Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-23
CONFIDENCE is BIG
INVESTMENT NEED
Economist Declares Inde-
pendent Thought and Action
Are Hard to Develop.
BY EDWARD C. STONE.

~. IL
lieves the greatest danger today tc
investors is lack of confidence. Every
body DESIRES" he comments, Ito re-
cover his losses and this is the time
to Law the foundation for 1t. 1t is easy
enough, as most investors now realize, To
go into the market and buy stocks even
at high prices If others are enthusiastic
cally buying. It is a difficult thing to &c
into the market, even when prices are on
the bargain counter, after confidence
has been destroyed, as 1t always Is
destroyed in panics. Panics could not
exist except for the destruction of con-
fidence. To lay the foundation for re-
covery of losses and the building up
of new profits requires Independent
thought and action in advance OF the
great body of American investors.
"In the panic of 1907 the low prices
then were the low prices for 10 years,
and that may well prove to be the case
under present conditions"
Bankers Decide on Cleveland.
Cleveland was designated Tor the 1880
annual convention of the American
Bankers Association by the admins
trative committee of the organisation,
1t was announced in New York by Pres
ident John @, Lonsdale, who said the
dates of the meeting would be Septem-
Der 90 to october 2.
Mr.. Lonsdale also announced that
the Spring meeting for 1880 OF the eX-
ecutiye council of the association VIII
be held at the Chamberlin- Vanderbilt
Hotel at Old Point Comfort, Va. The
dates of this meeting were flxed as
May to s. The council is the al m
term governing body OF the association
between meetings of the annual con-
yention and brings together about 800
bankers and members of their families.
Francis G. Addison, jr., will attend
this Spring session as the member OF
the council from the District of Column
bia Bankers Association. At the last
local convention he was elected to serve
for q term of three years. Old Point
Comfort is considered an ideal place
for this important gathering.
The consolidated statement OF condi-
ton of the Federal Reserve banks on
November 20. made public by the Fed
eral Reserve Board, shows decreases for
the week of ST. 300, 900 in holdings OF
discounted bills and of $l5,700,000 In
bills bought in the open market, and
increases Of $l4,000,000 in holdings of
United States securities. Member bank
reserve deposits declined $S9. 800 900 and
Federal Reserve note circulation $l2,-
100000, while Government deposits in
creased $7,800,000 and cash reserves
$500, 900. Total bills and securities
were sac, 900 below the amount re-
ported q week ago.
Holdings of discounted bills declined
$40, zoo, 900 at the Federal Reserve Bank
OF Chicago, $22,0o0,0o0 at Philadelphia,
$13,400,000 at Cleveland. $4,000, 900 at
Boston and $5,4o0,000 at Minneapolis,
and increased $4,000, 900 at Richmond.
The systems holdings of bills bought in
the open market declined SIS, TOO, 900
and Of United States bonds $500, 900,
while holdings of Treasury notes in
creased $l3,300, 600 and Of Treasury
certificates, $4,4oo,ooo.
Bankers Pledge Research Aid.
Mortgage Bankers Association of
America will assist the Bureau Of Agri-
cultural Economics, Department of Agri-
culture. in the extension Of farm-rnort-
gage research work. Members of the
association will furnish the bureau In
formation Of their farm-mortgage loans
and financing. A large volume Of farm.
mortgage loans is negotiated by menu
bers Of the association, and the addi-
tional information which they can give
will contribute to the bureaus researches
IN farm-nnortgage finance,
In less than 10 days nearly $500, 900
win be distributed in washington to
the members of the local Christmas
mailed little earlier this year than
usual to give members the advantages
Of early holiday shopping.
The Stanley Co. of America and SUBJ
salaries report for the eight months
ended on August 81 net profits Of
$752031, equivalent to 50 cents q share
on 904, 958 shares of common stock.
The Washington Stock Exchange was
closed today, and tickers IN the local
aIe ell
the New York Exchange was closed.
Attendance in local boardroons has
decreased during the week, most traders
feeling that it Is not longer necessary
to follow the quotations so closely
Much outright stock buying is also max
ing 1t unnecessary to follow the tape
every day.
The Federal Reserve Board announces
that the Chicago Reserve Bank has re-
duced the rediscount rate from 5 to Az
per cent. Boston made the same cut a
few days ago.
The Department of Commerce reports
that business activity during the week
ending November 16, according to check
payments, was substantially greater than
for the corresponding period last year
but showed further recession from re-
cent high levels.
While In Washington Henry Ford
stated that the falling of in business
started the stock market crash instead
Of the stock market causing the slump
in business, as many people have
claimed.
Fox Film Corporation has acquired
the Lisbon g. Holdings circuit Of NOV
ing picture theaters, comprising IL
houses in Cincinnati, Dayton and Co.
1umbus, Ohio. The company has issued
1880 additional shares of stock in con.
SECTION with the purchase.
Market value of shares listed on the
New York Stock Exchange decreased
SIS 800 979,515 in October to $71 49,
5o,90S. Borrowings against stock col
lateral were ISL per cent of market
value November /, against 9.S2 per cent
0rfofer