Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-02
TRADING IN STOCKS
ON SMALLER SCALE
Shrinkage Most Noticeable
on New York Exchanges.
r Chicago Market Active.
BY JOHN F. SINCLAIR.

NEW YORK, January 2.-During
1880 the volume of stock trading was
considerably less on all the markets
than for 1929. Of the three major
Stock Exchanges in the United States
the New York Exchange, the New York
Curb Exchange and the Chicago Ex-
change-the Midwestern made the most
favorable comparative showing with
that of the preceding year. While the
Chicago Exchange was doing IS per
cent of its 1929 volume, the New York
Exchange did II per cent and the New
York Curb as per cent.
The Chicago Exchange was the only
one of the three to exceed its 1923
volume in stock trading, with turn
over of 100000 shares, as compared
with 1894 900 shares for 1928. It's
record for 1880 was one of expansion:
While its total volume of shares OF
stock traded in was about is per cent
less than the all-time annual record
S2,216,000 shares. made during 1873
it made a new record in the total vol
ume of bonds sold. In 1929 but S4,975,-
600 bonds were sold, as against ST.
600 900 during 1890. The previous rec
ord in this field was made during 1874
when $50 Goa 800 par value In pohoS
were traded.
Off1ciais of the Chicago Stock Ex-
change have announced very frankly
that while the exchanges 1881 oono
trading was more than f1ve times as
great as it was in 1929, the next lew
wears will see an even greater growth
in this field. for many of their more
experienced members are specializing In
this particular field.
During 1880 the price range OF MEM
berships on the Chicago Exchange was
$4,000 high, $4,000 low and Sl5,OoO
last. Previous to the dividend declara-
ton of September, 1929, when lOO per
cent membership dividend was given,
seat sold for $4,000. There are now
800 members, an increase OF % during
the year.
Building and Loan Companies.
Just 100 years ago today, the f1rst
building and loan association IN the
United States began business. AT flrst
the growth Of this plan was very slow
and uncertain. 1t was a new thing,
and new experiments have a hard time
to survive. The building and loan asso-
citation was no exception.
But it has survived the storms of
century in spite of the ups and downs
of business during that time. 1t sur
vived the panics of 1887, 1873, 1898 and
1907 and the depreSsions of 1921 and
1880. Today the building and loan asso-
Citations of the United States have nearly
$4,000 900 900 of assets, $4,000 associa-
lions scattered in all sections of the
United States and more than 10000
stockholders.
/ think it IS safe to say that in many
States these associations are today the
strongest financial force and power in
their communities. Even in States that
have been hard hit by bank failures
such as Florida-the building and loan
associations have made a remarkably
fine record.
OId-FashiOned Economy.
Prof. William B. Bailey, economist of
the Travellers Insurance Co, Is one OF
those old-fashicned, orthodox students
who believe that the only way by which
good times can be returned is for people
to first pay of their debts, accumulate a
bank balance. and then start buying
again. He says this cycle of events is
now in progress for bank balances and
savings bank deposits are on the in
crease.
asked a Florida friend to comment
on this and learned he had not seen a
$40 bill since the boom days in that
State. Here IS his reply:
"I'll bet not one in hundred people
know whether the picture on a $50
bill is Lincoln, Hamilton. Jackson or
Mckinley. know I don't have a
faint recollection that it is Lincoln.
Am I right?"
When 1 told him that Lincoln was
on the So bill he looked surprised and
said. That's right. 1 had one of those
about six months ago and Ia should
have remembered it,"
STILL savings deposits are going up
So somebody must be depositing money
ir the banks. On the other hand,
there are 100000 unemployed in the
United States-people who want work.
but who cannot find it. Most Of these
would like Prof Bailey to show them
how TO pay their debts and how to
accumulate a bank balance. And these
are the people whose purchases in
good times are the backbone of any
prosperity era.
Prof. Bailey, however, does bring out
the fact that unemployment conditions
have been aggravated during the last
10 years by the disorganized farming
situation.
During the last 10 years agriculture
has released about 400. 900 workers an
nually and there are between 1000. 900
and 100000 fewer persons living on
farms today than there were 10 years
ago." says Prof. Bailey. Industry,
trade and transportation have peen
forced to find jobs for all these per-
sons, in spite of the alarm raised over
chronological employment in industry 3"
And he concludes by SAYING thar if
agriculture had been able to take care
OF the 100000 or 100000 persons
that have turned to the cities the I'M
employment problem would be much
less severe" And that's just what the
farmers have been saying for 10 years.
But nobody paid any attention to them.
WiningdOn's Appointment.
The appointment of Vscount willing
don, retiring Governor General Of Can
ada, TO succeed Lcrd Irwin. Vlceroy Of
India. IN March while surprising. was a
popular choice in both Great Britain
and India
The viscount is an experienced, tact
full diplomat, liberal-minded and easy
going He has a brilliant career and
now, at the age of ga, he takes on the
most difficult job in British public life.
British business interests seem pleased,
too, with his selection.
In Ottawa he has been a favorite: in
fact. he has made a hest of Canadian
friends during his four-year stay. He
has the ability to say the right thing
at the right time-tact and patience are
his long suit.
plan To have Ramsay Macdonald.
prime msnlSteF, accept pecTaBe anu
become the new viceroy Of India did
not appeal TO the British labor leader,
and therefore was abandoned.
Never were British business interests
more anxious TO effect settlement
with India than they are new. The
Indian round-table conference. now in
session in London, has become lost in
a mass of detail and made much more
difncult by the injection OF religious
issue
Meanwhile. Ghandi, paSsive-resistancG
chamninn and hero of millions of In.