Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-28
TRADING IS LIGHT
ON D. c. EXCHANGE
Bonds Featured in Days
TranSactions-Many Is
sues Ex-DiVidend.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
The first sale on the Washington
Stock Exchange when the weeks bust
ness opened today was small lot OF
Second National Bank stock at l66.
Lanston Monotype was the second issue
to appear, the first sale being mace az
1874, with three other small sales fol-
lowing at rs fiat.
Bonds were more popular than stocks
in today's market, the first transfer IN
the bond division being $1,000 Potomac
vas q 81 900 sale in Capital Traction 5s
ut 1917 and a similar sale in Potomac
Electric Power IS at 1924.
Washington Gas 6s series A. moved
at 1917 on a light turnover. The clos
ing stock sales were in Potomac Electric
bi1 per cent preferred at 108 and 10734.
Five bank stocks, three utilities ana
nine miscellaneous issues are now being
quoted ex-dividend on the local board.
It is understood on the exchange that
interests close to the management OF
the Columbia Sand 81 Gravel Co. are
buying preferred stock. several trans
fers in this issue recently being made at
co. The stock closed today, ex-dividend,
SO bid and 81 asked.
$4,000 More Pennsy Stockholders.
More than 100000 stockholders were
registered on the books Of the Penn
syivania Railroad on September i, an
increase of $4,000 over last year and
an advance of 800 compared with last
month according to figures made pub
lie by the railroad today.
Especially noteworthy Is the fact
that Pennsylvania employees now COM
prise almost quarter of the entire
number of stockholders. More than
$4,000 employees, or approximately
third Of the railroads working forces,
are part owners in the company.
The number Of women stockholders
Is now the largest in history, an in
crease of 5000 having been recorded
over this time last year. More than
10000 women hold Pennsylvania
shares, owning approximately one-third
of the outstanding stock.
Pennsylvania, the railroads home
State, continues to lead in the number
Of stockholders, 5000 being registered
within its borders this month. Penn
sylvanianS own approximately 40 per
cent of the outstanding shares. New
York is next in line with $4,000 owners.
Survey Shows ~ Community Trusts.
Seventy-two community trusts are
operating in the United States, one in
Hawaii and one In Canada, Of which
IL we're reported as controlling funds
aggregating $50, 500, 900 January !. 1t
is brought out in q survey OF this
movement just issued in book form by
the trust company division Of the
American Bankers Association.
Thirty-three trusts were reported to
the committee as having no funds, 10
being newly organized or named in
wills to receive funds at later date
and IA being classified as foundations
with no knowledge Of any gifts in pros
pect. Five trusts were reported as hav-
ing ceased to exist, While new
foundations were under contemplation.
During 1880 thirty trusts made cash
distributions totaling 1894, 3S2. an in
crease of more than Is per cent above
the amount distributed in 1929. In
the 10 years since 1921 there was an
increase in foundation funds of this
type of nearly $50 per cent. The sur
vey gives the names Of donors Of initial
gifts to IL Of the largest or most active
foundations, with amounts and objects
where specified.
Normal Buying Forecast Soon.
The morning stock letter Of Hayden,
Stone e. Co. contained more sunshine
than many such letters have spread re-
Gently. The letter says it is not known
Just when the business revival will
perhaps will come tomorrow or the next
day. But, the letter says, we passed the
depressions Of 1895, the panic of 1907,
the war collapse Of 1914. and prosperity
followed them all. substantial pros
perity. The country's problems are no
greater than they were In 1887 or in
1873. probably not as great.
The letter adds that there are times
when securities and commodities are
raptk f1p
there are times when dollars are worth
more than goods or securities. I'VE say
that today idle money is worth less
than the securities or commodities 1t
will buy, because we believe in the
country's form Of government, its bank
ing system, natural resources, its indus
tries, its transportation system, initia-
tive and ability of the people, growth
of population, and. lastly, because we
believe that the national income Of the
richest country on earth has not de-
clined in anything like the proportion
that prices have declined.
Despite reduced pay rolls and divi-
bends, the consumer requirements Of
the Nation are undiminished. This con-
dition must soon assert itself through
the cessation of boarding and the re-
turn of normal buying.
we believe that any one with funds
available for investment should not be
Influenced by low quotations or the fear
that prime American securities are I'M
safe. This is his opportunity. He
should not hesitate TO use it,
Heard in Financial District.
The Advertising Committee Of the
District Bankers Association held a
luncheon meeting at the Raleigh Hotel
this noon for discussion Of the various
advertising matters confronting the as
ISOLATION.
All the local brokerage houses went
back to standard time today vas day
light saving ended in New York. The
New York stock market now opens at
here an hour later than during the
Summer.
Samuel M. Thrift, cashier Of the
Franklin National Bank, has returned
from q vacation which he passed on
q motor trip TO Canaan, N. H.
Thomas M. Cahill, financial editor Of
the Washington Post, Is back in the
financial district from his vacation,
spent in the city and adjacent territory.
George L. Starkey, president Of the
National Bank of Washington, has been
spending a few days in Montreal and
Is now motoring through the Thousand
Islands on his way 10 Buffalo.
The Washington Stock Exchange will
resume Winter sessions on Saturdays
ut the end Of this week.
The Southern Railway reports an
August net operating income Of
$se3.s72 against $2,o3e,5S4 in August,
1880.
washington Clearing House figures
for today: S3.o04,25l.53.