Evening star., 1937-09-22
TRADE ESTIMATES
REVISED DOWN
Price Boost, Labor Demands
and War Clouds Cited in
Heimann Report.
BY EDWARD c. STONE.

revision of business expectations for
the rest of the year, Henry H. Hell
mann, executive manager of the Ma
tional Association of Credit en-, as
serts in his monthly report to the
Washington Association. Present mo-
mentum. however, is such that holiday
trade should be satisfactory even if it
does not break former records. he
adds.
Viewed from the price standpoint,
the situation bears close watching be-
cause average wholesale prices are ap-
proximately per cent above last year
with house furnishings, building ma
terials, metals, hides and leather and
textiles showing the great--t rise. A
lack of new business in textiles is be-
ing noticed, especially in the cotton
textile field, at present" the survey
states.
In the survey of sales and collec-
tions of manufacturers and wholesalers
conducted by this association and the
Department of Commerce, the July
figures recently released show a con-
tinuance of the increase in sales in
that month over a year ago. a trend
that has been in evidence ever since
the survey began in January, 1886.
But of definite significance is the fact
that for the first time both manufac-
turers and wholesalers reveal a de-
crease in percentage of collections on
accounts receivable, compared with
the year before.
Business Statistics Good.
"On the statistical side business is
doing better than last year in general,
although there has been some decline
in certain aspects over the high points
existing this Spring. Rising construc-
ton costs, labor troubles and some de-
cline in buying for inventory have had
their Oppressive effects recently" the
secretary asserts.
Activity in the capital goods field
early in September was equal to the
l925-1927 average, a rise of 25 per
cent over year ago, Production of
automobiles, steel, electric power.
bituminous coal and petroleum early
this month were all somewhat above
1896 figures. Carloadings in every
classification we're equal to or better
than year ago.
During the past four months Fed
eral Reserve member banks have in
creased their commercial loans by over
s400,000,00 to a total of more than
S4,50o 100000, almost one billion dol-
lars above last years figure. This is
encouraging, the survey concludes.
Theater Outlook Bright.
Discussing the motion picture thea
ter outlook for Washington this VIM
ter, the Ross Federal Service. Enc.
says:
1T would be difficult to find any,
thing to support a pessimistic view of
business and economic conditions and,
in turn, the prospects of our own busi-
ness for the coming year. In fact, in
the motion pictur~ industry there is a
definite sign of optimism which has
been underwritten by an investment
IN construction of new theaters in
this territory. In Richmond a new
neighborhood theater opened Labor
day Three more are under construc-
ton and it is anticipated that ground
will be broken for five more by Octo-
Der l.. In the Washington metro
polltan area two new theaters have
been opened during the past Summer
and four more have been started or
will be started in the near future.
Dlsregarding seasonal fluctuations.
box-office returns seem to indicate a
general upward trend. THAI increased
box-offlce revenues are generally an
ticipated is indicated by the sale of
more percentage deals in each motion
picture contract"
Douglas Now s. Z. c. Chairman.
Varied comments we're heard in the
financial district today on the election
of William o. Douglas as chairman
of the Securities and Exchange Com
mission as successor to James M.
Lands. He is 38 years old. a former
Yale law professor and has been with
the commission nearly two years.
President Charles r. Gay of the
New York Stock Exchange praised his
selection by the other members of
the commission, although many
brokers had been favorable to Vice
Chairman Mathews. However, the
choice of Douglas had been expected.
While many brokers are outwardly
favorable to the new chairman. they
express the belief vigorously that some
one who has been actively connected
with the New York Stock Exchange
should head the commission. "Prac-
tice instead of theory" they say. The
commission, however, holds a differ
ent view
Chairman Douglas is personally
known to many Washington brokers.
as we'll as investment dealers. Last
WINTER he addressed section of the
Investment Bankers Association which
was attended by the leading invest
ment dealers in this territory, making
q very favorable impression at that
time.
West Virginia Banks Thrive.
The August report of the West Vir-
ginia Bankers Association states that
banks in the State have added about
S3,W0.0 100000 to their total resources
and also show an 81 per cent gain
in deposits in 1886 over the previous
year. For the first time in five years
loans and discounts increased. reg
istering 1852 per cent gain over the
low in 1888. According to the asso-
ciation's secretary, Homer Gebhardt,
the present objective of the associa-
tion is to rehabilitate the banker in
his community, develop A. 1. B. work
and to improve general banking
practices.
Further Dividends Declared.
Directors of Woodward g. Lothrop
have declared the regular quartely
dividend of 371a cents a share on the
common stock and 25-cent extra on
the same stock, payable September 20
to stock of record September "a; also
the regular dividend on the preferred
stock of SITS share, payable Sep
tember 29 to stockholders of record
September a.
Directors OF the Carpet Corp. have