Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-04


this will not be felt for some little time
and the downward trend in bushes:
which has already existed for the pas
three months. will be accentuated.
1T is my estimate that from three to
nine months will be required to change
business conditions and the stock mar
ket situation and reverse the downward
trend. Certain adjustments will UNI
doubtedly be made in economic condi-
tions and it should be borne. in mind
that American aggressiveness and
American industry are as strong forces
today as they ever were. In a brief
period. the infusion of new ideas and a
return to the old willingness to work will
cure any intermediate depression which
may be in prospect"
MIR. Shaw made a gripping address
before a host of Washington women
who f1ocked to the Mayfiower Hotel this
morning to obtain information on
probable trends, the best investments
to make at present, and rerhapS be-
come more independent in handling
their own financial affairs. The talk
was sponsored by the Continental Trust
Co. and is the first of three such
addresses.
Urges Caution in Selections.
Mr.. Shaw advised both stocks and
a demand for both and place for
both he said. He cautioned his hearers
to diversity their holdings, learn every
thing possible about the business, the
management, present earnings and
future prospects of the companies in
which they put their money. He stressed
yields as being of great Importance and
mentioned caution as one of the biggest
factors in successful investing. He de-
Oh fV7 In
yestment conditions Is the normal
expectation of the future.
The speaker reviewed some of the
factors that brought about the recent
stock market smash, adding that Wild
cat speculation has had much to do
with present conditions. Much that
has occurred has been for the better,
he said, and some for the worse. He
lauded the new theory of management
distributing a higher return to the
workers, and asserted that happy and
prosperous community must have a
nicely balanced adjustment between
the capital which is spent and the
amount which is put back into produc-
ton. In ether words, spending is just
rs important to prosperity as saving.
Cooper welcomes Woman Guests.
President Wade H. Cooper of the Con-
tinental Trust Co. welcomed the guests.
He said he had watched the trend of
women in managing their own affairs
with the keenest interest. I'VE recog-
nize," he said, that women do not
want to be segregated in separate de-
partment of the bank, put OF in a little
corner 10 by 10 feet with a teller to
administer to their needs. They want
to come into the bank, consult the
officers and transact their business in
exactly the same way that a man
transacts business, and they want the
same treatment
THE manner in which women who
have been sheltered by a husbands or
fathers care commence their financial
education IN middle life and the rapid
ity with which they gather knowledge
and terms that month ago or year
ago were as strange as foreign tongue,
has excited our keenest admiration. It
is because women are demanding a
place in the financial world and the
fact that we want to help them and
put facts before them that today we
present the first of our informative
talks"
The guests were welcomed at the
entrance to the hall by Miss Mary j.
Winfree. secretary of the trust COM
lectures. She believes that the i'm
portance of women as investors has
been too long overlooked.
New Investment Firm Formed.
James M. Johnston and James H.
Lemon have formed partnership I'M
der the name of James M. Johnston
g. Co. The new firm will do a general
investment banking business, take over
the business of Irving 81 Johnston and
will act as Washington correspondents
for the New York banking house of
Spencer Trask & Co., members of the
New York Stock Exchange. The firm
will also be members of the Washington
Stock Exchange. Their offices, located
temporarily in the Woodward Building,
Will be moved to the new Shoreham
Building about the middle of November.
Through the firms connection with
Spencer TraSk 81 Co. it will be able
to offer TO its clientele the facilities of
that organization, whose private wire
system extends to all the financial CEN
tiers of the country.
Both Mr.. Johnston and Mr.. Lemon
are well known in the investment bank
ing business in Washington, and were
Z formerly members of the firm of Irving
g. Johnston. Mr.. Johnston is director
/, OF the Liberty National Bank member
of the Washington Stock Exchange, a
director of the Federal Storage Co., also
vice president and treasurer of the Fed
eral Storage Co. and a member of Co
> lumbia Country Club. He is a graduate
z of the University of Illinois, and served
/. during the war as a pursuit pilot in the
: A. z. F. Army Air Service. Mr.. Lemon
( is a graduate of Central High School
and Princeton University. He was a
: prominent athlete at both places Both
Mr. Johnston and Mr.. Lemon were con-
: nected with Spencer Trask & Co. prior
to locating in Washington.
r.. p. Irving, formerly of Irving &
Johnston, will also be connected with
the new firm. The following, all for
merry connected with Irving g. John
Z ston, will be associated with the new
firm: Harold G. Cummings, Edison B
Olds, jr.; Guy o. Dove, jr., and Paul L
Doerr.
Heavy Trading on Exchange.
Trading was heavy on the Washing
ton Stock Exchange again today, both
stocks and bonds being in lively de-
nand.
Capital Traction was the most inter-
esting stock on the board. The issue
climbed steadily during the session and
closed at 80h.
Lanston closed at l15N, Mergen-
thaler at 102. Peoples Drug Stores at
ITO.
Bank stocks were quite widely rep
resented in the days sales. The ex-
change will be closed tomorrow.
~
Pen Shipments Increase.
NEW WORK. Novenoher 4 (H5A GI,i,,