Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-18
DAWES AND MCINTOSH AIDED
GREATLY ON McFADDEN ACT
Former Controller of Currency Given
Credit for Initiating Measure That Led
to Important Banking Law.

the needed incentive to assume trust
business, which, under their limited
charters. did not seem wise. Permits
for las banks were taken out between
February 25, 1927, and June 80.
Two hundred and thirty-five banks
holding fiduciary permits started to
function up to June 80 of this year
Several hundred banks holding per-
mits assumed fiduciary powers but
have not become active in the work
October 81 of this year S65 national
banks had asked for and been granted
permits to act in that capacity.
For the fiscal year 1927 the earn.
ings of trust departments Of national
banks were $10.S11 900, a gain of ST.
$4,000 over the preceding year and a
gain of $4,S60,000 over the earnings
of 1925.
When Will It End?
This Is the question that every one
interested In the stock and bond mar.
ket is asking, not only of themselves
but of every one with whom they come
in contact.
For over a year now conservative
interests have been urging care in
market commitments, the taking of
profits and in some cases the with
drawal from the market until after
the reaction"
Another year is drawing to a close
and as far as reaction Is concerned
there has not been anything worthy of
mention.
After the passage of the McFadden
act brokers passed 1t out to their
friends as their belief that this meas
ure will keep the market booming
until Coolidge is nominated; his nomi
nation will carry it over until his cleo
tion--so that it is good for long
drawn-out upturn."
1t has been a sustained upward
movement for one of the longest pulls
on record. with no evidences in sight
that it is even near the end. Easy
money. the original cause of the boom
is still In effect. and the chances seem
good for easy money to continue in
definitely. The days of oldtifne strin
gency and fancy rates are not only
over but they have gone forever.
1T cannot keep going one way for
ever" This usually follows the ques
tons asked concerning the length OF
the market boom. a question hard t.
answer even to consider with any de
gree of satisfaction.
Wall Street has never gone one way
all the time. There is danger In any
long -sustained movement. but as usua
on bull market, the public is in up tc
it's neck and will stay in until the run
out-whenever it comes.
Would Like Regular Dividends.
There are a number of corporations
whose shares are listed on the local
Stock Exchange that are in the habit
of declaring regular dividends and ex
tras with the return of every dividend
period, practically fixing the rate al
a figure higher than the regular rate
Shareholders of these corporations
would welcome transfer of these ex
tras to the regulars, giving stability
to the dividend not assured In the oft
repeated extras.
Shareholders welcome extra distribu
tions-that is, something unexpected
at the dividend period-but after a cor,
poration has been continuing the
extra" for years. the shareholders
would welcome the dropping of IAN
extra" With the January disburse.
ments it is expected that there will be
new life in the local stock market
Prices are high, but below the New
York schedule.