Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-20
WATSON RETAINED
ASEXCHANGE HEAD
Liberty National Bank Presi-
dent Reelected at An
nuaI Meeting.
BY EDWARD C. STONE.

BY EDWARD e. STONE.
George o. Watson, president of tn
Liberty National Bank, was reelected
president of the Washington Stock Elk
change at the annual meeting held thi
noon following the regular trading SEES
sion.
Edward L. Hillyer, vice president o.
vice president of the exchange, and G
j. Gockeler, vice president of the Dis
trict National Bank and for many wears
secretary of the exchange, was again
accorded that honor.
Lawrence A. Slaughter, vice president
of the Commercial National Bank, asked
to be relieved of the duties of treasurer
James M. johnson, member of the in
Vestment securities firm of Johnson d
Co, was elected to fill this important
The terms of office of c. c. Glover, jr.
and Y E. Booker on the board OF gov
errors expired and both were reelected:
Following the annual meeting the board
of governors met and reelected Eugene
E. Thompson chairman.
The annual reports showed the local
exchange to be in excellent condition.
AS treasurer Mr. Slaughter turned III
an interesting financial statement ana
Secretary Gockeler made report show
ing that the membership IS up to the
limit of 40 and that several important
issues have been added to the trading
list during the year. Seats on the OK
change last sold around $4500 higher
price than has prevailed for several
years.
J~,.ortant Year for Exchange.
President Watson and the other Off
GERS have received many congratuIa-
tions on the successful year just passed.
Business on the local board has been
much larger than year ago. Trans
actions in the Summer were far ahead OF
the record for several years, while some
of the recent sessions have eStablshd
new high records for one days trans
actions. The trading has displayed
marked growth in bond dealings, bank
and utility stocks have taken a strong
position out front, and the miscel-
ianeous list has played its full part in
the years business.
The officers of the exchange express
great qualification over the manner In
which local securities behaved during the
terrific freak in the New York STOCK
Market. Stocks and bonds naturally sold
off. but there were no wide-open breaks
such as occurred on most OF the otner
smaller exchanges in the country. No
body tried to take advantage of the
weakened speculative structure Whlcn
prevailed all over the country. Presl;;
dent Watson considers the tone main
tanned here during the New York crash
as the outstanding feature of the past
year on the exchange.
Business Setback Discounted.
Business apparently reached its top
for the current cycle in August and
when the market broke reactionary
trade signs were already apparent"
says E. A. Pierce & Co. For example,
the line of building contracts dipped
below the 1928 line in August. Steel
production reached its top in May, as
Is frequently the case, and then reached
a secondary peak in August, from which
date it turned sharply downward.
Wholesale prices have shown a sagging
tendency since the middle of the Sum-
mer and in respect of one of our largest
and most important industrieS-the
automotive industry-Detroit factory
EMPLOYMENT turned down in August and
dipped below 1928 figures. Few will
deny the fact that common stock prices
in the main have not only discounted a
mild business setback, but also one OF
a more lasting and serious character.
Perpetual Elects Officers.
The annual meeting of the share
holders of the Perpetual Building AS
ISOLATION resulted in reelection OF the
following officers and directors, officers
being members of the directorate also:
James Berry, president; Arthur q.
Bishop, vice president; Joshua w. Carr,
secretary; Marvin A. Gusts, treasurer;
Edward G. BaltZ, assistant secretary;
Franklin w. Harper and Raymond K.
Espey, directors. The association closed
its fiscal year with assets of $40, 900, 900.
Fleming Attends A. B. A. Meeting.
President Robert v. Fleming Of the
Riggs National Bank is in New York
TODAY attending meeting of the special
committee on national bank research
appointed at the last meeting OF the
American Bankers Association in Los
Angeles. This is not regular standing
committee of the association, but Spe-
cial body of bankers named to make
special study of the national banking
system and see what can be done to
prevent further reflections from 1t.
The administrative committee of the
A. B. A. is also holding a session in
New York at this time. Mr.. Fleming
will remain in New York for the annual
dinner of the New York Bankers Forum,
which will be addressed by John G.
Ionsdale, new president OF the Amerl-
can Bankers Association. 1t will be
his first important speech since taxing
Office.
New Study of Earnings Urged.
E. Joseph Aronoff, resident manager
of the banking house OF Strabo V.
Claggett & Co., said today that extra
caution should be exercised IN selecting
securities for quick enhancement IN
values. GAS a mater of fact" he con-
tinued, greater care must be exercised
at present than at any time during the
long bull market which concluded with
the recent disastrous break. There are
unuustionably many bargains to be had,
but the prospective investor must not
reach his decision on the basis or 1879
earnings. Rather should the present
price of the stock be projected against
next years earnings in determining
whether or not it is cheap. -,
Many of the luxury stocks VIII mo
hard shedding in staging COMEBACK as
will also some of the utility stocks, Que
to the fact that even at the end OF the
recent bear market the latter are stlii
too highly priced based on earnings.
Trading Light on Exchange.
Trading was very light on the local
Exchange today, largely on account OF
the annual meeting. Riggs Bank STOCK
sold at 535, Mergenthaler at 1929, Po-
tomac Electric Power 512 per cent pre-
ferred at 1913 and 103l2, and Liberty
National Bank at 210. Only Two oono
issues changed hands.
CnNcOTTOAEn GAS