Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-09

why the past three W s3
months have seen sA9Saaa
no serious weak COrcoran Thorn,
ness in the stock
market even though business as whole
has not shown any definite upward turn.
According to Moody's, business has
been scraping bottom and will shortly
give evidence that a recovery. Is IN
progress. Once the turn is underway,
it will be found that the average bust
ness man will push his affairs forward
in the same hopeful spirit that he has
already shown in buying common stocks.
The action of the market in the first
quarter appears to give promise OF
good recovery in trade during the Sec
Ond quarter.
Looking forward in the stock market,
the letter says that there is slight
chance that stocks are temporarily too
high now and there is also some posi-
bility that growth in marginal specula-
ton will hurt trade prospects and thus
spoil an otherwise we'll situated stock
market Neither of these seem strong
probabilities however, and the general
outlook for the coming few months ap-
pears to be favorable.
Bonds have had a considerable adj
vance since November and the price
level in the bond market now stands at
the cross roads. Whether bond prices
will continue to advance depends largely
upon the behavior of the stock market.
Thorn Elected Gas Director.
Corcoran Thorn, president of the
American Security & Trust Co, was
elected a director in the Washington
Gas Light Co. at an adjourned meeting
of the stockholders held yesterday. The
financial report of the company for 1929
was made at the regular annual meet
ing. Mr.. Thorn fills the vacancy caused
by the resignation of H. Prescott Gatley.
George Wood of Chicago was also
added to the board, taking the place
held by Ord Preston who has just re-
signed as president of the company
after many years service, giving as MS
reason the change in control OF the gas
company's affairs to interests outside OF
Washington.
Directors who were reelected include
Wilton ]. Lambert, c. H. Pope, George
B. Fraser, Robert D. Weaver and Fred
S. Burroughs of New York. The dl-
rectors are scheduled to meet next Sat-
urday for organization. 1t is expected
that George Wood, will be elected pres
ident of the company at that time. Mr..
Wood is said to be a Chicago engineer
and utilities expert.
New Exchange Plan Formed.
Federal Reserve Board officials will
announce shortly the installation OF
new system designed to facilitate the
collection of Canadian currency brought
into the United States by Canadian
tourists and its redemption In Amerl-
can money.
The purpose of the new system is to
keep the purchasing power of the
Canadian dollar in the United States
more closely attached to its exchange
value and to reduce some of the an
noyance that Canadian citizens have
encountered in travelling and trans
acting business in the United States.
eta vi Anri1
Spring Meeting Draws Attention.
Much interest is being manifested in
the pre-convention dinner of the Dis
trict Bankers Association, set for the
Columbia Country Club next Monday
night. Many inquiries have also come
in regarding the afternoon golf tourna-
ment. All the bankers have to do is to
see "Reds" Bannigan. He does the
rest. Reds has looked after this fea-
ture of the Spring meeting for years to
the satisfaction of everybody.
The attendance will be large as is
always the case. Many bankers who
can't get to the convention, always at
tend the pre-convention dinner. These
dinners were started when Victor B.
Deyber was president of the association
and proved a success from the start.
Savings Bank Elects Officers.
All directors of the Washington
Mechanics Savings Bank were reelected
yesterday at the annual meeting of
stockholders, held at Alexandria. They
are Walter K. Bachrach, Clarence F.
Burton, Ezra Gould. Marion Groo,
George Hayes, Charles j. Happier, L.
Hoyt Lamb, Jesse 3. K. Lee, Edward
F. Pickford, j. G. Pyles, Edwin E Rob-
erts, E. Hume Talbert, F. P. Williams,
John P. F. White, E. S. Wolfe and
Guy Mason.
Resort Bond Issue Planned.
William A. Horn of William A. Horn
& Co. announces a 100000 bond issue
in connection with the construction of
new amusement park at Chesapeake
Beach, to be known in the future as
Seaside Park. The bonds are to pay
per cent and be retired annually at
the rate of $4,000 per year beginning
February l, 1882. They are being is
sued in 500, $500 and $1,000 de-
nominations and are callable on or
before February l, 1886, at 103 and
accrued interest, and thereafter at 102
and accured interest.
Local Bonds Lead Exchange.
Local bonds were in lively demand on
the Washington Stock Exchange today.
The market opened with $1,000 Wash
ington Gas SIS selling at 1902. Several
smaller sales in Washington Gas IS,
SSIItS n, WCIC b4lCL ACSOLNCO az 1OG,
1924 and 1929. Gas B bonds changed
hands at 1892 and 1924. Anacostia
Sc Potomac r. r. SIS changed hands in
$1,000 and $4,000 denominations at So.
In the stock division Capital Trac-
ton opened at 80 on 12-share sale,
closing at 70 for Is shares. Potomac
Electric Power 51a per cent preferred
sold at 108B and 108A. A single share
of washington Gas Light was strong
at 1870, and single share of American
Security 81 Trust Co. came out at 426.
Columbia Sand & Gravel preferred
sold at SO, 200 shares of National Mort
gage az Investment preferred at Az
and As shares of Carpet Corporation at
261s.
Financial District Gleanings.
Interest payments on the Fourth Lib
erty Loan and on Treasury bonds OF
1947-1952 will total nearly $150,000.
The American Stores Co. reports
gain of per cent in March sales and
of per cent in sales for the first three
months of the present year.
Several Washington bankers said to-
day that they had noted slight i'm"
provement in business conditions here,
and added that the trend now appears
to be definitely upward.
Several banks also report some large
increases in deposits since the March
~ call.
PARIS BOURSE PRICES.