Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-12
EXCHANGE TRADING
CONTINUES SLOW
Investment Leader Declares
Time for Accumulation
Has Come.
BY JOHN F. SINCLAIR.


NEW YORK, July IL CNANA).--
ITS time for accumulation. No one
who understands this market can deny
that" said an officer of one of the
largest investment trust companies to
me yesterday. stock prices may still
go down further. But in times nks
these, the wise investors have their eyes
wide open to take advantage of the OPP
portunities as they present themselves"
But the dull, listless days on the Stock
Exchange continue. Yesterday was Just
another million ahalf-share day.
with tendency for stocks to sag at the
close. The Dow-Jones averages are of
little over two points for the day, and
nobody seems to care much one way or
the other.
Dog Days" Are Here.
Still, there's plenty of studying and
searching going on-not much buying,
but plenty of short" selling. Thurs
days activity in the market was largely
due to short covering. With that over,
the buying is not vigorous, but it Is
orderly. The dog days" are here. Even
old traders, who usually spend their
Summers close to the tickers, are on
vacation.
But progress is being made. Brokers
loans have gone down in five weeks
nearly $900,000,000. On October 2 last
year, brokers' loans stood at $1,000 ,000.-
900. Now they have been cut to So
203,0O0,000, the lowest level in three
years.
On July /, brokers' loans also stood
5.83 per cent of the total market value
of all the stocks listed, as against 500 a
month ago, and 6.72 two months ago.
NH-hing wrong here!
S$ock accumulation into stronger
hands is going on today.
Prices in the catalogues of mail order
houses will show reduction of approx
imately 10 per cent on the average this
Fall from the 1880 Spring and Summer
prices.
Prices in our catalogue are lower
than at any time in the last 10 wears"
said an officer of one of the leading
houses. I'VE are taking advantage of
all of the changes in market conditions,
ana VIII enable our customers in our
retail stores and through our mail order
division to buy their Fall requirements
at decided reductions
Consumers Coming Into Own.
So the wholesale price level is being
gradually met by the retail price level,
at figures lower in many instances than
have occurred In decade. Consumers
are now coming into their own, to ben
EFT from the sweeping wholesale reduc-
tions in recent months.
Consuming power of the American
people has contracted little. The wheels
of industry still hum--in a lesser de-
gree-to provide goods for the estimated
American pay roll of about $3.50, 900 900
a week. Give us a stable price level and
things will adjust themselves without
difficulty.
The announcement that 200 Ameri-
can business leaders have already agreed
to contribute $1,000 year to the Har-
ward Business School shows the rapid
inroads which the business courses are
making on university life.
Fifty more business men will be added
TO this list. This will give the Harvard
School of Business an additional $780,
600 year to expand it's work
The list of givers reads like the blus
| DOCK OF American business Among TIN
givers are j. P. Morgan, George 4
Baker, jr.; Walter S. Clifford. Cyrus H
K. Curtis, Vincent Aston, Marshall Field
George Eastman, jeremiah Milbank
S G;naries Merrill Adolph S. ochs, viii
nam s. Paley, John j. Raskob, Julius
Rosenwald, James Simpson, H. Gordon
Selfridge and Alfred P. Sloan.
Other subscribers to the fund include
Q. P. Van Sweringen, Albert H. Wiggin,
owen ID. Young, Francis l.. Higginson,
Thomas w, Lamont, Martin j. insult,
Otto H. Kahn, Sidney Mitchell and
John j. OBrien.
Contributors include business men
from nearly every angle of business,
Today there are $4,000 students OF
commerce in 80 leading American BUSH
ness colleges and universities, a gain of
more than 500 per cent in Is years.
George q. Everitt, president Of Mont
gomery Ward e. Co, believes that COM
modify prices are now scraping the
bottom
I'VE are placing orders for millions
of dollars worth of merchandise at
these new low commodity levels" said
Mr.. Everitt. There are 10000, 900
American people to be fed. clothed.
sheltered and entertained, and, regard
less of unemployment, poor export
business, low agricultural prices. etc,
the requirements of the American Ma
ton total huge sum-"
Col. Theodore Roosevelt. Governor of
Porto Rico, wants 81 300 900 to be raised
to aid starving Porto Rican children.
Business conditions are very bad there
at this time, and, paralleling the BUSH
ness conditions, health conditions are
far from ideal
New York City feels it keenly, for
already more than 10000 half starved
and disease-ridden" Porto Ricans have
reached New York City looking for
work. These unskilled laborers live in
congested flats, are largely unemployed,
and are thus giving the health authori-
ties some anxious moments. Already 40
welfare organizations have Joined forces
to see what can be done
Citizens of Porto Rico can enter the
United States without quota qualifica-
tions, 1t is vitality important for the
United States, therefore,, to develop a
strong public health program for the
island, To do less is to subject the peo-
pie of the United States, particularly
those of Eastern cities, to serious health
conditions
tCopyrieht, 1880, by the North American