Evening star., 1938-12-29
Continued Recovery
Next Year Seen by
U. 5. Chamber Chief
Davis Points to Marked
improvement Over 1887
At End of 1888
By EDWARD C. STONE,

Pointing to the fact that business
activities in the United States have
now reached level definitely better
than the level at the end of 1887,
President George H. Davis of the
United States Chamber of Commerce
believes that conditions will continue
to improve in 1889.
Since the low point of recent
years was touched in June of this
year-the lowest point since 1884
there has been steady increase in
business activities which has been
unmistakable. even if gradual, and
this Improvement has carried with
1t increased jobs numbering at least
q million, the commerce president
said.
This upturn in the country's in
dustrial production, he continued,
has shown characteristics that seem
important. For instance, improve
ment persisted in the face of an un-
eXampled series of threats from
abroad to our business conditions.
1t has once more been made evident
that general business conditions in
the United States are much more
sensitive to domestic threats than to
the course of events in other coun-
tries.
There is momentum, too, in six
months of improving conditions
There is an accumulation of forces
to carry us forward, if opportunities
for progress remain open. But we
have to remember that if business
improvement continues only at its
recent rate it will not for II full
months carry us again to the level
of the spring of 1887, and that for
eign commentators did not consider
business in the spring of 1887 as at
recovery level for the United States.
In other words if more encourag-
Ing conditions for business activity
cannot be brought about, we shall at
best stand at the end of 1889 in the
PARKWAY position we occupied 80
some months before, Mr. Davis
added.
In conclusion President Davis eX-
pressed the hope in his 1899 outlook
that the present advances will result
In permanent recovery and that Con-
gress will do what it can to help
along business expansion. In bring
Ing about better and better condi-
Tons, every one should do what he
can, even to the point of sacrifice,
Mr. Davis asserted
Bank Votes Usual Dividend.
Directors of the National Bank of
Washington have declared the reg
ular semiannual dividend of So per
share on the outstanding stock, Pres
ident j. Frank White announced to-
day The dividend is payable Jan
nary 3 to stockholders of record
December 26, books to be closed to
January II. The directors also voted
additional compensation equal to
one-fourth of a months salary to all
employees of the bank, this New Year
gift having already been distributed.
The National Bank of Washington
recently had the entire interior of
the main Office redecorated in much
lighter colors, greatly improving the
light in the lobby and all over the
bank.
Bank Elections January 10.
All the national banks in Wash
ington and several others will hold
their annual meetings on Tuesday,
January 10, when directors for the
coming year will be named and in
some instances officers elected for
1889. The law requires that ma
tional banks hold their annual elec-
tions on the second Tuesday in
January, and for years a number of
trust companies and savings banks
have met on the same date. So far
as announced, there will be no i'm
portant changes among the city's
bank officials. The usual number of
rev directors to fill vacancies are
anticipated
With Riggs Bank 20 Years.
Raymond G. Marx, controller of
the Riggs National Bank, has just
completed 20 years with that organ
ization. He entered the bank in De-
cember, 1918, when the late Hilton
Allies was president. He has been
controller for several years. as his
advancement in other positions was
very rapid.
Mr. Marx has been one of the
most active members of the auditors
section of the District aBnkers' AS
sociation ever since it was organ
ized. A past chairman of the
section, he is now serving as chair
man of the Program Committee,
position which he has held for
long time most acceptably.
Initial Dividend Voted.
Southeastern Greyhound Lines de-
clared an initial dividend of so
cents on common, payable January
Is to stock of record January II.
Company also declared an initial
quarterly dividend of 80 cents on
the 6 per cent convertible preferred
and quarterly dividend of 80 cents
on the per cent convertible
preferred stock, both $40 par.
Southeastern Greyhound Lines
reports for IL months ended No.
vember 80, 1888. preliminary consoli-
dated net operating income of $678,-
681 after operating expenses, taxes,
depreciation, etc, comparing with
net operating income of $520926 in
first II months of 1887.
Smith, Barney Adds Partner.
The washington oftlce OF smith,
Barney & Co., New York Stock EX-
change firm, announced today that
Sidney F. Tyler will be admitted to
the firm as general partner on
January /, to be connected with the
Philadelphia Office. He is Har-
ward graduate and has been con-
nected with the brokerage house for
some years as an expert accountant.
Edgar F. Crone, division sales
manager for Washington for Nc
Cormick & Co., Baltimore, will at
tend sales conference in that city
late this week. He will be accom-
panied by Arthur Swain, Irving
Horowitz, Stewart Collenberg and
Edgar Records, the annual conven-
ton to be attended by statesmen