Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-30
BY I. A. FLEMING.

A 5000, 000-share day again on Wall
Street and prices once more showing
| trend toward old-time highneSs-al-
though they have still quite distance
| to go.
Brokers advise that the public is in
the market again. That is the way 1t
looks to a close observer, but the public
has not forgotten, and profits, when at
all stable, will be quickly taken in.
With the stories of unemployment,
depression in the building trades and
business none too good, one wonders
why stocks should not reflect existing
conditions If this is expressed above
whisper, it will probably bring out
| the statement that, 1.-The market is now
discounting the end of the depression
due within the next few months, when
normal activity will be again the order
of the day." with a word of warning to
the effect that when the improvement
does arrive 1t will have been fully dis
counted and that 1t Is high time TO
stand from under.
For nearly the entire three months
of this year action in stocks has been
on the scalping order, with small gains
following small losses, as the uncertain
trend encouraged or discouraged traders.
This week the action has been more
positive and general, with brokers Of
fees crowded again and with great
abundance Of easy money seeking en-
ployment.
Plenty OF Call Money.
There is plenty of call money. The city
banks. those that were in constant touch
with the market last Fall, Jared well
enough. Country institutions, however.
were not so fortunate and they are not
back in the call market.
Bankers big and little, now fully rec
ognize the dangers they were called
upon to face last Fall even more than
they did at that time. They recognize
that had the New York Stock Exchange
governors decided to close the exchange
and declare moratorium Tor q certain
period, the banks would have been
forced to carry the burden and stand
the strain of q temporary loss OF the
millions they had loaned.
Some of the large investment trusts
are reporting their earnings for the
frst two months of this year showing
net losses, in addition to the severe de-
probation shown In their holdings with
the close of 1929 Many of these cor
porations are carrying over stocks with
intent to recover part OF their paper
losses at least.
Slim Year for Bankers.
For several years, characterized by
strong, active stock markets, bankers
have erioyed great prosperity, keeping
their funds constantly employed at high
rates. This year every one charged
with the care of funds is very busy
seeking employment for them.
Insurance companies are Offering
loans on real estate at low rates,
bankers are looking for desirable mort
CAGES, which they, for the time being.
seem to consider even more desirable
than collateral, but the mortgage TO
sell readily today must be a very de-
sirable security. There are few OF
these being made right now and rea-
sonable rates do not increase the ofrer-
ings. Merchants wants are light and
bankers will welcome enlarged borrow
ing from and by Wall Street.
Washington Stock Exchange.
Many congratulations have been ex-
tended to the Washington Stock Ex-
change over the selection of new
quarters in the Washington Building.
The exchange in its career of some
thing over 80 years has not been much
of nomad. 1t has had but three homes
since its initial session, and has been
decidedly modest, being content with
back rooms in both the Adams Build
ing and the recently vacated premises
in the American Security g. Trust Co.
annex, being further handicapped in
the latter home by lack of elevator
service.
Each time the exchange moved 1t
was forced to do so. Today, with q
strong membership, many of them
young men, with good trading list of
securities and with money-seeking in
vestments, housed in the most modern
of buildings, in the center of the f1nan-
cia1 district, with excellent light and
every comfort, 1t certainly looks more
or less permanently located and bound
for an enlarged and more useful career.
One OF the reasons for the satisfactory
in the exchange by the bankers of the
city, many of whom have representa- |
tiveS in the membership. At one time
the then controller of the currency, the |
late j. SHELTON Williams, protested most |
emphatica1ly against bank officials being |
members of the exchange, his opinion |
and action thereon taken forcing two
Of the more prominent members Of the |
exchange to resign.
It has become an established custom |
for customers of banks, enjoying close |
personal relations with of1cialS, to ask |
their advice on this or that investment |
and even to give orders for the purchase |
or sale of securities. In this way and !
through their own investments, the |
business of banks has come to be an |
important factor on the exchange.
There was some disappointment that |
Albion K. Paris, the oldest member of |
the exchange, was not present at the |
first SeS$4en in the new home. As 1t
was, James M. Green. the second in
nOtnt Of wears an a nnAmher aud tina