Evening star., 1924-06-01
BY !. 4. FLEMING.

-cu6Al loNtl ieNtls, Tue w dSHlIls loIl
Stock Exchange is to be congratula,so
on the large increase in volume of
trade
This is represented by a gain i'll
bond transactions Of nearly 100 per
cent, while the increase in the share
transactions have been at least 1o
per cent. Prices have generally shown
slight concessions to modest declines,
but there have also been some ad-
rances more or less noticeable
Bank stocks. almost without ex-
:eption, have reached higher levels.
and have been traded in freely.
Returning Confidence.
At times there have been but few
members in attendance ut the daily
sessions. Yet. the character Of the buy
ing has indicated return of conf
dencc on the part of the people In the
Washington Railway and Electric
securities, especially in the common
and preferred shares. There has been
both speculation and investment buy
ing, with the preferred having taken
ITS place as one of the steadiest of
our utilities. IL pays } per cent and
IN doing this does not seem to arouse
the antagoniSm of the lawmakers or
The public. while the per cent paid
ny I'll" Capital Traction Company has
had a revers" effect especially with
some members Of Congress-
Difficult to Estimate.
II is difficult to estimate exactly. or
even approximately. what part the
North american Company. purchaser
nf 2'.50O shares of common stock of
the railway company. and their sub
.equent buyings have played in turn
ing the '-point advance and the in
creased activity in the last year.
Ihat they have purchased and are
sttll buyers of the common stock is
beheved to be a fact, and, while local
interests would have preferred con-
tlnued local domination of the COM
pany they admit that the new owner
ship represents a very strong finan-
cial interest.
IL is impossible, through the diff
Guilty i'll tracing ownership through
the stock transfer books. TO aggre-
gate the holdings of this syndicate,
but II is evident that 1t is very
substantial one, able to back future
problems of interest in extension work
should it seem desirable.
1t Makes n Difference.
IL makes difference in the volume
full attendance of active brokers
and traders for the reason that some
are willing to take a chance either
way-to buy or sell-without direct
oticiS SifiSllS
brokers.
The baby member" James o'Don-
nell erstWhile Why pay more" is
,l%sa always ;, welcomed on change be-
rrease trading materially If he is in
the mood for it. Eugene Thompson.
representing also the North American
syndicate; W. 3. Hibbs and John l..
Edwards also are inclined to be
liberal in action.
Time was when there were many
more traders on the daily session and
the sales records were of very less
consequence in the aggregate than
they are today.
Business Conditions.
If conditions in the financial and
commercial world would suggest a
!st,up in activities there is small
These are readily visible and ample
enough in number, when given con-
sideration, to make one thankful that
business Is really as good as IL is.
First, it Is an off year--a presiden-
tial year, when conventions, dissen-
sions, contentious and political un-
certainties upset and disturb.
And this year Is the more off" be-
cause each day brings its developments,
eacn adding more ingredients to the do
ninant problems. making them SO dense
as to prevent any pre-analysis.
Discord between the President and
congress. between the members of
the same party, so that the control
of Legislation is held by the minority,
TO the enactment of laws which bust
ness is generally accredited as oppos-
ing, has caused hesitancy and doubt
in business and future plans. Con-
gressional Investigations have pre-
vented much needed legislation.
blackened regulations and, justly or
otherwise, have caused protests Of
inactivity and a lack of confidence in
our lawmakers.
Weather Man Meekly Submits.
Our old friend, the weather man,
has been pilloried so frequently since
January !, that he is getting used to
it and apparently doesn't care one
way or the other.
People are wearing winter goods SO
that while June has just crossed the
calendar there has been little spring
trade and business is sure to be on
restricted lines until the November
elections, perhaps afterwards also.
Less need for money In business is
reflected by the large supply. and low
rates are the result of the above con-
ditions.
There are restrictions of bank
loans not imposed by bankers and in
speculation, not by reason of any
tightness in money, as there is a
plethora in call money at very low
Safety first. interest a secondary
matter, reflect the prevailing uncer-
tainty.
By the proposed reduction in taxes
and the enactment of the bonus law
the government may be made a larger
borrower. but where safety first is
such a dominant plea it will find its
market unlimited and will continue
to dictate rates.
Stock trading will move along re-
stricted lines until the problems
awaiting solution have finally been
settled.
Now 1t VIII BE president DeyBer.c
II the schedule is followed out at
White Sulphur Springs this week
and it is a thousandto-one shot that
1t will be-Victor B. Deyber will be-
the District of Columbia Bankers AS
sociation.
The list preceding Mr., Deyber in
cluded very many of the leading
bankers Of Washington. There is.
provision in the present constitution
Of the organization which prevents
an executive from Immediately sue
ceeding himself, and in the record of
1so1-24. inclusive. there have been
but two executives in office for dou-
BILE terms, they probably having been
chosen before the prohibitive feature
was inserted in the constitution.
In 1908 and 1909 FL ]. Stellwagen.
was president. and in 1910 and 1siI
w. a. Mearn OF Lewis Johnson and
Co., was president, the following have
of their election, the following have
served as executives: Thomas Hyde,
r. c. Stevens, Charles j. Bell. rohn
H. Moore, A. X. Paris. who consi.t-
ed the 1904 term Of Mr.. Moore: John
Joy Edison. C. F. Norment, w. V. Cox,
e. j. Stellwagen, w. A. Mearns,
George w. White, Harry II. Mckee.
GalJiher John Poole Corcoran Thorn,