Evening star., 1933-12-13
CAPITAL FINANCE
CIRCLES CHEERFUL
Bankers and Brokers Point
: to Evidence of Steady
Trade Upturn.
BY EDWARD c. STONE.


banks, investment houses and brokerage
offices. The change from peSsimism to
optimism did not develop over night.
Nor did it come about in few days.
But bankers say things are better,
brokers are encouraged by the recent
expansion in trading volume and ad-
yancing prices and the bond experts
talk about improved public confidence.
Financiers who knocked the new deal
for many weeks now say it is getting
somewhere.
ButTocal bankers don't say things are
getting better without citing some rea-
sons for their opinions. Last week
business comparisons showed that puSl-
ness in dollars as shown by the number
OF checks cashed all over the country
was 1876 per cent ahead of the same
period a year ago. In the Richmond
district last week check transactions
were rs per cent larger than last year.
The Department of Labor reports en-
ployment as steady, with gain OF 235
per cent over year ago, while wages
have advanced 34.3 per cent. The
trend is still upward
The Industrial Conference Board re-
ports the cost of living as up 2.5 per
cent compared with the same period in
1SO& w l1OISSdIE P4 AINS dlC NtP ~ ENA
cent and agricultural prices 25 per cent.
The movement of goods, based on car
loadings reports, is now 17.6 per cent
ahead of December, 1882. The Federal
Reserve Boards November summary OF
retail trade shows an advance of per
cent over November, 1882, with gains
as high as Is per cent in the South.
That explains why local bankers get
letters from the Southern States every
day which call attention to great i'm
provement in economic conditions"
Bond Experts More Cheerful.
According to F. w. Dodge, building
contracts are nothing to brag about
but are % per cent ahead of last year.
with the present trend upward. Dun &
BradStreet report that business failures
are 34.5 per cent lower than at the same
time a year ago.
Bond dealers call attention to the
fact that prices are working higher.
The latest report drawn up by the New
York Times says bond prices are now
6.3 per cent higher than in December,
1892 while stock prices are SO per cent
ahead of last year. At the same time
stock market volume shows greater
activity and is now lie per cent ahead
OF early December a year ago.
Bankers here also call attention to
the fac5 that favorable dividend changes
last week totaled 43, the largest number
in any single week in the last two years.
Five payments were increased, IT re-
sumed, three initial payments wele
made and 18 extras also declared. Two
dividends were passed and nine re-
duced, a small matter compared with
the rest of the report.
Less Initiation Talk Heard.
The fact that the recent U. S. Treas
ury subscriptions for the current issue
OF S9500000 900 of 21l per cent one-year
certificates were three times the amount
Of the offering impressed flnanciers
everywhere. In the opinion of many
local bankers, there has been too much
guessing and unintelligent talk about
imitation. Sound money is wanted by
all parties in the argument, they point
out.
And so it goes. Look at the indexes,
bank officials tell their customers. One
banker today quoted the recent remark
OF eX-Secretary Andrew w Mellon,
who expects the country to enjoy
within the next Is years a greater era
OF prosperity than the country has ever
known" 1t won't be anything like
decade and half, the bank official
commented.
ladder to be climbed by many, many
small steps. A steady. permanent de-
mand for all classes of goods must be
developed to replace artificial demands,
In past depreSSiOns time has brought
such demand.
Loan Association Votes Dividend,
Trustees of the Progressive Building
Association have declared semi-annual
6c ont Nn :
series "A" shares and on the per cent
per annum series F. capital shares.
While this is the youngest association
OF the kind in the city chartered under
the laws of the District it has more
than doubled its assets during the past
year, officials announce.
At yesterdays meeting, Charles A.
Stott treasurer Of Charles G. Stott G.
Co, was elected to the board of trlls-
tees. The present officers, all of whom
were renominated at the meeting, are
Henry M. Eaton, president; Albert E.
Conradis, vice president and counsel,
and Edward Holmes, secretary.
The trustees now include Albert E
ConradiS P. Gordon Cooper, Henry M.
Eaton, Edward Holmes, Allen C. Man
nix, Elonzo T. Morgan, James L. Par
sons, jr.; Edward r. Pierce, Charles A.
Stott and George S. Watson.
Law Cheerful on Outlook
Francis M Law, president of the
American Bankers Association, ad-
dressed the forum dinner of New York
Chapter, American Institute of Bank
ing, last night in New York Among
other things. according to the dis
patches he said that I'VE are now well
on our way out of the depression"
Thus far" he said, the President
has employed the mildest and safest of
1nf1atlonary powers granted him by
Congress. 1t remains to be seen what
Congress will do next month. 1t ap-
pears that the administration is fol-
lowing a middle course as between the
ultra conservative group and the ultra
infiationiSts. 1t may, and 1 hope will
develop that this middle course is not
so Tar in disagreement with the mod
crates of both sides.
THE President has shown qualities
Of courage and leadership of which
every citizen, regardless of politics, may
well be proud. Full credit is due him
for what has been done in the past
nine months"
Robert v. Fleming, president Of the
Riggs National Bank. who is attending
a meeting of the officers of the Ameri-
can Bankers Association. was present
at the dinner.
Financial District Notes.
Trading was in moderate volume on
the Washington Stock Exchange today
Gas and Capital Traction bonds, Poto-
mac Electric Power and Merchants
Transfer q Storage preferred stock
came out on the board around recent
levels.
The monthly meeting of the Wash
ington Sales Represent atives Associa-
tion was held in the Harrington Hotel
yesterday. C. w Thompson, president
of the association, presided and Arthur
j. Reilly was the guest speaker.
Thirty banks and trust companies in
Maryland have made application to the