Evening star., 1937-03-15
ST|MULANTS HELD
VITAL TRADE AID
Ayres Points to Special Rea-
son for Rapid Recovery
Progress.
BY EDWARD G.. STONE

declares that artificial stimulation is
combining with the natural forces of
recovery TO produce exceptionally Wig
orouS business activity both abroad
and here. In this country the produc-
ton of automobiles in this month of
March will be one of the largest
monthly outputs on record, but it will
be SO largely because the greatest pro-
ducer is extending every possible effort
TO make up for long weeks of inactivity
caused by the strikes of its employees.
The iron and steel industry is making
neW high records of production abroad,
and approaching them here, but the
special stimulus is in war materials.
The demand for coal is so great
that there is threat of a shortage of
sufficient cars to provide for its trans,
lportation, but the special urgency for
prompt delivery is caused by the fear
that labor difficulties may shut down
the mines next month and so conSum-
ters are piling up reserve stocks as a
precaution. Wage increases and Short
ened hours in many industries are be-
'lng announced daily, but they are not
the result of exceptional profits being
earned by the business concerns in
lvolved. They are being granted in
the hope that they may forestall de-
mands, and so avoid strikes, the econ
omiSt says.
Retail trade is brisk and almost
booming, but its special vigor is being
contributed by increased consumer
purchasing power provided by Govern
ment subsidies flowing from unbal-
enced budgets. Almost all important
hations are spending beyond their in
comes, and business everywhere is
stimulated by their expenditures.
Our security markets are strong,
and the authorities at Washington
are worried because foreigners are in
Nesting here, and gold keeps on flowing
an from abroad. Recovery would be
under way even if these Stimulants
twere not at work. 1t would be less
dramatic than it is now, but it would
khave a soldier foundation, Col. Ayers
asserts.
Bankers Fix Essay Subject
The District of Columbia Bankers
Association has announced through its
sacting president, Thomas j. Groom,
Sexecutive vice president of the Bank
aof Commerce & Savings, that it will
sponsor an essay contest this year on
she subject How Can Employees Con-
tribute to Better Public Understand
ing of Banking" open TO all members
OF Washington Chapter, American
Institute of Banking, except bank
officers and members who have been
swimmers in any two previous contests
Writers of the three best compositions
are to be awarded trip to the asso
cations convention at White Sulphur
Springs, w. Va, May 81 through 81.
The subject for this years contest is
sof such general interest that it is be-
Eeved larger number of members
twill participate than usual. Bankers
throughout the country are convinced
that much of the criticism of banking
by the general public is due to mis-
conception of the functions and princi-
piles Of this public service. The Ameri-
can Bankers Association has stressed
the Importance CT meeting the situa-
tion and suggests no better way of
doing so than by interesting employees
in learning more about their institu-
tions to enable them to better interpret
their methods and policies.
George o. Vass, vice president and
cashier, Riggs National Bank, is chair
man of the Essay Contest Committee
for the association Lanier P. Nc
Lachlen president of the McLachlen
Banking Corp, and F. P. H. Siddons,
secretary, American Security & Trust
Co, are other members of the COM
mittee.
League Lists Loan Groups.
Seven associations in Washington are
listed in the group between S5O0O,OO0
and S10,000,0O0 by the United States
Building and Loan League.
They are the American Building
Association, ranking thirty-fourth
among the leagues members; the
Washington Permanent Building AS
sociation ranking fo1tieth; National
Permanent Building Association, fifty
eighth; Equitable COOPERATIVE Build
ing Association, SiXty-third; Oriental
Building and Loan Association, eighty
fifth; Metropolis Building Association,
s1inety-seventh, and Northern Liberty
Building Association, one hundred and
first in the list.
There are 4,200 thrift and home
financing institutions of this type in
the United States League, only 10 are
IN the group between $5,000000 and
s10,000,000 and 33 above $1O,0OO,0O0.
The announcement received here
from league officials gave their rank as
OF December 81, 1886, and expressed
optimism as to the state of these in
stitutions in general in view of a
survey OF year-end financial state
nnents.
Norment Financial Leader.
The death of Clarence F. Norment,
aged so years, removes man who for
many years, about four decades, was
one Of the most prominent and able
financial leaders in the Capital Four
years of illness and his advanced
had recently kept him in the back
ground, but he left an impress on the
clty's economic life that will not soon
be forgotten.
His service as director, president
sho ldUer CHAIRMAN OF the board of
the National Bank OF Washington
covered long period of years. He
rendered even more valued service to
the Norfolk 6S Washington Steamboat
Co. His connection with the Ameri-
can Security & Trust Co. was most
helpful to the hank. In 1905 he was
president of the District of Columbia
Bankers Association, and over a long
period did everything in his power
to advance the banking interests of
the Capital.
Years ago he was president of the
Washington Railway g. Electric Co.,
at the same time helping to guide
many other corporations. His help to
church and charitable organizations
was equally beneficial. In just few
months he would have been 81 wears