Evening star., 1940-02-19
February Business
Activity Believed
Above 1887 Mark
Chamber of Commerce
Forecasts Several
New Index Peaks
BY EDWARD C. STONE.

EVlQeQCc 1nQlCaCeS LQaC Cne ROO0
. business activity level of February,
1887, has been regained and prob
ably is being somewhat exceeded,
according to the latest review by
the United States Chamber of Com
merce. The adverse factors, which
were present in 1887, are not now
in evidence, the statement adds.
Such adverse factors as exist to-
day are of different sort, such as
uncertainties due to war abroad,
and are not likely to have results
In the United States such as we're
produced by domestic influences in
1887.
Measured by general indices for
January. 1910, February business
began at a high level The Federal
Reserve Boards index for indus
trial production was around 118,
highest for any January in the
country's history The boards in
dex for February will undoubtedly
be the highest for any February,
the chamber declares.
That this will be true appears
from such general indicators as use
of electric energy, which in Feb
ruary has been holding above the
corresponding period of last year
by almost the same percentage as
at the period of the all-time peak
In December, 1882
Consideration of data ranging
from sales by department stores to
figures for production brings out
some important features of the
present level of business. After
having in December. 1889, the
highest volume of business since
December, 1929. department stores
in January had sales at the level
OF January, 1887.
The increase in consumer goods
has been marked, says the report,
but the outstanding advance has
been in the materials and equip
ment that are essential for still
further production. The straight
index for durable goods in Decem-
ber was the highest for any De-
cember. When the figures become
available for January and for Feb
ruary they will probably make
records for those months, too.
Price levels in the face of rising
production show remarkable per-
formance. Without exception, each
group of commodities is maintain
ing level of wholesale prices be-
low the level reached in 1887, the
review states.
Echoes of Trust Conference.
Trust companies and banks with
trust departments were urged to
develop their customer relationships
as the best method of retaining
trust account business by H. R.
Harris, vice president of the Gen.
trail National Bank of Cleveland,
in addressing the recent midwinter
trust conference of the American
Bankers Association in New York
Mr. Harris asserted that business
relationships between trust de-
partment and it's customers should
be termed personal relations"
Drawing distinction between pub
lie and personal relations, he stated
that public relations deal with Great
ing good will and getting new busi-
ness, while personal relations deal
with keeping customers once they
are obtained.
In the past two years bankers have
apparently regained some of the
prestige and respect they had lost,
Elmo Roper, public opinion survey
expert, told the conference. They
are winning back confidence. Mr..
Roper declared, because the public is
convinced that there is now notice.
able number of bankers who are
doing things calculated to promote
social order
Dangers which American business
must guard against lie in possible
economic reactions from the war
abroad and in continuing social and
economic changes brought about by
Government regulation of business,
Roland E. Clark, president of the
trust division, asserted.
Washington financiers were i'm
pressed by the declaration of Presi-
dent Robert M. Hanes of the A. B. A.
that bankers should stand up and
tell Congress and the public that the
Nations bankers are an essential
part of the country's social structure,
that they are honest, outstanding
men, performing real community
service.
Attend Philadelphia Banquet.
Four officers in Washington Chap
ter, American Institute of Banking,
attended the annual dinner of Phil
adelphia Chapter Saturday night
in the Quaker City. They included
Francis E. Robey, Bank of Com
merce & Savings, chapter president;
Edward M. Blaiklock, Washington
Loan & Trust Co., vice president;
George Rowzee, Lincoln National,
member of board of governors, and
Miss Margaret Fischer, Hamilton
National, chairman of the Women S
Committee. The men were accom-
panied by their wives.
The banquet was limited to insti-
tute members only and was a great
success, one of the best of the many
recent dinners at which Washington
bankers have been special guests.
Suburban Bonds Offered.
Formal offering is being made to-
day of 100000 Washington Subur-
ban Sanitary District of Maryland
2s4 per cent water main and sewer
construction bonds, Series TT, by
Northern Trust Co., Alexander
Brown g. Sons, Braun, Bosworth &
Co. and Campbell, Phelps & Co.,
Inc. The bonds, which are priced
to yield 0.5O per cent to 2.9O per
cent, are due March l, 1941 to 1890
Washington holders Of Pennsyl-
vania Railroad stock are much in
terested in the preliminary report
for the year 1899 which states that
net earnings were equal to $2.43 a
share, as compared with "a cents
share in 1888.
The Federal Reserve Board re-
ported today that the boards in
;V,Jov Ioc1iool froy,, 1CH iy,