Evening star., 1929-12-08
: D. c. STOCK MARKET
AT HIGHER LEVELS
Firmer Trend in Trading in
Past Few Days-Bank
Call Soon.
BY EDWARD C. STONE.

stockS listed on the Washington Ex-
change, the past week having witnessed
nTmer trading than at any time since
the crash in New York, which caused
Rtpples on the local exchange and big
waves on the exchanges in all the other
larger cities In the country.
Two outstanding features during the
week were Peoples Drug Stores pre-
ferred and Mergenthaler Linotype. Both
established new high marks on the
present advance. Peoples Drug preferred
closed the week yesterday with Q single
sale Of 10 shares at 10S, ex dividend, q
gain Of about S points in as many days.
The monthly sales report showed q
gain Of over 40 per cent In November
this being rejected in the action Of
the stock. Peoples Drug opened the
year at 127. climbed to 1S4, and dropped
10 100 just before the present upturn.
MergenthAler Linotype closed the
week with . small sale at los, ex
dividend. The stock enjoyed a subStan-
ttal advance following the annual re-
port issued a few days ago. Mergenthaler
opened the year ut 104, went to 10s3z,
sold on to 100 and then started the
present upward move.
In yesterdays market Washington
Gas Light sold at 100, Potomac Electric
Power So per cent preferred came out
ct l04, LanSton Monotype closed at
107 and Commercial National Co.
preferred registered 101A. Columbia
Sand d Gravel was stronger at 90.
Pity shares of Merchants Bank &
Trust Co. stock sold at 1904. wash
ington Railway & Electric preferred
came out at s4K.
Leading sales in the bond division
were In Potomac Electric Consolidated
IS at 10l, City & Suburban SIS at 81
and Washington Gas s., series A, at
1Ol34 and l0l.
Bank Call Due This Month.
Controller John w. Poole Is expected
10 issue another bank call the latter
part Of this month asking for the con-
dition of all national banks in the
country and Of all banks in the Dis
trtct of Columbia. Such q call Is
always issued some time during the
closing months of the year.
Already the question is being dis
e1SSed here and elsewhere as 70 what
the call will reveal regarding bank de-
posits. The latest summaries Of the
banking situation put out by the IL
Federal Reserve banks indicates that
there is quite likely to be q falling on
In deposits compared with the october
& eall.
Deposits in several sections Of the
country are reported to be lower than
they were in October. Considerable
money was withdrawn from the banks
to help protect commitments in the
stock market at the time Of the re-
cent tumble Various other factors
have also tended TO keep deposits down.
Bankers, however, report . notice.
able swing back to the building up of
savings accounts. This trend Is seen in
permanent deposits as well as in
Christmas Savings Club subscriptions,
and will, Of course, be rejected In the
In this city last year some deposits
we're withdrawn and placed temporarily
In Liberty bonds to avoid the pay
ment of the District personal tax. The
date for making returns on this tax,
however, has been changed from
January to July /, so none OF suen
Withdrawals viii take place this month.
Much money will be required for the
last installment on the income tax, due
on December is. There have been so
many sensational happenings in the
financial work since the OCTOBER state-
mentS that the deposit figures on the
coming call viii be Of far more than
ordinary interest and importance,
Miller Sees Business Gains.
II. d. Miller, vice president and gen
ORal manager Of the Miller Train Con"
troll Co. Of 6taunton, believes there v
a pSGtLG O0k1OOA 4OI S4AS eSAS OA N@O~~~
control devices during 1890. He con"
siderS the agreement Of the railroads
with President Hoover to continue the
program Of improvements means that
. portion Of the vast sums TO be exc
pended will be used for additional safe
ty controls.
The Pennsylvania has already an
nounced that it proposes to make con-
siderable extensions to its signaling
nfhaP F0AdC RYnPCtRd IN
do likewise. While the Interstate
Commerce Commission no longer re-
ouires the installation Of automatic
train control systems, yet the CHIEF OF
the Bureau Of safety is continually urg-
ing the need Of these safety devices in
addition to the protection afforded by
automatic block signal systems.
Mr.. Miller'S views are OF particular
interest to Washington, whore large
blocks Of Miller Train Control stock are
held.
Bills Aimed at Margin Trading.
Stock market affairs are slated to
get attention during the present ses-
sion Of Congress, three bills already
having been introduced. A bill making
It unlawful TO carry on marginal
transactions in securities, stocks and
bonds In interstate commerce has been
introduced in the House by Representa-
tive Cross of Texas The bill pro-
vides that it shall be unlawful for any
concern to deliver for transmission
through the mails or interstate COM
merce market quotations or offers TO
sell bonds, stocks or shares in any
corporation unless same shall have been
listed with such exchange by owners
thereof for sale and immediate settle
ment.
Two similar measures have been In
troduced in the House, providing q bar
On marginal transactions in stocks.
Klein Urges Quicker Payments.
At the Chamber of Commerce pros
perity conference" DR.. Julius Klein
suggested the quicker payment Of bills.
He said:
"If the present average turnover
period In charge accounts OF some 10
days could be shortened to such an
admittedly fair interval as say, 20 days,
the resultant values by saving in inter-
est charges and by general acceleration
of the business of the Nation would
run into hundreds of millions Of dollars.
1.-The situation calls neither for sud
den outbursts of excessive buying under
the erroneous impression that such
abnormally accelerated consumption will
help prosperity, nor, on the other hand,
is it necessary to indulge in UNDUE
frugality in spending. The outlook will
be promising If buyers cultivate normal
sobriety-neither boarding nor extrava-
gance.
so too, the prospect can most cer-
tainly be strengthened into assured
promise II business will do its part to
get away from emotional extremes and
get down to hraSS-tack realities"
Thompson On Tax Committee
Eugene E. Thompson Of Crane, Paris