Evening star., 1940-04-01
Business Outlook
Called Favorable
Despite Problems
War and Politics
Chief Uncertainties,
Bonk Survey Says
BY EDWARD C. STONE


November elections, according to
the monthly survey of business con-
ditions in the April issue of Bank
Ing. official organ of the American
Bankers Association.
The business outlook is still on
the favorable side, but not enough
to be convincing" the survey says
THE usual uncertainties of an elec-
tion year are present, but business
today is to large degree polit-
ically neutral It's concern is al
most entirely with economic prin-
ciples instead of parties.
1--WE are beginning to realize,
the survey continues, that it will
be hard to build recovery para
disc inside our tight boundaries,
regardless of what happens abroad
We cannot hope to be an island of
peace and prosperity surrounded by
war and political disorder.
With the whole tendency abroad
running strongly toward concen-
tration of economic control in gov
standable anxiety as to how long
we can avoid the same influences
and maintain competitive posi-
ton the survey states.
Banking's index of the general
trend of business, obtained from
poll of 5000 bank directors and bank
presidents in all sections of the
country. is slightly less favorable as
compared with the previous month
although 79 per cent of the replies
indicate that business is either hold
ing its own or improving.
OF the bankers polled 80 per cent
said that business is getting better
30 per cent found conditions about
static and 81 per cent reported a
decline. The previous month At
per cent said that the direction is
up, 33 per cent reported their re-
spective enterprises are holding their
own and 20 per cent reported an
unfavorable trend.
Wholesale Trade Up Sharply.
Sales of wholesalers, based upon
reports from 2,806 firms represent
ing all parts of the country. in
creased 12.1 per cent in February
over the same month a year ago. it
was announced today by the Bureau
of the Census. These wholesalers
reported dollar sales amounting to
S169,979 900 in February.
Thlrty-four of the So lines of
trade which are covered by this cur
rent survey showed increases in
sales during February over the pre-
vlous year, while only two reported
decrease. Trades with the largest
gains are: Heavy hardware, 33.2
per cent; machinery, equipment and
supplies, except electrical, 27.2 per
cent; electrical goods, 24.2 per cent:
surgical equipment and supplies.
21.9 per cent, and metals, 81 per
cent
Sales OF manufacturers during
February were 1875 per cent above
the level of February, 1899, accord
ing to reports received from 1850
manufacturers, it was announced to-
day by the Department of Com
merce.
The total net sales of the $500 re-
porting manufacturers amounted to
1886, 900 during February as COM
pared with a sales volume of $685.
100000 in February of last year and
s3s8,0O000o during January, 1910.
Dickey's Death Mourned.
Deep regret was heard in the
financial district today upon news
OF the death OF Raymond B. Dickey.
dean Of the faculty of WASHINGTON
chapter, American Institute of
Banking, which occurred in Erner-
gency Hospital, following a long ILL
ness.
Mr.. Dickey had been connected
with the institute for about 20
years, from the time he gave his
nrSt lectures. He was brilliant
teacher Of banking law, and far
more than that. was great favo-
rite with his students. He was an
inspiration to every young banker.
He always stressed the Importance
OF higher education as the greatest
stepping stone to success.
graduate of the GEORGETOWN
Law School. Mr.. Dickey was a mem
Der of the District Bar and practiced
law her for many years. Intensely
interested in the Masonic fraternity,
he had held the highest Offices in
the city
Bond Prices Unchanged.
For the first time since January.
1889, prices of bonds secured by real
estate securities show no change in
price during the month just ended.
The Amott-Baker Realty Bond
Price Average shows that the price
OF the 200 representative issues used
as the basis averaged S317 per 81 900
on March 30, unchanged from
February 30.
During the first quarter of 1910
prices for this type of security are
up l per cent from a level of 1914
per ST. 1000 face amount on Decem-
Der 81.
Bank Club Elects Officers.
John l.. Cain was elected president
Of the Washington Loan & Trust
Club at the annual meeting it was
announced today. The election was
held in the banks boardroom.
Other officers elected were: j.
Kennedy Irelan, vice president:
Julia Nicoll, secretary; j. H. Wild
treasurer, and Rita Mccarthy, assist
ant secretary. After the business
session the members were enter
tanned by Miss Marie Sauter
vocalist, and the club quartet, and
by the mimic, Morris Freed.
Suggests Trust Investments.
Writing in the American Banker
on March 26, Walter M. Bastian
general counsel of the First Federal
Savings & Loan Association OF
Washington, stresses the fact that
Federally insured share accounts
issued by Federal savings and loar
associations have become legalized
for the investment of trust funds ir
80 States.
He is most enthusiastic over this