Evening star., 1938-05-13
BUSINESS UPTURN
IN FALL FORECAST
Government Official Asserts
Usual Summer luII Will
Delay Pickup.
Ry EDWARD c. STONE.

Ry EDWARD L. SIONE.
Members of the auditors section of
the District Bankers Association held
their May dinner last evening at the
Lafayette Hotel, with Chairman Harry
l.. Downey, Washington Loan g. Trust
Co., presiding.
The guest speaker was Or. Edward
Stone. an official in the Resettlement
Administration and also an instructor
IN Washington Chapter. American
Institute of Banking. He discussed
Reflection on Economic Trends" his
talk being from the standpoint of an
economist rather than banker. He
expressed optimism over the long-term
outlook.
Sees Summer Lull
The present recession of business
will probably continue at least until
fall at which time the recovery meas
ures now being undertaken by the
Government may begin to have some
effect. said DR.. Stone in his address.
He considers the period of summer
dullness too near for any important
advance at this time
The financial condition of the banks
of the country still appears sound. he
said. but their portfolios show that
loans of member banks which began
to decline last October, have dropped
to new low for the, year. mainly be-
cause of the continued Liquidation of
business loans
The speaker declared that if the
banks are to avoid the onus of being
considered unwilling to extend credit
10 the small business man, it would
be well for them to attempt to seek
from the administration clarification
of the classification of the loans which
1t is desired that they make
Rail Reorga Favored.
He asserted that it would be well
for bankers to recognize that the rail-
road situation needs a thorough going
over from the financial standpoint and
it would be helpful if they would get
behind such move rather than re-
main aloof from it.
DR.. Stone said the present business
retrogression is worldwide condi-
ton. Business conditions abroad,
wars, war threats the French none
tary situation and a host of other very
important factors are all having their
effect on business and trade in the
United States. They call for con-
slant readjustments. The interna-
tional complications have brought
about an unlimited amount of nervous
ness in this country, he said.
Business must be encouraged in some
way or another to make use of the
huge credit funds now available The
relief program will have to be con-
tinued and it is expected that the pur-
chases people on relief are now max
ing will eventually be felt in general
business and in this way help bus-
ness to increase the number of workers
Business men are worrying about the
labor situation, but this can be worked
out as it has been in other countries
But it takes time, he added.
At one point in his address, DR..
Stone asserted that the banks in some
sections of the country are refusing
because of fear, to make loans which
New York bankers call sound in every
respect.
bdiuWln Elected director.
The board of directors of the Dis
trict Life Underwriters Associa ton
has elected Roger Baldwin, general
agent of the Northwestern Mutual
Life Insurance Co.. as a member of
the board to fill out the unexpired term
OF the late w. G.. Batchelder who had
another year to serve at the time of
his death
Telegraphic announcement was re-
eeived yesterday by Paul H. Primm,
president of the underwriters asso-
citation, stating that Jack Wilhelm.
high school student in Washington.
had won one of the six prizes offered
by the National Association of Life
Underwriters for the best essay on
insurance. This is a high honor. as
there were a very large number of
entrants in the contest The report
came from Joseph C. Behan, general
chairman of the life insurance week
activities.
Selection of HaneS Praised.
Washington bankers are much
pleased that President Roosevelt has
asked Securities Exchange Commits
sioner John w. Hanes to accept a
position in the Treasury. Mr. Hanes
is slated to become assistant secretary
and later undersecretary, according
to reports. Mr. Hanes is a personal
friend of many Capital bankers and
is very widely known in the American
Bankers Association.
1t is felt here that his banking
experience, ability and Judgment
would make him a great addition to
the Treasury staff. The move also
indicates that the Securities and Ex-
change Commissions overhauling of
the New York Stock Exchange is now
practically completed as Commissioner
Hanes has been giving a great deal of
time to this work.
Reservations i'm Lively Demand.
L. Clark Brown president of the
Washington Bond Club. reported to-
day that there is lively demand for
tickets to the clubs annual outing
set for the Manor Club on May q.
1t is now certain that there will be a
capacity attendance of $50 for the
dinner and big sporting events. The
deadline for securing tickets by club
members is next Monday, according to
Myles H. Quail, general chairman,
and after that they are available to
the public, first come. first served.
Fruit Shipments Up Is Pet.
Northbound shipments of packaged
citrus fruits expressed from various
points in Florida through Jackson
vile from Anril last uear IN the ppd
of March this year totaled 2,194,232,
an increase of 315,3l5, or 1853 per cent
over the previous year, according to
w. w. Owens, vice president of the
Railway Express Agency.
In March, this year, 4l4,782 pack
ages of oranges, grapefruit, lines and
lemons were handled in express serv-
ice at Jacksonville for distribution
throughout the country.
Shipping of tree ripened fruits in