Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-12-31
1914.
BROKERS LOOK FOR
AN ERRAT|C MARKET

Opinion in the brokers' Offices today
was that an evening up Of speculative
accounts was in progress, and that it
was the general desire to await the
, development of something of favor
able character in the railroad situa-
ton and also the Sterilization OF
prices in the open market for the
leading staple products.
While the market remains in its
present unsettled condition the opin-
ion of brokers inclines to a period OF
erratic fuctuation, but they believe
that the technical position of the gen.
eral market is sufficiently favorable
for some early good rallies. There
rails in the belief that tendencies are
now developing for the removal Of the
basic uncertainties surrounding the
carriers.
G. Elmer Father. Earle T. Norris
and John P. Balster of the Union
from military service and have re-
turned to their civil duties. j. Paul
Ardeeser who was with the Union
Trust Company before entering the
military service, has returned to civil
life and has accepted a position with
the American Security and Trust
Company. Among the other men OF
still in the military service of the
United States and are in France are
Walter McCurdy. H. Alvin Lake and
William S. Lyons
Theodore Howard Of the American
Security and Trust Company and OF
cage today in uniform. He expects to
be relieved from his sea-going actvi-
| tiles within a few days. Henry Til
ton. also of the American Security and
Trust Company. who has been wear
ing khaki, has returned to counting
money.
For Continuance Of Thrift.
Bankers, merchants and all other
men of public spirit are interested in
the continuance of that thriftiness
which was promoted among the Ameri.
can people during the war by the lib
erty loan campaigns and the needs OF
1.-THE Treasury. One of the peace prob
lens is to prevent the dissipation OF
savings by the exchange of liberty
bonds for speculative stocks, the sale
of the bonds under the present condi.
/ ton of the securities market and the
exchange for cash of war stamps al
their current value. Another peace
! problem is to maintain among the PEG.
INe the practice of thrift and saving.
A financial leader estimates that the
sale OF war savings stamps and small
payments on liberty bonds are proceed
ing at the rate of three billion dollars
a year, while at the same time savings
bank deposits show an increase. The
significance of this may be seen wher
placed in comparison with the estimate
that the total deposits in the mutua
ga ho nj in hmm
years Of business, is little more thar
five billion dollars, and that for many
Years before the war the average in
crease in savings deposits was about
equal to the interest on the deposits.
Secretary Glass Writes.
Secretary Glass, unable because of
the press of public business to make
an address before the New York
Bond Club, sent letter, from which
the following is extracted: 81 hope
that these great liberty loan cam
paigns, which have resulted in in
creasing the number of bondholders
in the United States from 100000 to
manent effect of making the Ameri-
can people intelligently discriminat-
ing in the purchase of securities OF
all kinds and that through this bet
ter understanding there can be mo-
bilized more easily the necessary cap
ital that will be needed to bring
America commercially to a point of
development consistent with her new
place in the world"
The liberty loan campaigns sue
ceeded because of the effective adver-
| Using and craftsmanship employed in
putting the propositions before the
people and because of the patriotism
and good sense of the American pub
lie. Constant publicity of the virtues
of saving may help the plain people
to become more prosperous and con-
tented and the banks of the District
of Columbia are doing their full
| share of work in this direction.
Explanations for Depressions.
Many explanations for the depres-
| sion in the price of stocks and bonds
are given. That class of securities
! long included as investments has suf-
fered more than speculative secur-
tiles. There has been free actual
liquidation supplemented by heavy
short sales. Naturally the financial
authorities say that the technical
position of the market is stronger
than when the armistice was signed
Tax selling" is term that has
come into the financial vocabulary
during the declining market 1t is
applied to the selling of stocks and
bonds to establish losses which it ID
believed may be charged off in the
calculation OF income taxes.
Traction Stocks Weak SPOT.