Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-07
LOAN ASSOCIATIONS
SELECT OFFICERS
Fisher Scores "ShoeString"
Stock Trading-LocaI
Financial Notes.
By EDWARD {. STONE.

the election of of1icers and the presen-
tation of favorable annual reports
At the annual meeting of share
holders of the Equitable Cooperative
Building Association held yesterday the
following officers and directors were re-
elected: John Joy Edison, president;
John B. Larner first vice president;
Gilbert H GroSvenor, second vice presi-
dent; Walter S. Pratt, jr., secretary;
Ralph p. Barnard, Frederick v. Co
vile, John Joy Edison, Gilbert H. Gros-
venor, John B. Larner, Robert L. Lewis,
Harry c. Meem, Walter S. Pratt, T.,
ana %rederic B. Pyle, directors.
At the annual meeting of the Home
Mutual Building g. Loan Association
held Yesterday the following officers
and directors were reelected: Clarence
r. Norment. sr, president; Maurice F
Flynn, vice president; Odell S. Smith,
secretary treasurer; directors, John Al
den, John NJ Auth; w W. Bowie Is;., WI L,
liam F. GUIDE, r. Lee Horton, William
Z. Howard George King, jr.; Arthur j
May. John A. Maxwell George H.
Starkey, Alfred walford, G. w. Fors-
berg. Karl Achterkirchen; Frank S.
Smith, attorney,
Fisher Raps ShOestring Trading.
Prof. Irving Fisher head Of the eco
Monies department at Yale, who re-
Gently gave an intensely interesting adj
dress before the District of Columbia
Bankers Association, has just been
analyzing the stock market smash and
declares that the crash was brought on
by unexampled prosperity rather than
by factors of depression Prof. Fisher
mentions many of the factors "fIat he
told Washington bankers were the lead
ing causes of the prolonged bull market,
and says in conclusion:
TO summarize, the long bull market
Is accounted for because earnings were
increasingly plowed back into industry.
1t was then like savings bank account,
in that the blowing hack rolled up COM
pound interest
I'm the second place, the long bull
market was because of changed eStl-
mate of future earnings largely due to
the new industrial revolution.
I'm the third place, it was because of
a changed estimate of future risks, and
in the fourth place, which overlaps the
third, because of changed basis on
which the future is discounted in the
price of stocks, as related to their earn
ings.
"These four reasons why we had such
long bull market are as strong today
as ever. They should operate power
fully in the full recovery of the stock
market If they have played part in
the market crash, 1t is only because OF
the overeageEneSS of individuals Ill
equipped with capital to profit by them.
They were lured into debt beyond
their depth. This market crash is,
believe, not so much warning against
excessive speculation and imitation as
it is against doing business with bor-
rowed money, on a Shoestring, so to
speak. especially when the business is
on the Stock Exchange and there are
bears around who miss no chance TO
seize and chew up such shoestrings."
Local Exchange Again Active.
Capital Traction opened at 70 and
sold off to 771a in very light trading
on the washington Stock Exchange to-
day.
Norfolk g. washington Steamboat Co.
sold at 270 Potomac Electric Power
per cent preferred came out at 100 and
the 51z per cent issue at 1881.
Mergenthaler Linotype registered 1O2
and so shares of People Drug Stores
preferred sold at lO6. The stock
opened at 106.
Twenty shares of Washington Loan
g. Trust Co. stock sold at 500, Liberty
National changed hands at 215 and
a small sale in Riggs National was re-
corded at $50.
Many other stocks changed hands
and bonds were again in fair demand.
Newspapers all over the country are
have protected their depositors during
the stock market depression. The banks
have done everything possible &c keep
from selling out any depoSitors around
the panic lows, unless instructed to DO
so. The Washington banks have not
been behind In furnishing this greatly
appreciated protection.
Local bankers look for an irregular
market in New York for some time, but
believe present quotations are close to
the bottom. It is believed here that
heavy investment buying viii come into
the market as soon as investors decide
that it will be useless to wait for lower
prices. Many, of the best stocks on tire
list are now yielding 10 per cent or even
better and that single factor is expect
ed TO be reflected in the not far dis
tant future.
Conversations heard in local broker
offices indicate that there is more bur-
ing outright than has been the case in
washington for years.
Shoe Production on Increase.
Production of boots and shoes by
1902 factories reporting to the DEPART
ment of Commerce totaled "a, 486, 1888
pairs, compared with 81 900 1856 in Sep
TENDER, 1929 an increase Of 11.3 per
cent Against August last, when pro-
duction amounted to 36,444,971 pairs,
there was decrease of 5.4 per cent.
For the nine months ended September
80 production was 273,670,594 pairs,
compared with 262, 606,420 in the cor
responding period Of 1928, an increase
Of AZ per cent.
The initial change in design of new
small currency was announced yesterday
by the Treasury Department, the change
being substitution Of letters of the al
phabet for numerals on Federal Reserve
notes to designate the bank of issue.
Under the change each of the IL Fed
eral Reserve Banks will be assigned a
distinctive letter. improvement Of the
appearance of the currency was stated
as the reason for the change
Loew's Inc. declared quarterly divi-
dend of rs cents on the common stock
and an extra dividend of IS cents or
common, both payable December 81 tC
" dividend of rs cents places stock or
SO annual basis against 81 previously
Nicholas M. Schenck, president, stated
the company is in most sound fl.
nancial condition and that earnings anC
future justified the action of the board
John @. Lonsdale, president of thu
American Bankers Association. will ad
dress the New York Bankers Forum OF
the evening of November 81. Severa
Washington bankers are expecting to b.
present. 1t will be his first importan
address since he took Office.
S: S. KreSge Co. reports an October
increase in sales of 6.46 per cent. Wool
worth reports an October gain of %
per cent and 10-month gain of IL
per cent.
RAITIMORE STOCK MARKET