Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-16


tai Traction, have given a much better
account OF themselves during the last
year, relatively, than those on the New
York Exchange. In Sact comparison in
this case Is enormously favorable to
washington, although, of course, the
trading list here Is but fraction of the
great number listed in Wall Street.
This very fact has brought to this
city scores of statesmen of varied degrees
of ability who are busy night and day
trying to undermine the confidence of
holders of local shares in their holdings
and, by painting a pretty picture of
something else with prospects," work.
ing for an exchange.
Capital Traction Suffers.
In the case Of the Capital Traction
shareholders these gentry have been
very successful, being aided by the
persistent refusal of the Utilities Com
mission to sanction higher fares, merger,
ETC., and largely by the situation in the
taxicab business of the city.
Capital Traction, one of the Oldest
corporations in the city, for years con-
sidered one of the assured money!
makers, has been the victim of this
combination of circumstances, gradual
ly growing worse until 1t was necessary
to cut the dividend before the fight for
higher fares was won.
For long time the company paid
part OF its annual dividend out of q
handsome surplus, but recently aban-
doned that policy and the price steadily
declined from par and better until 49h
ana so q share was reached.
Brokers believe that a large part of
the loss in Capital Traction has been
due to this door-to-door salesmanship.
Other stocks have suffered, too, prob
ably Mergenthaler, one of the very best
industrials on any list-one kind Of
stock, no bonds, no debts, O large cash
surplus and big holding of Liberty
bonds.
It would be interesting to know Just
what one has to offer in exchange for
Mercy. Nothing 80 good, to Q practical
certainty.
Happy At Going Home.
Washington bankers are delighted
with the decision Of the Executive Com
mittee naming Hot Springs, Va, as the
location of the annual convention of the
association for 1881.
Since the association officially dis
covered Hot Springs and its leading ho-
tel 1t has gone there again and again.
Everything was so convenient, pleasant
and satisfactory that there were no
complaints. Then the organization was
Mred away to the northern tip of Long
Island. "twict," as the radio announcer
calls 1t, and last year the urge for q
change took them TO Asheville, N. c.,
even after they had decided on Hot
Springs.
Market DepressiOns.
One tires of hearing Don't let that
worry you, that will come back" repeat
ed time and again and yet all the rec
ords Of the past have demonstrated
that they do come back.
Occasionally some corporation, spon-
sor for stocks listed on the New York
Exchange, passes without a comeback
The former Columbia Graphophone Co.
was a sample Of this class, slipping out
with heavy loss to shareholders cor
poration without bonds, yielding to the
first hint of the radio development ap-
parently very easily.
Conditions looked even worse in 81
'64, in TT, the long depressions of '93
and '95, the awful slump and closing Of
exchanges with moratoriums following
the outbreak of the World War and Just
before Woodrow Wilson took ONCE, to
come back quickly in boom when new
billions Of Federal securities were mar
keted. The periods Of the buyers strike
and the liquidation attending the SELL
ing of enormous blocks of stocks, were
all attended with ragged blue de-
preston
They all came back-and right now
there's little daylight breaking through
the dismal clouds of the late 1929-'30
GUINNESS that really gives promise of
better conditions. And there is much
room for improvement.
The various movements Of a helpful
kind are bearing fruit and in the end
will make for q substantial recovery.
Some $3.50, OO0, 900 in Christmas saw
ings will soon be distributed. Some one
has estimated that one-thirc of this
large amount viii find its way into mer-
chandise of various kinds, but the ex-
perience in this city Is from rs to 80
per cent going that way.
Well Distributed.
Y.E. Booker 81 Co. secured an excel
lent distribution of the Columbia Golf
Club 5lk per cent bond issue, alloting
the bonds to 81 different purchasers.
Moreover, the successful sale Of the issue
did not require much publicity, a prosA
pectus and some paper mention Of the
sale.
Undertaking the floating Of the bonds
at this time required assurances, even
though the security was ample. over
million dollars of assets and the prop
erty being such that 1t will not de-
teriorate between now and the maturity
of the issue December /, 1850.
IN INCREASE