Evening star., 1921-05-31
f|RM TONE SHOWN
!: .MtOcAL MARKET
No. Great Activity and No
! StocksPressing to Sale.
! A. Survey.

iOSkbl StOth cA-
ShanSe continues tnmove|very slow
sy- The public utility shares seem to
have a monopoly of what little trad
bng there Is. while bank stocks sell
Hon1 show on the, sales list and other
securities. with the possible excep-
11on of the typesetters. are rarely men,
toned.
As a rule securities are held firmly,
$50 that Will" there is no material in
; crease in demand. the offerings are
fot al all pressing.
railway preferred, firm at So; no
common sold. The preferred shares
AZ" ex-dividend today. One sale of
capital Traction stock was reported
at IS. This, with a sale of Washing
ton Gas AT IL 1s, completed the utility
stock transactions.
Mergenthaier brought 121.
In the bond section. Potomac Elec-
1Tic consolidated SIS brought S6 and
Capital Traction 5s So
Announcement was made on change
of The death of Daniel Fraser. one of
Ihe oldest members of the exchange.
Personal Mention.
4 ]. II. Baden cashier of the CONNER
I<:al National Bank, and Frank Har-
onon. jr-- cashier of the Merchants
Bank. returned to their desks this
oNorning. after being out for some
-fays through minor surgical opera
1ions.
Guaranty Trust Survey
A survey of business conditions in
she United States has just been COM
tpieted by the Guaranty Trust Com
I>any of New York city
In II, after calling attention to the
siTportance of the acceptance of Ger
many OF the terms imposed by the
Versailles treaty. the survey says:
One of the gravest consequences
SNl Inc general economic 1pnreSSjDO N
the United States. as it is IN other
countries. is the widespread unem
plnynent. According to the most re-
liable estimates. between 1900. 900 and
4S000.o 900 people are idle in the United
states. and. contrary to general
opinion, unemployment has increased
rather than decreased during the
past month.
NO element Of the derangenent
of an industry better illustrates the
cumulative effect Of local raIadjus;-
nent than involuntary idleness. The
cessation of earnings is promptly felt
an the curtailed buying power of the
groups affected. Strikes and lock-
outs are costing workers $1,000 600
a day in wages and the employers
Approximately s5.oo0.oo0 a day as a
consequence of the refusal of work
ers to accept a fair wage
Not every proposed wage is rea-
Fonable. but when a group of work
ters insist on holding to extreme
WAGES l0PlT contention Is not
well founded. Such resistance to the
free operation of economic forces
which are governing and compelling
ahe present adjustments in industry
Is futile
Increased Building.
The survey finds some satisfaction
bver increased building operations.
calling attention 10 the awarding of
contracts in twenty-five northeastern
states for SEQ. .00o, 200 construction
!, Some improvement is found in the
business outlook. the strengthening
of underlying conditions rather than
any general betterment.
Credit is easing and money is more
available for the needs of business.
The survey. however. finds that
further liquidation is necessary. as
1.-The cost of borrowed money is one
Of the added reasons for the higher
cost of the goods"
Peaceful economic readjustments
are sadly needed and until accom-
piished there Will be no great bet
LermentS.