The Washington times., 1928-03-09
MANY FACTORS
ON PRICES
~ RICHARD HATT0N

AASba upon three .suaJOF HdtOSks Snas
have i bearing upon finances in
general and the stock market in
Particular. These are. in the ordef
Of their apparent Importance from
the amount Of information ana mis-
information available as to each;
Brokers loans" unemployment
and politics. The three subjects
re touched upon in the current is.
ene Of the Pierce Securities and
Commodities Review. which says:
In the miscellany Of factors used
to support the theory Of . liQuidat'
Ing market are included brokers'
loans, unemployment, uncertain
trade prospects and politics. Much
Is being made In the East Of the IN.
enployment situation with all sorts
of estimates given publication as to
the numbers OF workers unemployed
ne ordinary statistics used 20
measure the rela.ivity OF employ
laent are those published by the Bu-
reau OF Labor Statistics which. now
ever. cover only small percentage
OF workers and, as q matter Of
fact, include perhaps less than =
per cent Of the total number or
persons painfully employed in the
United States.
It Il extremely difficult, Il not
impossible. to arrive at an accurate
measure Of this important factor
md. without the aid OF compre-
hensive data. predictions and state
nents are. quite naturally. subject
IS inaccuracies and perhaps exag-
aration. The Bureau, of Labor Sta
'Hkics does show, however, that the
nd 81 employment has been down.
ira since the middle Of 1925.
No fresh light has been recently
|rown upon the question OF Drok-
Ia loans. Whether they are ct
ngerotis point remains altogether
matter OF personal opinion ana we
III. K this Is another factor upon
which Il Ii most difficult, 4 not I'm.
possibIe, to establish measure o.
accurate relatively. Uncertain traoe
fosBecta have been present ever
nce Tire beginning Of the second
alf or 1927.
Real Test to Come
s many cases the publication OF
nual reports Of industrial corpora
IS have served to accentuate the
rec Of uncertainty. and current
10 reviews continue to point out
existence Of spotty conditions.
IA acceleration OF the rate OF steel
oduction is quite usual at this
me Of the year and we peneVs -. =
ir TO say that the real test WI =,
90 come for q month or 50.
Sstser words. not until the end OF
Hareh aerhaps can conclusions De
go. 80 eIsSs, - "a whether the improve
,s.ses,f =, the industry, which has EN-.
6l1asIzed itself since the beginning
~ The year, Is merely q seasonal de-
~eloun6nt or whether 1898 VIII re.
sTI.e promise OF d substantial IN
reasa ii railroad equipment buylns'
r1aiela appeared to be forecast 10 De.
ennber. seems to have died our auu
= Is heard about buying On Lne
hrt OF the carriers.
Not primarily because 1875 p
esidertfal year II politics DeglnnarrLl ~.
1920 uneasy attention. Tne-
s.s,1g desire on the part or the
80 FOR investigations Is probaply
.onsibIa for the present injection
roiIfiou as an understands mar.
snflnence. TO enumerate the IN
srafions underway, or protected
~ "a Ia include public utilities:
En1es,1Ia. coal, certain raiiDeao
- s0ecuIation, brokers' loans.
q fha subject Of brokers loans
fllis includes, Of course specuia-
Il. there may be 2 less raDlo -
e. brand this factor as nallOn'
= disturbing influence. Inc nun.
- of holders Of common STOCKS, -
sryone knows, has increased aInaz
= Nt,riTae the past three years.
.4tank speculation, so-called, IL
! Iarra degree to attack owner
IA n Common shares and such q
sceAt,ra NAV kindle a backfire In
n.ssrta Sar removed from Washing.
MT - which Washington must
s,,t1,aIIv listen. The ownership OF
es,rifiee is not confined to the geo.
enlnical section bounded on the
%.eek BY the Hudson River.
Invited to Report
An members Of the Washington
nl.anter. American Institute OF
rsanking. have been invited 70 at
fnnd the debate between the Ricn.
~eos1d ana Essex county chapters ON
$50 subject. Resolved that all cities
~,o.ild adopt city manager type
~ government" which win be held
- washington on March 10. Wash
snrton chapter viii also be host TO
~ visiting debaters, who selected
ehia city as neutral ground upon
mich to hold the contest.
President Ezra Could OF the
"a al Savings
tsIsaT1k. who has just returned from
- extended visit to Florida, said
s--aeerdav that Florida is now
rv,landid winter resort and play.
-rnlIT,d and that the prospect was II
1910 continue to draw increasing
is,,rnters of people from the north
80 fne winter season. He was par
4ic,,Iarly struck by the wide repre-
.snfatfon from Northern States
Scnnd at the coast resorts. Incl
4nnfaiIv President Gould noted that
80 washington Mechanics Savings
tank had the best month Of its his
@rrv IN February as judged from
N@l,a gain In deposits and depositors.
me month showed the largest gain
s, number OF depositors and in the
amounts deposited.
q. b. Chapman, resident partner
"a Hartman and Company, mem.
5,ore Of the New York Stock Elk.
,s5,anue. 81 expected back at his Of.
<1nn ff1fIay after several days alb
,sey,ca in New York on business.
latest reports from President w
~ gpaid, OF the District Of Colum
- Rankers Association, member OF
80 firm Of w. b. Hibbs and Com
.s,,v. who Is spending q short va