Evening star., 1936-02-04
GAINS IMPRESSIVE
IN FIFTH DISTRICT
Comparisons of 1885 and
1884 Figures Show Broad
Recovery Trend.
BY EDWARD C. STONE.


comparisons between 1885 and 1884
conditions just compiled by the Fed
eral Reserve Bank of Richmond The
following figures show how much real
progress has been made toward pre-
depression activity in this territory:
Debts to individual accounts, $l2.-
2ll,838 900, against S10,963. .7l8 900;
cotton consumption, 2.629, ,282 bales,
against 2,451 900 bales; cotton grown,
2,360,000 pounds, against 1,345,0 900
pounds; tobacco grown, 774,6l5 900
pounds, against 58O,183 900 pounds;
building contracts, S52, 2,943,883, against
S3o,876,0 900; heavy construction con-
tracts, $203,195 900, against $185,79l,-
600; total department store sales,
$101 1923, 900, against S94,313,500; total
wholesale sales, s54,092 900, against
$54 1893, 900.
Liabilities involved in failures
dropped to S7,940, 900 from S11 025 800.
Reserve Members Praised.
With the entrance of the new men,
bers of the Federal Reserve Board into
the national financial picture, four
members are retiring from the system
who have rendered very distinguished
service to the Nation. They are J. j.
Thomas, Charles S. Hamlin, A. c.
Miller and George r. James. They are
not only known officially to many
Washington bankers, but are also per-
sonal friends who will be much missed
when these financierS visit the Treas
ury.
Their service to the Government
covers long period and was especial
ly valuable during the trying years of
the depression. They are leaving the
Reserve system at time when the
crisis as an aftermath to the Wall
Street crash is over and conditions are
on the upgrade. Bankers in the finan-
eial district probably realize better
than any one else in the Capital the
value of the work of the Reserve
Board governors.
In normal times their duties are not
spectacular yet they guide the opera
ton of delicate and far-reaching A.
nancial machinery. of importance to
every section of the country. 1t was
said in the banking district today that
the new board members will not find
1t easy to equal or surpass the records
left by these four officials.
Insurance Farley Tomorrow.
Practically the entire membership
of the District of Columbia Life Un-
derwriters' Association will go to Balti-
more tomorrow to attend the joint
insurance conference with the Balti-
more and Allegheny County associa-
tions, now an annual event, General
Chairman Paul H. Primm reported in
the financial district this noon.
The delegation will leave the Union
Station at am. on the National Linn
tied. Special rates have been secured
for the trip and the delegates will be
permitted to return on any train they
wish to take.
The program has already been out
lined. It is aimed to fill the under
writer's to overflowing with new ideas
on the best ways to sell insurance.
One of the outstanding numbers on
the afternoon program will be pre-
sented by Dwight T. Scott of the
Washington Office of the Mutual Bene-
fit Life of Newark. entitled las Others
See U.s." Mr.. Scott is humorist and
his contribution will be apart from
the serious addresses listed. The
congress is one-day session.
Bonus Called Bearish Factor.
Business volumes continue some
what under the recovery peak regis
tered in December, says the United
Business Service in its current report.
No sharp curtailment of Industrial ac-
tivity, however, seems likely at this
time. Production is being kept fairly
well in line with consumption and con-
sumer purchasing power is being in
creased by the payment of the bonus.
The service forecasts that trade vol
umes will be maintained substantially
above the levels of year ago.
Analysing the effect of the bonus
payment, the United Service believes
that this money will be spent largely
for new purchases. particularly homes,
home Improvements and equipment.
It is estimated that approximately
S1,500,O00,000 of the baby bonds given
to the veterans in June will be cashed.
OF this, less than a third is expected
to be used for the payment of old bills
and debts.
The conclusion is reached that, al
though the bonus money will act as
lifting force for business this Sum-
mer (and even before Summer as vet
erans make commitments on this
credit, the longer pull aspect Of the
bonus is bearish, both because the
money has to be borrowed by the Gov
ernment and because it encourages
the powerful veterans lobby to de-
mand more Government aid.
Heard in Financial District.
Charles H. Doing, president of the
District Bankers Association, paid a
high tribute today to the sterling
qualities of Rolfe E. Boiling, president
of the Liberty National Bank, who
died yesterday. Mr. Doing did not
appoint any representatives Of the as
sociation to attend the funeral as brief
services to be held this afternoon at
the home of Mrs. Woodrow Wilson
were to be private, previous to removal
of the body to Arlington, Va.
A. S. Goulden g. Co.. investment
bankers, have received a circular from
the distributors of Massachusetts, In
vestment Trust, protesting the refund
ing Of so many and 6 per cent bond
issues into 3h and 4 per cent issues.
The claim Is made that bondholders
"are being squeezed by the combina-
ton of lower interest rates and higher
living costs" The article does not op-
pose the purchase or holding of bonds
but suggests some defense against re-
duction In dollar income"
Resignation Of F. G. Await as deputy
controller Of the currency caused sur
prise in the financial district Bankers
here have been in very close contact
with him during his long connection