Evening star., 1937-08-02
LWELYFAL[ TRADE
SEEN BY BANKERS
Big Farm Income Cited
Among Leading Factors
In Monthly Survey.
BY EDWARD c. STONE.

In Monthly Survey.
BY EDWARD c. STONE.
Seasonal reaction in business has
seen less than expected and it seems
reasonable to believe that Fall trade
will be good, says the monthly review
# the American Bankers Association,
1ut today Labor difficulties are less
threatening and reopening of the steel
Mills gave business a needed business
onic
An important favorable factor Is the
,osition of the farmer. In general the
breasts indicate a good wheat crop.
The early July estimates were slightly
bove the average for the five years
928-1932, and larger than the COM
ined American and Canadian crops
asst year. Corn is equally promising.
hitting prospects naturally have af-
,cted prices somewhat, but the fact
! emains that this is to be good
ear" for the grain belt and that the
armers will have money to spend.
otton, too, seems likely to contribute
} the improved purchasing power of
ne agricultural population. Income
rom that crop is expected to be the
est since 1929. the review says.
Less favorable factors include events
= long the worlds military fronts, east
well AS west, unpleasant reminders
: international instability. At home
n unbalanced budget. spendthrift
congress indifferent to the growing
Necessity for economy. and a rising
Gale of costs to both producer and
"onsumer are adverse factors which
1ust be taken into account in any
tempt to appraise Fall prospects.
The general industrial outlook. of
curse, is affected by rising wage
nd other production costs. In most
mes retail quotations have finally
aught up with the advance in whole
ale prices noted several weeks ago.
So far the advance has not been large
enough to affect consumer buying.
Better Bank Credit Demand.
The outlook for bank lending ac-
ivity in the next few months is rela-
lively good. Because of the fact that
there has been less of a Summer let
down in general business than antlci-
Dated, so the demand for bank credit
las continued above expectations.
However, there seems to be little i'm
mediate prospect of improvement in
money rates. Excess reserves of mem
ger banks have again been on the
increase, the report states.
Railway car loadings have set
new high level for the year. The Oil
industry continues to boom. with a
sustained increase in gasoline con-
sumption over last year. The travel
business is very healthy. Railways,
steamships, bus and air lines are
handling unprecedented passenger
volume. The recreational season in
New England and other Northern
States promises business at least 20
per cent over the good season of 1886.
Building contracts awarded during
June totaled the highest for any
month this year Residential con-
struction during the first half of the
year rose 50 per cent over last year,
the survey says.
Firm Made Correspondent.
Hayden, Stone & Co., one Of the
oldest investment banking and bro
kerage houses in the country, will act
as New York correspondent for Johns
ton. Lemon & Co., it was announced
in the financial district today. In ad-
dition to its seat on the New York
Stock Exchange, the firm holds men,
bership in other important stock ex-
changes, as well as in all the principal
commodity exchanges. Main Offices
are in New York and Boston, with
branches in Springfield, Mass, and
Portland, Me.
The Washington Office of Mackubin,
Legg & Co. is distributing booklet
on Labor" written by Albert w.
Thorpe, Baltimore, manager of the
firm investment management depart
ment He analyzes the basic factors
of the present labor situation, He con-
cludes by stating that the American
labor movement is fraught with such
that the investor must
recognize it as primary force bear
ing on his future financial welfare.
Both labor costs and labor relations
must be given more attention in the
future as to their probable effects on
industrial corporation earnings.
An increase of 242 per cent in the
number of air express shipments for
June. as compared with the corre-
spending month of last year. was re-
ported today by the air express divi-
sion of the Railway Express Agency.
The total for last month was 51,837
New York report said.
Bankers Conclude Vacations.
Howard Moran, vice president of
the American Security & Trust Co.,
was back in the main office today
after a months vacation, which in
cluded motor trip up the coast to
New England and visit in the White
Mountains.
R. Earle Haycock, auditor of the
Riggs National Bank, returned today
from vacation, passed at various
Virginia beaches. B. Grynn Dent,
assistant cashier of the same bank,
Is back from vacation at Cape May.
David Bornet, vice president of the
National Savings g. Trust Co., is back
at his desk after a Today vacation
at his country place at Shady Side,
Md.
William v. Simmons, trust officer
at the Liberty National Bank, has
returned from a vacation, most Of
which was spent at Epping Forest
Earle NJ Amick, one of the vice
presidents of the Riggs National, is
spending his vacation on a trip to
Canada and j. r. Mcmillan, an as
sistant vice president, is vacationing
In North Carolina.
Irving Zirpel. secretary and assist