Evening star. [volume] (Washington, D.C.) 1854-1972, 1936-11-02
STEADY PROGRESS
IN TRADE HAILED
Last Quarter Is Expected to
( Show Continuation of
Recovery Trend.
BY EDWARD C. STONE.

organ OF the American Bankers ASSO-
citation, today. This is the first time
since the beginning of the depression
that there have been nine months of
constantly increasing business activ-
ity, the review adds.
Security prices have reached level
not attained since the devaluation of
the pound in 1881. Commodity prices
average higher than at any time since
1880 and industrial production is
higher than at any time in the last
six years, the survey continues.
Business is not unmindful of the
Weaknesses in the present situation.
These unfavorable conditions have
not been discounted so much as they
have ben ignored and defied. A COM
parison between the thriving condi-
ton of business in the United States
and the disturbing developments
abroad furnishes an interesting con-
trast and constitutes a fair measure
Of the forward surge now taking
place in the commerce and industry
in this country, Banking asserts.
Housing Shortage Predicted.
Increased mortgage lending, hous-
Ing shortage, rising rents, higher
farm values and. in general, a more
active market for buildings and land
are reported by ma jority of the bank
realty officers whose opinions on the
real estate outlook were requested by
Banking in survey conducted in key
cities throughout the country.
Some of the replies said that pros
poets locally continued unfavorable,
high taxes and the burden of old
property being mentioned as deter
rents to recovery, says the magazine
IN presenting the results of the sur
rey in its November issue. But on
the whole, the views of the men who
are responsible for their banks real
estate holdings were optimistic.
Home construction in most parts of
the East and South Atlantic area is
especially active Farm values are
Increasing in response to the better
demand for farms and higher returns
from agricultural products. Prices on
all classes Of real estate are rising,
although most activity is on mod
erate-price basis in which cheap
financing is an important factor, says
Banking.
Sales and Collections Up.
The value of wholesale trade
increased noticeably in September.
1886, from September, 1885, and COL
lections on accounts receivable were
of O h int To III
according to reports of wholesalers in
the monthly Joint study of the
National Association of Credit Men
and the Department of Commerce.
Sixteen of the 20 wholesale groups
reporting showed higher average
collection percentage for September,
1895, than for September. 1885. The
greatest relative increases in collec-
tons from year ago were registered
by paint and varnish and shoe
wholesalers.
The highest collection percentages
were shown by the meats and meat
producers group, the median collec-
ton figures being 1862 per cent for
September and 1929 per cent for
August this year and 1921 per cent
Tor September last year. These per-
centages indicate that customers of
these firms took less than 80 days. on
the average, to pay for their pur-
chases.
Business Gains Forecast,
The current upward trend of trade
volumes and industrial activity will
continue during the next two months
regardless Of the result of the election,
says the United Business Service in
its current report. The service states
that favorable factors predominant in
the economic outlook, and cites the
following important lifting forces
which are operating to sustain the
improvement:
1. Large automobile production
scheduled.
2. Total farm income running above
last year.
8. Upward trend of construction
contracts.
4. Continued low interest rates,
ample supply of credit, rising trend OF
commercial loans.
5. Debated level of inventories.
6. Increased corporate earnings and
dividends.
7. Existence of large untitled orders
for goods.
8. Passing Of the uncertainty of the
election.
The European situation, Supreme
Court decisions, labor troubles, and
unemployment are some of the factors
which the Service says may hamper
further improvement and bring about
temporary setback in business
trends in the first quarter of 1897.
Joins McLachlen Bank Staff.
G. A. pendleton, who was recently
appointed assistant treasurer of the
McLachlen Banking Corp, assumed
his new duties today and was warmly
greeted at the bank his desk being
covered with flowers from outside as
soctates. He has already had wide
experience in banking, both in WASH
ington and elsewhere in the fifth dis
trict.
Ralph M. Wolfe, former manager of
the washington Office of Mackubin,
Legg & Co., joined the firm of D. H.
McKnew & Co. today. He becomes a
partner in the firm which deals in in
vestment securities. He takes the title
Of vice president.
Gilbert B. Pearsall, formerly adver-
Using manager of the Wall Street
journal, and for the last two years
resident manager in Philadelphia for
Distributors Group, Inc, has been
elected vice president Of and director
s. of Russell Mcguire & Co., Inc, New
York.
prediction atmosphere was evil
dent in the brokerage houses in the
financial district today. Tickers will
be quiet tomorrow, but the Wash
ington banks will be open as usual.
Riggs Bank Stock Hits 80.
Trading was light on the Washing
Roy. Stnrtr Tychapco todav HIT ir1nor-