Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-21
HOLD FIRM
,t)ND: C. EXCHANGE
w. r. & E. 4s Prove Most
Active. Issue in Days
e ~. - -
transactions.

Anss.sssF5 day s.ef moderate tracing
marked, the close of the week today
for the washington Stock Exchange,
with prices. holding generally steady.
washington Railway 81 Electric As were
the most active. selling in volume OF
SD 300 at ssRa, fraction higher than
last sale. washington Gas IS A went
at iO2ss, shade lower.
Mergenthaler sold in two blocks at
from 77lA to n. In the unlisted oe-
nartment National Press Building 512s
sold at 3d.
Dizziness in Market.
sTurning back just 10 years to the de-
preston Of 1921, yesterdays issue OF the
investment Bulletin of the Alexander
Hamilton Institute resurrects the loi-
lowing advice to investors.
s.Fainancial opinion regarding the
stock market is very much mixed. rms
is always the case when the market is
dull. because additionally an extreme
of duiIness Is believed to mark an I'M
portant turning point Those who ex-
pect q higher market by OCTOBER argue
that brokers loans are scarcely nan oI
normal and that trade is turning tne
a few other lines. Finally, money rates
are comfortable. Those who are SUN
oessifntstfc admit that brokers loans
are low. but argue that they cannot De
eyeoectpd Ito expand They admit that
trade is turning the corner, but point
odt that profits viii be very meager TINS
Winter and not enough to cause STOCK
market enthusiasm. They ADMIT tne
in,provement in money conditions, out
maintain that the bond. market cannot
become buoyaf1t while institutions are
liouidating all but gilt-edge bonds.
Finally. they believe that even though
stocks are held in strong hands ana
large stock market operators can opIaln
loans in. large amounts ana al Elk
tremely low rates, there VIII not De an
extensive upturn until the investing pu-
lie is more actively interested IN the
market"
The foregoing is paraphrased from
the Investment Bulletin OF August No.
1921. with minor changes The hquioa-
tior1 of Second-grade bonds Is used IN
stead of the high bank interest rate OF
that year as the lettering factor In the
bond market. TO complete the picture,
the pound sterling was quoted at $S;ob,
the Ira at AL. cents, the ArgenLlne
peso at. 3012 cents, the mark at LIS
cents and the Austrian crown at IA
cents. Mr. Lloyd George was declaring
that he could "see the light at the END.
ofsthe tunnel" in the political unrest IN
Elarope. Conditions in Germany ana
the Central European countries were
disturbed, pig iron production was At
the lowest ehb in Is years, the steel ana
iron industry was working at 20 Per
cent Of capacity, unemployment was
problem and COMMONLY prices 1oucneu
new lows in the Summer after decline
more precipitate than that OF the past
two years.
The same two schools Of opinion are
TO be found today, advancing substan-
tally the same views, says the 1nSu-
tute. No rapid rise in the market Is
likely. nor Is 1t desirable. There are
sore spots at home and abroad TO be
healed.
Al b. Publicity Committee.
The Publicity Committee for WASH
fngton Chapter, American Institute OF
BANKING. has been organized, with Rob-
prt H. Lacey OF Columbia National Bank
us chairman. Other members are: s.
Winifred Burwell, National Metropol7
itan Bank: Robert @. Whitten, FIRST
National Bank, of Alexandria: Alfred
w. Sherman, American Security q
Trust Co, and Norman e. Towson, OF
Waehington Loan ~ Trust Co.
Chairman Lacey, who is cashier Of
Columbia National Bank, has been &C
tive In the chapter for the past seven
wears. He is a standard certificate
holder. and has held the ofiices Of as
sistant secretary, treasurer and has
served on the Board OF Governors OF
the chapter. He was chairman OF the
Membership Committee in the year
I92o-30, and has served as member OF
various other committees during the
past several years. He is now second
vice president Of the chapter, and was
a delegate TO the national convention
at Pittsburgh He is veteran OF the
World War
The work Of the Chapter Publicity
Committee is verify closely bound up
with that of the Membership Commit
tee, one of its functions being 70 adj
vertise the institute TO bank employees
SO that those who are not chapter
members win want to join and those
who are members will want to keep
Ip their work. Its other function Is to
acquaint the general public with the
Ideals and accomplishments of the
American Institute Of Banking so that
the efforts Of the banks to render the
most intelligent service possible may
be appreciated
u. S. Investments in Poland.
American Investments in Polish stock
companies show an increase OF 28 per
cent, according 10 Commercial Attache
CLAYTON Lane. at Warsaw, in a report
to the Department Of Commerce. Dur
ing the last. year the total OF foreign
capital participation in Polish ctock
companies increased from 80 per cent
TO A per cent.
washington clearing hoAse figures
for today. s3,l18,999.5e.