Evening star., 1933-10-03

new 1OTK StOck
Exchange firm of Carter g. Co
Since completing his education at
Lehigh University and the University
of Wisconsin, Charles Allies for num-
Der of years represented the National
City Bank of New York in the Middle
West For eight years he was a vice
president of the B. F. Saul Co., where
he specialized in the sale of first mort
gage real estate investments. and more
recently has been associated with the
City Co. of New York. Inc. He is well
known in Washington and takes an
active interest in local civic affairs.
The firm of Brown. Goodwin g. Co.
was organized by L. Clark Brown and
Wilfred L. Goodwin, ir.. who formerly
represented Harris Forbes & Co. in
Washington and Virginia. Edson B.
Olds, jr., was recently admitted to part
nership in the firm. He is the son of
Edison B. Olds, vice president of the
Union Trust Co.
Charles D. Carroll also became con-
nected with the same firm not long ago.
When Stocks Will Move. Upward.
The rise in prices, based upon actual
business recovery, and even on rea-
sonable expectation of further prcgress,
was natural enough says the Bankers
Magazine. But no doubt the specula-
tive movement advanced more rapidly
than actual or prospective recovery
warranted, and, when a realization OF
this suddenly dawned on the market.
It sagged
Efforts to curb speculation have thus
far been unavailing The Federal Re-
serve act and the GlaSS-Steagau bank
ing act beth aimed to prevent the use
of bank credit for speculation in Securi-
ties, but apparently with little effect.
When people make up their minds to
speculate, they seem to have no diff
Guilty in finding the funds to carry on
their operations.
Much was heard after the 1929 COL
lapse, to the effect that people had had
a lesson which they would net soon
forget. Recent events have shown their
memories to have been less retentive
than was supposed.
When people believe that they can
buy shares today which they can later
sell at profit, they will probably con-
tlnue to act on this belief, the maga-
zine concludes.
Trust Sees Business Expansion.
Waggaman, Brawner g. Co., Inc,
announced today that during the last
quarter, incorporated Investors added
even new companies to its investment
portfolio and increased its holdings in
% companies already owned.
The management of incorporated
Investors commented on these addi-
ions as follows: 1T is our opinion that
he underlying trend in business activity
md prices both in this country and
broad is definitely toward higher levels.
Although the wisdom of some of the
rtif1cial stimuli which are being applied
% facilitate and speed up the improve
nent may be open to serious question,
he more fundamental underlying ma
tural forces appear favorable to re-
'overy.
THE changes made in the holdings
# incorporated Investors last quarter,
therefore,, have been along the line of
Increasing the funds participation in
hose companies and industries which
Till benefit most from a general recov-
-ry in business activity and prices"
An oil stock, chemical, mining
md chain store issue were among
he seven added to the list.
Today's Trading on Exchange.
In the bond division of the Wash
'ngton Stock Exchange today, Columbia
Country Club 5 l2s made their first ap-
,earance in some time Two sales
Il 900 and $500, took place at 49,
Capital Traction stock figured in a
19-Share turnover during the session,
5oday's price being 1872, same as other
"ales since the stock advanced on the
strength of street car merger prospects.
The days business was very quiet,
She only other transaction being a
51,000 sale in Capital Traction IS, made
1T SIS, unchanged from other recent
transfers. in this issue.
The large number of holders of
Ye,Q Tol iv,J yoc
ION are due to get their quarterly divi-
1end checks very soon, the last declara-
ion being at the regular 9 per cent
Jearl.r rate.
Ohio Man Insurance Speaker.
w. P. Stagg, agency director of the
New York Life Insurance Co., in Colum-
BUS, Ohio. will address the first Fall
meeting of the District Underwriters
Association, at the Willard tomorrow
noon, President Thomas P. Morgan, jr.,
announced today. Starting his career
AS railroad man. Mr.. Stagg later be-
came connected with the Thomas A.
Edison Co and then turned to insur-
ance. In three years he wrote 81 1,141,-
900 in new insurance. He now has 60
full-time and eight part-time agents
working for him.
The underwriters also will hear from
the Chicago national convention at the
luncheon. This years local association
officers include Thomas P. Morgan, jr,
president: Horace Winter, vice presi-
dent; F. George Clendaniel, second vice
president: Loren L. Cluster, secretary,
and Herbert Mclean, treasurer.
Foreclosures in August totaling 1905
were 81 per cent under those of Au-
gust, 1882, the Home Owners Land
Corporation stated after a survey of
Lila communities, which include So
per cent of the Nations population.
The survey noted a Strengthening in
the real estate market as indicated by
reports on both rental and sales of
properties in many sections OF the
country"
Average daily production of electric
lty in August was 246, 900 kilowatt
hours, gain of "a per cent over July,
according to a report by the geological
survey of the Interior Department. The
increased demand for electricity that
started in May apparently Is continuing
as the August output was 13 per cent
greater than year ago.
The daily production of electricity by
use of water power gained in August,
the report stated, due to increased flow
in power streams by heavy precipita
ton during the month.
Heard in Financial District.
George E. Fleming, one of the vice
presidents of the Union Trust Co., will
return to the bank in few days from
his annual vacation. At present he Is
motoring through the New England
States
James Bruce, recently appointed as
financial adviser to directors of the
Home Owners Loan Corporation, has
resigned as president and director of
the Baltimore Trust Co., now in the
course of liquidation, and also as
director1f its successor, the Baltimore
National Bank Mr. Bruce took this
action in order to qualify for this new
position.