fol
there is no reason to anticipate an
exceptional decline of industrial actiV
ity or trade.
e.. It will be we'll to remember. however
that recession is likely to appear NOR
severe than 1t really is by compariso
with the unusual burst of activity whic
has been experienced during the pa:
Winter and Spring.
Heard in Financial District.
The Federal Reserve Board reporte
here today that the Chicago ReserI
Bank made no change in its rediscour
rate of 5 per cent at yesterdays meet
ing.
Several local bankers are severe
their criticism OF the way in whic
the cell money rate has been manipt
lated in Wall Street during the pa
week. IT. is believed tNat supply al
demand have played only small pa
fad ra