Evening star., 1929-11-18

Oeen manager OF
branch since the
Security Savings &c -
Com m ercial took + william Roberts.
over the Central d "''"" "OU'i' 'A'
Savings Bank, of which Institution HI
was cashier. Early in his banking
career Mr.. Roberts was connected witt
the Home Savings Bank and later with
the American Security g. Trust Co
Several years ago he was in an Office
which the Commercial National Bank
of this city maintained in Panama
Rolfe E. Boiling, now president of the
Merchants Bank & Trust Co., was heaC
of the Panama Office at the time.
Mr.. Roberts will finish his work al
the bank on November 23 and assume
his duties with the bond. house after q
short vacation. He has a very wide
acquaintance in the financial district.
Rapid Business Recovery Seen.
Business should recover more rapidly
from the present stock market depreS-
sion than from any previous period OF
deflation in our history despite the
greater number of people affected and
the larger volume of losses, according
to the Fortnightly Review of @. Mp.
Murphy Il Co. 1t states that there are
four major differences between the
present situation and past declines, par
ticularly in 1920, namely, Q COM
modify prices have been reasonable for
several years, CD merchandise inven-
tories have not been excessive, (3) the
banking system is in a strong position
and (4) corporate treasures are well
supplied with cash.
I'm general" continues the Review,
previous major declines have resulted
from substantial declines in business
for roo arising
ness itself. The recent depression has
certainly gone far beyond measuring
any tapering off in business that was
foreseen and is viewed with concern
as a possible cause rather than as an
effect of declining business.
In other words, nothing on the hori-
ron causes any loss of confidence in
the underlying soundnesS of the indus
trial situation. While the next few
activity in many directions and the
shading of commodity prices and profit
margins which usually accompanies
such conditions, we expect that next
Pail at the latest will see business on
the upgrade. As to the stock market, we
expect to see an extended period OF
quiet trading during which time sound
securities will be available at attractive
prices, giving an opportunity for the
thoughtful accumulation OF desirable is
sues
Utility Bonds Popular.
Investment in public utility bonds by
25 of the larger life insurance COM
panies in the United States and Canada
continue to increase while their hold
ings of railroad, Government and NUM-
cipal bonds show a decline. according
to revised analysis of their bond in
vestments prepared by Bonbrtght 6 Co.
Figures based on the 1928 reports OF
these companies, just made available.
show that 5000 100000 of public utility
bonds were added to their portfolios
out Of a $500, ,000, 900 increase in total
bond holdings, and that utility BONDS
now comprise 246 per cent OF their
total bond investments of $5,717,703,-
lis.
Employment Demand Good.
The Federal Reserve Bank of Rich
mont reports that the demand for en-
ployment in the fifth district is excel
lent Unofficial reports indicate thai
retail trade is holding up well so far in
November. The latest reports on build
ing showed that Washington, Baltimore
and Richmond all had increases in Oc-
tober, while the other cities in the ter
ritory showed falling off.
Tobacco prices in Virginia markets
in October were "a cents above the
average for october, 1928, the Fed
eral agricultural statiSticSian here re-
ports, Aggregate sales were larger than
last year also.
Virginia's corn crop Is better than
early reports indicated. The year
yield of 20 bushels per acre Is greater
than last year.
Most crops in Virginia have yielded
better than anticipated, the report
SAYS, while the production will be
lower than last year in many cases
vet the prices have averaged better and
the total value will be above last year.
Heavy Trading on d. C. Exchange.
Trading was unusually heavy on the
Washington Stock Exchange after the
double holiday.
CAPITAL Traction was the market
leader, ITS shares changing hands dur
ing the session at rs. There was one
transfer of 100 shares and one OF so. :
Peoples Drug Stores sold down tt
100, Lanston at 106, Mergenthaler a
1929 and 1925 in a large amount o
small-lot trading. Riggs National Banl
sold at 532l2.
3 Bonds were in excellent demand, sale
covering a wide range of issues and
recent price levels.
Leave for Linotype Meeting.
Edward J. McQuade. vice president o.
the Liberty National Bank, leaves herr
tonight for New York to attend tit
annual meeting of the board OF direc
tors of the Mergenthaler Linotype Co
tomorrow and the stockholders meeting
on the following day. Local investor
have been predicting for some time ina
the annual Mergenthaler report Woule
be unusually good. :,
Frederick D. McKenney OF this cit,
is vice president and general counsel c
the company. Mergenthaler stock ma
long been widely held in Washington.
Heard in Financial District.
Much interest is manifested here il
the letter of Representative Charles {
Esterly to the New York Stock Ex
change demanding that short selling b
stopped for the next weeks to hel
stabilize the market. There are man
local bankers who feel that short Sellin
should be outlawed forever, that 1t
the worst factor in smashing wea
market to Splinters and wrecking Sma
stockholders.
William Butterworth. president of th
United States Chamber of Commerce
said over the radio last night that h
considered the general business situa
Stion in the United States to be stronl
He believes that industry and commerc
will remain at the levels they hav
reached. subject only to normal sea
sonal fluctuations.
Assistant Secretary Klein OF the De
partment of Commerce gave a summaI
of retail credit conditions over til
radio last night One of his obServs
tions was that many man who seen
to be on Easy street is only on EaS
Payment street."
The Virginia Carolina Chemical Co