Evening star., 1939-08-30
Increased Confidence
In Trade Outlook
Is Reported
4. B. A. Magazine Sees
Spirit Of HopefuIness
In New Survey
By EDWARD c. STONE.


BY EDWARD c. STONE.
Despite war threats and uncer-
tainties, generally hopeful outlook
for business is reported in the Sep
tember survey of Banking, official
organ of the. American Bankers
Association.
Business is beginning to see day.
light and solid ground, although still
wary, the survey says. Improvement
has been fairly general, but statis-
tically, trade still falls short of levels
reached two years ago. However,
there is quite noticeable spirit of
hopefulness on all sides and four
factors are responsible for it in a
major way.
OF these factors, the survey says,
one is the perfectly obvious change
for the better that has come over
public opinion regarding business.
This is reflected in polls of all kinds,
in conversation, in editorial pages,
and most important in the actions
of political bodies from Washington
to the Sallest local administration.
A second factor is the unexpected
nature of the improvement and con-
sistent activity of the summer
months, the survey continues. In
stead of lull during dog days there
was rise in activity, in profits and
in the volume of orders for fall de-
livery
Bankers Note Further Gains.
Third on the list of encouraging
items is the low point of most inven-
tories. A spirit of caution, induced
by dangerous politics abroad and our
own slightly less disturbing kind of
politics, took hold of industry early
in the year and production sched-
ules were held below sales
Finally, the survey analyzes busi-
ness reaction to war conditions and
points out that the situation is now
accepted as normal business factor
rather than series of temporary
shocks to the economic system that
have characterized the repeated
threats of war for more than a year
past.
Bankings cross section index of
business obtained from a poll of
more than 5000 bank directors and
bank presidents in all sections of the
country continues to show improve
ment in comparison with the pre-
vious month. In August, A per
cent of those polled for the purpose
OF this summary said that business
Is getting better, 42 per cent found
conditions about static, and IA per
cent reported a decline.
This shows improvement over
July, when 80 per cent said the di-
rection was up, Al per cent reported
their respective enterprises were
holding their own, and 20 per cent
reported an unfavorable trend.
Today's Trading on Exchange.
Trading on the Washington Stock
Exchange today was confined to
bonds, Washington Gas Light SIS,
1860, figuring in $500 turnover at
128, These bonds have been very
strong throughout 1889, the high for
the year being 130
Many issues on the exchange are
now being quoted ex dividend, in
Guiding the Potomac Electric Power
preferred stocks, Washington Rail-
way & Electric common and prefer
red, Lanston Monotype and Lincoln
Service common and preferred.
The bid for Washington Gas Light
common stood at 27l4 today, with 20
asked. There were no sales, recent
buyers of the stocks holding onto it
for investment
Glass l railroads in the Southern
district for the month of July had a
net railway operating income of S4.-
7l0,685, compared with S3619,128 in
July. 1888, and s5,429,199 in July,
1890
Safeway Debentures Called.
Holders of Safeway Stores 10-year
4 per cent sinking fund debentures,
due June /, 1947, are being notified
that the bonds are to be redeemed
on September 20, 1899, at 1882 and
accrued interest. The entire issue
has been called.
The bonds should be turned over
to the Chase National Bank, New
York, for redemption, the notice
states. After September 20 the
debentures will not longer pay in
terest.
The notice also gives holders the
right to immediate payment. The
date of the beginning of payment
was August %. The debentures may
now be surrended at any time and
investors will be paid the full amount
due on September 20. It is stated
IN the financial district that a good
many of these bonds are held in
Washington
The Chase National has negotiated
a S14,000,000 bank loan for Safeway
Stores Inc, to cover the payment.
c. & P. Votes $4,000 Outlay.
Expenditures of approximately
$4,000 for telephone plant and
equipment were authorized yester-
day by the directors of the Chesa-
peake & Potomac Telephone Co.,
according to c. A. Robinson, general
manager. For the year to date
nearly s5,50O,OO0 has been appropri-
ated for construction, installation
and removal of telephone plant and
facilities in the District of Colum-
bia.
About $4,000 of the amount ap-
propriated will be spent for 21a
miles of underground cable and
1900 feet of underground conduit
to provide facilities for growth in
telephone service between the Lin
coin central Office and the section
east of the Anacostia River, ada
cent to Pennsylvania avenue.
Heard in Financial District.