Evening star., 1937-02-15
RAPID TRADE RISE
NOTED BY AYRES
Business Now 20 Per Cent
Above Levels Year Ago,
Economist Asserts.
BY EDWARD C. STONE.

Is now not far from 20 per cent above
its levels of year ago. There has
been a slight slowing down in recent
weeks that may be attributed to the
combined effects of the floods and the
strikes, but that is by no means sure,
for there was a similar temporary re-
cession at this time last year without
any such obvious explanation.
The most impressive feature of the
present situation, Col. Ayres says, is
the sustained vigor of the advancing
recovery. Business expansion has de-
veloped a physical momentum that
seems nearly as powerful as did that
of the long decline in 1880 and 1881.
The automotive industries were the
leaders in the long climb up from
the bottom of the depression, and
during considerable part of the
advance they contributed a major
part of the active forces of recovery.
The contribution of those industries
is now temporarily greatly curtailed,
but their place of leadership has been
taken over by the iron and steel in
dustry which, the economist reports,
is now operating at rates about so
per cent greater than those of year
ago.
This is a significant development
for until recently the chief customers
of the steel industry were the auto
mobile makers and it did not seem
possible that steel output could ex-
pand while automobile production
was falling.
The prevailing conditions of rapid
business expansion, increasing en-
ployment, and rising prices have
moved the Federal Reserve authorities
to adopt the wise course of putting
into effect increases in the reserve
requirements of member banks which
will result in making bank reserves
twice as large after April as they were
a year ago. These increases will still
leave the banks with ample funds to
finance further business recovery Col
Ayres asserts.
Reception Committee Named.
James C. Dulin, jr., treasurer Amer
lean Security & Trust Co. has been
appointed chairman of the Reception
Committee for the thirty-second an
nual banquet Of Washington Chapter.
American Institute of Banking. next
Saturday at the Willard Hotel, it was
announced today. Mr.. Dulin is past
president of the chapter and men,
Der of the faculty. Serving with Mr.
Dulin on the committee are:
Francis G. Addison, Security Saw
ings & Commercial Bank; Willard G..
Barker. Morris Plan Bank; Harold
Burnside. Riggs National; Clarence F.
Burton, City Bank; M. F. Calnan, Lib
erty National; Victor B. Deyber, Sec
ond National; Charles H. Doing,
Washington Loan & Trust Co.; Rob-
ert " Fleming, Riggs National; H.
Prescott Galley, National Savings &
Trust Co.; Thomas j. Groom. Bank of
Commerce g. Savings; Hilleary G. Hos
kinson, Riggs National; Hans w, Ire
land, American Security & Trust Co.;
C. F. Jacobsen, National Metropoli-
tan; H. H. Mckee, National Capital;
Lanier P. McLachlen, McLachlen
Banking Corp; j. Earle McGeary, w.
B. Hibbs & Co.. Howard Moran Amer
lean Security g. Trust, Co.; c. H. Pope,
Munsey Trust Co.; Ord Preston, Union
Trust Co.; F. P. H. Siddons, American
Security & Trust Co.; Frank Stryker,
Columbia National; George o. Vass,
Riggs National; Wilmer j. Waller,
Hamilton National, and J, Frank
White. National Bank of Washington.
Rail Revenues Improve.
Nineteen Glass I railroads. repre-
eenting 697 per cent of total operating
revenues in the southern district, had
estimated operating revenues of s27,-
352.375 in January, 1887, compared
with S25 ,045 418 in January, 1886, and
s37,295, ,695 in January, 1880. Oper-
ating revenues were 90 per cent above
the same month of 1886, but 26.7 per
cent below January, 1880.
Freight revenues of those railroads
In January, 1887, amounted to S22,-
122,970, compared with $40 0,343,8 ,857 in
January. 1886, and $28, 8,457 581 in jan
uary, 1880, or 81 per cent above the
same month in 1886, but 22.3 per cent
below the same month in 1880.
Passenger revenues in January to-
tailed s3,108,873, compared with ST.
712,712 in January, 1886, and $5,-
e76,8s2 in January, 1880, being 14.6
per cent above January. 1886, but 48
per cent below January, 1880.
d. C. Bankers Visit Richmond.
A large Washington delegation at
tended the annual banquet of Rich
mond Chapter American Institute Of
Banking, Saturday night, headed by
Paul J. Seltzer, president of Washing
ton Chapter. Others included Will
liam H. Laughlin, g. Crawford Turn
bull Katharine w. McCalmont, j.
Earle McGeary, Robert G. Whitton,
Alexandria; James A. Soper, James
C. Dulin, jr. Earle M. Amick, Wilmer
j. Waller, W. L. Sanderson, Willard
G. Barker, Ferdinand Walter and
l. L Chorpening, chief national bank
examiner of the fifth Federal Reserve
district.
Other guests included Hugh Leach,
president of the Reserve Bank of
Richmond; James H. Price, Lieuten-
ant Governor of Virginia; James B.
Dey. jr.. president of the Virginia
Bankers Association, and M. E. Bris-
tow, commissioner of banking and
insurance in Virginia.
Virginia Bankers to Meet.
William E. Schooley, assistant treas
urer of the American Security & Trust
Co., will give an informal talk to the
members Of the Loudoun, Fauquier
and Prince William Clearing House
Association at their meeting tomor-
row at Remington, Va, at $50 pm.
His subject will relate to the 1885
income tax return to be filed by
banking institutions. The associa-
ton comprises the banks in the three
counties of Virginia, and dinner
will precede the talk.
Insurance Firms Best Year.
The largest gain Of insurance in
$4~~o 1orroet irrrooSa oecofc ond