Evening star., 1933-06-15
BIC D. c. GROWTH
.FORESEEN BY POPE
Retiring Chief of Bankers
Association Expects Fed
eraI Expansion.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
c. H. Pope, who has just retired as
president of the District Bankers As
sociation, believes that business and
banking in Washington are not going
to suffer permanently by the Govern
n1ent's economy policy: that the city is
facing steady growth in population be-
cause of the creation of new govern
mental activities, and that trade aSso-
Citations of national Importance are
going to be more and more represented
here.
The Reconstruction Finance Corpo-
ration started with one floor and now
occupies a whole building Mr. Pope
said today The organization that will
be required to administer the new Sc
curities act, under the Federal Trade
Commission, may start with one floor
and later absorb whole building.
The administering of the new in
dustrial control law will require a very
large personnel, the banker added.
Here, too, the officials and personnel
may and probably will have to have a
whole building for their work. Those
are only three examples of the expan-
sion that appears certain under the
present administration.
Mr.. Pope, who is vice president and
treasurer of the Munsey Trust Co., is
most optimistic over the future of
Washington. In his annual address be-
fore the District Bankers Association
he stressed the prediction that the Gov
ernment's personnel will not be reduced
by closing up many bureaus and COM
missions, but will actually be increased
by the establishment of these other i'm
portant new Government organizations.
Other bankers here share the views
of Mr.. Pope, some going so far as
to suggest the possibility of boom"
for Washington equal to that in the
days of the World War At least. that
is hope" said one bank president
today.
Sharp Trade Gains Reported.
In summing up trade conditions in
the IL Federal Reserve districts, the
New York Times says:
wholesale and retail lines continue
active in New York, the volume OF
trade being well maintained.
Business reawakening IN the Phila-
delphia district is become more appar-
ent each week, Fall wholesale orders
being well ahead of last year.
Shoe and textile demand rises in
New England, with all business gaining
momentum and employment showing
improvement.
"Retail sales are booming in Chi
cago, exceeding the same period a year
ago, and with 40 per cent gain over
the previous month.
Jobs are increasing in the Cleveland
area, as steel activities have been
stepped up to 72 per cent capacity in
parts of the district.
Industrial plants throughout the st.
Louis district are speeding up, many
shoe plants going back on full time.
Rural buying around Minneapolis
has taken pickup because of the bet
ter agricultural outlook for large Fall
crop yields
Building activity in the Atlanta dis
trict continues to improve as shown by
an increase in new construction con-
tracts.
Employment conditions in the Rich
mond district continue to improve and
May building figures are expected to
show a gain over recent months.
kansas City, Dallas, Tex, and San
Francisco, Calf, report general i'm
provement in retail sales and industrial
lines"
Happy Days for Chevy Chase.
AS reported fully elsewhere in today's
Star, the Chevy Chase Savings Bank
was reopened today as branch of the
Riggs National Bank, after the savings
bank had been operating on very
much restricted basis for more than
three months.
There was rush of depositors, as
people In that community were happy
u hov,H in, hot y,,idct which
was operating on a complete schedule.
1t is the first of the 13 local banks
closed at the time of the moratorium
to be reopened under its own or new
management.
The separation of the old bank from
the new one has required great deal
of extra clerical work, but all these
details had been cleaned up before the
doors were opened. Several officials
from Riggs main Office visited the bank
during the day. Harold w. Burnside
is the new manager and j. Ezra Troth
assistant manager.
Departmental Payment Ready.
1t was announced late yesterday that
the Departmental Bank, 1925 Pennsyl-
vania avenue, will make another pay
ment to depositors on Saturday of this
week w. B. Altman receiver for the
institution, states that the payment this
time will be Is per cent.
The bank will be open from $50 am.
to 9 pm. Saturday and these hours will
be repeated on Monday and Tuesday,
the receiver said. The Departmental
already has paid two other dividends
totaling so per cent of deposits.
The bank now has been closed IL
months, and the progress made in the
receivership proceedings has been un-
usually rapid. The average bank liqui-
dation requires from 4 to 5l2 years.
1t looks as if the Departmental Bank
would beat this average.
Life Insurance Off Is Per Cent.
New life insurance production during
May was IS per cent below that of the
like period last year, according TO the
Association of Life Insurance Presidents.
This is the smallest decrease in any
month this year, comparing with de-
clines of 35 per cent in January, 81 per
cent in February, % per cent in March
and "a per cent in April.
New paid-for business, exclusive of
revivals, increases and dividend addi-
tions, written by 43 companies having
81 per cent of the total insurance in
force. totaled s645. 600. 900, against $780,
$4,000 in May, 1882.
Ordinary insurance written in May
aggregated 1892 1872, 900, compared with
S487, ,284 900 in the like month last year,
decrease of 11.2 per cent. Industrial
insurance amounted to $3.50, 1873, 900,
against 1922 956,000, a decline of lat
per cent. Group insurance was S22,-
100000, against s49,l13,o0o, off SAB per
cent.
Today's ID. c. Exchange Trading.
On the Washington Stock Exchange
today Washington Gas 6s. series B,
opened with $1,000 sale at 1882 and
advanced to l0334 on two more $1,000
sales Washington Railway & Electric
As registered $1,000 turnover at 853s
and Georgetown Gas first SIS came out
at l03 on a $1,000 transfer.
Capital Traction stock figured in six
small lot transactions today, all made
~ nd,.ar,ca Of / r1oir,t the