Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-03
BARGAINS ARE SEEM
IN STOCK MARKET.
Trust Companies Magazine
Urges Bankers to Aid in Re-
storing Public Confidence.
BY EDWARD C. STONE.

Bargain prices in high-grade stand
ard stocks which will surely attract wise
investors are seen by Trust Companies
Magazine in the current issue, which
adds that upon the great body OF
American bankers, collectively and in
dividually there rests at this time the
responsibility and the inspiring oppor-
tunity of reminding the much-needed
spirit of confidence which will restore
business property.
It is the bankers privilege, the mag
azine adds, to set actively in motion
those necessary adjustments which Will
definitely commit this country To the
path of stability and genuine recovery
The urgent demand is to recognize that
the problems and the solvents OF TINS
prolonged period of depression are such
as relate peculiarly. and in the first IN
stance, to control of money and creolt
The publication insists that dena-
ton of credits and prices has reached
a level as foolishly debased as was the
extreme of inflated prosperity. In
speaking of the facts to emphasize III
seeking to restore confidence, the mag
aZine asserts:
During the past year and hall
there has been a contraction OF close
to $40 600, 100000 in the market value
of stocks listed on the New York STOCK
EXCHANGE Brokers loans have peen
reduced from the 1929 peak OF over So
600 900 600 to $1,631 100000, of which
So, 300 900 900 was accomplished during
the past IL months. The market aver
age of SO leading industrial and rail-
road stocks on the New York Exchange
has declined from the high of 311.9O in
the Fail of 1929 to the recent low of
1854. Assuredly this means bargain
prices which will attract wise investors.
Bank Convention Pictured.
The Monthly Bulletin of the District
Bankers Association, out today, Is oe-
voted entirely to the coming annual
convention at Hot Springs, Va, june
1921. President Lanier P. McLacnlen
stresses the importance of these annual
gatherings and urges large attendance.
Among other things, he says:
These conventions offer to the ON
GERS of Washington banks a wonderful
opportunity to contribute and obtain in
formation and facts of untold value to
their respective institutions. These are
days when knowledge of the other mans
problems is important to every one OF
us for the lessons they teach. The at
tendance of bank directors is also very
Important for they, too, should be well
equipped and informed to enable them
to determine the policies of their insti-
buttons"
Frederick P. H. Siddons. general
chairman, presents message which
covers every detail of the annual gath
ering. from the time the bankers spe-
cial leaves here on Wednesday night,
June II, until the party returns to
Washington on the following Monday
morning. He discusses the program,
sports, entertainment features and the
annual dinner.
The bulletin contains many pictures
of the Homestead and beauty spots at
the popular resort. It also urges early
reservations and states that Luther E.
Schreiner, chairman Of the Hotel Com
mittee, will go to Hot Springs ahead Of
the party in order to arrange for the
arrival Of the guests. All the commit
tee chairmen are looking for an I'M
usually enjoyable gathering.
Todays Trading on Exchange.
Washington Stock Exchange trading
was moderate today, about equally di-
vided between stocks and bonds. Ameri-
can Security e. Trust Co. recorded
small sale at 296 and National Savings
& Trust Co. figured in small trans
action at 40l. Capital Traction IS were
in best demand in the bond division.
Prices saw very few changes.
Treasury Issue Oversubscribed.
Treasury officials report that the
$500, 000, 900 of 3l2 per cent Treasury
bonds offered on Monday have already
been substantially oversubScribed.
The fact that books are still left open
and that bonds are being offered in
denominations as low as $50 indicates
the Treasury Is attempting as VIDE a
distribution of the issue as is possible.
The allotmepSs will probably show a
sufficiently we'll distributed portion for
each section of the country.
Thomas F. McInnerney, president OF
National Dairy Products Corporation,
which has units in Washington. states
that dividends on the common stock
we're covered by a comfortable margin
in the first four months OF this year,
after the companys usual generous re-
serves for depreciation and malnte.
nance. Earnings during the PERIOD
we're somewhat behind the correspond
ing 1880 period, but were ahead of the
1929 period.
Union Trust ShOrtens Hours.
President Stellwagen of the Union
Trust Co. announces that the bank
will close during the period OF June 10
to September Is at IL noon on Satur-
days at o'clock on other week days,
with the excepting of the LIST and 18th
of each month, when it Will remain
open until 5 o'clock.
This Is the same action as was taken
last Summer, and is tc give the en-
ployes more time off during the hot
weather. The move includes early clos
ing of the safe deposit department as
well as the rest of the bank.
The shorter hours proved so salts
factory and were so much appreciated
last Summer that the time was extend
ed this year. The Summer schedule
will 20 into effect two weeks earlier
and continue two weeks later than last
year, making the closing hours the same
as those of national banks. 1t is the
belief Of the officials that most OF the
business transacted late in the after
noon can be taken care Of earlier in
the day without inconvenience to the
customers.
Heard In Financial District.
Edward L. Hillyer, president of the
Washington Stock Exchange and vice
president of the Union Trust Co., Is
passing a months vacation in Bermuda.
Vice President c. j. Gockeler Is presid-
ing on the exchange.
The Bankers Trust Co., New York,
has declared the regular quarterly divi-
dend of 71a per cent, payable July l
to stock of record June IL. The stock
Is quite widely held here.
The Interstate Commerce Commits
sion has authorized the Atlantic Coast
Line Railroad to issue $l,734,000 Az
per cent series general unified mort
gage 50-year gold bonds in reimburse
ment of capital expenditures already
made.
COPPER PRICES REDUCED.