Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-01
BY 1. A. FLEMING.

There is such thing as setting TOO
fast pace, in business, manufacturing
of all kinds, crop raising and every
form of human endeavor. 1t is the
killing pace that causes the slowing
down and necessitates the repairs and
oiling with subsequent delays that while
they annoy and are oftimes expensive,
are nevertheless necessary to rest and
regeneration.
This is just what has happened to
the business situation, broadly speaking,
as 1t exists at the present time and has
for many months. The pace of 1929 in
business, in securities, in banking and
industrial manufacturing was too fast
last year, and with the surplus produc-
ton and decreased earnings of our cor
porations the declines and dizziness fol-
lowed
That old advice, TASK your banker"
so frequently recommended by bankers
and the public press doesn't stand good
for these days, for the authorities
themselves are up a tree"
Bankers are having the hardest time
they have had In recent years to keep
their own money employed, so limited
lis the demand There is little or no
borrowing demand from the usual COM
mercial sources, collateral loans are
even less numerous, while the uncer-
tain character of the security markets
has suggested savings banks for safety
and interest until such time as the
conditions now prevailing shall have
given place to better times.
Recuperative Power.
This country has frequently suffered
from just such setbacks and has just
as frequently. shown its wonderful re-
Operative ability Therein lies the
belief that one of these days the situa-
ton will clear UP. and that before long.
Just at present we are in a cycle of
depreciating values. One-fifth of
American labor is idle and consump-
tive power Is materially lesSened. Forty
per cent Of the building trades are idle;
in this district the percentage is even
greater.
Easy money should help If once a
push is applied to business, for with
per cent money on call going begging
from day to day, 1t ought to coax i'm
provement itself.
The District of Columbia Bankers
Association is at the period of its great
est usefulness to the membership. 1t
has minimized the evils of banking;
1t has established a social unity and
a personal friendship such as does not
exist in any other city in the country.
Before the week is ended the twelfth
annual convention of the organization
will have practically completed its
business. The convention idea, spon-
sored by the younger men of the organ
ization and pushed to success against
some opposition, was the greatest
movement ever inaugurated for the
benefit of the association.
Almost of co-importance with the
conventions are the weekly luncheon
gatherings of bank officials. Last We'd
nesday 80 bankers were present. At
every session the better part of an
hour is given over to the discussion of
problems that members may offer for
consideration. The luncheon group is
really the heart of the association.
Joshua Evans. jr, executive vice
president of the District National Bank
and who will succeed r. N. Harper, the
organizer and only president the bank
has ever had with the advent Of July,
claims the credit of suggesting the
luncheon meetings and his claim is. not
disputed.
Has Good Record.
Joshua Evans, jr., who is to head the
District National, July /, has a long
and honorable record as a banker in
Washington, spent in the service of the
Riggs National Bank, from runner up
the official roster to the office OF vice
president 1t is only during the last
few years that he has been with the
District National, and soon he will step
into the chief office of million-dollar
national bank, following one of the
best known and able bankers in the
Southern section.
Street Railway Situation.
One time high-grade, high-priced
Capital Traction Co. that has served
Washington faithfully for, 10 these
| many years, is in deep trouble, its earn
ing power seriously impaired, further
reduction in dividend apparently I'M
avoidable and its shares selling at a
price that at least seems to reflect the
/ damage-at least so far.
Our Public Utility Commission turned
a deaf ear to the pleas for higher prices,
/ Congress could not hear any better
! when the merger plea was advanced
! passenger carrying business just as
! seriously as might be expected when
| the thousands of passenger cars run
ming UP and down our streets are given
| consideration.
A new, and what promises to be
| serious competition, has arisen in the
advent of the 35-cent taxicabs that
| have recently entered in competition
,, for a share of business and are SEEM
| ingly getting 1t.
| These taxicabs are doing a very large
business and the reports of the pas
senger carrying and earnings from the
| Capital Traction Co. for the past month
must show a further reduction.
| Business for the taxi companies while
large, may not be profitable. In other
words, 1t may be the "jitney' COMPETE
| ton over again. The nickel gatherers
did well until repairs, new tires and
new cars were needed and then they
faded out. e