Evening star., 1933-07-21
EXCHANGE HOUSES
JAM|MED TO DOORS
Record Crowds in Capital
Brokers' Offices Recall
Scenes in 1929.
BY EDWARD C. STONE.

= BY EDWARD C. STONE.
Attendance in brokerage houses here
at the opening of the New York Ex-
change today was the largest it has
been in many moons. Two days OF
crashing prices brought out both active
spectators and conservative investors
to see what might happen. Broker Of
flee telephones were also kept hot with
inquiries as to what was taking place.
Evidences at the opening indicated
the absorption of considerable overnight
forced selling on margin accounts. Vol
r,me was very heavy, the tape showing
large blocks of shares in many issues
changing hands Selling was orderly,
however and there were no very wide
spreads between quotations. As the day
wore on there was still shortage OF
even standing room in most OF the
Offices.
Brokerage Office stats now are as
busy as they were much of the time in
1929 They are rushed to the limit
every day. Overtime is necessary. Yet
no complaints are heard after the long
dry spell. Brokers consider the setback
as a healthy sign after the perpendic-
ular advance of the alcohol stocks,
which resulted in break which upset
the whole market Many bankers here
also said that over the long term they
consider the market trend to be up
ward Business still is improving.
Watchful Waiting Reported.
The Wall Street journal said today
that the administration, for the present
at least, will be content with hands
off policy, so far as the recent decline
in the stock market is concerned.
However, officials who are closely fol-
lowing the effect of market gyrations
on the Presidents recovery program
were themselves unable to predict how
long interference would continue.
The present plan of watchful waiting.
they stated, is subject to immediate and
sudden reversal. Presidential advisers
are determined that nothing must stand
in the way of a fair chance" for ef-
forts to stimulate business and employ
ment.
In any event, it was confidently be-
1ieved that the administration will be
content to let the market have its own
way for some time. Intervention would
come only with extreme reluctance. A
one-day or two-day break was not con-
sidered as essentially serious, the Jour-
nal said.
Since the first of April, the stock
market, as measured by the Dow-JoneS
industrial average-cven including the
declines Wednesday and yesterday-is
up 73 per cent from the April l level,
and the average of 20 railroad stocks
during the period has moved up 81
per cent.
Leith Working on Committees.
T. Hunton Leith, general chairman of
the Washington committee which will
arrange for the national convention OF
the American Institute of Banking to
be held here next June, is busy making
up these committees from the member
ship in Washington Chapter. About rs
chairmen will be given first cohsioera-
ton. Vice chairmen of the General
Committee are to be named at once, as
will be the secretary and treasurer.
The following subcommittee will
eventually be named: Alumni, arrange
ments, automobiles, clubs, entertain
ment, financial, halls and meeting
places, hotels, information, personnel,
publicity, reception, registration, trans
portation, visitation and women'S com
mittee. About rs members will be
named to the several committees.
Among those who will take a promi-
nent part in the convention are Piesl-
dent Albert c. Puelicher and Secretary
Richard Hill of the national A. l. b.
organization, and Harold Stonier, ma
tional educational director. Vice Presl-
dent James A. Soper Of the Lincoln
National Bank will be chairman OF the
National Conference Committee.
Hamilton Plans Advancing.
Supporters of the move to consolidate
eight local restricted banks into the
Hamilton National Bank were enthu-
siastic over the announcement mace
Yesterday that sale of the required new
stock and collection for it has been
practically completed. This was the
big problem that had to be settled
successfully before the new bank could
apply for a license. The new bank Is
considered now as much nearer rean-
cation.
A vast amount of detail is required
in putting eight banks into one and
there is still much work to be done.
Building the new capital structure mas
been called the hardest task of all.
The other details now are expected to
move along more rapidly. Depositors
in the closed banks are awaiting
anxiously the opening Of the new bank,
with the attendant freeing of several
millions of dollars.
John Poole, conservator OF the Fed
eral-American National Bank & Trust
Co.. is now comfortably settled in the
banks former branch at Fifteenth and
H streets. This Office was the home OF
the old Merchants Bank & Trust Co..
which merged with the Federal some
years ago. 1t is stated that claims
originating in the branches OF the
Federal American Bank at Twenty
first street and Pennsylvania avenue
and in the Brookland bank will be pre-
sented to MIR. Poole in his new office.
Business Better on Exchange.
Business was more active on the
Washington Stock Exchange today than
1t has been for some time.
The market opened with Potomac
Electric 5A per cent stock selling at
1885 and 108a.
Washington Railway & Electric pre-
ferred figured in 10-share turnover
at 8S1a. Potomac Electric Power 6 per
cent preferred moved at 111R.
Gas IS, series B, opened with a $1,000
sale at 1o31a, $500 later selling at 10334
and $1,000 more at 103R.
Pennsy Pays r. F. C. $4,000,000.
The Pennsylvania Railroad has paid
$4,O00,0O0 more toward reducing its
S27 100000 Reconstruction Finance
Corporation loan. This leaves a bal
ance of s5,000,000 unpaid.
This was the fourth remittance re-
ceived from the carrier ON the $27,-
500 900 advance made to finance elec-
trification of the line between New
York and Washington The three pre-
vious repayments were in amounts of
$4,500,00 $5,000,000 and $9,000,000.
! INVESTMENT TRUSTS