Evening star., 1940-02-29
Business Outlook
Called Favorable
In Banking Review
Three Special Factors
Cited Which Are
Producing Caution
By EDWARD C. STONE.

favorable, according TO the Marcn
issue of Banking, official organ of
the American Bankers Association.
The factors are statistical, political
and economic.
The reasons for caution are said
to be "our case of gold indigestion"
awaiting of q more clear picture of
the political outlook in connection
with the presidential campaign, and
fear over what may happen eco
nomically when Government spend
ing Is further curtailed.
While the review terms the out
look predominantly favorable, Bank
ing's cross index of business opinion,
based on a poll of 5000 bank officers
In all sections of the country, is not
as favorable as it was in the previous
month.
Forty-seven per cent of those
polled for the purpose of this sum-
mary said that business was getting
better, 33 per cent found conditions
about static and 20 per cent re-
ported a decline.
The month before, 55 per cent
said that the direction was up, "a
per cent reported that their respec-
tive enterprises were holding their
own, and II per cent reported an
unfavorable trend.
New Marks on Exchange.
Anacostia & Potomac River R. r.
IS have made another new high
mark on the Washington Stock Ex-
change by selling up to 1929. Cap
ital Transit stock made new 1910
high yesterday when it reached 147s,
closing at 14A.
National Savings & Trust Co. stock
has just made its first 1910 appear
ance in the Washington Stock
Exchange sales, single share
changing ownership at $195. Mer-
genthaler Linotype is one of the
most active stocks on the board,
several 100-share sales recently be-
ing recorded. Two 100-share lots
sold yesterday at 1874.
Selling at 100, Washington Rail-
way g. Electric As are at a new peak
price for 1910, while Washington
Gas IS, 1860, moving at 128, are
still the highest priced bond on the
exchange.
Garfinckel Earnings Lauded.
Much favorable comment was
heard in the financial district today
on the sales and earnings report of
Julius Garfinckel g. Co., Inc, as
made at the annual meeting of the
stockholders by William E. Schmid,
president of the company.
Sales in the six months ending
January 81, 1910, amounted to
$2017,394, compared with $l,951 ,053
in the corresponding period in 1899.
Sales for the 12-month period end
ing on January 81 totaled 50 ,401 sol,
he reported.
For the six months period ending
January 81, 1889, net before income
taxes amounted to 1892, ,70236, while
net before income taxes in the six
months period ending January 81,
1910, totaled $223,158.51. For the IL
months ending July 81, 1899, net
before income taxes amounted to
s235, ,40232.
The figures are of special interest
to the stockholders as they reveal
notable progress under the present
administration in comparison with
the former estate management"
As already noted, regular dividends
were also declared at Tuesdays
directors meeting.
Bond Club Hears Eccles.
Mariner S. Eccles, chairman Of
the Board of Governors of the
Federal Reserve System, addressed
the Bond Club of Washington at a
luncheon at the Carlton Hotel this
noon. Mr.. Eccles spoke informally
ON current financial problems.
More than 120 members of the
Bond Club and guests were present
at the luncheon, one of the largest
turnouts on record. George M.
Ferris, president of the club, intro
duced the speaker.
It was the clubs first meeting of
the kind this year and much en-
thusiasm was in evidence. In the
days before the depression these
luncheons were held every month,
many noted f1nanciers being guest
speakers.
Zimmerman Talks at Luncheon.
Charles j. Zimmerman of Chicago,
president of the National Associa-
tion of Life Underwriters, was the
guest speaker at the February
luncheon of the District association
at the Willard Hotel yesterday, his
subject being To-day and Tomor-
row." Nearly 200 members were
present, with President Joseph A.
Mari in the chair.
Mr.. Zimmerman, who was in
Washington to testify at the insur-
ance hearing on Capitol Hill, gave
q most intimate picture of the pres
ent insurance situation, including a
discussion of the committee hear
ings which are of Nationwide
concern. He spoke of the liberaliz-
ing of insurance policies in recent
years in contrast with the days
when the holder of a policy was
greatly limited in travel, for example,
could not go through the Panama
Canal.
The latter part of his address
was devoted to sales promotion
suggestions, drawn from his very
wide experience in the business. He
10 COIlSlucIcU UIlc VI GIle dUleSL
presidents the national association
ever has had and his remarks proved
Of intense interest to his Washing
ton hearers. At the congressional
hearing Mr.. Zimmerman stated that
marked progress is being made in
reducing the turnover among insur-
ance agents and declared that there
are not enough good agents in the
business.
Roger Hull, managing director of
the national association, was also
q guest at the luncheon.
Banks Seek Loan Collateral.
Final steps are being taken for
dissolution of Washington & Subur-
ban Co.'S, the Massachusetts, trust
originally created to control gas
properties in Staten Island and the