Evening star., 1937-06-09
TRADE PROSPECTS
GOOD IN CAPITAL
Brookmire Service Stresses
Sharp Recent Gains in
DC. Trade.
BY EDWARD C. STONE.


General business conditions in
Washington, Maryland and Virginia
for the next six months should be
good" according to survey Just
completed by Brookmire, relating par
ticularly to sales prospects and the
credit outlook.
The Brookmire service calls especial
attention to the recent gain here of
i3 per cent in bank debts. compared
with the like period in 1886. to an
Increase OF IA per cent in retail trade
and jump of 43 per cent in building
activity.
Turning to group Of Eastern
States which includes Maryland and
West Virginia. the forecast presents
an estimate that consumers incomes
IN the next six months will be 18
per cent ahead of the like period
last year. Incomes from manufacture
ing in April rose to the highest level
since 1929, but such incomes will
probably stabilize for some months
around current levels, the survey says,
adding that this will probably reduce
percentage gains over last year.
Prospects in Nearby Areas.
Referring further to Maryland and
adjoining States, the forecast says that
farmers incomes in April were l8
per cent above last year, but these
gains will probably narrow in the
remainder of the year. April build
Ing volume widened, as did output of
electricity A good level of business
Is in prospect, though gains should
narrow for some months.
Looking at Virginia and the Caro-
linas and other Southern States, the
survey says that consumer income in
the next six months is estimated at
19 per cent better than year ago.
Farm income is estimated to reveal a
better gain than that from other
sources. Cotton acreage is larger in
most States, with crop conditions
good. Farm income in March was 81
per cent above last year Trade
volume is now good. with the out
look improving" the forecast con-
cludes.
In Maryland in April, the report
says, bank debts were up is per cent
tricity production 2 per cent, building
27, pay rolls IS, passenger auto regis
trations dropped 10 per cent and
trucks 8, farm income was up Al per
cent, gasoline consumption II, cement
shipments so, while there was %
per cent decrease in business fail
ures.
Virginia Debts Soar.
Virginia bank debts in April we're
up l9 per cent, life insurance sales g.,
electricity production 90, building 81,
cotton spinning hours 9, pay rolls, 25,
passenger car registrations and
trucks 3, farm income As, gasoline
consumption 80, cement shipments 20
and business failures 80 per cent
higher than a year ago, the survey
announces, the conclusion being
reached that "stabilizing tendency
is likely to prevail in consumer income
over the next several months" and
that satisfactory trade outlets should
be found in all sections of the coun-
try"
Corporate earnings. which have al
ready established notable gains. can
be expected to record further substan-
tial progress, and basic economic con-
ditions indicate that business expan-
sion will follow temporary Summer
low, according to Brookmire, despite
recent wage costs, as the use of more
efficient machinery. now being bought
in record amounts. and increasing
bushes activity both tend to reduce
unit costs.
Hamilton Votes Dividend.
Directors of the Hamilton National
Bank, meeting yesterday, declared a
dividend of so cents per share on the
outstanding stock, payable August 2,
to stockholders of record on July %.
The board also authorized transfer
OF $4,000 to surplus.
Sidney F. Taliaferro, trust officer
of the Riggs National Bank, will ap-
pear on the program at the joint an
nual convention of the Virginia and
West Virginia State Bankers Associa-
tions, at White Sulphur Springs, later
this month. According to the pro-
gram he will conduct a round table dis
cussion on trust matters. The con-
Vention dates are June "a, 25 and 26.
Joshua Evans jr., vice president of
the Hamilton National Bank, is PLAN
ming to attend the same convention
and 1t is anticipated that several other
Washington bankers will be present.
1t is the first joint meeting the two
State associations have planned. Some
SO0 tlnanclers and guests are expected.
Crowley Reports Bank Merger.
Chairman Leo T. Crowley of the
Federal Deposit Insurance Corp. an
nounced today that the Farmers &
Mechanics Trust Co., Cape Charles,
Va, with deposits of sl,26l 400, has
been taken over by the Northampton
County Trust Co. at Cape Charles.
The merger is in line with other merg-
ers arranged by the Federal authori-
ties without any loss to depositors.
hVe such consultations being COM
pleted during the past month in the
insurance corporations campaign to
eliminate unnecessary or uneconomic
banks.
Numerous visitors attractions of the
Nations Capital have been publicized
In 52-page tour book issued by the
Aetna Casualty g. Surety Co. of Hart
ford, Conn. Distribution OF this book,
Aetna Pleasure Trails" Is expected
TO reach Nationwide total Of 100, 1000
copies during 1887 and bring to the
attention of thousands of people the
many points of. interest in this
vicinity.
Heavy Trading on Exchange.
The heaviest trading in weeks was
recorded on the Washington Stock
Exchange today. The market opened
with City &, Suburban IS selling at 78.
Potomac Electric Power per cent
preferred moved at Ill, Railway g.
Electric preferred at 1l01s and 11012
Fifty shares of Security Storage sold
At l20, Lincoln Service preferred at
4712 and 100 shares of Capital Transit
at loa.