Evening star., 1931-12-13
Exchange Secretary Sums Up
Disbursements Due on
D. c. Securities.
UNLISTED ISSUES WILL
ADD NEARLY 100000
Secretary MELONS Predictions for
1882 Held Significant by
Washington Bankers.
BY EDWARD C. STONE.


More than $1,50OOO in interest and
dividends will be distributed to Wash
tngton investors on January ! from
securities listed on the Washington Stock
Exchange, according to figures COM
piled by Y. E. Booker, secretary Of the
exchange. Mr.. Booker, who heads the
investment firm of Y E. Booker & Co.,
states that besides this amount. there
probably will be from Sl5O.OOO to
100000 additional payments in inter
est and dividends distributed on local
securities which are not listed on the
Washington Exchange
These payments of well over 81 ,500,-
600 to local investors are considered
highly significant from an investment
standpoint. A considerable portion of
the money doubtless will be reinvested
In local securities, since past history
shows that there is always a consid-
erable increase in demand for local
bonds and stocks during the month
OF January. A certain percentage OF
the funds will also have their effect
In strengthening local trade.
Members of the local exchange are
pointing with pride to the record of
the past year. A comparison of the
price range and dividend records of
the local securities with those listed
in New York and on other exchanges
leaves little cause for complaint on
the part of investors who have con-
sistently kept the greater part of their
funds in home securities With one or
two exceptions no such shrinkage in
value has taken place here as has been
recorded on exchanges elsewhere.
Local Dividends Maintained.
Interest on local bonds is of course
playing very important factor in the
coming 81 100000 disbursement. Prac-
tically all the Washington banks are
paying the same dividends as last year. |
although some small extras may be !
omitted in one or two instances. The |
utility stocks have also added their
share Of the investment returns during |
1881, most OF the year-end payments |
having already been voted Z,
The miscellaneous list of the Stock |
Exchange Is contributing generously to |
the total. In this list are Mergenthaler |
Linotype and Lanston Monotype. While |
the plants are not located here, yet the |
stocks are widely held locally and |
Washington is always well represented |
on the directorates
Local bankers yesterday stressed the i'm |
portance OF the coming payments It is |
the belief here that the approaching in |
terest and dividend payments all over |
the country will total q sum which
may prove the turning point In the
whole investment situation The re-
investment of so much money should |
have marked effect on 1882 trends, |
bankers assert.
Depression's Greatest Need.
The present depression should 90
down to posterity as THE Great Gold
Mystery" says Prof. Irving Fisher of
Yale in Trust Companies Magazine. For
when gold is abundant it really ought
to be cheap and boost prices But, in
France and America, 1t is abundant yet
dear, downing prices and booming the
gold mines. We shall find the solution,
] believe, in the colossal volume Of pub
lie and private debts.
"As to the technical attack on defia-
ton, the Federal Reserve System
should, believe, have continued its
open market, operations, namely, buying
bonds. Other technical expedients are
also available. To turn this depression
we need just what England needed, and
what she has recently secured. a rise
of the price level and we can secure
this without cutting loose from gold.
To raise the price level to normal and
then keep it there should be the great
object; in other words, to take the SWELL
ing out Of our hypertrifled dollar and
to stabilize it."
Mellon Sees Is Per Cent Gain.
Secretary Mellon's annual report to
Congress which voiced the assumption
that definite improvement in general
conditions in industry and trade will be
witnessed in 1882, aroused unusual in
terest In local banking circles. In am
plif1cation of the statement, it was said
later that the Treasury Department eX-
poets an increase OF about Is per cent
in industrial production next year. 1t
was further said that there is usually
an intrinsic improvement in business
conditions before they are evident in
statistics.
Local bankers feel that Secretary
Melons forecast is far more important
than most predictions of the kind. be-
cause Of the sources of information
which the Treasury has at hand and
also because of Mr. Melons keen per
ceptfon Of business and financial condi- |
tions. In the Summer of 1929 Mr.. Mel |
lon casually said, 1T is good time to
buy bonds" 1t was.
He may now have just as good rea-
sons for predicting business improve
ment in 1882.
Yesterdays Exchange Trading.
Business on the Washington Stock
Exchange yesterday was more active
than usual at the end of the week The
sales:
Washington Gas 5S-sl 900 at l0ol4,
81 900 at 1904, 81 900 at 1901, $1,000
at 1904
Washington Rwy & Elec. 4s-s1 900
at 85
Washington Gas 6s "A"-S5O0 at lO3.
Capital Traction Cos at 81, 4 at 81,
10 at q, 10 at 81, 10 at 81, 10 at Il,
5 at 81. at 81.
Washington Rwy. g. Electric pfd.-25
at 9315.
Lanston Monotype-4 at 81, 10 at
6612, 8 at 6634.
Mergenthaler Linotype-l0 at 59h.
National Mtge. g. Inv. pfd.-l00 at
c34. Sc at 334, A at 80
The small sale in Mergenthaler Limo
type established new low for the year
Capital Traction closed fractionally
above its recent low. Lanston Mono
type sold the lowest it has this year and
closed "a point higher The DAYS quota