Evening star., 1932-07-23
LEGISLATION HELD
EMPLOYMENT AID
Effect of End of Congress on
Stocks Discounted, CIeWS
Declares.
BY EDWARD C. STONE.

James B. ClewS, head OF the veteran
New York financial house, looks a. the
general situation and especially the
adjournment of Congress, in this way:
Many people had been looking Ior-
ward to the adjournment OF Congress
to Immediately bring about a better
situation, consequently, great disap-
pointment is felt that this has not been
more of feature So far as the mar
ket is concerned the effect had already
been partly discounted; but this does
not apply to the aftermath, as the I'M
portant legislation enacted will, when
put into operation, help directly IN
bringing about a better state OF affairs
in the unemployment SITUATION ana III
that goes with it.
What, of course, is required to give
the market a really substantial footing
is some concrete evidence that business
conditions are on the mend. Improve
ment in the commodity markets would
perhaps do more than anything else to
bring this about. IS it would greatly in
crease the purchasing power OF the
farmer, which now is so far bslow par.
The agreements reached at the
Lausanne conference with regard to
reraratiCns have created basis which
it is expected will have much to do in
restoring world credit and in ether ways
have its proper influence in dlSpelllng
the gloom which hangs like mantle
over the entire universe.
Likewise some progress is being made
In Geneva with respect to reduced
armaments, which if put into effect
would go long way in balancing Fed
eral budgets and in lowering burdenSome
taxes"
Dollars High Buying Power.
Compared with three years ago, the
dollar lately has bought 242 per cent
more cotton. pit per cent more copper,
1856 per cent more wheat, lot per cent
more food, 81 per cent more leather,
So per cent more petroleum, TAT per
cent more common stocks and 28 per
cent more bonds, Frazier Jelke d Co.
saws in an investment survey.
A desire for gold and other forms of
cold cash has given the dollar an
abrormally high value in relation to
commodities, labor and securities. In
vestors are willing to pay heavy
premium for maximum safety and eX-
treme liquidity.
In three years investor psychology
has shifted from one extreme to the
other The public'S craze for market
profits has been replaced by an ObseS-
adds.
More Trolley Traffic Forecast.
The opinion was expressed today by
some holders of Capital Traction stock
that the next six months may see an
increase in the earnings of the street
car company The June report showed
further declines in earnings. adding to
the unfaVorable comparisons for the
first six months.
1t is claimed that the cut-rate taxi
cab competition may not be as keen IN
the last half of 1882 as in the first half.
This is because of the increase in the
license fee which taxi drivers ere being
called upon to pay The higher price
OF gasoline is also considered as favor
able to the street car lines; & aaofis In fnls
wagons from the city streets Is con-
sidcred particularly important, as many
taxi drivers were paying only 70 cents
fo. every five gallons of gas they
Bought.
IRE claim is also made that as time
goes on and private automobiles wear
cut, more and more people Will use the
street cars. especially those whose in
comes have been reduced. How great
such a comeback might be remains to
be seen. 1t should also be kept IN
mind that less taxicab competition
would not mean any real scarcity OF
taxis or higher fares.
Sherwood Heads Association.
James L. Sherwood was reelected
president of the Northeast Building AS
sociation. for his 17th term. at the an
nual meeting of the associations S stock
holders held Yesterday. Mr.. Sherwood
is vice president of the Federal-Amer-,
ican National Bank & Trust Co.. and
manager OF the Brookland Branch.
Other officers reelected we're John l.
Knopp, first vice president; Henry Z.
Althoff second vice president: ocnuylt.
S, Symons, secretary; Frank M. Hatley.
treasurer: James E. Payne, assistant
treasurer: J. A. OpenshaW, assistant Sec
retarv: william S. Torbert, counsel.
Directors-Henry C. Althoff, L. L.
Anderson, Julian F. Belfeld, R. John
Boehs. N. T. Chaconas. Allen p. CoWles'
A. L. Foster. T. A Gillis. Frank M
Hatlev, Thomas P. Hickman. Alfred
,1effery, John l.. Knopp. J. A. OpenshaW'
James E. Payne. John B. Rublno, James
7 sherwood James L. Sherwood. lr;
Row L. Swenson. Schuyler S. Symons'
William S. Torbert, N. j. WARD.
Cleaned in Financial District.
vE Booker of Y E. Booker & Co
has been elected treasurer OF the WASH
ington Better Business Bureau 1or tile
coming year. H. .,os
100000 of German Reich 6 per cent
bonds purchased by Kreuger interests
in 1880 have so far failed to present
coupons for the July IS interest on the
issue which was received on July II by
Lee. Higginson. fiscal agents for the
German government on these securities
Silas H. Strawn, chairman OF the
American Committee of the lnterna-
tional Chamber Of Commerce, has sent
a letter to members urging readJust-
ment of intergovernmental debts and
reduction of armamentS.
Further briefs in the case OF Plrnle,
Simons e. Co, Inc. versus Richard
Whitney and the New York Stock EX-
change in the matter of package" or
unit" sale of securities must be sub
mitted Monday to comply with the Or
der of Judge William Harmon Black of
Supreme Court. Til Exchange recently
forbade members to participate in
package" sales except under restric-