Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-29

AASAiS anu q OiB
press company.
That he has had a remarkable bust
ness career is shown by the fact that
he was made president of the Canadian
Pacific at Al. He is now So years OF
age and is bachelor. On arrival here
he was greeted by Hon. Vincent Massey,
Canadian Minister to the United States,
and had lunch with him.
The distinguished railroad magnate
will leave the Capital tonight for New
Orleans over the Southern Railway.
Young ON Next Stock Crash.
Every day one hears rumors that
somebody over in New York banking or
brokerage circles says that there will be
another stock crash before July l as
severe as the one that started in No
vember. Yet conservative financierS
pay no attention to these hearSay ru-
nors, declaring that it will take years
TO bring about conditions necessary to
such a stock tumble, although admit
ting, of course, that moderate declines
are always possible and often probable.
Governor Roy A. Young of the Federal
Reserve Board, in addressing the Ameri-
can Automobile Association executives a
few days ago, secuted the fear that
there was danger of recurrence of the
stock market "hySteria" of 1928 and
1929 He said that the events of these
years were StllI IIcSll EIlOUSIl III LIE
minds of the public to prevent recur-
renee in the immediate future.
Firms Making Up Ticker Club.
The following New York Stock EX-
change firms with Washington Offices
are connected with the newly organized
Ticker Club:
Eastman. Dillon g. Co. Arthur For
aker, manager; Fenner g. Beane, John
Mclean, manager; Hartman & Co., S.
Bowie Chapman, resident partner;
HemphiH, Noyes & Co., Thomas j.
Mangan, jr., manager; w. B. Hibbs &
Co, w. w. Spaid. partner; j. A. w.
Iglehart & Co, Robert Stead, manager;
F. B. Keech & Co, George A. Garrett,
partner; w. w. Lanahan & Co., Edwin
D. Father, manager: Mackubin, Good
rich & Co., Ralph NJ. Wolfe, manager;
NJ. j. Meehan & Co., Frank j. F. Thiel
resident partner; c.. M. P. Murphy &
Co., A. c. Father, comanager; Stein
Bros. & Boyce, Edward w. Gamble, jr.,
manager; Westheimer g. Co.. Alfred H.
Reside, manager; Wright, Slade g. Co.,
Harry Fridley, manager, and HarrisS &
Vose, McElroy Moss, manager.
Cross Currents in Market.
M. c. Bowler & Co., in its April
review of the stock market make the
startling point that since the beginning
of the year bull and bear markets have
been in progress simultaneously. In sup
port of this unique contention it is
pointed out that eight major groups of
securities have advanced in this period
and five have declined As to general
business, moreover, the review says
that "cities fifty miles apart are at the
antipodeS Of prosperity and depression,
while a cross-section OF the various in
dustries is equally diverse" Merchan-
IS%SI =
greatest decline, the review states, while
the amusement group followed by utili-
ties and miscellaneous 1nduStrialS, has
made the greater gains.
Pending d. C. Bills Reviewed.
Two bills designed to protect citizens
here from investment fraud are now
pending in Congress. One is known as
the Blaine bill and the other as the
Capper bill. The Blaine bill is strictly
a blue sky bill and in specific terms
bars the sale of securities in the Dis
trict of Columbia, with certain eXemp-
tons. until certain specified legal for
malities have been fulfilled.
The Capper bill. on the other hand,
would not pass upon securities before
they are offered for sale, but does pro-
vide means for dealing with fraudu-
lent sellers.
The United States Investor, published
In Boston, takes cognlzance OF the Sit
uation here in an article under the
heading, Protecting Washington. D. c.,
Investors in which it discusses the
merits of the two bills. with decided
leaning toward the Capper measure.
Financial District GIeanings.
Washington bank clearings this week
totaled $23,310.000, against s27,458, 900
last week. The figures showed a de-
crease of 1873 per cent with the cor
responding week last year
The McCrory Stores Corporation has
declared the regular quarterly dividend
of $3.50 on its per cent convertible
preferred stock, payable May to
stockholders Of record April 10.
George A. Garrett, resident partner
of r. B. Keech g. Co., has returned
from a business trip to New York.
George A. Provost, director in the
Park Savings Bank, is at Atlantic City
for two weeks vacation.
L. Seth Schnitman, for seven years
in the business survey section Of the
Department of Commerce, has resigned
to become chief statistician in the di-
vision of statistics and research Of the
F. B. Dodge Corporation, publishers OF
building periodicals and statistical
services. He is Yale man and an ex-
pert in his line.