Evening star., 1933-05-07
UPTURN IN TRADING
ACTIVITY IS NOTED
ON LOCAL MARKET
Demand for Bonds and
Stocks Has Shown Marked
Improvement
BANKERS ARE IMPRESSED
BY SISSON'S ADDRESS
Head Of Association Believes Eco
nomic Tide Has Turned.
Compares Systems.
BY EDWARD C. STONE,

BY EDWARD C. STONE.
Marked revival of interest has re-
with securities listed on the Washington
Stock Exchange
Ever since the ending of the national
bank holiday and the reopening of the
New York and Washington Stock Ex-
changes business or the local board has
proved more satisfactory.
FeveriSh trading during recent ses-
sions of the New York Stock Exchange
has turned attention to the stocks and
bonds in general and other exchanges
have profited by this increased activity,
Washington among them.
More activity has been shown in
nearly all the local listed bonds. So
far this year the largest trading in any
one bond issue has been in Washington
Gas Light SIS, 1858, a comparatively new
issue Georgetown Gas Light IS have
also been in the limelight.
ington Railway & Electric As, 1852;
Capital Traction SIS have appeared in
the trading quite often and generous
interest has been displayed IN Wash
ington Gas Light IS, series B. Poto-
mac Electric Power issues have not been
forgotten both these bonds selling far
above par.
Local Market Trend Upward.
In the stock division the largest
amount of trading has been in Wash
tngton Railway g. Electric preferred,
which closed the week at 80. Next
comes Potomac Electric Power 5k per
cent preferred, which Is selling above
106. Capital Traction, which has been
quiet awaiting definite merger results,
recently got away from its low for the
year, the last sale being at 61a.
The highest priced local stock at
present is Potomac Electric Power 6
per cent preferred which last moved at
l0834. In the miscellaneous list. Mer-
genthaler Linotype has recently dis
played better strength. Peoples Drug
during the week, following the quarterly
report which revealed slight gain in
earnings over the corresponding period
q wear ago. The stock now yields. 8.6
per cent.
Lanston Monotype Is now selling at
IS. The exchange has just received
notice Of the declaration OF the regu-
lar quarterly dividend Of 81 per share:
payable May 81, to stockholders OF
record May 10. :.
The recent trend Of the local market
has been upward. Many local issues
never took such tumble as most OF the
New York stocks experienced after the
1929 break. So it is easier for them
to come back. Incidentally, there are
about as many local stocks selling above
500 per share as there are on the New
York Exchange, an amazing statement
considering the hundreds and hundreds
of issues on the Wall Street board. But
a glance at the New York list shows
1t Is true.
Sisson Cheerful Over Outlook.
Bankers are commenting on the bril-
liant address which President Francis
H. Sisson, Of the American Bankers
Association, made before the United
States Chamber of Commerce. He takes
q hopeful view of the outlook, declares
the ebb economic tide has turned and
Is coming toward shore. In conclud-
ing his remarks, Mr.. Sisson said:
"I want to say this, that I feel and
know a great many thoughtful students
of the situation feel that the ebb tide
has turned. Far out at sea 1t Is as
yet but If it isn't restrained unduly by
some haphazard legislation and re-
stricted action, that ebb tide Is coming
back for sure in due course just as
surely as 1t went out. The great power
OF guiding its course and OF bringing II
back to its safe harbor lies very largely
with our Federal Government today
The task is theirs and it isn't so much
a constructive task as negative task
Of not doing fool things that will keer
1t from doing its normal and national
and absolutely certain performance o1
natural laws.
Il think we may somewhat lken our
situation to the old English story OF
King Canute who stood at the shore
and tried to sweep the tide back with
broom, that neither the Federal Gov
eminent nor anybody else is going to
be able to keep it back, but we want II
to come in as soon as it may and as
helpfully as possible"
Banking Systems Compared.
At one point in his address Mr.. Sis
son made a most interesting compari-
son Of banking systems when he said
I'VE are told many times of the model
which the Canadian and English
systems set up to us. Well, there again
consider the political aspects of it. In
England, there are five great banks that
control the banking business of the
British Isles. Can you image allowing
five great New York banks to control
the banking business of the United
States? Some of the United States
Senators, whom you and I all know
would lose their voices in wrath anc
expostulation the next day if it were
even suggested. 1t just isn't possible
in our political system to concentrate
wealth and power in such a manner
But there again that is political anc
nj 1,a ho bYor ,o1
the right thing is and would do il
efficiently and on the whole effectively
for the country If they had the privi.
lege of doing it. The reason they art
not allowed that privilege is because
we built our scheme of Government or
this system Of 48 States and the Fedora
Government, and we surrounded The
banking business with 49 different kind.
of laws and restrictions which make
1t impossible for it to operate effec'
lively as organized business ought. Tha
is the fundamental difficulty in oul
whole situation. assure you that i
Is not with banking connivance or il
accordance with banking judgment.
I'm the Canadian system you hav
the central government standing abso
lutely behind its banking system. The
have nine banks in Canada which real
ly handle the whole situation wit
branches scattered all lover the coun
try. They have had no failure for
number Of years. 1t is idle to tall
about their not having had any fai
They have had several very disas
trous failures, eight or ten years age
the Home Bank, the Merchants an
the Bank Natiqoale. They curled u
rs disastrously as some Of ours have,
Mr.. Sisson asserted.
Sales of g. C. Murphy Co. for Apr
, totaled $1,628,753 against $l,488. 1888 Il
April. 1882, gain Of 81 per cent. Fo