Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-17
PANICKY STOCK SALES HALTED
BY "SHORT SELLING" INQUIRY
Action of Exchange Governors Puts End
to Frightened Liquidation-Tax
Cut Also Big Factor.

will In time recover the greater part of
their apparent loss.
1t is the record of the past. Stocks
held in strongboxes, paid for, wiz come
back one of these fine days. II doesn't
require a very long memory to recall
Steel common at 10.
Margined stocks that have been sold
for the account Of the buyer are gone
for good and all.
Wherever you may place the respon-
may also place the responsibility for
killing the greatest bull market that
Wall Street has ever known and also for
dragging out the finale, II finale it be,
a long time It was hard work to smash
the list to the lows so far, for the trad
ers had grown fat and considered the
market q plaything for themselves. but
once accelerated the pace downgrade
was dazzling.
Has the Market Turned?
This was the question on the street
Friday and around the offices and banks
on Saturday. Will the bears come out
again on Monday and take further toll,
being again able to hide their identity?
Time will answer the question, but it
would not be much of a surprise for
many If an attempt was made to start
the reactionary trend again. The clyAnce
from now on, in the opinion of many
brokers is for two-sided market, with
improving trend.
According to the statistics of the
American Bankers Association, the
total savings deposits in the United
States as of June 20, 1929, were
28,2i7 $500 representing a decline
from the previous year. There was also
loss Of 500 900 depoSitors in the same
year.
Gains were made in the New England
and Pacific States, and the losses we're
distributed largely through the Middle
States.
New England reports 9 gain in saw
ings and in depositors for every State.
equal to $40 per inhabitant. Last year
New York gained $40 per capita, but
this year the increase was So per person.
What would statistics based on the
present show? More savings poured
into the vortex of speculation. Mayhap
some Of the savings are finding invest
ment, for there are many stocks, good.
safe purchases, that will pay for their
purchase-plus.
Money will be a cheap commodity
again within a short time, but the To-
share traders will have to save before
they will again cut much figure in
stocks.
Local Securities.
In common with other security mar
kets, the local situation was sadly
strained, many stocks striking new lows
and many of the best shares sustaining
substantial declines.
The banks of Washington are In fne
condition and no permanent price re-
ceSsions are anticipated
Capital Traction dropped to q new
low at rs. There should be supporting
orders around 20 to rs, but probably
a little weakness when the dividend
cut is announced.
Capital Traction shares are not going
to pieces. The company cannot geU
higher rates from this Utility Commits
sion, but 1t can cut It's dividend to 5
per cent and pay that dividend, ire
spective of the court action on higher
fares.
Merganthaler directors meet Tuesday,
the shareholders at Brooklyn on Wed
neSday. 1t will be a proxy meeting
of small importance. Directors will de-
clare the increased basis dividend and
an extra.
High-grade Potomac preferred shares
have sold off with the rest, but they are
safe for the future.