Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-12-04
Stocks, Bonds and Corpora
ton Earnings Also Expected
to Show Improvement.
NEW INVESTMENT FIRM
is ORGANIZED HERE
Bankers Complete Plans for
Forum-Big Tobacco Firm
Declares Dividend.
BY EDWARD c. STONE.


The season of forecasting is here!
Predictions galore now are being
made on what is most likely to happen
in 1898, some cheerful. others none toe
optimistic. Conservative Washington
bankers express the belief that con-
ditions will improve during the coming
year, many holding the view that the
real turning point was reached and
passed last Summer. However, they
are not anxious to be quoted until more
definite progress has been made. until
the chances of false starts have surely
disappeared.
One of the best, at least most inter-
esting, forecasts of 1888 business comes
from the United Business Service OF
Boston. Improvement is predicted in
retail trade. stocks, bonds and along
several other important lines. The
forecast says:
Larger Business Volume Seen.
Business voIume-Total volume OF
business in 1888 Is expected to be from
per cent to per cent above 1882
The trend will be irregularly upward
Trade will be less than 1882 in the
first half, but above 1882 in the second
half.
Commodity prices-1933 will be a
year Of adjustment between the prices
Of raw materials and the prices OF
finished goods. Moderate gains are
expected In the agricultural items, with
accompanying strength throughout the
raw materials list. Lower levels for
finished goods prices must be antici-
pated.
Retail trade-The physical volume
of retail sales In 1888 will probably be
somewhat larger than in 1882. Dollar
volume viii be about equal. Retail
prices are expected to fall further In
the frs half
acknowledgement construction in
1888 is likely to be close to the total
for 1882. Value of contract awards
around one and one-half billions.)
Residential building is expected to be
the frrnest division.
Higher. Auto Output Expected.
Acknowledgment Of cars and
Signify higher than in 1882, aggregat-
ing between one and one-half and one
and three-quarters million units.
"Ecployment-The number of people
at work IL 1898 will be increased some
what during the year. This will be
due to the expansion Of indu trial
activity and the tendency to spread
wc-k.
Failures Insolvencies will continue
at high level in 1893, but will prob
ably be less numerous than in 1882.
Bank suspensions will continue nearer
normal levels.
Earnings and acknowledgement
corporate earnings should rise gradually
in 1888, recording total for the year
moderately above 1882. Total dividend
disbursements will be less than in 1882
"Bonds-High- grade industrial and
utility issues Offer. unusual promise for
1898.
"Stocks-The trend of stock prices
next year is expected to be irregularly
upward. Stocks representing smaller
more flexible units should recover
faster
Lawrence r. Leeby, formerly con-
nected with the Washington Office OF
E. A. Pierce g. Co., has entered the
general investment securities business
and organized firm Of his own under
the name Of Lawrence r. Leeby. 81 Co.
with offices in the Southern Building
Mr.. Leeby is a graduate Of the George
Washington University Law School
class of 1927. Since graduation 1t
district, keeping in close touch with
IklC 4NCW 1Olh oC(ullbACo IIdA hCbc. AK
Is q member Of the Washington Bono
Club.
Associated with him will be Lynn
]. Tuttle, formerly connected with thu
New York Stock Exchange firm Of
Paine, Weber g. Co., in the firm.
Chicago office.
Lincoln to Address Bankers.
G. Gould Lincoln, political exper
with The Star. will address the month
" forum of Washington Chapter
American Institute of Banking, at thu
dinner meeting next Wednesday nigh
at the Hay-Adams House. Mr.. Lin
coin, who visited and studied politica
conditions in about SO different State
during the recent presidential cam
paign, will speak on Political ant
Legislative Developments in Their Re
lation to Banking.
The other speaker at this meeting
will be Rev. DR.. Allan A Stockdale
pastor of the First Congregations
Church. Reservations already made in
dicate an excellent attendance of chap
ter members. Norman E. Towser
chairman of the Forum Committee
will preside, the dinner starting at 63C
stin Holding 1929 Securities.
Local brokers state that great man
securities bought by Washington in
vestors and SPECTATORS In 1929 sti
are being held The following assertio
by the New York Times is declared t
cover the situation In this city q
well as it does New York:
Brokers say that surprisingly larg
percentages of the stocks which no.
have the lowest market rating are hel
by persons who invested before or 500
after the crash. Such tenacity is nc
unusual It has been shown in tn
market readjustments Of the pas
Many spectators and investors VIII
see their securities shrink will protec
them desperately with a sort of mothe
love. so long as their money lasts. An
IL they happen to be we'll equippe
financially, they not only will hold on
but will continue TO buy more OF tn
same stocks, 50 strong Is their faith.
The New York Stock Exchange yea
book has just been received in the locf
deal Of unusually interesting informs
ton.
Robert c. Jones Of Robert C. Jon.
81 Co., is spending few days IN Ne
York, after stopping of yesterday
Philadelphia to see the Army and NAY
game
Railroads running out Of washingto
are offering some remarkably low rat
for the Christmas holidays, being b,
little more than one fare for roun
trips
The r. J. Reynolds Tobacco Co. h
declared the regular quarterly divider
q rs cents on the common and commc
y D stocks, payable January to stot