Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-31

market would necessarily affect all sec
tons OF the country to whatever degree
its people bought and sold stocks and
bonds and particularly stocks on mar
gin. Here in Washington a very large
proportion of the people who engaged
in that practice we're small operators,
and in most instances people with reg
ular stated incomes Therefore. this
phase of the cause and the effect of
the depression should have been and.
was a very small consideration in
Washington.
Real estate has always been re-
garded as the major commodity in
Washington. and the withdrawal of
capital for the purchase of real estate
In this city was due to fear and the
lack Of confidence and faith in the
future. In addition to the loss that
may have been sustained by our peo-
pie through the unfortunate condition
of the stock market, we, of course, suf-
fered some in an industrial way by
reason of the fact that Washington
manufactures and sells various and
sundry articles of almost daily con-
sumption, and in periods of industrial
prosperity these manufacturers whom
we have in Washington produce more
than hundred million dollars a year,
and the failure to dispose of these COM
modities possibly contributed somewhat
to the depression, but glimpse of the
record will disclose that notwithstand-
ing the general condition throughout
the country, we have had compare
lively few failures in Washington and
the merchants have been optimistic
throughout with the result that they
have helped to restore confidence and
faith in the people, and especially in
those who are engaged in boarding the
money, refusing to put the money In
current investments. But in the last
two months one can easily observe a
decided change, and from interviews
and talks have had with merchants
and builders I am convinced that the
period OF depression is rapidly waning;
that better and more confident spirit
exists in the minds of the people.
Reports coming to me from architects
and builders indicate that there is a
decided Improvement taking place, and
the builders. operators and real estate
agents with whom I have talked report
that there have been many inquiries
about property, and that they have
made numerous sales that few months
ago would have been almost a physical
innposSibility with conditions as they
were at that time.
Little Reason for Complaint.
IN the last analysis, 1t seems to me
that Washington has little or no excuse
to complain about conditions. All we
need, and all we have needed, for q
speedy return to prosperous business in
Washington in every line, Is faith and
confidence In ourselves and in the
future of Washington
Washington can never be perma-
nently disabled financially or indus
trially. Real estate In Washington, in
my opinion, is the most stable industry
that any one can engage in, no matter
how staggering is the price for q piece
of property, business or residential, to-
day, for, in my opinion. the price will
be exceeded in the near future. During
a conversation with q person engaged
in the real estate business learned
that real estate in certain sections of
the city had enhanced in value almost
double the price of six months ago. So
that no one need be afraid. In my
opinion. to invest in local real estate
or local securities, as they are abso-
lutely bound to recover from this SYM
pathetic depression which We have felt.